Student Finance: Everything You Need To Know
Student finance can be a tricky thing to wrap your head around. So we have put a few points together to make the whole process easier.
What does the student loan cover?
Currently, the undergraduate student loan covers tuition fees for full time Home and EU students. The loan is not based on household income and payments are made directly to the university in 3 installments per year.
What is a maintenance loan?
This is to help support living costs. The amount available is dependent on your household income and if you are living at home or away from home. This chart shows what is available.
This loan is paid in 3 installments, with the 1st payment usually being 3 -5 days after your attendance on the course is confirmed by our finance team.
Do you need to re-apply every year for the student loan and maintenance loan?
Yes, you need to re-apply as circumstances may of changed etc.
How do I apply?
Applications are made online. EU applications are made via paper forms. Applications usually open in the Jan/Feb before your course begins (if you are starting in September)
It can take between 6–8 weeks for student finance to assess applications therefore the sooner you can get yours in the better.
Applications for both the student and the maintenance loan are made via one application.
Is there any extra funding available from the government?
If you have children, adult dependents, childcare or a disability you may be entitled to extra funding such as:
Parents Learning Allowance — Up to £1,617 per year.
Childcare Grant — 85% of childcare costs per week, up to a max of £159.59 per week for one child and £273.90 per week for two or more children.
Adult Dependants Grant — Up to £2,834 per year
Disabled Students Allowance- This is varied and helps with extra costs that a student might have a result of a disability.
When do I need to pay the loan back, and how much do I pay back?
You pay back 9% of any income over £21,000 (After you finish the course) For example if you earn £25,000 per year then you pay back a monthly payment of £30.
This payment is made via PAYE so automatically will come out of your wages. Any outstanding balance is cleared after 30 years.
