More school-leavers entering higher education means universities need more funds
(Cadmium)

Why can’t I get a grant like it used to be?

Labour has said that they can no longer subsidise students’ fees. Universities need tuition fee money from you to help build their resources and get rid of their deficits. And if Labour stay in government, in a few years’ time tuition fees will go up from £1,125 to £3,000 per year – a big rise.

The old grant maintenance system used to give you around £600 a term. It was free, you could use it for anything and it was assessed by your local council. Then Labour scrapped this system.

If you study in Scotland, you won’t pay any tuition fees. This is because the Scottish parliament wants students to have less debt. They’ll probably have saved you around £8,500 by the end of your course. And the policy in Scotland is not just for Scottish residents. As long as you’re part of the European Union, you won’t pay for your tuition!

Student loans

These loans are what most students get at university. They give you money for each university year of your study, paid out in three installments for each of your terms.

If you are a young person who lives at home with your parents, you can apply for a student loan as a ‘dependent student’. If your parents have a high income –more than £31,973 per year combined – you’ll probably not be entitled to much of a loan. If they have a low income – less than £21,475 per year combined – then you’ll get the maximum.

Student bank accounts

When you start university, there are lots of banks who can help you out. They love students! You can get a big overdraft – usually up to £1,000 in the first year, and it goes up with each year of your studying. They can also give you a credit card and lots of discounts on stuff – everything from clothes and travel to CDs.

University loans

All universities these days can also help you in times of hardship. If you get really low on cash, then you can apply for what’s called a ‘crisis’ or ‘hardship’ loan. You just need to show why you are low on cash, and you’ll get the money you need in a few days.