Loans

Higher education is a big investment and many of you may be put off by some of the publicity around student debt. It's important to remember that there are no upfront costs and currently you only repay when you earn over £26,575 per year. The information here is just for starters with links to other sites where you can find out more.

For the most up-to-date information, go to GOV.UK Student Finance or UCAS

Funding from Student Finance England

Funding type Description

Tuition Fee Loan

The maximum a university or college can charge for tuition fees is currently £9,250 per year (regardless of where you choose to study in the UK).  However, not all of them charge this maximum amount. 

You don't have to pay tuition fees up front.  You can take out a Tuition Fee Loan to cover the full cost of your course and you only pay this back once you have graduated and are earning over £26,575.

Maintenance Loan

All full-time students can apply for a Maintenance Loan to help with living costs (accommodation, food and course materials) - how much you might receive depends on a number of things including your family's income, where you study and where you live. 

As with the Tuition Fee Loan, you don't start making repayments until after you have graduated and are earning above a certain amount.

 

 

Repayments

You have to pay back tuition fee and maintenance loans but not until you've finished or left your course and are earning more than £26,575 a year.  If your income drops below this amount at any time then your repayments stop.

You pay back 9% of any income over £26,575 each month which is automatically taken out of your salary.  For instance, if you are earning £30,000 per year, you will pay £25.68 a month in repayments.

Any outstanding debt still owed after 30 years is written off.

Student finance 'to do' list

  • Use the Student Finance Calculator to work out exactly what student finance you're entitled to.
  • To apply for funds, you need to complete an online application form from Student Finance England.  Get your application in early - you don't need to wait until you receive offers back from universities you've applied to.
  • Take a look at the Student Finance Zone for information and guidance about loans and other financial support such as grants and bursaries.
  • Have a read of Martin Lewis of MoneySavingExpert.com Student Loans Mythbusting guide
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