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7 years ago

Understanding How student loans Work

student loans are pretty much essential if you’re starting higher education this September or October. They can help you pay for both your tuition fees and living costs.
If you haven’t yet applied for your loans, you’ll need to get your skates on as you’ve already missed the deadline which guarantees your funding will be in place for the start of term.How much can I borrow?
The total amount you can get from student loans depends on where you will be living, and on your family’s income.
There are two different kinds of student loan. The first is the maintenance loan, which is there to help cover your living costs, such as your accommodation, food and so on. You get more if you live away from home, as you’ll have to pay for rent.
So, the maximum you can get from the maintenance loan this year is $5,500 if you live away from home and are starting university this September. This rises to $7,765 if you’re living away from home in London, because living expenses in the capital are so much higher.
If you live at home while you are a student, the maximum maintenance loan you can get is $4,375.
Part of the maintenance loan (35%) is means-tested, so you might not get as much as the maximum if you have a higher family income