How to cancel student finance
If your plans change before the start of your course, you can amend or cancel your funding application. You’ll have to contact Student Finance England or the relevant administering body to process this.
Once the first term of university has started, as a full-time student who normally resides in England, Wales or Northern Ireland, you’ll still be liable for 25% of your tuition fee loan even if you decide to withdraw, transfer or suspend your studies at a later date. This percentage increases to 50% after the first day of the second term and 100% if you start the third term.
If you normally live in Scotland, where tuition fees are paid directly to the university in one instalment, and you plan to withdraw from your course before the set date, no tuition fee loan will be paid to you.
With maintenance loans, you’ll become liable for each instalment as soon as it’s paid (at the start of term). This includes any interest accrued, which will be added when you’re due to start your repayments.
You should speak to the relevant awarding body, such as Student Finance England, before making your decision. This is because leaving your course early may affect your chances of receiving financial support in future. See our advice on changing or leaving your course.
- students on a low income
- students with children, especially single parents
- students previously in care
- disabled students
- mature students with existing financial commitments.
You can also get help from your university, as well as charitable trusts. Non-repayable bursaries, scholarships and awards are available for students who’d otherwise be unable to afford to study at this level. Contact your university to find out what’s on offer, whether you’re eligible and how to apply.
Meanwhile, if you find yourself in financial difficulty after your course has started, your university may be able to provide money from its hardship funds to assist you. Apply through your university’s support services.
Student bank accounts
Most high street banks, including Barclays, HSBC, NatWest, Nationwide, Halifax, Lloyds Bank and Santander, have accounts aimed specifically at students and it’s a good idea to open one of these before starting your course.
To be accepted for a student bank account, you’ll need to have your university place confirmed – but once you have the evidence to prove this, you can make use of the benefits before starting your course.
When you’re deciding which bank to choose, don’t just pick the one with the best free gift. While incentives such as student rail cards and other discounts are always welcome, the size of the 0% overdraft facility will prove to be the greatest help when money is tight.
Browse the websites of the major banks to find the best option, get independent advice from consumer website MoneySavingExpert or use comparison websites such as Compare the Market to help you reach a decision.
Student loans and finance
When it comes to funding your degree, you’ll find there are plenty of student finance options available, including support for paying your tuition fees and living costs
Universities charge tuition fees to cover the costs of running their undergraduate courses. They can also account for registration, supervision, exams and graduation expenses.
Tuition fees are set at different levels depending on where you live, so universities will first need to carry out an assessment to determine your status.
In England, universities can charge up to ?9,250 per year for entry – this figure is the payday loans New York same cap as for the last two academic years. It applies to UK students from all regions, as well as students from within the European Union (EU) with settled status.