If it’s your first time living away from home, you’ll probably be thinking about bills and budgeting – and how you’re going to pay for everything. When it comes to accommodation, using your student loan to cover costs is one option to consider.
Can you get a loan for student accommodation?
Yes, UK undergraduate students are usually able to get a loan to help with the cost of student accommodation. The loan is made up of two separate parts – your tuition loan which covers the cost of your course fees, and your maintenance loan which helps towards your living costs. (Note: Scottish students who are studying in Scotland only receive a maintenance loan as tuition fees are already covered.)
You can use the maintenance loan to pay for things like accommodation, food, bills, books and other study equipment, as well as clothes and travel to and from uni. The Student Loans Company will pay you your loan amount and then it’s up to you how you decide to spend it.
International student looking to study in the UK? If you want to use a loan to pay for your accommodation, you’ll need to check if there are any student loan schemes available in your home country.
Does the student loan cover accommodation?
You can use your student loan to pay for your student accommodation, but keep in mind that, unlike the tuition loan which covers the full cost of your course fees, the maintenance loan isn’t automatically guaranteed to cover the full cost of your accommodation. This will depend on how much loan you receive and how much your student accommodation costs.
The amount of maintenance loan you get is based on your personal circumstances including your household income, your age and where you will live (students who live at home receive less, while students who live in London receive more). The maximum amount is £14,135. You can use the calculator on gov.uk to work out how much loan you could receive.
Getting great value from your student accommodation
If you’re thinking about accommodation costs and budgeting, it’s a good idea to consider the value you’ll get from your accommodation too. When it comes to comparing prices between options, think about things like:
- Are bills included in the price? Or will I need to pay extra for these? (Spoiler alert: with Student Roost, all bills, including Wi-Fi, are included in your rent)
- How far from uni will I be? Can I walk into uni or will I need to pay bus or tram fares?
- How far am I from the social scene? Taxis on nights out can be expensive! Does my accommodation organise social events or have social spaces where I can meet other students?
- Will I enjoy living here? Your uni years are ones you’ll look back on forever. Making the most of them is money well spent!
Looking for student accommodation in the UK? Student Roost has properties across 22 UK cities including London, Belfast, Edinburgh, Glasgow and Sheffield. See all our locations and browse your room options.