Student Finance Explained #Finance

in this CashNews.co i’m going to teach you everything you need to know about student Finance and how it varies depending on the course and country that

you’re applying to then we’ll touch on the all important grants bursaries and most importantly how to budget there are lots of ways that you can fund university but student none;">Finance is by far the most popular and the most used one so one that you should be aware of depending on what country you’re applying from you have student none;">Finance england student Finance wales student none;">Finance northern ireland and then scotland have the students award agency scotland so student Finance is a government-backed Loan system

that allows you to apply for help with both your tuition and your living cost whilst you’re studying at university what’s important is to first know which student none;">Finance scheme you actually belong to for example i grew up in england but actually studied at cardiff in wales so one would think that maybe i should apply to student none;">Finance wales but actually because i grew up and lived in england that’s the one that i belong to and therefore the one i should apply to so first let’s have a look at whether you’re eligible for student

style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance they want to see a few set of criteria that you meet in order to be able to get a tuition fee Loan and a maintenance Loan people who are eligible are either anyone who is a uk

national or they’ve been granted resident status due to maybe the eu settlement scheme or any other means say for example if they’re a refugee if you’re not a uk citizen and have been living in the uk for seven years or more if you’re under the age of 18 or if you’re

over 18 and have been living for at least half of your life or 20 years whichever one comes first that means that you are eligible for student Finance as well it can actually

be quite confusing and very specific if you don’t fit neatly into one of those buckets so if you want to go on the government website for student Finance you can check

out exactly what criteria they use and see if you fit there there are two types of Loan that student Finance offer the first one is the tuition fee

Loan now fees in the uk for universities are 9 250 pounds per year no matter what course you’re on if you’re accepted for this Loan it’s paid directly to the university this is money that you never see and it only goes ahead based on your

confirmed attendance on the course the second is a maintenance Loan now this is provided to you to take care of all your living costs so your rent your travel all the things that you need to get by in your day-to-day life and there are two ways that this Loan can

be allocated one is means tested and the other is non-means tested means tested is simply when they look at your situation and often your parents and see whether you could actually support yourself without any government help student bold; color: #1a73e8; text-decoration: none;">Finance applications open kind of around the time that you’ve confirmed your place that you’re going to start at university so there’s actually no deadline for when you need to submit your application by but i would

recommend that you do it early because if you get all your information in and if you’re means tested they might ask for additional stuff like your parents pay slips or your payslips if you’re supporting yourself and they will guarantee that you get the money in your account by the first

day of you starting your course if you complete everything by the deadline if you’re applying as a graduate it can get a little more complicated so i have made a CashNews.co here which goes into a lot more detail of the nuance that you can have when applying as a graduate so let’s look

at the different course lengths so if you’re doing a one to four year course it is that standard 9 250 pounds that we said you won’t see the money student Finance

will send it straight to the university as long as you’re eligible different universities will request it up front all in one go or usually what they typically do is in two halves but it is your responsibility to do it although it is not you paying it you’re getting the money off

student Finance if you don’t do that they will send you some angry letters and often suspend you from the course until you’ve paid your fees if it gets to that

point if you’re applying to a longer nhs backed course such as medicine or dentistry the nhs will provide you with a bursary to help with your tuition fees in your fifth and sixth year for that fifth and sixth year they’ll pay your tuition fee in full and not expect it back as we said

when it comes to help with your living costs you can always get a maintenance Loan now as of 2018 student Finance have stopped doing grants or bursaries for

your maintenance but you can always get a means-tested Loan that you do have to pay back but can be quite substantial to support you with your living costs as we said what you receive will depend on your circumstances and either your or your parents ability to support you but on

the screen now i will actually show you a table of what the maintenance Loan amount can be and how it’s means tested and what you can be eligible for depending on your circumstances again in that CashNews.co that you can watch here i describe all of that stuff and how to

navigate it and as for maintenance like we said if you’re doing a five year or more course you will be supported by the nhs bursary so they’ll pay for your fees but they’ll also give you a non-means tested so basically everybody gets a thousand pounds to help them with their

maintenance costs there’s also even more bursary available on top of that that is means tested which can be up to a 3200 increase on the thousand pounds that you get for absolutely nothing so we’ll talk about bursaries later and how you can get a bit of additional cash but for now

let’s look at how the applications vary depending on what country you’re applying from in both the uk and as an eu and non-eu international so for wealth students funding is very similar to english students the only difference is that your maintenance Loan is the same

allowance that you get if you’re in the fifth year of a medical course for example as we talked about earlier and that means that when you actually do get to your fifth and sixth year if you’re doing medicine you get even more as a maintenance Loan on top of that so it

