Will your student finances add up? The Truth About Loans, Bursaries, and Jobs | Higher Education

Student finances might not be what you expect as we adjust to the changing post-covid landscape. As the tuition fees are expected to stay the same, there is always financial support for compensating students.

It is especially important to think about your well-being first. The pandemic will mean that the situation for many students will have changed, including financially. “You have to decide what is the best learning environment for you. We live in lockdown, and if you leave in September, will you be able to handle being away from home? Asks Ruki Heritage, director of student experience at the University of Bedfordshire.

What and where you study will affect your finances. Can you travel or will you be living on campus? And if you live at home, what costs will this entail? UK students coming through offsetting apply for loans in the same way, but changing course can affect your application – where you live and study changes your maintenance loan.

The tuition loan is standard, but the maintenance loan is dependent on household income. In Wales all students receive the same amount, but higher family income means it is more of a repayable loan than a scholarship. In Scotland and Northern Ireland, it is a mixture of scholarship and loan, depending on your parents’ income. In England, the higher the income, the lower the loan.

These calculations imply that the government is waiting for help from mom and dad’s bank, if available, so be sure to have honest conversations with parents or guardians. The student loans website has a student financing calculator, and MoneySavingExpert built one to work how much parents should contribute to close the gap. “The average parental contribution is £ 130-140 per month,” says Heritage. “But if parents can’t afford it, the lower the income, the bigger the student loan. “

When you apply for a student loan, you provide household income from the previous tax year, but if for some reason – including Covid-19 – it’s at least 15% lower this year, you can give these income details, which could mean a larger maintenance loan.

Martin Lewis, founder of MoneySavingExpert, says the price to pay for college is almost irrelevant. “Too few consider the greatest practical challenge of knowing how to afford to live while studying, and then there’s the hidden parental contribution,” he says. “Too many people are put off by the high cost of tuition and the overall amount of ‘debt’ they have left, which bears little resemblance to what they are paying off. »You will not start repaying the loan until you have earned more than £ 26,575 per year (the current threshold).

Check out uni advisory services – there may be scholarships, grants, or scholarships to apply for, which are still accessible through compensation, and some charities, boards, and businesses offer funds.

If you are looking for part-time work while studying, the university’s Careers and Employability Department can advise you on available jobs.

Case study: I ​​had two jobs

Shireen ahmed

Shireen Ahmed, 22, a final year business school student at the University of Bedfordshire, explains how her two roles as a student are helping her pay for her education

I felt it was essential for me to find a job. I have a tuition and maintenance loan, but I still have to worry about my standard of living – every student needs equipment and books. Even though I live with my parents, I believe that taking care of yourself financially is a learning process in life, and situations change, so you never know exactly what might happen.

At the university, I had two main functions: as a student ambassador, I welcome students to the university and I answer their questions; and a member of the student union marketing team. I was a student ambassador for years, but financially it was a bit difficult at times. Even though this was a part-time role, it was really only once a month and got busier at times like the clearing process.

I decided to join another team to help my finances. I became a marketing advisor for the student union, working on all kinds of campaigns. By taking on this job, I felt a greater sense of being part of the university and the student bubble, which is important to me as I live at home.

The work was related to my project management course, and my manager involved me in other activities to see how the university handles projects and events. This experience helped me launch my own event for this year’s International Women’s Day, a gender equality awareness conference.

These jobs have helped me both financially and as a person as I have gained self-confidence and met new people from different backgrounds. I meet a lot of new students as an ambassador, and they recognize me when I walk past. It’s really cool, because I feel like I managed to help someone.

I have acquired a lot of skills and abilities – this is the best advantage about it. I used to be a very shy person and I used to sit there thinking ‘I can’t do this’ but slowly started to learn that you can do something. if you think about it.

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