What help is there with managing my finances whilst studying?
The Financial Services Authority (FSA) are working with Higher Education Institutions on providing advice and guidance to students about how to prevent them getting into financial difficulty via a Money Doctors toolkit. The aim is to discover how Universities can best help their students to cope with money issues.
The Money Doctors project helps students in higher education become financially competent though education and intervention. It encourages students to confront debt and to take control of their own finances before they get into difficulties. The FSA delivers the project through student money advisors at Higher Education Institutions across the UK, and they train and work with these intermediaries to support them in proactively improving their students' financial capability. Your College or University will have a copy of the Money Doctors toolkit.
Information on your Financial Notification Letter
If you have recently submitted a completed application for student finance you will receive a Financial Notification letter when your application has been assessed. This letter details your support entitlement.
The following information addresses some issues that have been raised about this letter.
Tuition Fees
The Loan to be Paid amount is the amount of Tuition Fee Loan that SLC will pay to your university or college on your behalf.
If the Tuition Fee Loan amount you are entitled to or have asked for is less than your course fee, you will need to pay the difference to your university or college.
If you are receiving a Tuition Fee Grant, the total amount of Tuition Fee Loan that will be paid is the Course Fee amount less the amount of Grant.
Maintenance Loan
The Loan to be Paid amount is the total amount of Maintenance Loan you will receive. If you are also receiving a non-repayable grant, such as an Assembly Learning Grant, the amount of Maintenance Loan you will receive is reduced by the amount of grant up to a maximum reduction of £1,288. Your grant entitlement is shown in the Supplementary Grants table on your letter.
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