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February 4, 2020

How Will Brexit Affect Student Finance?

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There are many questions in the air regarding the impact that Brexit will have on student finance. Analysts point out that any effects on student finance will largely depend on whether or not there will be a deal after Brexit. At the moment, details of a deal or no-deal Brexit are not clear. If it happens that there will be no deal after Brexit, students wishing to receive student finance will experience hurdles that don’t exist at the moment. Essentially, what this means is that students wishing to get student finance will have to meet stringent conditions and requirements that might limit their ability to get financial support to finance their studies. Currently, there are confirmed and probable outcomes concerning the issue.

Confirmed Outcomes

UK government officials in the education sector have pointed out that for EU citizens who are currently on student finance, they will continue to get financial support until they finish their studies. This means that EU students who applied for UK universities in the 2018/2019 and 2019/2020 academic years are entitled to student finance until the completion of their courses. They will be in a position to get student loans and grants to support them financially as they study. What this means is that the students already receiving student loans and grants will continue to gain access to this support regardless of the direction that Brexit takes. However, anything beyond 2020 is not very clear because it’s not yet known whether the status quo will remain or not. Analysts are closely monitoring the situation to see if there will be any changes beyond the 2019/2020 academic year.

Probable Outcome

The effect that Brexit could have on student finance beyond the 2020/21 academic year is still uncertain, as it depends on whether there will be a deal or not. The current student finance assurances and confirmations are only short-term. They apply up to 2020. So, students wishing to study in the UK are hoping the exit will have a deal attached to it so as to facilitate a process for them to continue enjoying student finance on favourable terms. In case it happens that there will be a no deal-Brexit scenario, this will be quite difficult for most students. Student finance will, definitely, be affected after Brexit. The student will no longer be entitled to student loans and grants as it is currently constituted. If there will be no deal after Brexit, students applying to study in the UK will have to meet the conditions that apply to studies, not within the European Union. In other words, Brexit will make it difficult for students to access student finance, which will be a huge disadvantage to them.

What Option Do Students Have?

The uncertainty surrounding Brexit presents a major challenge for many students who are not able to afford to pay for their fees. The good news is that at NowLoan, it’s possible to apply for a loan and get a response very fast. Even when it becomes difficult to get student finance, that doesn’t mean that you discontinue your studies. All you need to do is to apply for a loan through NowLoan and you will be connected to various possible lenders for you to choose from. If you will want to apply for a short-term loan to pay for your academic fees, you can consider the safe and secure channel that NowLoan offers. You don’t have to discontinue your studies; this is an option you can explore.


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