Can I Use My Maintenance Loan for Accommodation?
Navigating student finances can be stressful, but understanding how your maintenance loan interacts with your rent is the first step toward a worry-free year. For most students, their maintenance loan is the primary tool used to cover living costs, and this naturally includes their accommodation. At Homes for Students, we recognise that managing these large sums requires a clear plan, so we offer instalment options designed to make your life easier.
Today, we’ll be taking a closer look at ways you can make your loan go further, both in terms of housing costs and other student expenses. Below is a quick reference guide you can use if you’re in a hurry, but stick around if you want the insider tips you should know.
| Payment Method | Typical Alignment | Considerations |
| Maintenance Loan | Generally covers rent costs | Paid in three instalments |
| Payment Schedule | Often matches loan dates | Check your specific contract |
| Budgeting | Essential for term-time living | Covers more than just housing |
How Does the Maintenance Loan Work With Rent?
The Student Loans Company typically pays your maintenance loan in three instalments, usually arriving at the start of each term (September, January, and April). These dates are designed to support your living costs, so PBSA providers tend to offer payment plans with these specific windows. This means you can breathe a little easier knowing your rent payments are timed for when funds hit your bank account. It is a system that helps you avoid having to find large sums of money before your loan arrives.
What Should I Consider When Budgeting?
While using your loan for rent is common, it is important to remember that your maintenance loan is also intended for food, books, socialising, and travel. Many students will find that their loan does not cover the full cost of their preferred room type, especially in premium locations and buildings. For this reason, it pays to calculate your estimated termly income versus your rent before deciding where to live. This allows you to choose a room you can afford, but also see what will be left for your weekly shop and social plans. This gives you freedom to explore and clarity as to what you can afford.
Is a Guarantor Required if I Use My Loan?
Even if you are paying your rental instalments using your maintenance loan, most providers, including us, will still need a UK-based guarantor. This person is usually a parent or guardian who agrees to cover the rent if you fail to. For those without a UK guarantor, there are alternative services or the option to pay the full year’s rent upfront. The instalment route remains the most popular choice for both efficiency and cash flow purposes.
Frequently Asked Questions?
What happens if my loan payment is delayed?
If your Student Finance payment is late, you should immediately contact your housing provider. By getting in touch, you can discuss the situation and provide evidence of the delay so that a solution can be arranged.
Does the loan cover the deposit and booking fee?
Most of the time, no. Maintenance loans arrive after you have started university, whereas deposits and booking fees are required before you move in, so your room is secured.
Ready to make your move?
Explore Homes for Students’ range of student accommodation options in the UK and the Republic of Ireland today, and find your perfect home from home during your studies.