Coping With Financial Hurdles
Just as the government offers Education Maintenance Allowances (EMAs) to help young people stay in education after the age of 16, it also offers money to help people cover the cost of going to uni. Don't forget - you can work part-time too.
Loans are offered by the government with a really low interest rate that is linked to inflation, i.e. what you pay back is the same in real terms as what you borrowed. You don't have to pay the loan back until you're earning and only at an amount you can afford.
Example: A graduate earning £18,000 a year would pay back just £22.50 a month.
The words 'grant', 'bursary' or 'scholarship' are used when you are given money that you don't pay back. The government and universities offer money to help young people from low income families go to university. Have a look below and see how it works:
| Annual costs | Where the money comes from | How you pay |
|---|
| Up to £3000 tution fees | Student tution fee loan for full cost of tution fees | Once earning | Anyone |
| Living costs | Maintenance grant of up to £2700 | Never | Students with a household income of less than £37,500 will be eligible for some or all of this support |
| Living costs | Bursary of at least £300 for low income groups | Never | Students with a household income of less than £37,500 will be eligible for some or all of this support |
| Living costs | Student maintenance loan of between £2560 and £6170 | Once earning | Anyone |
