MAINTENANCE LOANS (2020/21 rates) Minimum loan Maximum loan Living in parental home £3,410 £7,747 Living away from parental home £4,289 £9,203 Living in … As the table shows, students with parents earning above the following thresholds will receive the minimum Maintenance Loan for someone with their living arrangements:Bear in mind that the household incomes we've given in the table above are just examples – the Maintenance Loan you receive will be calculated using your The minimum Maintenance Loan on offer for students from England is £3,410, which is paid to students with a household income of £58,222 or more and who'll be living at home during their time at uni.The maximum Maintenance Loan is £12,010 and is paid to students who will be living away from home and in London, and whose annual household income is below £25,000.And for more info on Student Loans in England, check out As well as Maintenance Loans (which need to be repaid), Student Finance Northern Ireland offers students Maintenance Grants (which don’t need to be repaid) too. The figure you’re left with is how much the government expects your parents to give you every year.Of course, plenty of parents whom the government thinks Oh, and before you think you can hack the system by simply refusing to provide your funding body with your household income, they’re one step ahead of you. Maximum Maintenance Loan for the 2019/20 academic year Maximum Maintenance Loan for the 2020/21 academic year Living with parents £7,529 £7,747 Studying in London and not living with parents £11,672 £12,010 £8,944 Here are the If you're after info and advice on more than just the Maintenance Loan, check out our Not studying full-time? one parent stayed and paid tax), or that one/both of your parentsAs we said earlier, it's best not to let these eligibility criteria confuse you too much.We stand by our statement that the majority of students at the majority of universities will be eligible to receive a Maintenance Loan – especially if you've been studying at a school in the UK and will be attending a relatively well-known university.The size of the Maintenance Loan you're entitled to will depend on the following three factors:It's easiest to break things down by country, so just scroll through to where you currently live to see how big a Maintenance Loan you could receive (we've listed the parts of the UK in alphabetical order, because we're helpful like that).And remember: your Maintenance Loan is provided by the part of the UK you normally live in, The average Maintenance Loan is approximately £6,480 a year, based on calculations we made using data from our However, as we've explained above, the amount you'll receive isn't really affected by what the 'average' student gets. But, in practice, things are a little more complicated.This is because, as a rule, all students are eligible for funding for the number of years of the course they're applying for For example, if you're applying to study a three-year course, you're theoretically entitled to four years of funding. At the time of going to print, figures for the maintenance loan for 2020 … Credit: Roman Samborskyi (foreground), Bayliss photography (background) – So, as you'll almost certainly be taking one out, it makes sense for you to get clued up on the eligibility criteria, the application process and how big a Maintenance Loan you'll get, as well as how to pay it back and what to do if your loan isn't enough.In trademark Save the Student fashion, we've got you covered – read on and we'll answer all of your questions (and more) to make sure you get the most out of your Maintenance Loan.Maintenance Loans are a type of Student Loan provided by the government, and they're intended to cover your living costs while you're at university. Student loans for living costs are part of the financial student support package available to assist new and existing full-time home undergraduate and PGCE students with their living expenses.Around 50% of the amount available will be means tested and based on household income.Whether you qualify for a maintenance loan depends on a varity of factors:You’ll usually only get student finance if you’re doing your first higher education qualification - even if your previous course was self-funded. But when we say “serious financial difficulties”, we mean “serious”.As harsh as it may sound, to ensure that these funds are only given to those who need them the most, you’ll need to prove to your uni that you really are struggling and haven’t just been irresponsible with your money.This means handing over bank statements, Student Finance letters and proof of your household income to your uni to show that not only are you out of options, but that you haven’t frittered away your money away on a PlayStation and new TV.You can find out more about hardship funds, including who’s likely to qualify for help, in our guide to In tough times, it can be tempting to just turn to the easiest and quickest sources of money – namely, payday and high-interest loans. This percentage differs according to the year you started your course - see table above. Whether you can get any or all of the remaining income assessed portion will depend on your income and that of your household.However, you should note that under loan substitution rules, students receiving any level of Your student loan will be paid to you in three instalments, at the beginning of each term.
Save the Student and its authors are not liable for how tips are used, nor for content and services on external websites. Well, unlike the Whether or not you're eligible for a Maintenance Loan depends on a few factors.
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