It seems nowadays student loans and fees have become a taboo subject. With figures and interest rates being thrown about it can seem daunting to apply for loans, which for many is the first time they have ever needed to apply for financial aid. But there really isn’t much to worry about; there are numerous schemes in place to ensure everyone will get the help they need, often based on your household income.
If I was to give some advice, I would suggest starting your student loan application as early as possible. It may take a few weeks for the forms to be processed and the quicker you get it out the way, the sooner you can start looking forward to university. After initially applying for it in the first year it gets even easier! Student finance will send you a letter, asking if you have a change in circumstances; if you don’t have anything to change all you need to do is sign the letter again and your finance will be confirmed for the next year.Most people seem to panic about the repayment of student loans, however it’s not as bad as they think. Firstly, you won’t have to pay anything back until you are earning over £21,000! The way I like to think of it is imagining I have two phone contracts. The amount you repay is similar to what you would pay for an iPhone a month which is not much considering you will be earning over £21,000 before you start paying anything.
You can also see a full breakdown
of the repayments that will be made based on how much you earn.
If you are confused or need help sorting out your loans and are currently at BU, head over to The Base in Poole House. They will be happy to sit down with you, discuss your circumstances and point you in the right direction whether you have problems with your tuition fee loan or maintenance loan. If you are applying for student finance for next year and haven’t started university yet, visit the student finance website to get all the information you need! And don’t forget about those lovely BU scholarships…
By Ben Redgell