Six Money B's for Clearing (2026 update)

Be Wise – Understand what Clearing is all about

Clearing is a very exciting period in the academic calendar. Exam results can throw a sudden change of plan into the mix, and a bit of quick thinking is required.

Clearing 2026 opened on 2 July and runs right through to 19 October — so if you're reading this on or around A-level results day (13 August), you're in the busiest window, but there's no need to panic: places are being filled right up until October.

Yet so many students just hope it won't happen and don't want to think about it. It's really important to consider what you'd do if results day means a change of plan. It's not failing — it's just shifting stance, and that's fine.

Sometimes between picking courses and results day you've changed your mind anyway about your choices, or perhaps the institution has changed its mind about you — for better or worse. You may have received offers from universities but no longer want to accept them and want to look elsewhere — that's what Clearing is for.

It's okay — it's exciting, but it's good to have thought about where else you might want to study, thought about the financial impact, and planned for those changes.

Clearing might turn out to be the best day ever when you look back — so embrace it.

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Be Prepared – it's the early bird that catches the worm

Hopefully once you've learnt how Clearing and Adjustment work, you'll have a plan in mind for results day.

Universities plan their own strategies well in advance and have an army of staff on hand to deal with enquiries, help with new offers, and hopefully win your custom.

Universities are eager to fill their courses, so as the day goes by, fewer places remain in the Clearing pool. It makes sense to act as swiftly as possible, though make sure you're comfortable with your decision. Planning ahead will help your swift response not turn into a panic.

You can browse live Clearing vacancies on the UCAS Clearing search tool from early July — you don't need to be in Clearing yourself to look, so it's worth having a shortlist ready before results land.

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Be an Empowered Consumer

Remember, you are a customer of the universities. On results day, unless a university is fortunate enough to have filled all its courses, staff will be waiting and hoping for your call.

Universities open their Clearing lines early and keep them running until they've filled all the spaces they possibly can. It's a stressful time for university staff dealing with all the enquiries and changes of circumstance that results day brings. Staff usually offer a responsive service to win your custom, so don't phone the helpline thinking they're doing you a favour. This works both ways — they want you just as much as you want them, and they're likely to be flexible on entry requirements.

As a potential customer of the university, check out their terms and conditions — usually found on the website, for example under:

Student Regulations / University Regulations / General Regulations

These may be dull, but they're important to know, as institutions will follow these rules when dealing with their students.

Also see if your university has a Student Charter or other form of customer service agreement, and get to know what support services it offers, such as wellbeing, advice, careers, and help for disabled students.

Understand your consumer rights by reading the Competition and Markets Authority's current guidance for undergraduates: CMA — Higher education consumer law advice for providers (this replaced the CMA's original 2015 guidance, which was withdrawn and updated in May 2023).

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Be on Top – keep your funder informed of any change of circumstance

This seems obvious, but when you're busy, it's easy to forget. If you change university, course, or personal circumstances, then your funder needs to know:

• Student Finance England
• Student Awards Agency Scotland (SAAS)
• Student Finance Wales
• Student Finance NI

Keeping your funder updated as soon as anything changes helps avoid delays to your loan or grant payments landing on time.

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Be Informed – check out your universities of choice on the Office for Students

(Note: this section previously pointed to OFFA — the Office for Fair Access — which closed in 2018. Its role was taken over by the Office for Students.)

The Office for Students (OfS) now regulates how universities in England work to widen access to higher education. Each institution submits an Access and Participation Plan, setting out how it supports students from under-represented backgrounds — including, in many cases, details of extra financial help you may be eligible for.

You can search current Access and Participation Plans on the OfS website for any university you're considering through Clearing — it's worth a look, as some plans include bursaries or hardship funding you might not otherwise hear about.

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Be Flexible on Accommodation

Changing university in August can mean your accommodation plans have to change too. Not all universities will have accommodation for all their first-year students, and those accepting a place through Clearing may find this an additional challenge.

