Student Finance - Access Funds and Hardship Loans
Talks should be held with your if you think that you will require these additional loans, before you start the course. Your advisor will be able to advise you in order to choose the right scheme. Also, it may be possible to apply for both of these funds. For both Access Funds and Hardship Loans, your will decide which students will be permitted to the , and also how much each student will be entitled to.
Both are explained below.
Students can apply for Access Funds due to a number of reasons, which include rent, course costs, travel, living costs, or childcare.
Who is eligible for Access Funds?
- You must have been a UK resident for a minimum of three years before the start of the course.
- You must have applied for all other income including Student Loans, , and the Hardship Loan.
- If you are eligible for a , to apply for an Access Fund, you must have applied for your full entitlement of the Student Loan.
- You must prove that you are in dire need of the money and cannot cope without it.
How much is available?
Normally the amount that you receive depends upon your personal situation. However, the amount can also change due to the number of applications the university receives and also the amount available to allocate.
During each , it is important to remember that you can apply for Access Funds on more than one occasion. When you apply for Access Funds you will need to have with you some detailed evidence of your financial background/situation. Universities regard this as important information while considering your application.
The way your fund is managed, processed, and allocated depends on the University. This is why the criteria for eligibility are varied from University to University, even though they do have similarities through the national framework. In the same way, the University also manages appeals from unhappy students.
This means that any priority systems for allocating money and the amounts available for individuals differ between each University.
The purpose of Hardship Loans is to supply the students with a small amount of money whenever they are struggling financially.
As with , to be eligible, students must have taken out their full student loan entitlement.
Who is eligible for Hardship Loans?
- Only students that are eligible for a student loan can apply for a hardship loan.
- The student must have taken out the full Student Loan entitlement.
- The first student loan instalment must have been received before an application can be made.
In addition, the assessors will make sure that the student cannot get money from any other source. However, they are empathetic, if you have a strong enough case, the University will more than likely do their best to help.
How much can you borrow?
Process for Access Funds and Hardship Loans
- Complete the Forms - After making the initial contact, you will be sent an application form that you are asked to complete. This will be analysed at your first interview.
- Preliminary Interview - This is the first part of the interview process and will usually be with a . During this interview, you will need to account for your personal income and expenditure. Also, you will need to show evidence of your last six months bank statements, proof of rent agreements, and any other receipts of expenditure. You will also need to state the reason why you require the grant during this interview.
- Assessment - A panel will assess your application, including the details of your case and your reasons for the funding. Each case will be assessed on its own merits. Therefore you should show that you have exhausted all other financial means (such as student loans and overdrafts) to be successful in your application. You must be able to prove that you are in financial difficulty in order to be approved for this funding.
If your application is approved after this assessment, you should receive the payment by or alternately the money will be transferred directly into your bank account.