Student financing and tuition fees have been a huge topic of conversation recently, with the amount required to fund an education having risen over the course of the last two years. Tuition fee loans now provide up to £9,000 for students in England, which can then be repaid after graduation and once the individual in question is earning above the minimum threshold. Maintenance loans can also be applied for simultaneously, although the amount proffered will vary depending on your household income and the region where you live.
Future changes in student funding and the options for aspiring graduates
While fees may have increased in recent times, there are further changes planned for the near-term future. From September 1st, 2016, for example, additional grants will be restricted to those who meet specific criteria surrounding benefits entitlements, disability needs and childcare costs. Historically, grants were open to anyone who had a desire to apply, and they were included as part of the overall package alongside tuition fees and maintenance loans. This is a marked change, and one which may impact on the experience of students as they look to graduate.
This will also encourage students to think long and hard about their finances, as consider the impact of higher tuition fees and the eradication of universal grants. Some may wish to top up their income with part-time work, for example, so long as this is manageable and can be incorporated alongside their schedule of learning. It is also important to take on work that is relatively easy and not mentally demanding, as this can drain your energy and divert attention away from your studies.
How short-term lending and creative thinking can also boost your income
Alternatively, those of you with knowledge of passive income or a more creative outlook may also want to launch a simple, short-term venture. This may require an initial investment, although specialist student lenders such as Smart-Pig can offer affordable credit that has been tailored specifically for university attendees.
The most important thing is to enter student life with innate knowledge of the funding options available, both in terms of tuition and maintenance loans and additional packages that can be sourced privately. This can help you to research different lending markets and conceive a viable plan of action, as you look to minimise your long-term debt and optimise income streams without compromising on the time devoted to your studies.
