There may be some occasions when students struggle financially. Perhaps your student loan has not arrived on time or there is a delay with wages from part-time work. If this is the case your university may be able to offer a student bridging loan.
What is a student bridging loan?
A bridging loan is designed to be a short-term solution. It is called a bridging loan as its purpose is to ‘bridge the gap’ or keep you going until you obtain a longer-term source of finance I.e a student loan or payment from part-time work.
Each university has its own rules but you can usually apply for a bridging loan if:
- You are struggling to pay rent
- You cannot afford food
- You are unable to travel to university or a placement
Like any other type of loan, a bridging loan will need to be paid back when you receive more income. However, university bridging loans will have a much lower interest rate or sometimes even no interest rate. The terms of repayment will depend on your university’s rules and your individual circumstances.
How to apply for a bridging loan
Speak to your university student advice centre to see if bridging loans are something they offer. They will be able to talk you through your options and the application process. It’s likely you will need to fill out an application form, verify your student status and show proof of your financial circumstances.
If your university does not offer bridging loans they may be able to provide alternative support or perhaps refer you to an external provider.
You may be given a lump sum straight away or a small amount each week depending on your university’s rules. Usually, a bridging loan is around £50 per week but you may be able to receive more depending on your circumstances.
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