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tips on budgeting student loan

National Student Money Week – Student Finance Made Easy




It’s National Student Money Week so lets talk student finance. If you have applied to study an undergraduate course, or you’re considering your future options, you might be worried that you can’t afford it. Here, UA92 Admissions Officer, Josh Pinder, dispels some of the most common myths around student finance in England:

Josh explains - Think about education as an investment. The benefits of your degree-level study will pay dividends throughout your career. And with very little up-front costs, you don’t have to have a big bank balance to continue your education. Let’s take a look at some of the most common questions about Student Finance.

Do you need to be wealthy to consider Higher Education?

In 2022/23 the cost of studying a full-time UA92 undergraduate degree is £9,250 per year*. However, you don’t need that money in your bank. Most students will arrange a Tuition Fee Loan with Student Finance England.

Do you need a job to pay for your living costs?

To get support paying for your living costs, you can apply for a Maintenance Loan of up to £9,706* per year, which is calculated mainly on your annual family income. If you choose to work part-time, the Student Experience team can help. There are often roles available at our partner organisations.

Do you start repaying your student loan as soon as you graduate?

You’ll only start repayments when you are earning over  27,295* per year. Then you’ll pay just 9% of your salary back against your student loan. Earn £30k and you’ll pay back approximately 68p a day, roughly the same as a bag of crisps**. If you’re ever out of work or your income drops below the threshold, then your repayments will stop until you reach the threshold again.

Can you apply to Student Finance England before you have an offer?

You don’t need an offer to make an application to Student Finance England. You can do this as soon as applications open and you can amend the details at any point. So, if you change your mind it’s not a problem.

Is the student finance application process is the same for everyone?

The guidance above is for English students, living in England. If you’re a student from Scotland, Wales, Northern Ireland, Channel Islands or the Isle of Man, there’s a different process. International students visit our international students page for more about fees and funding.

Is it true that you never get something for nothing?

UA92 offer further financial support packages to students who need it most and what’s more, they don’t have to be paid back. Take our quick quiz to see if you could be eligible for extra support.


If you have any further questions about Student Finance or you want to know more about the support packages available to UA92 students, please contact [email protected].

The information within this post was correct at the time of publishing and relates to students starting their studies in the 22/23 academic year.