Q&A

Below are some questions answers regarding student finance. If you can't see the answer you're after then go ahead and ask a question with the form.

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Questions and answers

1. I think I should be entitled to a bursary – how do I find out if that's true?

   If you have read the criteria and feel you should be entitled to either bursary please contact the Financial Information and Assistance Team on 023 80593287 or email stufunds@southampton.ac.uk and they can tell you if you have received it and if not, how you can go about getting the money!

   Answered 2008 Sep 17, 13:46

2. I have an idea for cheap cooking – how can I get it on the website?

   Fantastic! We are always looking for new ideas! Please email it through to a.r.ellis@soton.ac.uk and we will see about getting it online as soon as possible.

   Answered 2008 Sep 17, 13:47

3. I am having real difficulty managing my money. Is there anyone I can see before I get into real trouble?

   Firstly we would recommend you make a budget so you can see where your money is coming from and where it is going. By keeping to a budget you should be able manage well at university but if you are having real difficulty the Students’ Union Advice and Information Centre (SUAIC) is designed to help you with any struggles you have during study, including money concerns.

   Answered 2008 Sep 17, 14:11

4. When is the deadline for applying for student finance?

   You can apply for student finance anywhere up to nine months after the start of your course. This means if you came to uni thinking you wouldn’t need a student loan but have changed your mind you can still apply up to nine months after you started!

   Answered 2008 Sep 17, 14:12

5. When do I have to repay my student loan?

   You only need to repay the money you borrowed for your education once you have left university and are in employment earning at least £15,000 per year. This will then come directly from your wages at a rate of 9%. For example, the average graduate starting wage is £20,000 per year and if you earned this you would be repaying about £37.50 per month.
   
   Most students repay their student loan in between 10 and 15 years, but after 25 years whatever debt remains is wiped, so it can't take any more than 25 years to repay!

   Answered 2008 Sep 17, 14:15

6. How do I find out about a scholarship I feel I should be getting?

   Each academic department has different scholarships so firstly check with your department or on the individual websites.
   
   Most scholarships will be awarded on the basis of how well you did in your college exams and would come automatically when you apply and attend university. There are a minority of cases where this is slightly different – with certain scholarships you have to apply. In these cases you should contact your school office and they can point you the right way.

   Answered 2008 Sep 17, 14:19

7. What is the difference between a student loan and a bank loan?

   There is a huge difference, and the student loan is better by far to pay for your education.
   
   Firstly, a student loan is designed to suit the lifestyle of a student. Money is available to cover tuition and costs of living while at university. Student loans only have to be repaid once you have completed your course and have a job earning at least £15,000 per year. It doesn’t gain interest like traditional bank loans – it just rises in line with inflation. For illustration, think of how a can of Coke a few years ago cost 50p and now costs about 60p – it’s all due to inflation.
   
   A bank loan would have a set interest rate on it that could be anywhere between 5 and 10% or perhaps even more. You would be asked to make monthly repayments, even when you are a student and if you miss repayments you could get into real trouble including threats of court dates and possibly bailiffs.
   
   This would never happen with a student loan, you do not have to worry about repayment until after your course is complete and you are in employment. After that, repayments come directly from your wages meaning you never have to set up a direct debit or send a cheque and all the time you are earning you will not miss a repayment.

   Answered 2008 Sep 17, 14:20

8. Hey there, I was wondering if I can apply for a grant as im an Isle of Man
   resident, or if its only applicable to UK residents? Cheers

   Isle of Man students can not apply for a grant unfortunately as this is available to UK residents. If you wanted to discuss you circumstances with an advisor you could do this with the Student Union Advice and Information Centre (SUAIC) who would be happy to help however they can. To make a 1-2-1 appointment email suaic@southampton.ac.uk

   Answered 2008 Nov 10, 14:36

9. I have been a university student but only completed a year of studies in
   2001. I had a student loan for that year, so would i be able to apply for a
   student loan for assistance on another course in 2009?

   Usually students will be funded for the ordinary duration of their degree course (often 3 years) plus another year for false starts, course problems etc.. This means that students are generally entitled to funding for 4 years. This will probably mean that you will not have a problem getting a loan for your current course. However, the rules about previous study are very complex and it is best to discuss your situation with your Local Authority before making financial plans that depend upon you receiving a loan. If you did not complete your previous course due to personal or health reasons then you may also find that future entitlement is not affected. If you feel this might apply to you then speak to your Local Authority or visit the Students' Union Advice and Information Centre for independent advice.

   Answered 2009 Jan 7, 14:14