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Student loans requirements in the UK

Student finances are complicated to work out because the government doesn’t give the same amounts to each person. The current rules only apply to those who started a course after September 2012 and there are lots of different loans that students can qualify for. Although that sounds a bit bewildering, we’ll outline the student loans requirements in the UK so you’ll understand where you stand.
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Tuition fee loans

Both UK and EU full time students can apply for a tuition fee loan which is paid directly to your university. This is a loan that has to be paid back and it can be for anything up to £9,000 for full-time students, although part-timers can get £6,000 at most.

Maintenance loan for living costs

Now that your fees have been covered by the tuition loan, you’ll need money to live on. For this type of loan you have to be a full-time UK student who’s under the age of 60. The loan is paid into your bank account at the start of term, and once you’ve graduated you make regular payments to clear it. You can apply for this loan through the post or online at gov.uk/apply-for-student-finance. Before you start make sure you’ve got full details of your household income to hand.

Maintenance grant for living costs

As with the maintenance loan, you’ll need to have all your household income information to hand when you make the application. This is a source of money that doesn’t need paying back but if you qualify for a grant, the amount of maintenance loan you can receive is lowered. A household income of more than £42,620 means that you won’t get a grant. But if your household earnings are £25,000 or less, you could get a grant worth over £3,000.

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