Student loans explained

If you are a UK student planning to study full-time or part-time you may be eligible for a tuition fee loan to cover the cost of your course. If you study full-time you may also be eligible to receive a maintenance loan and a grant to assist with your living costs.

FULL-TIME STUDENTS

TUITION FEE LOAN

The amount paid to the University will be the actual cost of your course to a maximum of £9,000 each year.

Apply online at www.direct.gov.uk/studentfinance/.

MAINTENANCE LOAN

• You can receive up to £7675 if living outside parental home; up to £4375 if you live with your parent/s.
• You must be under 60 at the start of the course.
• If you qualify for a Maintenance Grant the loan you receive will be reduced by up to £1625.
• 65% of loan is non-means-tested, remaining 35% is means-tested.

Apply online at www.direct.gov.uk/studentfinance/

PART-TIME STUDENTS

TUITION FEE LOAN

• The amount paid to the University will be the actual cost of your course to a maximum of £6750 per year
• Your course needs to be at least 25% of a full-time course to qualify for the loan.

Check the Student Finance England web site for more information.

REPAYING STUDENT LOANS

Both the tuition fee and maintenance loan do not need to be repaid until you have finished your course and you are earning more than £21,000 per year. You pay 9% of your income over the threshold of £21,000 a year. For example, if, after finishing your course, you are earning £25,000 per year, you will repay £30 per month.

INTEREST ON STUDENT LOANS

The interest on the loans is calculated at the rate of inflation plus 3% whilst you study, then at the rate of inflation plus 0–3% depending on earnings.

PREVIOUS STUDY

If you have previously studied at degree level you may find you are not entitled to funding or you have a reduced entitlement so you may have to pay the University fees yourself.  If you already hold a degree you may find you are not entitled to receive any funding at all for your course.

WHERE CAN I FIND MORE INFORMATION?

• Check out our downloadable funding information sheets
  
• Make an online funding application, or browse the Government’s information pages
• Visit the Introduction to 2012 funding webpage