Student Debt and Helpful Grants

Student Debt and Helpful Tips to Reduce Debt

There will always be student debt incurred by those wishing to pursue further education before starting their careers. This article is intended to show both the types of debt that can be taken on in the course of pursuing one’s education and some ways to help alleviate that debt which are available through your LEA (Local Education Authority).

Student Loans:

The SLC (Student Loan Company) pays student loans to students in order to help with living costs while they are attending a college or university. Usually, these are paid in three installments throughout the course of a given year. In order to get them apply to your LEA for each year of your course. A full 25% of a loan is based on you and your family’s income. You can expect a maximum of about £5,000 per loan.

Tuition Fees:

If you apply to your LEA before you start your course then you may be able to get help towards your tuition fees. The amount you get depends on you and your family’s income unless you get classed as an “independent student”. As an independent student you have to take into account that if you have a partner their income will be included as part of the assessment.

Grants and Allowances that may help you reduce your debt are below.

DSA’s (Disabled Students Allowances):

Students with disabilities may be eligible for a Disabled Students Allowance to help with costs they incur while attending their course. These are available to full-time and part-time students with disabilities. DSA assistance does not have to be repaid the way a student loan must. Consult your LEA in order to find out if you can claim.

Care Leavers Grant:

Students who have left care are often able to claim a Care Leavers Grant which will help with accomodations costs during the long vacation that is usually during the summer months. Consult your LEA to see if you can claim because it can be worth up to £100 per week during the long vacation.

Childcare Grant:

For those with childcare costs during their school term and sometimes during vacations, there is the the Childcare Grant they may be able to claim. The amount available depends on their income and the income of their dependants so consult your LEA if you want to attempt a claim.

Parents Learning Allowance:

Those wiht dependant children may be able to claim a Parent Learning Allowance to help with course related costs. Their income and their dependant’s income will be taken into account when it comes to eligibility.

Lone Parents Grant:

For students who are also lone parents there is the Lone Parent Grant that they may be able to claim which helps supplement their income. Depending upon their income the amount awarded can be different. Your LEA will be able to advise you if you can claim.

Higher Education Grant:

This newer grant can be worth up to £1,000 a year, but how much is awarded depends upon the student’s income and their household income, as well. For those with a household income around £15,000 the grant received should be around £1,000. Partial grants are made available to those with household incomes between £15,000 and £21,000. The grants pay out in three installments, one at the beginning of each term.