Student Finance Calculator
The student finance calculators found on the internet take into account things like your household income to equate just what you’re entitled to in the way of loans and grants, and how big those loans and grants are.
Student Finance (England)
For students from England who are looking for a general idea as to how much support they can expect to receive, this finance calculator provided by the student finance people themselves is very useful. Remember the figures it outputs are based on the data you input – if the figures you punch in are wildly wrong the output will be skewed. You can’t be 100% sure how much student finance you will be offered until you submit the application for real – calculators like this are just to give you an idea.
Student Finance NI
Students from Northern Ireland who wish to study within the UK can use the following calculator in order to help give them an idea of how much student finance they will be entitled to.
Student Finance Wales
Those students from Wales who want to get a good idea as to how much student finance assistance they may be entitled to can use this calculator. The assistance offered to Welsh students can different from what is offered to their English counterparts – so if you hail from Wales ensure you use this calculator, whether you plan to study in Wales or not.
There are some student finance calculators out there that don’t calculate how much you must pay back, they in fact calculate the repayments that you will be making once you finish your studies. For those students who study from September 2012 and onwards, this calculator from the BBC website gives you a good idea of how much you’ll be repaying once you start work.
This student calculator is pretty handy – it doesn’t just tell you what you’re entitled to, it also helps you draw up a budget for your time at University. It’s easy to set up and it could end up saving your skin if you’ve never budgeted before, or if your budgeting skills are particularly poor! It’s definitely a must have website on your bookmark list. Money management is certainly one of the biggest skills you’ll learn at University – get a head start on the rest with this site.
Student finance calculators are only as good as the numbers that are put into them. If you enter wildly unrealistic figures into a calculator you’ll get unrealistic figures back out. Remember they’re only to be used to give you an idea of how much funding you’re entitled to – they’re not a solid offer of finance. You will only know exactly how much finance you’re entitled to once you submit your application for real.
There are lots of factors that student finance calculators don’t take into account, such as a change in circumstances. If your household income significantly increases or decreases during your time at University it’s important that you let the relevant student finance body know, so that they can amend your entitlement as necessary.
The final thing to remember about student finance, especially student loans, is that they have to be paid back. Grants and bursaries are yours forever, but you should still spend them carefully. Loans on the other hand aren’t, and you’ll have to repay them once you find work and meet the earnings threshold once you’ve finished University. If you can get by and live comfortably without spending your loan money, it’s a good thing to do – it’ll give you a head start when you’ve graduated and you’re repaying them!