There are many benefits to attending university. In the short term, university offers in-depth learning of a subject, opportunities to network and meet people, and a chance to become independent while learning to budget (including learning from mistakes). In the long term, a university education can lead to increased earning potential and broader job opportunities.

However, there are also some drawbacks. University can be costly – a topic we will explore in more detail – and students might alternatively gain work experience, especially since many work part-time while studying. Additionally, living away from home for the first time and managing your own finances, whether paying bills or spending on social activities, can be intimidating.

Tuition Fees:

  • One of the main reasons students apply for financial aid is to cover tuition fees. These fees contribute to the essential aspects of your course and academic life. For the academic year 2025/2026, those eligible are entitled to a tuition fee loan of up to £9,535 per year.

Maintenance Loans:

  • A maintenance loan is available to help cover living costs while studying. These living costs include accommodation, food, books, and any necessary equipment. The amount you receive depends on factors such as household income, place of study, living location, and course duration.

Repaying Student Loans:

  • For students who started their undergraduate degree after September, loans will be repaid according to ‘Plan 5’. You only begin repaying your student loan if your income exceeds £25,000 per year. You repay 9% of anything you earn above this threshold, and the remaining debt is written off 40 years after your first repayment. For example, if you earn £24,000 a year, you don’t repay anything. If you earn £26,000 a year, you repay £90/year (9% of £1,000). 
  • The repayment amount is determined only by your salary, regardless of how much you borrowed. For example:
    • If you borrowed £50,000 to cover the cost of university and earn £35,000 a year, you will repay £900 a year. 
    • If you borrowed £20,000 and also earn £35,000, you will also repay £900 a year.