Getting accepted into university is an exciting milestone in your life, but it often comes with questions and concerns about student finances. Many students wonder about financial support and how to apply for student loans, and “do student loans cover accommodation?” is a question commonly asked.
Starting university can feel overwhelming, especially if you’re a first-generation student (the first in your family to attend university). With so much to figure out, it’s hard to know where to begin. If this sounds like you, then don’t worry - we’ve got you covered!
In this blog, we’ve simplified key areas of student finance, including what’s included in a student loan, tuition fees, maintenance loans, and whether student loans cover accommodation costs.
Keep reading to learn more.
Student Finance England (SFE) is a student loan company responsible for providing your student loans. A Maintenance Loan is a student loan that is designed to help you with living costs while you’re a student at university.
For the 2024-2025 academic year, Maintenance Loans in the UK can range from £5,716 to £10,227, with the maximum maintenance loan being for students living away from home but outside London.
You’ll be able to find the amount of student loan you’re entitled to in your student finance entitlement letter sent by SFE or on your student finance account. It’s important to note that the amount can differ based on the following factors:
Living costs are the day-to-day expenses you’ll need to cover while at university. They are essential to making sure that you can focus on your studies without worrying about affordability. Living costs can include:
If you’re looking for financial support during your academic journey, there are two types of loans available:
These are both individual loans, and you can take one without taking the other. Read below to find out what Tuition Fee Loans and Maintenance Loans include.
A Tuition Fee Loan covers the full cost of your university course, and this is paid directly to your university rather than via your bank account.
This cost covers lectures, seminars, tutorials, academic services, course admin costs, student well-being, and support on campus. You will only need to start repaying your Tuition Fee Loan when you’re earning over a certain amount.
The cost of Tuition Fees is expected to rise, and you can find more information here.
A Maintenance Loan helps to cover living expenses like rent, food, travel, and study materials.
You’ll typically receive a lump sum at the start of each academic semester (or monthly if you’re in Scotland), and the amount will depend on the factors we previously explained.
A Maintenance Loan also needs repaying, but only when you’re above the income threshold.
Whether or not your Maintaince Loan will cover the total costs of your accommodation is determined by how much you borrow, the cost of your accommodation rent, if bills are included in your student accommodation costs, and any other expenses that you have (e.g. mobile phone contract, subscriptions, memberships).
You must first consider all of these factors before knowing if your loan will be enough to cover your accommodation costs.
For some, going to university is the first time they will have to have control over their finances. If you’re in this position, a great way to manage your finances is by creating a budgeting plan or by using budgeting tools.
It’s a great way to avoid overspending, avoid financial stress, and account for any unexpected costs.
If you find that your maintenance loan is not enough to cover all of your living expenses, then you’ll be expected to find ways to fill in the financial gaps. This can include:
It’s important to note that if you have a disability, long-term health condition, mental health condition, or learning difficulty, you may be entitled to the Disabled Students’ Allowance.
Also, students who have children or dependent adults may be able to apply for a Childcare Grant, Parents’ Learning Allowance, or Adult Dependants’ Grant.
Understanding student loans and living expenses can be daunting and cause financial anxiety, but knowing how your Maintenance Loan works can massively help. While your loan may cover some accommodation costs, it might not cover everything, especially if your bills aren’t included in your rent.
Being aware of this, at Stockton Students, we offer all-inclusive bills, so you don’t have to worry about paying for utilities on top of your rent. This makes managing your finances easier and more predictable.
To find the perfect accommodation for your needs, contact us by calling 03301 359065, emailing info@stocktonstudents.co.uk or filling in our quick and easy contact form today and get started on securing your university home!
