Money matters

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Overview and important considerations

Don’t let the cost of learning put you off applying. Financial support is available and studying is a good investment in your future.This section of Lifepilot explains about the funding available for learning especially at higher education level, and gives you links where you can find out more.

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The cost of higher education isn’t as scary as it sounds!

Although there are tuition fees, the good news is that you don’t have to pay them up front. You can take out a Tuition Fee Loan and you don’t start paying this back until you are earning a certain level of income. You can also take out a loan to help with your living costs. 

Universities and colleges want you! They are keen to widen participation and to provide fair access to higher education for all types of students. In fact, their funding stream depends on them doing so. In order to encourage more mature students to enter higher education, bursaries and other financial support may be available. 

Additional financial support is also available for particular categories of student and for those on certain courses, so make sure you claim all you can! 

Important things to bear in mind

When reading through the information in the Money matters section of Lifepilot, there are various things to consider. 

  • The information is for students from England only. Students from Wales, Scotland and Northern Ireland studying in the UK have their own separate funding arrangements.
  • Funding for education can be complex and depends on your individual circumstances. Use the links provided to find out more.
  • Always check your eligibility for funding – it often depends on factors such as your nationality and residency, and other criteria.
  • If you have a loan, you need to pay it back, but most grants and bursaries are not repayable.
  • If you’ve received funding for a course in the past, you may not be entitled to student finance for study at the same level. If you started a course but didn’t finish it, this could impact on the amount of funding you can receive. Get advice from your chosen university or college before you apply.

Work out your outgoings and incomings

When planning to study it’s important to understand the costs involved. Apart from your course fees, you may have to pay for books, field trips, a laptop, travel to placements etc, as well as your food, accommodation and other living expenses. If you plan a budget, this will help you manage financially throughout your studies.

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