Fed up of being confused about student finance? Here’s a glossary of terms to help you understand the language of finance.
Click here to download a pdf glossary of student support terms (30 KB)
Financial support for students in hardship (also known as the hardship fund).
If you run into hardship and need extra financial support, universities and colleges in England can provide it through their Access to Learning Funds. You’ll be expected to have applied for any Student Loans, grants and bursaries you’re entitled to before applying for help from the Access to Learning Fund. To find out more speak to the University’s student services department.
For more information read this guide on the Access to Learning Funds.
Financial support provided by your University that you don’t have to pay back.
All universities provide bursaries. You don’t have to pay this back. If you qualify for a maintenance grant, you will get at least £310 for the year. Some universities offer more. Find out what they provide by researching on the university website or by asking someone in Student Services.
For more information read this guide on bursaries, scholarships and awards or check out This article about grants, scholarships and bursaries
Support for students with disabilities.
This support helps you pay for costs you may have to pay as a result of disability or specific learning difficulty. This can cover specialist equipment, non-medical helpers, travel costs and other expenditure. You can apply before you have a confirmed place, so it is a good idea to apply as early as possible.
For more information read this guide to financial help for disabled students.
Ensuring money goes to those who need it
Applications for student finance usually request information on household income - details on how much you and/or your parents/partner earns.
By looking at this, student finance providers can be sure that the grants and loans are actually going to students who need the financial support (see Means Tested below).
For more information read this guide to 'income assessment for full-time students'.
Most banks offer interest-free overdrafts to students.
This means that you don’t have to pay interest or fees if your account is overdrawn, provided you stay within your overdraft limit.
Note this varies according to bank and year of study. Once you graduate you will probably have to start paying back your overdraft.
Check with the bank for more details.
Financial support that you don’t have to pay back.
If your annual household income is under £60,000 then you will be entitled to a maintenance grant to help you cover your living expenses. This does not have to be paid back.
For more information read this guide to the maintenance grant.
A loan to cover your living expenses.
If you are a full-time undergraduate you may be able to apply for a maintenance loan. If you do not wish to be means tested you can still apply for a maintenance loan however it will effect how much you get as this is calculated on your annual household income (see explanation above).
You don’t have to start paying this back until after you’ve graduated and are earning over £15,000.
For more information read this guide to the student loans.
When you apply for financial support based on your annual household income.
All eligible full-time undergraduate students are entitled to a basic amount of financial help. However, the total amount available in a maintenance loan and maintenance grant is based on your household income (see explanation above). This will require parents to provide financial information.
Many universities, colleges, businesses and charities provide scholarships for academic achievement or for a specific subject.
You don’t have to pay this back.
For more information read this guide on bursaries, scholarships and awards.
A loan to cover some of the cost of your tuition fees.
The maximum tuition fee for full-time undergraduate students for 2010/2011 is £3,225 per year. In 2010, the cost of tuition for full-time undergraduates is £3290. For tuition fee costs for part-time undergraduates, contact your university.
You don’t have to pay your fees straight away. You can take out a ‘Tuition Fee loan’ which will cover the full amount. You don’t have to pay this back until you’ve finished your course and started earning money.
For more information read this guide to the 'student loans'.
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