Student Loans
There is support available to help you with these costs, in the form of repayable student loans provided by the government. These are split into two distinct parts: tuition fee loans and maintenance loans.
Tuition fee loans of up to £9,000 a year cover your course fees. You don't receive this money; it is paid directly to the university running your course. If you are studying part time, you may be able to get a tuition fee loan of up to £6,750.
Prior to September 2016, students from families with an annual income of £25,000 or less would be eligible to apply for a non-repayable maintenance grant to help with their living costs. However, as this support is no longer available, new students starting from the 2016/17 academic year will need to apply for a means tested maintenance loan instead.
Maintenance loans are paid into your own bank account at regular intervals, usually at the start of each term.
The level of maintenance loan you will receive depends on your household income and where you plan to study. For the 2016/17 academic year, the maximum available is £6,904 if you continue to live at home, £8,200 if you live away from home outside London, and £10,702 if you live away from home in London.
There is no upper age limit on student loans, but in most cases you cannot apply if you have studied at undergraduate level before. For full details of who is eligible for student finance, see GOV.UK.
Interest is charged on student loans at retail price inflation (RPI) plus 3%. However, you do not have to repay these loans until you graduate and are earning more than £21,000 a year. You will then make repayments at a rate of 9% of your income over the threshold. If you are employed, the appropriate amount will be automatically deducted from your salary.
Apply for your loan in the spring before you start university by going to Student Finance England. You don't need to have a confirmed offer of a place on a course before applying. The final deadline for applications is nine months after your course start date.
If you live in Scotland, Wales or Northern Ireland the process is slightly different and you should apply through the following bodies:
- Student Awards Agency Scotland (SAAS)
- Student Finance Wales
- Student Finance Northern Ireland