hardship funds - loans for students in the uk: TheBigChoice

Hardship Loans

Hardship Loans were introduced in 1998 the fund is setup to provide students who get into real financial difficulties, due to unexpected circumstances. To be eligible you must have applied for the maximum amount of Student Loan available to you. However in some circumstances and if the University / College agrees you can apply for the Student Loan and Hardship Loan at the same time.

Amount

You can apply between £100, and £500. Remember you will have to pay this back. You are able to make one application during your academic year, one-month before the end of that academic year. Application should be made to your student services department or ask a member of the NUS team at your university college.

Who is eligible?

You are only able to apply for a hardship loan, if you are experiencing serious financial problems such that your University or College are satisfied that you would be unable to carry on without financial assistance.

You must provide evidence of real need, and that there is no other resolve or support from alternative sources for example banking overdraft / work. You can use hardship loans for books, travel, and general living costs.

Who makes the decision?

It is down to your university or college whether you meet the Students Hardship Loans criteria. Examples of hardship are:

Living Costs, Disability Costs, Books, Equipment, Accommodations, Child care, Transport, Utility Costs, Medical Expenses, Legal Costs, Food Costs.

Payment / Repayment

The Students Loans Company pay the loan directly into your personal bank account,. You repay this exactly the same way you so your student loan.

Hardship Funds

Like hardship loans, it is there to help provide extra support to students you require further financial help due to unexpected circumstances.

Who is eligible?

You are only able to apply for a hardship fund, if you are experiencing serious financial problems and if your course qualifies, your university or college will be able to tell you this. Application should be made to your student services department or ask a member of the NUS team at your university college. You will usually have been expected to take out a hardship loan before being considered for a hardship fund.

Amount

You can apply between £500 and £3500. You are able to make one application during your academic year, one-month before the end of that academic year.

Payment

Traditionally hardship funds are usually given as a grant, so you do not have to repay this. Depending on the University / College the fund can be paid as one lump sum or over a period of time.