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What to do if you are not eligible for student finance?

Not everyone is eligible for student finance, and it can be quite a shock if you think you are going to be eligible, you apply to university, get your offer, start to look forward to going and then find you can’t get a student loan.

Why might you not be eligible?

There are many reasons why you might not be eligible for student finance, so it always a good idea to look in to it, to make sure you are eligible before you start the application process.

  1. You don’t reside in the UK – you might be UK national but if you have not lived in the UK for the last 3 years you can not get a student loan.
  2. You already have a degree – whether you paid for it yourself or not doesn’t matter, you can not get student finance for a second degree unless it is one of the “approved subjects” which are in demand skills.
  3. If you are over 60 when you start your course, you may not be eligible for the Maintenance Loan, although you can still get the tuition fee loan.
  4. If you are studying part time on a course with less than 25% intensity.

You can check out all the eligibility criteria on the Student Finance website.

So what should you do if you can’t get the loans?

When you first find out you are not eligible for student finance, you are likely to feel as though you have been cheated out of your future, but there are always alternative options. Just because they are not necessarily what you had planned, does not mean they won’t be any good, so it is worth taking some time to consider all the options.

Degree Apprenticeships

Degree apprenticeships provide a perfect alternative to going to university and there are an increasing number of opportunities available. Degree apprenticeships are a way of still getting your degree and your employer pays for the cost, so you end up with the same qualification you would have done if you went to university full time, but no student debt. It is definitely worth checking out if there is a degree apprenticeship suitable for you.

Defer your entry

If the reason you are not eligible is because you have not been in the UK long enough, perhaps think about deferring your entry to university until you have. A year or two out at work will not only help you save up some extra money to support you once you do start university, but it will also give you some invaluable work experience.

Fundraising

extra funding for university

There are many ways you can fundraise for your degree, but be warned, it is hard work and not only do you have to be dedicated to it, you have to have a plan B if you don’t get enough money. The book “Free Degrees – How to fund your own education” was published several years ago now, but a lot of the ideas and suggestions remain true today. It gives you lots of ideas on events you can organise and how to write appeal letters to charities. The author completely funded her own education. You can also find out about crowdfunding your degree and Funds4uni, two other fundraising tools, which could all help build your funds.

Private Student Loans

If you simply cannot wait and need to do your degree, there are private student loan companies. Future Finance is considered to be the best private student loan option for students who cannot get the government loans, but the repayment terms are not nearly as good, interest rates are higher and you will have to repay the whole lot, regardless of what you end up earning, unlike the government loans.

Scholarships

There are some full fee paying scholarships. They are few and far between, but before you give up in despair, it is definitely worth checking if there are any out there that you could be eligible to apply for, which would cover the costs for you. However, bear in mind that there is no guarantee you will be awarded the scholarship, so you must have a back-up plan.

You can appeal against Student Finance’s decision

If you feel that the decision not to offer you a student loan is unjustified, you are entitled to launch an appeal against the decision. You can find full details on how to appeal here.

Find additional funding

Filter, find and apply for scholarships, grants or bursaries 
via the Funding Hub on Blackbullion.

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