We here at Sunny Loans UK understand how challenging it can be for anyone to go to university.

Student loans can be complicated, and we’ve found that one of the main questions asked by prospective students is how much their student loan is.

How Much Can You Get From A Student Loan [Loans 101]

To help, we’ve compiled this helpful guide so that you can understand how much you can get from your student loan.

How Much Can You Get From A Student Loan?

When students apply for university, they need to understand that their current household income is what defines their student loan.

Students who apply for a degree will be eligible for a tuition fee loan that goes up to £9,250 at the time of writing this article.

However, accelerated degree students can be eligible for up to £11,100. We should inform you now that your tuition fee loan is paid directly to your university, and your household income won’t affect this.

Instead, your household income determines the maintenance loan you apply for.

The maintenance loan is designed to help students with their living costs, and paid at the beginning of each semester at university.

This is the loan that you will need to pay back, but the amount that is eligible to students changes with each academic year.

How Much Can You Get For A Maintenance Loan?

Everyone’s circumstances are different, so some may be more eligible for more than others. The best way to find out how much you, as an individual, will get is through the Student Loan Calculator.

The amount you can borrow depends on your circumstances, such as your living situation, where you live, the age you are, and whether you will be studying abroad for a year.

For example, if you were living with your parents while attending university, you would have been eligible for up to £7,987 for the whole academic year of 2021 to 2022.

However, if you started university in 2022, you could be eligible for up to £8,171 for the whole year.

If you’re living away from your parents, but you are attending university outside of London, you would have been eligible for a maximum loan of £9,488 with the 2022 loan rising up to £9,706 for the whole year.

If you live in London, they take the price of the area into account, so 2021 students were eligible for a maximum of £12,382, with 2022 students being eligible for up to £12,667.

When you spend a year of your course studying abroad, you could have been eligible for up to £10,866 with the loan rising to £11,116 maximum in 2022.

The reason it is this price is because depending on where you are studying, you may be unable to find a job while you are studying.

Finally, if you are an older student who is 60 or over on the first day of the first academic year of your chosen course, you could be eligible for up to £4,014 in 2021 with a slight rise of up to £4,106 in 2022.

We should note that these are only the maximum amounts, so you may need to keep in mind any bursaries, part-time work, or other possible financing options when you become a student.

Extra Help For Students

There are other ways to implement your income if you find that your student loan is unable to cover your entire year at university. If you have a low income, we at Sunny Loans UK are happy to advise you on where you could possibly get help, depending on your circumstances.

How Much Can You Get From A Student Loan

University Hardship Funds

There are ways to get extra money for students, depending on your circumstances. Some students experience financial hardship when they attend university.

They may be a single parent, a mature student, from a low-income family, disabled, previously in care, or homeless.

To get access to any of these funds, you need to bring a copy of your student finance letter to your university, and bring any documents about your finances to help you.

Disabled Students’ Allowance

If you have a disability, then we recommend applying for a disabled students allowance as it can help you pay for any specialist equipment you may need.

These funds can pay for non-medical helpers, travel expenses, and any other additional study support.

You may even be eligible for a new computer if you need one, but you will need to pay the first £200 if you are eligible.

However, you shouldn’t expect this. If you are eligible for DSA, then you will need to go to an assessment centre to find out what you need to do next.

You won’t need to pay, as it will come from your DSA. Depending on your needs, the money from your DSA might come into your bank account or whoever is providing support or equipment.

If you are disabled and you need specialist equipment, we recommend you get support as soon as possible.

If you’re eligible, then those who studied in the academic year 2021 would have been eligible for up to £25,000 or up to £25,575 for 2022 students.

Bursaries

Depending on the course you will be doing, then you may be eligible for an NHS or social work bursary.

Students studying to become a doctor, dentist or healthcare professional may be eligible for an NHS bursary depending on the course they are doing.

The same can also be done for social work students, depending on where you’re studying and whether you’re studying full or part-time.

Bursaries can help students who need assistance, as it allows students to focus on their studies.

These are separate from your student loan too, so you don’t need to worry about paying them back.

These bursaries are either paid in instalments or annually, and not all students in these fields are eligible for them.

Scholarships And Awards

Some students are also eligible for scholarships and awards depending on how well they perform academically.

Many students are eligible for these awards depending on their previous accomplishments at school.

It’s therefore worth checking what scholarships and awards are available to students.

Student Debit And Credit Cards

If you need help with your finances, then you can also check what kind of offers your bank has for students.

Many banks have student debit cards, This can be used to help students with unexpected expenses. Most of the time, you won’t need to pay your overdraft until a year after you graduate.

So you should check whether you are eligible for a student account from your bank to help with your financial situation.

Final Thoughts

We here at Sunny Loans UK want to help students succeed at university. The best way students can do this is by being able to focus on their work, and not their financial concerns.

If you’re thinking about attending university, you should consider how you will finance your time there. You will need to consider all of your costs, such as rent, food, and any other additional expenses.

If your student loan doesn’t cover everything, then don’t worry, because there are ways to subsidise your income.

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