Again, universities are used to this process happening year on year and will provide guidance. You may have to consider Private Rented accommodation instead of Halls, or start looking for a place at short notice. Remember it won't just be you — the university may put you in touch with other students in the same situation, or have lists of private rented accommodation providers or shared houses with a room available. Prospective students also often use social media to find others to share with, so be ready to respond to these options.

Signing your accommodation contract may seem like a big commitment — and it is. Whether the accommodation provider is a university, private halls, a landlord's agent, or a private landlord, you'll be signing a legally binding tenancy agreement, usually requiring both the student and a guarantor to sign.

Know what you're signing for: the number of weeks (these vary widely — 42, 44, 52 weeks, for example), the deposit, any admin fees, what's included in the rent, how many instalments and when they're paid, and the rules for terminating the contract.

Note that for halls of residence, instalments may not be equal — some institutions front-load the plan so you pay more in the first term. This can be tough to budget for, but it's best to be prepared.

If you're looking at private accommodation, many universities offer services to check the tenancy agreement before you sign — worth doing to be safe.

You do not have to go into halls, and if you choose private rented, understand your rights fully:

• Shelter — student housing advice
• Unipol

Also learn about Tenancy Deposit Protection schemes.

Remember, if you choose to live at home, consider how you'll contribute to household bills from your student finance.

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Updated for the 2026 Clearing cycle (Clearing runs 2 July – 19 October 2026; A-level results day is 13 August 2026). Original six B's first published August 2016.

#Freshers - From a Parent to Parents 2024

From a parent of two children in Higher Education and this post covers personal thoughts and experiences about my kid's move to university alongside those of friends and some general guidance from Levitate Student.

Tears, Fears and the Empty Nest

I did cry - no point pretending but I think timing is everything on this one. Its not okay to be weeping and wailing while gripping onto your student's leg when they are at the fresher Meet and Greet! That wouldn't be pretty.

When my first child left I thought I would be bereft, like me a chatterbox. the very notion of our home without them was unbearable. The night before the big move we cuddled and sniveled, I made us watch a film we'd always promised to watch together (probably a mistake in hindsight....). On the day of the move we all coped really well. During the drive back home my partner who had been all composed till then sobbed his eyes out and the siblings quietly shed a tear. Its a big change for everyone.

The university were brilliant and the student was occupied with activities from day one. Second year students were like a crack team ensuring the newbies settled in. All was well and the promise of regular Skyping and daily texting soon went unfulfilled and do you know what? - it was okay.

When my second child moved it was the same, but worse knowing that this time the nest would be empty. More well timed tears, more promises, but this time my expectations were better managed.

I noticed actually, that the nest wasn't in fact empty but there was my partner with whom quality time had been so scarce for the past twenty years. There was actually space on the sofa next to them and chance to start and finish a conversation without diversion - wow!! I quite liked that, bonus!

Levitate Student says - Its worth remembering that Unis don't really want parents on phone fretting about Jenny or Johnny. If that happens you will probably be met with a word about confidentiality and a suggestion to signpost the student to speak to someone themselves. It is important for students to find their feet, establish some independence and be resourceful enough to find support from the university services if needed. In addition the universities have a duty of care to safeguard their students so they don't give information out over the phone to unverified people readily. Obviously sometimes you may need to contact the university but its worth understanding how the institution may respond and that they do so with the best interests of the student at heart.


"Home" and "Home Home"

I absolutely hated it when my students referred to their uni accommodation as home! It sort of stings a little does that. That said they call home - "home home" so the real thing which is comforting. Calling the uni accommodation home also suggest they are settled enough there and feel safe - so I suppose it's okay (grr!!).

When they are struggling they can seem a long way away, down the end of a phone, but with all the ways to keep in touch these days it's not so bad.

Resist the temptation to "like" every Facebook picture they post, trust me it doesn't go down well!

