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Student Money Guide
 

Jargon Buster

There's all this talk of "tuition fee loan" and "non-repayable bursaries" but what do they actually mean? Basically loans are what you pay back while grants and bursaries don't have to be – but here's a bit more info.

STUDENT LOAN for TUITION FEEs
Student loans for tuition fees are available to full-time students. Universities can charge up to £3,700 a year in tuition fees which goes towards the cost of your course. The rest is paid for by the Government. You won't have to pay anything back until you leave your course and are earning over £15,000 a year, and then you repay at 9% of your salary above £15,000. Based on the average graduate starting salary of £18k, you pay back £5.19 per week.

STUDENT LOAN for LIVING COSTS
This is intended to help with all your living costs, like food, rent and bills. It's available whether you study at home or away. Depending on your household income and where you decide to go, you can apply for up to £6,475 a year-more if you live away from home and study in London. Like the student loan for tuition fees, you only start to pay back after you are earning over £15,000 per year.

MAINTENANCE GRANT
A maintenance grant is , unlike a student loan, you never have to pay it back. This is to help pay for stuff like accommodation, books and travel. It is expected that two thirds of all new, full-time students who are eligible, will get a maintenance grant, with roughly a third receiving the full amount of £2,835 a year, and a further third getting a partial grant. And there's additional non repayable help for people with a disability or with caring responsibilities.

BURSARIES
Most Unis and colleges provide extra help in the form of non-repayable bursaries. This is extra money that they pay to the student. For example, if you pay the maximum tuition fee and receive the full maintenance grant you're entitled to at least another £310. The typical bursary is actually around £1,000 and many Universities and colleges offer this to a broad range of students, so check out what they are offering!

SCHOLARSHIP
A scholarship is like a bursary but is based on factors such as where you live, what you studied and what grades you got. Again, it's important to check out what's on offer.