Short-term Loans Help UK Students
The opportunity to attend university is an important personal milestone for young people coming of age. The prospect of matriculating not only impacts individuals heading off to school, but having a family member at university also affects mums, dads, and siblings. Among the many concerns for students and their families, paying for school may pose a substantial challenge. Emergency loans for students can help with incidentals and short-range expenses, as well boosting aid from other sources.
Short-term Loans for Students Facing the High Cost of Attending University
The cost of attending university continues climbing. Although various tuition schemes and price breaks for eligible Welsh and Irish students reduce the cost of going to school, the cost of tuition for a single undergraduate year can exceed £9,000. Add-in the other related expense of attending university, and it’s easy to understand the financial challenges facing families of higher education.
Living in your family home whilst attending university helps reduce the overall cost of going to school, but you may not have the luxury of bunking with mum and dad. Going off to earn an advanced degree or diploma adds to the cost of attending, including basic living expense, which quickly adds-up in university communities.
How much would you like to borrow?
Representative Example: Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).
School Specific Spending
Opening the book on higher education results is various school-specific expenses. The ultimate cost of completing your studies depends upon several factors, including the programme in which you enroll and costs that are distinct to each school. Although it may not be a comprehensive list, representing the actual cost of earning a degree or diploma, you should consider the following university expenses when budgeting for school.
- Tuition – Actual out-of-pocket tuition expense isn’t the same for every student. Though university costs are stabilised by the government, several schemes apply to home country students and international degree-earners attending schools within the UK. If you’ve lived in Northern Ireland for at least three years and attend university there, for example, you may be charged up to £4,275 per year. Students attending in England, on the other hand, may be charged £9,250. Whether you go to school in Ireland, Scotland, England, or Wales, loans for students help offset tuition costs.
- Books and University Equipment – The amount of money spent on books and equipment is directly tied to your course of study. It isn’t uncommon for these costs to add-up to a sizable sum, worth considering before you make higher education commitments. Short-term loans and other financial resources for students provide supplemental funding, which can be used to address classroom incidentals.
- Lab Fees – In addition to regular coursework, your university curriculum may include practical learning labs. Fees may be charged for meeting lab requirements, above and beyond tuition costs.
- Travel – Many students spend a majority of their time on campus, but travel may be required to complete field work and attend learning events. Even with university group travel discounts, you may encounter out-of-pocket travel expense whilst pursuing your degree.
- Graduation – Despite making regular payments for tuition and other university expense, you may be asked to contribute a little more for your graduation. Though paying for a printed copy of your diploma and commencement may seem like just another school expense, the charge also represents your final university payment.
Essential Living Expense
In addition to university expense, students must also account for their living costs whilst attending. Though tuition is imposing enough, managing household expenses complicates the cost of higher education, drastically increasing the overall tally associated with earning a degree. Short-term loans for students are well-suited for applicants needing help with basic overhead. Each student requires a distinct budget for everyday spending, often centered on essential spending categories such as:
- Housing – University housing may be available and affordable, providing a go-to housing option for first-year students. Living off-campus is also common for second and third year students in university cities, ranging from single accommodations to flats shared by several students. Splitting up expenses with flat mates is a great way to keep costs under control, but even a third or quarter share of the rent payment presents a spending hurdle to clear.
- Bills – Utilities and other household bills vary from one student to the next. Controlling costs by sharing expenses makes sense, but you still need to account for basic living expenses. Fortunately, the same money-saving strategies helping families save money on bills can also be applied by flat mates stretching their financial resources during school. Conserving energy, shopping for the best deals, and avoiding costly subscriptions are three proven ways to keep spending under control.
- Transport – You may not have to travel far to your university classrooms, but some students face steeper transport spending. Outside London, a student travel card can help ease costs for less than £50 per month. The overall cost of transport for students enrolled at central London universities may climb to more than £100 per month, accounting for the cost of London Underground travel, buses, trains, and trams. For further savings, a 16-25 Railcard helps students save one-third off the price of travel on regional trains.
- Communications and Connectivity – The number of communications options open to UK consumers is substantial, so it pays to shop your mobile plan for the best deal whilst attending university. Staying with your family plan may be the most economical choice, but special promotions may be available at your school, offering savings for switching. Broadband internet is another common living expense, which can be shared with flat mates to ease the cost of connectivity.
- Food – The amount you spend on food depends upon your accommodation, as well as your diet preferences and dining habits. Staying in private catered halls saves money for some students, whilst others choose frugal food preparation to combat supermarket spending. Meals out and takeaway are convenient, yet expensive, dining alternatives, which may not match student budgets.
- Entertainment – Preparing for the workforce is your primary focus during school, but it’s also important to enjoy your time at university. Low cost entertainment options cater to students, offering discounted ticket prices and affordable events on or near UK campuses.
In addition to saving with frugal living habits and spreading expenses among flat mates, university students also enjoy across-the-board discounts on goods and services. Acquiring an NUS (National Union of Students) card provides proof you’re a student, opening doors to generous discounts on food, technology, travel, university supplies, and other common student spending. The NUS benefit is one of several programmes offering student discounts.
Financial Resources for University Students
Short-term loans for students provide quick cash for urgent spending demands. University parents and working students are eligible for this type of flexible funding, offering small loans without a long wait for approval. In addition to short-term lending opportunities, financing higher education often draws upon multiple student finance resources, getting the job done.
Student finance provides government-backed loans covering the cost of tuition. Most UK students utilise Tuition Fee Loans to pay for the cost of courses. UK universities set their tuition prices and the loans are sent directly to individual schools. The current loan threshold, covering tuition fees for UK students, stands at £9,250 during the 2019-2020 academic year. Loan limits periodically change, and if you are enrolled in an accelerated degree course; you may be eligible to borrow more than £11,000 during a single school year.
Another lending resource available to UK university students, Maintenance Loans are available to assist with living costs. The loans are granted based upon applicants’ individual level of need, so you may be asked to provide financial details when you apply. Maintenance Loan limits account for diverse circumstances, offering aid on a sliding scale.
Students living away from home are eligible for larger Maintenance Loans than individuals remaining at home whilst attending university. And if you study in London, where the cost of living is higher than other areas, it is possible to apply for more than £11,000 during a single academic year. Maintenance Loan proceeds are transferred directly to your bank account at the beginning of each qualified term.
Unlike grants and bursaries, which provide gift assistance for university students, Tuition Fee Loans and Maintenance Loans both require repayment. Your repayment start date depends upon your short term lending, but payments are not due until you’ve completed your degree programme and begin earning full-time income.
Short-term loans for students and money from student finance complement financial resources for university studies, which may also include financial help from savings and family contributions.
Earning a degree, certificate, or diploma ultimately boosts your income potential, but completing a programme requires substantial investment, alongside your commitment to higher education. Tuition assistance and Maintenance Loans help university students address major spending demands, and online lenders provide short-term loans for students, helping university families keep pace with school spending.