Everything you need to know about Student Finance
Disclaimer: This guide is relevant for UG level study only
Starting university is an exciting milestone, but understanding how to finance your studies can feel overwhelming. With so many options, this guide breaks down everything you need to know about Student Finance to help you navigate confidently and make the most of your time at York St John University.
Student Loans: What’s Covered?
In the UK, student finance typically covers two main areas:
- Tuition Fee Loan
- This loan pays your tuition fees directly to your university. At York St John University, this ensures your course fees are fully covered, allowing you to focus entirely on your education without worrying about upfront payments.
- Tuition fees for most undergraduate courses in England are capped at £9,535 per year, and this loan covers the entire amount, regardless of your household income.
- Maintenance Loan
- The maintenance loan supports day-to-day living costs such as rent, food, travel, and course materials.
- The amount you receive depends on factors like your household income, where you live while studying, and whether you are studying full-time or part-time.
What You Should Know:
Maintenance loans are paid directly into your bank account in three installments, one at the start of each term.
Budget carefully to ensure your loan lasts until the next installment—creating a detailed monthly spending plan is essential.
Additional Support You Can Apply For
In addition to student loans, several other funding options can supplement your finances and ease the pressure:
- York St John Scholarships and Bursaries:
York St John University offers a range of financial support tailored to students’ specific needs, such as the Commuter Bursary or Care Leaver and Estranged Student Bursary. These funds don’t need to be repaid!
Pro Tip: Check eligibility early and apply promptly. - Disabled Students’ Allowance (DSA):
If you have a disability, learning difficulty, or mental health condition, DSA provides extra financial help for equipment, software, or even a support worker. - Hardship Funds:
If you face unexpected financial struggles during your studies, York St John offers hardship funds. Reach out to their support team for guidance. - Parents’ Learning Allowance and Childcare Grant:
If you’re a parent, you might qualify for these funds to help with childcare costs.
How to Apply for Student Finance
Applications for student finance are handled by your country’s funding body (e.g., Student Finance England, Wales, Northern Ireland, or SAAS for Scotland).
Steps to Apply:
- Create an account on the appropriate student finance portal.
- Submit proof of identity and household income.
- Complete your application well in advance – applying late could delay your funding.
- Note that you can still apply for a loan even if you have already started studying. The cut off for applications is around 9 months after course commencement.
Pro Tip: Even if your household income isn’t final, apply early and update details later to avoid delays.
Repaying Your Loan
Student loans are designed to be manageable:
- You only repay once you’re earning above a certain threshold (currently £27,295 annually in England).
- Repayments are a percentage of your income (currently 9% above the threshold), so you won’t pay more than you can afford.
- After 30-40 years (depending on the plan), any remaining loan is written off.
Example: If you earn £30,000 a year, your repayment is around £20 per month.
Your Next Steps
- Explore the York St John Funding Page for a full list of support options.
- Prepare your documents and apply early.
- Don’t hesitate to contact York St John’s Student Funding Advice team for personalised help.