University Finance Myths vs Reality
Starting university is an exciting step, and while finances are an important part of the journey, they don’t need to be a source of stress. At Wrexham University, there’s a lot of support available to help you manage your money and make the most out of student life.
That said, we know that there are still myths surrounding finance at university. This blog aims to clear things up by busting some of the most common money myths so that you can feel more confident about managing your finances as a student.
Myth 1: You have to pay your tuition fees upfront
Reality: You don’t! Most UK students won’t need to pay their tuition fees upfront. You can apply for a Tuition Fee Loan through Student Finance, and it’s paid directly to Wrexham University - so you don’t have to worry about sorting this yourself.
Myth 2: Student Finance only helps with tuition fees… you have to fund day-to-day expenses yourself
Reality: There’s more support available! Many students are also eligible for a Maintenance Loan to help with day-to-day living costs such as rent, food, bills, and those all important coffee runs at our on-campus Costa and Starbucks!
The amount you can receive depends on your household income and where you’re living while studying. You can learn more about maintenance loans here.
Myth 3: You have to start paying your loan back as soon as you graduate
Reality: Good news - you don’t have to start repaying anything until you’re earning over a certain amount. If you don’t earn over the threshold, you don’t repay anything!
Check out the Government’s Repaying your Student Loan webpage to learn more about the current threshold.
Myth 4: Student Finance is the only method of financial support
Reality: Wrexham University offers a range of scholarships and bursaries to help support students. These don’t need to be paid back - so it’s worth checking out what you might be eligible for!
Our Funding and Money Advice team (FMAT) are on hand to help with any questions you may have about scholarships or bursaries, and can help you establish which ones you may be eligible for.
If you choose to study one of our many NHS Wales Nursing and Allied Health courses here at Wrexham University, you can choose to fund your studies through the NHS Wales Bursary Scheme rather than Student Finance. To receive funding from the NHS Wales Bursary Scheme, students will need to commit to working in Wales for two years following the completion of their course. You can learn more about the scheme here.
Myth 5: You can’t earn money whilst you’re at university
Reality: This is incorrect! Many students work part-time whilst studying to earn some extra money, but it’s important to find a balance that doesn’t affect your studies. Our Careers and Employability Service can help you find flexible, student-friendly jobs and volunteering opportunities. You can also consider becoming one of our student ambassadors!
Myth 6: You will be paying off your student loan your whole life
Reality: Student loans don’t last forever. If you haven’t fully repaid your loan after 30 years, any remaining balance will be written off. Unlike bank loans, student loan repayments are income-based and come with relatively low interest rates - much lower than those typically charged by banks.
We hope this blog has helped clear up some common misconceptions around student finance. If there's anything we haven’t covered, feel free to reach out to our finance team by emailing funding@wrexham.ac.uk or come along to our upcoming open day to chat with our friendly student support team in person.