Non-income assessed loans are loans which all students are entitled to receive should they apply. It is usually around about £600 and is given without any prior assessments.

Income assessed loans are dependent on parental income. Entitlement considers a range of factors, including:

place of residence
year of study
entitlement to other financial support

Both loans are paid directly to the student and are normally paid three times during the academic year, usually once a semester. For Scottish students loans, bursaries and grants will be paid monthly on the 7th of every month, making it much easier to manage finances

Unlike tuition fees you don’t have to apply for a student loan, but even if you are financially flush apply for the loan and put the money into an ISA or other savings account to earn yourself more money (see savings section for more detail).