The bottom drawer


Preparing can feel a bit like a bride buying bits and bobs for her bottom drawer ready to leave home on her big day. Try not too get carried away, there are things we bought our students that remained in their boxes (iron, half the crockery, some towels bed linen etc). Definitely wait till you know where they will be living. I found scanning the room in Halls to work out how best to maximise the space helped and provided storage boxes that would slot in. Unless the uni is in the middle of nowhere then there is likely to be a Wilko, Dunelm, Matalan, Ikea etc for all the required stuff.

Don't completely dismantle the students bedroom at "home home", its good for them to return to the comforts of their old spot.

Levitate Student says - check out our Fresher: Do Buy Don't Buy post with tips from students.




Money Matters

This is an interesting one and how you approach it will definitely be driven by your household circumstance. The household income (that the funders use to work out how much money the student can receive) is generally the annual gross income of the parent (s) the student lives with, their partner if applicable and the students own unearned income if they have any-which mine didn't. If your student works alongside their course it won't affect their student finance which is good to know.

It can be challenging if parents are separated and perhaps if there is a new relationship with a partner. I am sure it seems weird for the income of that person to count instead of the absent parent, but that's how it is.The funders usually work on a historic tax years income too which can be strange especially if you have had a change of circumstance. A friend of mine has a son going to university this year and the husband has been poorly and now made redundant. However the funder will take these changes into account. Having more than one student in the system is adjusted for too when working out each students level of funding.

Budget

I am not the worlds best at planning a budget myself, even with the best intentions am often just too busy and tired. However I did sit down with my kids and play with a student budget planner, once we had an idea what student finance they would get and what their accommodation would cost.

We talked about what their likely spending would be and agreed what we as parents could help them with. We made sure they applied for a student bank account and spoke to them about sensible use of the overdraft. The student accounts have an interest free overdraft which gives them a safe zone to dip into when funds are low at the end of term. I reckoned as long as this was used wisely it was a good facility to have. We talked about the potential problems of being silly with money and the way bank charges can build. 

The universities do have staff and services to help students budget and to find work. A little part-time job can be useful to top up their funding whether it is in the holidays or alongside their course. Having two students in the system has meant it has been a challenge so we have expected the kids to be wise with their spending and help us to help them.


We agreed a plan and then said we would review it in January. Both my kids have been sensible and manged the arrangement well, I am proud of them. We didn't tell them how to manage their money in fine detail, we thought it would be good to let them try find their own way, then chat about how it was going. I get the impression most students manage their money okay, (with the occasional blip) one way or another.

Levitate Student says - if your student is applying for means tested student finance speak to the relevant funder if you have had a change of circumstance. Especially if it means your income is less than in the tax year requested on the application form. A fall of income of 15% could mean that the funder may carry out an in-year income assessment and could result in more student finance. 

Money Saving Expert has a good article on Student Bank Accounts.

There are lots of online budget planners and budgeting mobile phone applications. Its worth searching to find one that suits. The cashflow annual planner templates for example for Excel can be good as they can help a student predict how their spending is going to affect their future bank balance. As they receive their funding in three lumps sums it can be difficult to predict how it might last.

Funding can be late for various reasons so if possible the student should try and get some buffer funds in their bank account. We found that the bank only provided a modest overdraft until the student finance arrived so that can't be relied upon.


Legal Stuff

August will herald the end of any child benefit and tax credits you received for your student -oh well.

Accommodation contracts are a nightmare and signing as a guarantor obligatory and a bit of a worry when its all new. Had mixed experience here as for one tenancy it was just sign on dotted line whereas another required a minimum income and credit check. Definitely understand all you are signing, get advice if needed. The students are pretty much tied into contracts once they sign and many are 52 weeks long which is annoying. Also by the winter/spring of year one the students are panic looking for new place and then are paying deposits on years two rented. By the summer the student has to find and pay the first year two rent installment in summer, they may still be paying for year one rent. It's a cycle that repeats each year so be ready for it.

