Lendwise Maintenance Loan

A maintenance loan is a type of student loan that is designed to cover your personal living expenses while studying at university. This may include costs such as rent and utility bills, travel, food and books.

While the details may vary across England, Scotland, Wales and Northern Ireland, undergraduates can apply for a student loan to cover their tuition, as well as a separate maintenance loan to cover their living costs.

Lendwise offers a private maintenance loan to undergraduates who are in their final year of studies.

For postgraduate students there is generally only one type of student loan which combines both funds for tuition, and for maintenance. This loan is paid directly to the student’s bank account. The maximum total amount varies depending on where you live. For example, with Student Finance England the loan amount is capped at £11.222 for a Masters starting in 2020-2021.

Lendwise offers a private maintenance loan to postgraduates who are in their final year of studies.

You can submit a request to Student Finance England to increase or decrease the amount of your loan up to 9 months from the first day of your final academic year. Note that you cannot decrease to less than the amount that you have already been paid, nor can you exceed the designated maximum amount according to the year you began your studies. Postgraduate loans are capped at £11,222 for those that started their Masters 2020-2021, £10,906 for Masters that started in 2019-20, £10,609 for Masters that started in 2018-19, £10,280 for those that started in 2017-18.

For students residing in Scotland, Northern Ireland and Wales the amounts, terms and eligibility may vary.

For postgraduate loans from Student Finance England, if you have not borrowed the maximum amount offered according to the year you started your course, youcan submit a request to increase the amount of your loan up to 9 months from the first day of your final academic year.

You can apply for an undergraduate maintenance loan from Student Finance England any time during your studies, up to 9 months from the start of your final academic year.

For students residing in Scotland, Northern Ireland and Wales the amounts, deadlines and eligibility may vary.

If you have missed the application deadline, you may consider applying for a Final Year Maintenance Loan with Lendwise which is available to students in the final year of undergraduate or postgraduate study.

Repayment of your maintenance loan does not begin until you have graduated or left your course and have started earning above the UK repayment threshold.

The repayment schedule of a Lendwise Final Year Maintenance Loan will be clearly laid out in the provisional loan offer and on the loan agreement. In addition, the repayment schedule is also viewable online on the Lendwise dashboard.

No, you do not need a guarantor or co-signer, nor do we require that you submit proof of household income in order be offered a loan with Lendwise. One of the important criteria to be eligible for a Lendwise loan is to have a healthy credit record, free from arrears, defaults or CCJs.

Our student-friendly loans are tailored to your personal circumstances and our evaluation process assesses your repayment ability based on statistical data to derive conclusions on employability and expected salary levels.

If you are in your final year of your undergraduate or postgraduate studies and would like to apply for a private maintenance loan, we encourage you to complete a quick online application so we can offer you a no-obligation provisional loan proposal.