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Student Finance


  • What is the difference between a loan, grant and a bursary?

    Loans have to be repaid after graduation. Grants and bursaries do not have to be repaid.

  • What is a maintenance loan or grant?

    This is funding to help pay for the everyday costs of being a student, such as food and rent, and is paid directly to you. A grant does not have to be repaid, but a loan does. 

  • What is the eligibility for a maintenance loan or grant?

    Undertaking an undergraduate degree at a UK university or college, are from the UK/EU and normally live in the UK.

    Grants are usually only available for first degrees and the household income is below £41,540 per year.


  • What does ‘means tested’ mean?

    Students will receive a basic rate of student finance without providing any household income information. However, if you provide this information you receive additional ‘means tested’ student finance, depending upon the household income level.

  • What does household income mean?

    For students under 25, this is usually the income of either their parents, parent and their partner, or the person who has parental responsibility.

Bank Accounts 

  • What is a Student Bank Account?

    These are bank accounts are specifically for students which usually offer certain benefits, such as an interest-free overdraft facility. 

  • What is an 'Interest-Free Overdraft'?

    Essentially, an overdraft is when a bank allows you to spend more money that you have in your account, up to an agreed amount. Providing that you do not exceed the overdraft then you will not be charged for using your overdraft. 

    If your bank allows, you can increase the maximum overdraft limit. Some banks will usually consider this at the end of each academic year. Some will expect you to apply for an increase, some will offer it automatically. Much will depend upon how you have managed your overdraft limit, i.e. stayed within the current overdraft limit. 

  • I'm Thinking About Getting a Credit Card, What does the Interest and APR Mean?

    A credit card is way to buy things now and pay later. You can run up a bill to an agreed limit and either pay it off full at the next monthly statement, or repay over time as long as you make at least the minimum payment each month. If you don't pay back the full amount there's usually hefty interest on the money you've borrowed. The rate of interest is called APR (annual percentage rate). Think carefully before getting a credit card. 

  • What is a Credit Score?

    A credit score is a tool used by lenders to help determine whether you qualify for a particualr credit card, loan, mortgage or service using information held on your credit report. This information is used to determine how likely you will manage repayments. The better your score the more likely you are the repayments and to get a credit at a lower interest rate. 

  • Does Having Student Debt Affect my Credit Rating?

    No. However, things like having an overdraft and a mobile phone contract can. Missed payments or exceeding the agredd overdraft limit negatively impacts upon your score. Making payments on time adn staying within overdraft limits have a positive impact. 

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