Halls of residence are pricey and hard to compare with all tariffs being different and number of weeks and what's included varying. Also when and how payments are made vary. One thing which is a bit naughty is some universities or accommodation providers not dividing the rent into 3 equal installments. If the first payment is bigger it can make the first terms bank balance a challenge and Freshers are plunged straight into overdraft. Not helpful.

Most full-time students are exempt from paying council tax.They get an exemption certificate, usually there is information on the university webpages about how it all works.

Also it's worth checking out the Student Regulations at the university of choice.These are a bit like the terms and conditions of being a student. I had a friend whose son didn't settle at university and wanted to leave nearly straight away. If he had stayed beyond two weeks he would have had to pay his full tuition fee until January!! That was a surprise but it was in the Student Regulations so worth checking out....just in case. 

Levitate Students says - if your student funding is delayed or they want to leave get them to seek help from the university Support Services as soon as possible.
Lots of issues can arise in the first few weeks but university staff have seen it all before and are very experienced at helping students sort matters out and settle. Don't panic just point your student in the right direction for help.

See our blog post on council tax 


Useful to Knows

One of my students didn't want to take up the uni offers they got on A level results day so went into Clearing . It's a good idea to have a plan of action in case this happens as its can be a nerve wracking experience.The universities are all geared up for the mass musical chairs of Clearing. We found it a positive experience in the end and my student was really happy with the final outcome and is settled.

Make sure your student knows where the Support Service teams are at the university just in case they need help. This is important if their funding is delayed or they have problems with it. The university may help out with a little money if a student is in hardship.

Also check if your student is entitled to any bursaries or scholarships from the university, information is usually on the websites.

If your student is disabled or has a specific learning need as one of mine does, then engaging with the uni disability services to have their needs assessed as soon as possible is important. Also get money advice in case there are other things they may be eligible for such as welfare benefits.

Check your own home insurance policy, ours covered our students for contents while they live away at university.

It may be that your student won't need a TV licence as they don't seem to watch any live telly. Check the rules to be safe though.  

Bottom line - it will all be fine!

Budgeting Apps and Managing your Money

 95% 0f households in UK have mobile phones where only 88% have  a computer and only 89% have internet access.

(ONS 2020)

So more and more people are using smartphones to download apps for activities and services which help them keep in touch, shop, search for information and be entertained.

What is an App? It is short for application and is a computer programme designed to run on a mobile device.

Budgeting apps can support customers manage their money by helping them to monitor their spending, plan ahead and budget day to day to make sure they have money to cover their needs.

An initiative called Open Banking has made it easier for app providers to let you see all you bank accounts in one place.

Open Banking is all the technologies and the rules that allow you to safely share your financial information with app providers. Read more on www.openbanking.org.uk 

2 million users have already downloaded budgeting/banking apps                                                                                        (OBIE 2020)

Only consider budgeting apps that are registered with the Financial Conduct Authority (FCA), an independent organisation who parliament task  to protect customers of financial services.

Lets look a Yolt as an example of a budgeting app. It is free to download and is registered with the FCA. Yolt provides a Feature Spotlight describing what the app can do. Here are just a few features

•       Account aggregation – the core feature that relies on Open Banking and your permission to bring your current accounts, savings, credit cards, pension and investment information into on place

•       Build a budget – to let you set a monthly budget, define goals, set reminders, monitor and predict your spending patterns

•       Set Categories – apply categories to your transactions to suit you

•       Tagging – allowing you to personalise transactions with a #tag to help monitor total spending on tagged items

•       Pay Day – amend your budgeting period to run from your Pay Day

•       Split costs – to help split shared costs like restaurant bills with friends

•       Move money – to help you save

*Remember there are lots of budgeting apps – to see more that are also registered with the FCA visit www.openbanking.org.uk  

Budgeting well can ensure you have enough money for all your living costs and have some money set aside for planned future spending, unexpected costs or your longer term security.