essentially means that well students are entitled to more as their maintenance Loan if you’re a scottish student and go to england or wales to study you will have to self-fund the first four years which typically means 9 000 to 9 250 pounds per year for your tuition fees

however if you’re scottish and you apply to a scottish university you’ll only have to pay 1820 pounds per year for your tuition on top of that sas the scottish body will allow you to apply for a maintenance Loan if you’re doing your fifth year and beyond of a

course like say for medicine you’ll be eligible for full tuition fee support and a bursary as well to cover your maintenance costs northern irish students are the ones that seem to get the rawest deal with this because student bold; color: #1a73e8; text-decoration: none;">Finance ni will only help with a means-tested Loan to help your maintenance costs but your tuition is fully self-funded it’s also really tricky for internationals nowadays it doesn’t matter whether you’re

eu or non-eu as of august 2021 it doesn’t make a difference and that means that you have to fully self-fund your fees yourself these can be anything from 14 000 to 35 000 a year depending on the university now again we’ll talk about bursaries that are available to international students

but it is a massive amount to consider and something you need to weigh up as it’s whether it’s an option that’s available for you to actually carry out in the description below i’ve put some useful links to give you step-by-step guides for navigating student

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance but i will be making a CashNews.co on this later in the year so if you want to make sure you don’t miss it make sure that you subscribe and hit notifications and

you’ll be alerted when that comes out as you can tell we’re pretty medicine heavy in this CashNews.co that’s because i have been helping students get into medicine for a long time and if you want to check out about how i can help you and guide you we’ve had a really good

success rate with getting students in so in this CashNews.co here i talk about exactly how i can help you with that so now let’s talk about grants and bursaries as we said earlier in the CashNews.co student #1a73e8; text-decoration: none;">Finance no longer allow grants and bursaries which is essentially free money that you can get and you don’t have to pay back however if you’re applying to a course like medicine the biggest provider of bursaries is the nhs itself so the nhs

bursary will allow you to have a certain amount of money that is means tested in your fifth year and beyond however if you’re a gem applicant as i said we talk about it in depth in the other CashNews.co but from the second year onwards so to your second to fourth year you are allowed some

money for free that you don’t have to pay back that is means tested based on your circumstances however there are various other grants available to you as well things like if you’re dyslexic or have a disability you’re able to get money for that and support with that you can have

travel grants and also if you’re a parent or have any dependents you can get some money to help with that as well an important thing to note is that nhs bursaries are not given to international applicants the final option and probably the most fruitful if you don’t fit into a standard

conventional application is to go for some of the privately funded grants that are available there are literally hundreds of these and they support anybody from different backgrounds such as religions certain countries certain people applying from a certain walk of life say for example nurses that

want to go into medicine there is literally a grant for almost everybody so in the description below i’ve linked to a list of all the possible grants that are available out there and bursaries so that you can have a look at the one that applies to you the final bit i want to talk about is

Budgeting yes it’s true that people do run out of money as students and if you’re not careful it can be one of those weeks where while you’re waiting for your maintenance Loan to come through you can just be eating one bag of pasta and a bit of

sauce that literally lasts you for the entire week so what we want to do is avoid that situation and get ahead of our Budgeting it’s really important to have a real breakdown of what we’ve got coming in and the likelihood of what we’re going to spend on our

outgoings it might sound really boring but it is so much better to plan this now rather than go through the pain of not knowing where your next meal is coming from because you’ve run out of money so have a sit down with your parents think about how you’re going to manage your money

there are some tools again in the description below where i’ve linked to some really useful things that are going to help you budget even if it’s silly things like the envelope system which is where you know how much money you’ve got for the month you divide that into weeks and

you essentially have an envelope with cash in and you only spend that in the week you once you go beyond that you know that you don’t have any more and that will make sure that you keep aware of your budget and how much you’re spending another thing is to make use of the student bank

accounts the student bank accounts are much of a muchness they’re all pretty much the same apart from the odd benefits that they offer you and really just have a good look go on something like money saving expert where they’ll compare all of them and just work out which benefit would

suit you the most the main bit of advice for a student and maybe even when you start your professional career is to avoid a Credit card if you can one analogy of Credit cards i’ve heard that’s really on point is that they say it’s a bit like a

fire if you can manage it well you can make it like a nice little campfire that keeps you warm and helps you cook your food but if it gets out of control and starts a big forest fire then it’s really difficult to manage the only thing i would say is just that if you’re going to get a

Credit card make sure that you can be disciplined manage it well and just be very very careful with how much you’re spending on it so that’s everything about student none;">Finance if you want to know a little bit more and go a little bit deeper with it i can give you a step-by-step CashNews.co that you can go through here otherwise thanks for watching and i will see you in that CashNews.co