Teesside Student Finance: A Guide

Navigating student finance can be daunting, but understanding the options available to you as a Teesside University student is crucial for managing your finances throughout your academic journey. This guide provides an overview of the key aspects of student finance in the UK, specifically tailored to those studying at Teesside University.

Tuition Fee Loans

The most significant financial support is the tuition fee loan, provided by Student Finance England (or the relevant body for your region: Student Finance Wales, Student Finance Northern Ireland, or the Student Awards Agency for Scotland). This loan covers the full cost of your tuition fees, so you don’t need to pay upfront. Teesside University’s standard undergraduate tuition fee is typically around £9,250 per year, which this loan will cover in full.

Maintenance Loans

To help with living costs, such as accommodation, food, and travel, you can apply for a maintenance loan. The amount you receive depends on your household income (your parents’ or partner’s income, if applicable) and where you study. Students living at home receive a lower maintenance loan compared to those living away from home, particularly those studying in London. Teesside University is located outside of London, so your loan amount will fall into the “living away from home outside London” category. Use the Student Finance England calculator on their website to estimate your potential maintenance loan.

Applying for Student Finance

Apply for student finance online through the Student Finance England website (or your relevant regional student finance body). It’s best to apply as early as possible, ideally before the start of your academic year, to ensure your funding is in place for the beginning of your course. You’ll need details such as your course information, National Insurance number, and your parents’ or partner’s financial information (if applicable). The application process can take several weeks, so don’t delay.

Repaying Your Student Loan

Repayments don’t start until you’re earning above a certain threshold. Currently, for students on Plan 5 (those who started courses on or after August 1, 2023), the threshold is £25,000 per year. Repayments are automatically deducted from your salary each month, similar to tax. The amount you repay is a percentage of your income above the threshold, currently 9% for Plan 5 loans. If your income drops below the threshold, repayments stop. The remaining balance of your loan is written off after a set period (currently 40 years for Plan 5 loans).

Teesside University Support

Teesside University offers a range of support services for students regarding finance. They have a dedicated Student Services team who can provide advice and guidance on budgeting, managing debt, and accessing additional financial support. They can also help you navigate the Student Finance system and understand your entitlements. They may also offer hardship funds or bursaries for students facing financial difficulties. Check the Teesside University website or contact their Student Services department for more information.

Additional Resources

Explore websites like MoneySavingExpert.com for helpful tips on budgeting and managing your student finances. The Student Room forums can also provide a platform for asking questions and connecting with other students.

Understanding your student finance options and managing your finances responsibly is essential for a successful and stress-free university experience at Teesside University. Utilize the resources available and don’t hesitate to seek help when needed.