Is a budgeting app right for me? Listing pros and cons can help you think about the positives and negatives of using a budgeting app.

Using Yolt as an example, try a 3 step approach to create a pros and cons that applies to your circumstances.

Step 1: Features, Advantages, Benefits (FAB)

On the Yolt website, in the search box enter Feature Spotlight to display articles about some of the app’s Features (or what the app can do).

Read the Feature Spotlights and notice some of the suggested Advantages of that feature. For example see “Connect your accounts from supported banks”. It suggests that “getting a proper overview of your all money can be tough” . The suggested advantage of this feature is you can  “see all your money in one place. Even if each account has different login details.” Do you agree?

How would this be of Benefit to you? How might it save you time or be easier to do?

Try to write down some Features of Yolt, the Advantages and how you might Benefit from them to manage your money.

These benefits are the Pros of the app to you!

Step 2. Complete the Budgeting Needs questionnaire 

Do you need to improve your budgeting? Could an app be the answer?

Step 3. Using customer reviews

Finding negatives of a product can be hard, they won’t be on the products website. When exploring the Yolt website did you spot features that you thought where negatives? View more pages and read the Frequently Ask Questions. Write negatives you see in the Cons box on activity sheet.

Customer who have already used the app might be able to help you. Trustpilot is a website where people write reviews about products and services.

Search for Yolt on Trustpilot. How many reviews are there?

Read some reviews, you might spot some more Pros for your list. Are there negative reviews? Has Yolt responded to clarify the issue?

List some possible negatives in your Cons list.

What do you reckon? Might a budgeting app help you?

Reasons to be fearful are Compelling and Personal - Levitate Student

 Compelling Personal Reason

This is a concept, written into the various student finance legislations, which can be called upon to afford a student an extra year of funding if needed.

New undergraduate students have a Standard Entitlement to student finance Tuition Fee support (and via linked regulations to maintenance support) based on the following formula (simplified here)

Length of Course plus One Year

minus Years of Previous study at Higher Education level

It is more complex than this, so always seek advice if you have previous study. However for the purpose of this post it is a useful rule of thumb. 

So, eligible new students get the "plus one" year to allow for an academic wobble, This means that a student could start a course elsewhere if their current course doesn't suit them, or repeat a year if they fail etc etc. and still get fee funding for the ordinary duration of that new course.

However written into the regulations for undergraduates are some rules that allow for extra years of tuition fee support to be award in addition to the Standard Entitlement. Generally this is where the student 

• needs to repeat a year of their course for Compelling Personal Reasons  (CPR)  or
• failed to complete their most recent previous course for Compelling Personal Reasons

Great provision! wish it had existed in my day but that is another story..... 

When guiding students we would always guide them to request CPR to be taken into consideration at the time of the repeat even if they have the "plus one" year in their bag. This is because the "plus one" year may be needed later in the course when the reasons for the repat are academic rather than personal. Also the legislation is written specifically for the repeat year in question and asking for a retrospective application of CPR rules can often be be tricky especially with respect to providing supporting evidence to the funder.

With regard to the "failed to complete the most recent previous course" for CPR, it is worth noting here that the extra year of funding would be added to the first year of any new course. This can lead to circumstances (depending on the length of the previous study) where a student receives fee support for the first and third year of a course but maybe not the second year.

Covid -19 and CPR

Of course Covid 19 crashed into academic year 2019/20 meaning lots of students are needing to repeat some of their course in 20/21. Student Finance England have made it plain that they intend to use the "plus one" year provision in most cases to award funding for this repeat. They have confirmed that where a student has already exhausted their "plus one" year then they will consider CPR subject to the normal provision of evidence to support the case.

This smacks as one rule for one and one rule for another and using the legislation to suit the funder (regarding ease of administration) rather than to afford the student their rights.

What does it matter you might ask? Well later in the course a student may fail a year for academic reasons and need that "plus one" year of fee funding to cover their repeat.

