Student Finance

According to statistics the National average student debt is currently around £45,000.00!

According to a study commissioned by the Sutton Trust, most students will still be paying back loans from their university days in their 40s and 50s, and Almost three-quarters of graduates from England will have at least some of their loan written off.

Student finance is handled centrally by Student Finance England in Darlington and includes:

Tuition Fee loan

Maintenance Loan

Maintenance Grant (non repayable)

The amount a student may want to borrow can depend on the institution they go to. There will be a student finance calculator where students can compare their UCAS choices and implications from a financial point of view.

• Tuition Fees for 2016 currently £9,000.00 per year for full time courses. These fees may vary slightly so prospective students must check with individual universities and courses

Additional costs

For some courses, there may be additional costs involved for e.g. study materials, mandatory field trips or specialised equipment, which are not included in your tuition fee. Please see the university or college course page for more information.

• Tuition Fee Loan – Students can borrow the whole amount if they want to. It does not matter what your family income threshold is. It is payable after students start earning in excess of £21,000.00.

• Maintenance Loan - The majority of full-time students in the UK will have a maintenance loan of £5,740 a year. This is dependent on where you live where you study, your income, and household income.

65% of the loan is guaranteed for all students. So you could be a millionaire and still get 65%, 35% will be dependent on household income

Anything that mentions loan in the title has to be paid back.

Any student who is eligible for student finance is eligible to receive a Maintenance Loan. As mentioned the amount you get depends on your household income.

Maintenance Grant and Special Support Grant – who is it for?

These grants are to help with your living costs, you do not need to pay them back. You can get either the Maintenance Grant or the Special Support Grant, not both. The amount you can get depends on your income and that of your parents or partner. The amount available is the same for both grants.

Bursaries and Scholarships –what are they?

Bursaries are extra financial help from your university or college

Some universities will give a bursary to everyone. If you tick on the UCAS form to say that you do not want to receive information you may miss out on finding out valuable info regarding bursaries and scholarships etc.

You do not have to pay this back, check with your university/college to find out how to apply, also look at https://www.gov.uk/extra-money-pay-university

Additional Help

Disabled Students Allowances are available if you have a disability, mental-health condition or specific learning difficulty. There is a range of help available.

https://www.gov.uk/disabled-students-allowances-dsas/overview

You don’t have to wait until you have a confirmed place, just use your first choice course and let them know if it changes later. In this way you can have all your finance sorted out before you start the course.

Contact Details

https://www.gov.uk/student-finance-register-login

Telephone: 0300 100 0607

Good luck!