How To Pay For Student Accommodation In Liverpool

How to pay for student accommodation in Liverpool How To Pay For Student Accommodation In Liverpool

Paying for your Liverpool student accommodation will be one of your largest outgoings whilst at university. Although costs vary depending on room types, location, and provider, you can expect to pay at least £400 onwards per month for university accommodation in Liverpool.

But don’t worry – these fees don’t have to come out of your own wallet – there are several ways students can pay for accommodation in the UK, including maintenance loans, bursaries, scholarships, or earnings and savings. 

We’ll explore each in more detail below!

Different ways to fund student accommodation in Liverpool

1. Student maintenance loan

The most significant way students pay for their accommodation costs is by applying for a maintenance loan from the Government.

Unlike your student tuition loan, which covers tuition fees and goes straight to your university, a maintenance loan is paid directly into your bank account. It will cover rent, as well as general living costs, such as food and travel, whilst at university.

The amount you could receive typically depends on financial factors such as your household income – you can determine how much maintenance loan you could be entitled to using the GOV.UK Student Finance Calculator.

A student maintenance loan is a repayable loan, however, you only need to start paying the money back after you’ve finished your course and are earning above the repayment threshold – which currently sits at £27,295 a year.

Your room type and whether your bills are included with your accommodation fees, such as Wi-Fi, will determine how much of your maintenance loan you’ll need to spend on student accommodation in Liverpool.

How to apply for a maintenance loan

You can easily apply online for student finance by following these simple steps:

  1. Set up your student finance account
  2. Fill out the application sheet
  3. Provide your household income (these details will need to be confirmed by a guarantor)
  4. Include proof of identity

2. Bursaries or scholarships

Bursaries and scholarships provide additional funds to help students pay for student accommodation in Liverpool – those who are awarded these extra funds will usually still apply for student finance as the bulk of their financial help.

  • A bursary is provided directly by universities and is typically non-competitive, based on financial income. If you’re granted one, your university will pay the bursary directly into your personal bank account.
  • A scholarship is competitive financial support awarded to certain students by a university who meet specific criteria, such as having great athletic or academic skills.

You can find out more about bursaries and scholarships by visiting your university website or emailing their admissions or information team.

3. Part-time job

To help with living costs and expenses, or even provide a little extra money to spend on yourself, you could opt for a part-time job whilst at uni.

Your job can fit around your studies, with many students opting for roles within the retail or hospitality sector, which tend to offer more flexible hours.

What’s more, working in certain stores or eateries could entitle you to a staff discount, helping you to save money and get more for your buck!

4. Savings

Living costs whilst living at university can be further reduced by building up a sum of savings whilst at college. 

Whilst your student loan will cover accommodation costs in Liverpool, your savings will provide you with extra cash to spend on nights out or online shopping, so you’re not dipping into your maintenance loan too frequently.

Book your student accommodation Liverpool viewing today

Are you looking for modern yet affordable student accommodation in Liverpool for the 2024/25 academic year? If so, you’ve come to the right place.

Here at Caro Lettings, we have a vast portfolio of student housing available for viewing now – from the luxurious Bridgewell and contemporary City Point accommodations to our collection of 4-6-bed student homes, there’s an option for every need.

To speak with a helpful and friendly member of our team, feel free to call us on 0151 3184 743 or if you’d prefer, simply fill out our online enquiry form, and we’ll be in touch.

Book your student accommodation Liverpool today!

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