Don't worry says Student Finance England, if this happens then we will retrospectively apply CPR to the 20/21 repeat and free up the "plus one year". 

Reasons to be Fearful 1,2,3 ...

1. It is not likely that this will be done automatically. Most students have never heard of the provision for CPR so there is a risk that they may not tell the funder to reinstate their lost plus one year. Students fortunate enough to speak to a money adviser about the problem may be pointed in the right direction but many students do not access advice services.

2. Evidence is key to the decision of the funders to award CPR. The further a student gets from the year where compelling personal reasons disrupted their studies, the harder it can be to have good quality evidence to support their case.

3. What about the future Standard Entitlement? While moves may be afoot by the government to introduce a lifelong entitlement to student finance in England and Wales, currently the formula above applies.

So let's imagine an undergraduate student who struggled in 19/20, repeats in 20/21 but decides to withdraw before the year ends. Imagine they then return to study in 5 years time. Assuming nothing drastic has changed to the formula above - how long will the funders memory stretch with regard to the fact this student's "plus one" year entitlement was used up for the repeat in 20/21? Will the student know enough about the rules to challenge the funder without the help of an adviser? What if the Department for Education directs Student Finance England to no longer retrospectively switch the "plus one" year back to a CPR for repeats taken in 20/21?

This is a matter of Rights and Responsibilities - students have a right to funding as outlined in the regulations and the funder a responsibility to apply the rules as written. 

While we do not doubt the desire of the funders to make the processes for getting funding to the students repeating in 20/21 as easy as possible we do fear that in the process some students, particularly those who do not seek advice or who return to study in years to come, may find themselves losing out on a precious year of tuition fee support.

What's a National Insurance Number & why do Student Finance need it?

In order to be eligible to various benefits provided by the government most workers in the UK have to pay National Insurance Contributions. Eligibility to some of these benefit can depend on the level of a persons contribution record. So even if they are not working (through choice, unemployment or sickness) it may be important to keep paying National Insurance Contributions. 

People are issued with a National Insurance Number and this will be used throughout life - by employers paying your contributions;when applying for welfare benefits or pensions; for some personal  financial matters; when registering to vote etc. Many people in the past will have been issued with a plastic card (like a credit card) with their number on. More recently a letter has been issued with the number on instead of the card.

To find out more about

• National Insurance 
• How to apply for a National Insurance Number (NINO) if you have not got one or 
• How to be reminded of a previously issued number

then follow this link to www.gov.uk

Q: So why do Student Finance need your National Insurance N
umber and refuse to release your student loans if you do not provide one?

A: Because they need it in order to arrange your loan repayments

When repayment of the student loans became dependent on a student's earnings after they have left their course, the government needed to devise a method of recovering the loans from students income. So as not to reinvent the wheel, the already existing system and process of taking money from employees income used for collecting income tax by Her Majesty's Revenue and Customs was utilised. As the student finance repayments are now income contingent plus the method and organisation used to reclaim it from employee is HMRC, it is often said that repaying a student loan is like taxing a graduate. 

Previous students (full-time) who have taken a loan from Student Finance become liable to start repaying in the April after leaving their course and when their income is over the applicable repayment threshold.

If the student is employed then their employer will use the Pay as You Earn system to calculate the correct amount to take from the employees. The employer pass these monies to HMRC who in turn inform the Student Loan Company so that their records can be amended. Students can access information about their repayment record via an On-Line Account

The amount of loan repayment taken each week or month by your employer is based on your income used to also calculate your National Insurance Contributions.

So Student Finance need your National Insurance Number because your student loan repayment is facilitated by the Student Loans Company in partnership with HMRC. The amount deducted from your wages as an employee is linked to your "NICable income". Student Finance avoid paying the maintenance loan unless satisfactory information has been provided to allow recovery of the loan at a later date. This is prudent, given that students can withdraw from a course at any time so the liability to enter repayment is not always years in the future. 

