Student Finance Maintenance Loan: How To Apply And Get In 2022

Most students wonder how to raise money to fund their degrees. If this sounds like you, then worry no more as there are plenty of student finance options, including support for paying your tuition fees and living costs.

As a way to help cover your living costs, the UK government through Student Finance makes provision for the Maintenance Loan.

According to SaveTheStudent’s National Student Money Survey, the Maintenance Loan is the number one source of money for students while they are at the university aside from parent’s funding.

So, if you think you will be needing one, then this article is for you. Here, you will get to know how the maintenance loan works, the eligibility criteria, the application process, and how much you can get.

Also, learn more about the student finance maintenance loan calculator, what the loan covers, when and how to pay it back.

Here is a table of what to expect:

What Is A Student Finance Maintenance Loan?

A Maintenance Loan is a type of student loan provided by the UK government to cover your living costs while you are at university. It covers the cost for rent, bills, food, nights out, and so on.

Through the Student Finance, the government provides the maintenance loans to all eligible students.

These maintenance Loans are paid in three (almost) equal installments throughout the year – one at the beginning of each semester (other than in Scotland, where loans are paid monthly).

How Does The Student Finance Maintenance Loan Work?

As a student, your Maintenance Loan is provided by the part of the UK you normally live in, not where you will be studying. So, for instance, if you lived in Northern Ireland but planned to study in Scotland, you’d apply for funding from Student Finance Northern Ireland.

Furthermore, unlike the Student Finance tuition loan which is paid to your university without you ever seeing the money, your maintenance loan is paid directly into your bank account at the start of each term.

Also, since this is a loan, you have to pay the loan back. Read on to see how this works.

What Does My Student Maintenance Loan Cover?

It covers everything that pertains to your living as a student. So, it’s advisable that you draft out a realistic budget immediately you receive your maintenance loan.

Basically, the student maintenance loan covers the following:

  • Rent (if you are living away from home)
  • Bills
  • Food
  • Transport costs
  • Social events… be careful not to overspend here
  • Household goods (soap, cream, washing up liquid, toilet paper, and so on)
  • Books

How Much Is Student Finance Maintenance Loan?

There is no specific amount for the student finance maintenance loan. In fact, how much maintenance loan you get depends on where you’ll study, your living arrangements, and your household income.

However, estimates of how much you will get as the maintenance loan are broken down into two groups depending on the type of students you are.

  • New full-time students
  • Continuing full-time students

New Full-Time Students

Below is a tabular representation of how much new full-time students receive as their finance maintenance loan:

Full-time student2022 to 2023 academic year2022 to 2023 academic year
Living at homeUp to £7,529Up to £7,747
Living away from home, outside LondonUp to £8,944Up to £9,203
Living away from home, in LondonUp to £11,672Up to £12,010
You spend a year of a UK course studying abroadUp to £10,242Up to £10,539

Continuing Full-Time Students

Below is a tabular representation of how much continuing full-time students receive as their finance maintenance loan:

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Full-time student2022 to 2023 academic year2022 to 2023 academic year
Living at homeUp to £7,529Up to £7,747
Living away from home, outside LondonUp to £8,944Up to £9,203
Living away from home, in LondonUp to £11,672Up to £12,010
You spend a year of a UK course studying abroadUp to £10,242Up to £10,539

How Is The Maintenance Loan Calculated?

As said earlier, the amount you will receive for your maintenance loan is calculated by how much your parents earn per annum and other factors. However, this can be increased if you are eligible for extra help.

Notwithstanding, to estimate your Maintenance Loan, click on the button below to use the student finance calculator.

Who Is Eligible For Maintenance Loan Student Finance?

Whether you qualify for student finance depends on the following factors:

  • Your university or college.
  • Your course.
  • If you’ve studied a higher education course before.
  • Your age.
  • And your nationality or residency status.

Learn more about who can apply for the student finance maintenance loan, click on the eligibility button below:

How Can I Apply For Maintenance Loan On Student Finance?

If you are from England, Northern Ireland or Wales can all apply for a Student Finance Maintenance Loan online or by post.

On the other hand, if you’re from Scotland, you will have to apply for your funding online as there’s no postal option for your country.

Below are links to apply for a Maintenance Loan from each of the UK’s four funding bodies. Click on your country for more information on the application.

ENGLAND

SCOTLAND

WALES

NORTHERN IRELAND

How To Make Changes To The Maintenance Loan On Student Finance

Most students sometimes find themselves in situations that require a change in their maintenance loan even after sending their application. Contrary to what some believe, making these changes are not that difficult.

For instance, you made a wrong selection while filling your student finance application and only realized it after it was sent off. Using an example from TheStudentRoom, here is what you should do.

Student’s Question:

I’ve sent off my student finance application, I selected the box for the maximum maintenance loan [I want the lower maintenance loan, not the higher maintenance loan] but the maximum for the lower maintenance loan number displayed was lower than it should have been, why is this? Can I change my application to get the maximum amount? I’ve tried online but it’s not letting me.

Answer/What You Should Do (Still from the StudentRoomWebsite)

Yes, you can certainly request maximum maintenance loan available or a set amount that you would need for this academic year. You should be able to change the amount online or by posting a maintenance loan request to us.

If you cannot make changes online it may be because we are awaiting financial details from your sponsors. If you can contact our helpline or message us on social media (privately) we can certainly help you with this.

Another scenario that requires a change in your maintenance loan is where there is a change in your living arrangement.

To do this, you must tell Student Finance through your online account if your living arrangements change to get the correct amount of student finance. Also, you might be asked to provide evidence.

