Each year changes are made to the way in which students can access finance to fund their academic studies as they study towards a degree. Whether it's support to buy textbooks for essay writing or assistance with research material for assignments, student finance is there to help.
In 2018 the government have made a commitment to undertake an in depth review to explore the way in which finance for students is offered, delivered and accessed. It is hoped that through this review, finance for students will be made fairer and once it is completed in 2019 a range of new initiatives will be introduced to improve access to funding. Chaired by Philip Augar it is anticipated that the review will explore every aspect of student finance from support with living costs through to maintenance support available. It will look specifically at finance and access to education including;
This is used to cover the costs associated with living during academic study. This review hopes to give everyone the opportunity to succeed regardless of their background. Changes will be explored in relation to how disadvantaged students access and receive government maintenance support from university. Currently tuition fees are £9250 a year regardless of the quality, complexity or nature of the course.
The review will aim to help young people make informed decisions when it comes to studying. This could involve providing young people with better guidance about the potential of different jobs and their earning potential. This will allow young people the information they need to make an informed decision about their future and course choices.
As well as the review there are other changes that will take place in 2018 including the repayment threshold. From 6 April any student who began their course after September 2012 will face a change to their repayments. The repayment threshold is set to be moved to £25,000 a year. From April a borrower will pay back 9% of their income above the £25,000 threshold.
Many students worry about how they will fund their time at university and changes in funding aim to make things easier so students can make the most of their time at university and succeed with their studies. Financial support can bring a whole range of benefits to students, whether this is helping them to become a better dissertation writer or simply improve their academic performance, having the right financial resources can really make all the difference.