How to Best Use Student Loans to Pay for Your Tuition Fees in the UK

As an undergraduate student in a UK university, you may find yourself in a dilemma when contemplating how to pay your tuition fees. This may become a challenge if you are not resolute about the money that you should pay. Aside from the fact that it is imperative for you to pay your tuition fees, you may also want to get the most out of the loan by balancing between the educational costs and the living costs. So you may not like the idea of spending the loan on the wrong things and get stuck midway.

The best way to determine the amount of loan that you will cater satisfactorily for your university tuition fees in a given year is using students’ loan calculator. This system can compute the amount of loan that you should get from the lender based on the personal details that you have submitted. In fact, it has become a sector wide practice for most students to get estimates for their forthcoming academic year using this method.

Once you get the estimates and confirm the amount that you have received from the lender then you should appropriate the right amount of funds for the tuition fees. Basically, the tuition fees should top the list of expenses for which the student loans is being used. If you start with the priority, then you may not go wrong with other accompanying costs or expenses for which the loan is intended.

Therefore, this leads you to one thing, drawing of the budget for tuition fees for the academic year and all other educational expenses. This should not be a daunting task, a simple budget that draws on the estimates of the students’ loans calculator will help you to be more resolute and avoid being tempted to divert the funds elsewhere. The need for a budget cannot be emphasized more here because it is the main reason actually why you are receiving the loan. So, you cannot afford to make the mistake of misappropriating the loans at the expense of your studies.

It is also very important for you to get a fee statement before you pay the tuition fees. The fees statement basically reflects the amount of money that you have paid so far and how much you’re supposed to pay to the university in the current semester. If you receive bursaries or other forms of monetary support towards your education, then you can check and determine how much is left to pay.

Once you receive the loan, it is advisable for you to pay the tuition fees first and thereafter appropriate or budget the balance on other equally important things such as your upkeep and accommodation for the entire semester. This will help you avoid the possibility of spending and having deficits before you even meet some of your needs. If possible, you should avoid any unnecessary purchases and impulse buying because they lead to deficits which may be quite difficult to cater for.11