As with any student finance matter the process and detail is more complex than this. Different rules exist for certain courses, for those who are self-employed or live overseas after they leave their courses. 

If you want to read more detailed information about the repayment of student loans in England and Wales try Repayment of Income Contingent Student Loans Academic Year 20/21

How Parents can decide whether to use savings to reduce their student's borrowing

 

So Taylor Swift made one prospective student's dream come true with a generous donation to support her studies.

Stories about students like this are very rare. What isn't rare though is Parents, Partners, Friends and Family wondering whether or not to donate their savings. to their student in order to reduce the amount of student loan they have to take out. 

Even the student may have savings and are wondering whether to reduce their student loan borrowing.

This can feel like a tough decision and it can be hard to make a proper informed choice. 

Your Reason to help….	Ask yourself….	Explore……
Less Debt - It will reduce how much my student will have to borrow and pay back.	Is this true? Do you have sufficient savings to mean they don’t have to take on any student loan? Does the funder expect you to contribute anyway to your student's living costs? (If the students depends on you financially and your household income is above £25K the answer to this is likely to be yes). Can your savings cover the full fees charged and living costs for the whole undergraduate course and any further study?	Can the savings help more effectively in other ways apart from reducing borrowing, for example ·         Helping with day to day costs ·         Help with rent ·         Help save for beyond graduation
Less Debt – if I pay the fees he/she/they will owe less money and pay back less.	Is this true? Does the funder expect you to contribute anyway to your student's living costs? (If the students depends on you financially and your household income is above £25K the answer to this is likely to be yes).	Can the savings help more effectively in other ways apart from reducing borrowing, for example ·         Helping with day to day costs ·         Help with rent ·         Help student save for beyond graduation
Want to Help – I have saved up for the day my student goes to university for years, I want them to borrow less student loan.	Is this wise? Is this the best use of your capital? Does the funder expect you to contribute anyway to your student's living costs? (If the students depends on you financially and your household income is above £25K the answer to this is likely to be yes). Can your savings cover the full fees charged and living costs for the whole undergraduate course and any further study?	Can the savings help more effectively in other ways apart from reducing borrowing, for example ·         Helping with day to day costs ·         Help with rent ·         Help save for beyond graduation
Sacrifice – I need my savings myself but feel I should sacrifice them as it seems wrong for my student to borrow so much and be burdened with debt.	Is this wise? What might happen if you need your cash reserves? Does the funder expect you to contribute anyway to your student's living costs? (If the students depends on you financially and your household income is above £25K the answer to this is likely to be yes). Can your savings cover the full fees charged and living costs for the whole undergraduate course and any further study?	Can the savings help more effectively in other ways apart from reducing borrowing, for example ·         Helping with day to day costs ·         Help with rent ·         Help student save for beyond graduation, for example by helping them open Life-Time ISA
Well off – I have plenty of money saved so I am not worried about using it	Do you need your savings yourself? Does the funder expect you to contribute anyway to your student's living costs? (If the students depends on you financially and your household income is above £25K the answer to this is likely to be yes). Can your savings cover the full fees charged and living costs for the whole undergraduate course and any further study?	Can the savings help more effectively in other ways apart from reducing borrowing, for example ·         Helping with day to day costs ·         Help with rent ·         Help save for beyond graduation
Play with the repayment calculator here on Money Saving Expert  see how much a student’s repayments are altered by borrowing less

One thing that is true is that if you use your savings that money will be gone.

If a student takes the Tuition Fee Loan and the Maintenance Loan to pay for their tuition and living costs then while how much they borrow may be a set amount, how much they pay back is not.

Repayment of government Student Loans for students from England Wales taken out since September 2012 is Income Contingent…..this means it depends on how much the graduate student earns from the time they become eligible to repay. It does not depend on how much they have borrowed.

Use the Money Saving Expert Calculator to test your assumptions that by reducing a student’s borrowing means they will pay less back to the government.

Try changing the amount of the fee loan and/or living cost loan borrowed.

