Five common misconceptions about student finance


Education Savings, piggy bank with a graduation cap and tassel

Higher education isn’t worth the money!

According to research by the Department for Business, Innovation & Skills, graduates earn around £200,000 more over the course of a lifetime than people without degrees.

Higher education is a great investment! 

I can’t focus on my studies AND earn the money to pay off my loans at the same time!

You won’t need to because you’ll only start paying back student loans after you graduate. You can apply for a Maintenance Loan to help you with day-to-day expenses such as accommodation and travel and a Tuition Fee Loan which is paid to where you study on your behalf to cover the fees. 

I’ll never get a mortgage because of my student loan debt!

Student debt isn’t taken into account when credit ratings are worked out, so they don’t affect how much someone can borrow from a bank or building society to buy a home. 

I won’t be able to afford student loan repayments if I lose my job!

You’ll only start making repayments when you earn £21,000 per year. If you are ever unemployed, even for a short period, the repayments will stop as they are deducted from wages just like income tax and national insurance. 

I’ll be owing money for the rest of my life!

Many graduates don’t pay back everything they’ve borrowed to pay for higher education because whatever is still owed 30 years after graduation is written off.


Want to find out more about student finance?

Head on over to our student finance pages to download our guide or get in touch with UCW’s dedicated student finance officer on or 01934 422757.