Getting your head around student finance can sometimes be tricky as there is a lot of number crunching! Today we sat down with Sam Hanley, our Finance Officer at Pearson College London to get answers to some frequently asked questions, as well as some of our current students to get their top tips on budgeting whilst studying a full time degree!
What is a tuition fee loan?
A tuition fee is a loan from the government which you can apply for if you’re eligible. The tuition fee loan is paid directly to your university to pay your course fees. You can find out whether you’re eligible on the gov.uk website.
What is a maintenance loan?
A maintenance loan is a loan you can apply for to help with expenses whilst you are studying, if you’re eligible. For example, it can cover the cost of your accommodation, travel and textbooks etc. However, at Pearson College London all essential textbooks are freely provided in our online library (just one of the perks of being a part of FTSE 100 company, Pearson Plc!).
When do I need to apply for both loans?
We encourage all students to apply for funding immediately to avoid any delays. You can apply for both types of student loans via the gov.uk website.
How and when do I repay both types of loans?
You will pay your loans back when you are in full time employment and earning over the set threshold. There are different types of repayments, all of which can be found on the gov.uk website.
What resources can I make the most of?
Top budgeting tips from some of our current students
“I calculate my necessary outgoings each month, such as phone bills, food etc. I then add a small budget of 'fun money' on top for each month. I do my best to stick to this total amount and try and stay under it. I keep track using my bank app but also using a Google spreadsheet that I can get access to on my phone.”
- Hannah Clark (3rd year Game Art student)
“I didn’t move to student accommodation as I already lived in London, therefore I don’t have to budget as carefully. However apps such as Unidays and Student Beans are great to use as there are a lot of discounts available, especially for food which can save you lots of money. Furthermore, if you get an 18+ Oyster Card that will also allow you to budget more when traveling.”
- Antonia Buttigieg (2nd year Business Management student)