Play with the assumptions about beyond graduation earnings.

Would a lump sum from you alter what the student might pay back over the term of the loan?

This may help you decide how best to utilise your hard earned savings.

Read More: 

From a Parent to a Parent and Bank(-rupt) of Mum and Dad

                                

How Taylor Swift made a dream come true & why it mattered

 

So Taylor Swift just gifted £23,000 to prospective student Vitoria Mario!!

This is a Story Sweeter Than Fiction, apparently Vitoria set up a fundraising page where she was asking for help towards her expected living cost so she could attend her desired Maths undergraduate course. 

Call It What You Want - but it's a very generous gesture on behalf of  the Gorgeous Ms Swift. Everything Has Changed for Vitoria who initially probably thought it was a Hoax, but once confirmed she has likely just had the best August ever. 

The story was that Vitoria wasn't eligible for living cost support in the form of the Maintenance Loan or Grants from Student Finance England. Without this Vitoria says she was worried she could not afford to go to university.

Read all about it here:-

https://www.bbc.co.uk/news/uk-53857694 

 

So Today Was A Fairytale for Vitoria with a gesture going beyond her Wildest Dreams, but how has it left you feeling? Are you jealous, thinking how come she is The Lucky One? Are you having Mean thoughts? Well best to Shake it Off asap and get ready with Eyes Open to embark on your own higher education journey feeling Fearless regarding your own funding entitlement, understanding the loan repayment rules and with robust plans to cover your course and living costs. Are you ....Ready for It?

We are going to look here a little at the funding entitlement residency rules.

Residence Entitlement Rules

These rules are complex but in order for most school leaving undergraduate students to be entitled to help towards tuitions fee and living cost support from Student Finance England, they need to  

• have no restrictions on their right to live in the UK (known as Settled Status) and
• normally live in England (known as Ordinary Residence)
• have lived in the UK and islands for 3 years before the course began

These students are eligible in the category of "Persons who are settled in the United Kingdom".

However the rules a lot more complicated and there are other residence categories a student may fall into that may make them eligible for some or all of the funding.

So why was Vitoria unable to get the help she needs towards her living costs?While we do not know all the details of Vitoria's case, the press story says she

• is from Portugal
• has lived in the UK for 4 years
• her mum still lives in Portugal

So on first sight it may look like Vitoria should be entitled to Tuition Fee Loan and Maintenance Loan (for living costs).

However as Vitoria is from Portugal she may not have satisfied the "Settled Status" criteria. She is likely to have fallen into the eligibility category of "EU National" The rules for EU Nationals includes the requirement that the student has been

"ordinarily resident in the United Kingdom and Islands throughout the five-year period immediately preceding the first day of the first academic year of the course.."

Importantly for EU Nationals this currently only applies to the Maintenance Loan and other living cost support. So fortunately Vitoria is still likely to be eligible to receive the Tuition Fee Loan. However Brexit is going to  bring to an end this entitlement to tuition fee help for EU National for academic year 21/22. 

So because of these complex and changing rules linked to Brexit, Vitoria would have needed to commence her course in 20/21 ahead of having reached the 5 year residence that would have afforded her living cost support. 

Top Tip Always seek advice about residency rules to make sure you have received the correct advice if you are refused funding.

So thanks to her fundraising effort and generous donations from sponsors including Taylor Swift, Vitoria has achieved a great result to support her study ambitions and easing her money worries. Well Done!!

Hey, sorry about the cheesy lyric references, Look What You Made Me Do Taylor Swift !!

Please read our next blog post which will explore what you should consider if you also have a sponsor with savings who is considering donating to your fees or living costs.

Useful References

Categories of Eligible Students 

• https://www.ukcisa.org.uk/Information--Advice/Fees-and-Money/England-fee-status
• https://www.practitioners.slc.co.uk/media/1785/sfe-assessing-eligibility-guidance-ay-2021-v20.pdf  (pages 19 to 46)