Click here to login/register on your student finance online account:

When Is Student Finance Maintenance Loan Paid?

The student finance maintenance loans are paid in three (almost) equal instalments throughout the year (other than in Scotland, where loans are paid monthly). That is, you should receive your maintenance loan at the beginning of each semester.

Typically this means you will receive funds in:

  • January
  • April
  • September (if you are starting a new term)

How Do You Repay The Student Finance Maintenance Loan?

Basically, repayments towards your Maintenance Loan and Tuition Fee Loan are made together as one Student Loan.

However, you don’t start paying back your Student Loan until the April after you’ve left your course and start earning above a certain amount. 

Here is a breakdown of how to pay back your maintenance loan on student finance:

  • The first thing to know is that you will not need to start paying back your loan until you start earning over the UK repayment threshold as we previously mentioned.
  • If you have an employer then the loan will come directly out of your payslip. If you are self-employed you pay at the same time as your tax returns.
  • Interest rates constantly change but as of September 2019, the student loan interest rate is 2.4% for students who started uni in or after 2012 in Wales and England (extra interest is charged depending on your student status and income level as explained further below).
  • If you are let go from your employment or fall on hard times then your loan repayment will pause. The loan debt is wiped out after 30 years.

What Is The Interest Rate On Maintenance Loans?

The interest rate on the maintenance loans varies among the countries funding them.

For students from England and Wales, the interest rate on the Student Finance Maintenance Loans is currently anything up to 5.4%. If you’re still at the university, interest will be charged at the full 5.4%, but if you’ve graduated, interest will be charged between 2.4% and 5.4% depending on how much you’re earning.

For students from Northern Ireland and Scotland, the interest rate on the Student Finance Maintenance Loans is currently 1.1%.

However, it’s worth bearing in mind that the interest rates on Maintenance Loans can (and usually do change) every year based on inflation. 

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How Do I Cancel Student Finance Maintenance Loan?

If your plans for a student finance maintenance loan change before the start of your course, you can amend or cancel your funding application. All you have to do is to contact Student Finance England or the relevant administering body to process this.

When Is Your Student Finance Maintenance Loan Cancelled?

Unlike most student loans, the repayment terms of the maintenance loans are quite friendly and can be cancelled.

This is it.

In the repayment terms for Maintenance Loans is that no matter how much or little you’ve paid back, the balance is always cancelled after 30 or even lesser years.

For instance, if you’re from England, Scotland or Wales, your loan will be written off 30 years after you first became eligible to repay (the April after you graduated). On the other hand, Northern Irish students will have their loans cancelled after 25 years.

Also, no matter where you’re from, your loan will also be written off if you have to claim a disability-related benefit and can no longer work (or if you die).

For more information on the Student Finance Maintenance Loans on the Gov.uk website by clicking on the button below:

FAQs On Student Finance Maintenance Loan

What is a maintenance loan?

A Maintenance Loan is a type of student loan provided by the government to cover your living costs while you are at university. It covers the cost for rent, bills, food, nights out, and so on.

What does the student maintenance loan cover?

Basically, the student maintenance loan covers the following:

1. Rent (if you are living away from home)
2. Bills
3. Food
4. Transport costs
5. Social events (be careful not to overspend here)
6. Household goods (soap, cream, washing up liquid, toilet paper, and so on)
Books

How much is student finance maintenance loan?

There is no specific amount for the student finance maintenance loan. In fact, how much maintenance loan you get depends on where you’ll study, your living arrangements, and your household income.

What are the eligibility criteria for the maintenance loan?

Whether you qualify for student finance depends on the following factors:

1. Your university or college.
2. Your course.
3. If you’ve studied a higher education course before.
4. Your age.
5. Your nationality or residency status.

Who is eligible for the maintenance loan?

There are several factors that determine this. However, you are most likely going to 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.

How can I apply for Maintenance Loan on Student Finance?

If you are from England, Northern Ireland or Wales can all apply for a Student Finance Maintenance Loan online or by post.

On the other hand, if you’re from Scotland, you will have to apply for your funding online as there’s no postal option for your country.

When Is Student Finance Maintenance Loan Paid?

The student finance maintenance loans are paid in three (almost) equal instalments throughout the year (other than in Scotland, where loans are paid monthly). That is, you should receive your maintenance loan at the beginning of each semester.

Typically this means you will receive funds in:

January
April
September

How Do You Repay the Student Finance Maintenance Loan?

Basically, repayments towards your Maintenance Loan and Tuition Fee Loan are made together as one Student Loan.

However, you don’t start paying back your Student Loan until the April after you’ve left your course and start earning above a certain amount.

Conclusion

As a student, you may be able to borrow money to help pay for university or college tuition fees and to help with living costs. The Uk Government through Student Finance provides tuition and maintenance loans to help students fund their degree.

The Maintenance loans are provided to cover living costs and the amount you get depends on your nationality, living arrangement and household income.

And just like any loan, you have to pay back your maintenance loan. Although we do not encourage students having to take on any debt to attend university, living costs are inevitable in a student’s life and the current repayment terms on maintenance loans are actually fairly manageable. 

Do well to go through the terms above and apply if you qualify for and also, need the student finance maintenance loan

Good Luck and Success!!!

References

  • SaveTheStudent – Student Maintenance Loans Guide
  • FutureFinance – Everything you need to know about student maintenance loans
  • GovUk – Student Finance: New full-time students
  • GovUK – Student Finance: Continuing full-time students
  • SLCPractitioners – Full-time Maintenance Loan

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