When you’re at university, one of the most stressful things you might have to deal with is how to pay your tuition fees and living expenses.
Luckily, you have options, especially if you live in Wales!
This article will tell you all about student finance in Wales, including everything from what types of funding are available to how to apply.
Student Finance Wales
With so many options, it’s important to understand them all before making any big decisions on how to pay for your education.
But don’t worry — we’ll walk you through it!
Student Finance Wales
In today’s economic climate, student finances are an important topic. Student finance can be extremely confusing.
As more students look towards higher education in order to achieve their career goals, they must also think about their financial future.
Tuition fees have never been higher, but student aid continues to increase as well.
Here’s a brief guide to what you need to know about student finance in Wales and how you can get started with your first application today.
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Why should I look into it?
Even if you’re not thinking about going to university, it pays to know what student finance is all about.
Most countries have some kind of financial assistance available for their students who need it—and that includes countries like Scotland and Northern Ireland, as well as England, Wales and Northern Ireland.
It’s also worth checking out your own country’s rules on student loans and grants; they could be a lifesaver if you find yourself in a bind while studying at university.
No matter where you go or what you study, learning how to manage your money is one of those life skills that everyone needs to learn.
What do I need to know?
Many students will soon find themselves strapped for cash, especially if they’re studying at a university or college outside of their home country.
The good news is that, in many cases, there are organizations ready and willing to help out.
However, figuring out which ones are legitimate can be tricky. In order to help you avoid potential scams and other pitfalls associated with student aid, here’s all you need to know about Student Finance Wales.
In-Depth Guide: Student financing is available from many different sources, including government programs and private companies.
These organizations vary greatly in what they offer students as well as how easy it is to apply for assistance.
To make sure you understand your options thoroughly, let’s look at Student Finance Wales (SFW) through an in-depth guide.
SFW was established by an act of Parliament known as The Education (Student Support) Act back in 2013; its goal was simple: to provide loans and grants to Welsh students attending higher education institutions throughout England, Scotland, Ireland, Northern Ireland and anywhere else across Europe except Cyprus.
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What makes SFW unique?
Because most student financial aid is tied to residency, many students who live in Wales don’t qualify for support.
However, because SFW isn’t tied to residency but rather where you attend school, students living in Wales can still receive support—even if they study abroad.
What types of funding does SFW offer? According to its website, Student Finance Wales offers two main types of funding: maintenance loans and grants.
Maintenance Loans: Like most student financial aid programs around the world, Student Finance Wales offers both maintenance loans and grants—the difference being that loan amounts are paid directly to your school, whereas grant amounts go straight into your bank account.
Loan amounts range from £1,000 to £6,000 per year and must be repaid once you graduate.
Grants: Depending on your circumstances, Student Finance Wales may also award students with grants instead of loans.
Grant amounts range from £300 to £1,500 per year and do not have to be repaid after graduation.
How do I apply for Student Finance Wales?
Applying for student aid is often confusing and time-consuming due to multiple forms and complex eligibility requirements.
However, SFW has made applying relatively straightforward by creating one online application form.
Simply fill out basic information such as name, date of birth, and contact details before selecting whether you’d like a loan or grant.
What does it cover?
Your course must meet certain criteria to qualify for student finance.
If you’re a full-time student, you need to be studying at least 22 hours per week in a higher education course lasting at least one year.
Some courses are not eligible for funding, but there are exceptions depending on circumstances.
Check with your university or college for details. If you’re part-time, then normally only those courses lasting longer than nine months will be covered by Student Finance; check with Student Finance as well as your university or college for specifics before enrolling.
Most financial aid is given in the form of non-repayable grants and loans that won’t have to be paid back until after graduation from college or university.
The amount of money you receive depends on where you live and what degree program you’re enrolled in.
Who can apply? UK/EU students: For many students, eligibility for student finance is based on their parents’ income.
Your parents’ tax returns will be used to determine whether you can get help paying for school fees, books, and other expenses associated with your studies.
Students who don’t live with their parents may still be able to get some funding if they’re financially dependent upon them (for example, if they were adopted).
Students who aren’t UK or EU citizens: Citizens of other countries living in England may also be able to apply for some support through their local council’s Education Welfare Service (EWS).
This service provides advice about all aspects of education, including childcare costs, school transport costs, and educational maintenance allowances.
Eligibility requirements
In order to be eligible for any of these loans, you must be a full-time student and under 25 years old.
If you’re already 25 or older, you may still apply but will likely have your funding cut by around 10%.
In addition, if you’re between 21 and 24, you must also have been in higher education for at least one year.
A number of scholarships are also available through Student Finance Wales, including all University of Wales students, students from certain types of schools, and disabled students.
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Undergraduate and masters students can apply for some types of bursaries and grants from their school as well: Check with your university if they offer anything similar.
How do I apply?
To apply for financial support, you’ll need to fill out a SUSI application. This will ask you about your education and income level and submit it online.
Once you’ve been deemed eligible for student finance, a grant will be offered on top of any student loans you take out.
The grant amount depends on your level of income and other circumstances.
Some grants can cover all your tuition fees, depending on how much money is left over from paying for housing and living expenses such as food and utilities.
Grants cannot usually be taken back once they’ve been awarded, so do your research before applying!
Who are the providers?
There are a number of providers in Student Finance Wales, and they all have their own unique application forms.
To make life as easy as possible for you, we’ve done some research into which companies are most likely to approve your application.
Firstly, there’s the Money Advice Service (or MAS), which is a non-profit organisation that can help with budgeting tips or loans; these aren’t given by Student Finance but they could be useful if you want extra money while studying.
Then there’s your actual student finance provider, who will usually give you a loan and possibly a grant—it’s worth noting that you must apply through one of these companies directly if you want their services.
Finally, there’s your bank or building society, which may offer you an overdraft facility.
This isn’t technically part of student finance but could still be useful when it comes to paying bills and living costs.
How can I be sure I am getting the right support?
The first thing you need to do is check what support you’re entitled to. It might be via a grant, a loan, or a bursary.
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There are also extra resources available for certain groups of students, including mature students, postgraduates, and those from low-income families.
Once you know your options and how much money you’re entitled to, it’s time to decide which option is best for you.
A lot of people think that student finance is all about loans, but there’s actually more on offer than just that.
Loans tend to have higher interest rates than grants and bursaries, so if you can get by without borrowing too much money, then it may be worth considering one of these other options instead.
There are lots of different types of loans: In general terms, there are two main types:
Maintenance loans (which cover living costs) and tuition fee loans (which cover fees).
Maintenance loans come in two forms: non-means tested (you’ll get whatever you qualify for), or means tested (you’ll only get as much as you need).
If you’re applying for a means-tested maintenance loan, your household income will determine whether or not you qualify.
Where can I find out more information?
When you’re ready to choose your university, the best place to start is Student Finance Wales.
On their website, you can find information on grants and bursaries, loans, and student jobs.
There’s also a calculator which will tell you how much money you might be entitled to receive from Student Finance Wales based on things like household income and savings.
They have a ‘how-to’ guide on claiming, full of useful information such as what documentation you need and where to submit your application.
Student finance expert tips and top tips for getting funding in your first year can also be found on their website!
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