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While eligibility is also determined by factors such as your age, nationality or residential status, those looking to study their first degree on a full-time basis should be able to apply for a repayable student loan provided by the government.
Part-time students studying at least 25% of the equivalent full-time course across an academic year may also be entitled to support.
Tuition fee loans of up to ?9,250 a year cover your course fees. You don’t receive this money – it’s paid directly to the university running your course. Part time students may be able to get a tuition fee loan of up to ?6,935.
For those studying for an accelerated degree (a two-year course instead of the traditional three), you could get up to ?11,100.
The loan is paid directly into your own bank account at the start of term. To help you estimate how much you’re likely to receive if you’re from England (or the EU and have settled status), visit GOV.UK – Student finance calculator.
For the academic year, you’ll receive up to ?7,987 if you’re living at home, up to ?9,488 if you’re living away from home outside of London, up to ?12,382 if you’re living away from home in London, and up to ?10,866 if your UK course incorporates a year spent studying abroad.
The level of maintenance loan you’re entitled to is related to your household income and where you plan to study. The assessment takes into account your own income, whether you’re under 25, live with at least one of your parents and your parents’ income. If you’ve had no contact with your parents for over a year, there’s the possibility of applying as an estranged student.
There’s no upper age limit on student loans, but in most cases, you cannot apply if you’ve studied at undergraduate level before. For full details on who qualifies for student finance, see Student Finance – Eligibility.
The government has announced that EU students, and those from Iceland, Liechtenstein, Norway or Switzerland, may continue to receive a tuition fee loan as well as help with living costs for the duration of their course.
How to apply for student finance
As it can take up to six weeks to process a student loan application, you should aim to apply for your loan by 31 May if your course starts between 1 August and 31 December. You don’t need to have a confirmed offer of a place on a course before applying.
Students from England can register and apply online through Student Finance England. From here you can track your application, check your student finance payment dates and make any amendments to your details.
EU applicants can also apply online for tuition fee support and help with their living costs. However, if you’re applying for tuition fee support only, you’ll payday loans Michigan need to download the forms and apply by post.
Repaying student loans
Interest is charged on student loans at retail price inflation (RPI) plus up to 3%. However, you don’t have to repay these loans until the April after you graduate or leave your course and are earning ?27,288 or more a year (?2,274 a month) before tax and other deductions. You’ll then make repayments at a rate of 9% of your income over the threshold.
There’s no penalty should you wish to pay off some or all of your loan amount outside of this repayment threshold.
If you’re employed, the appropriate amount will be automatically deducted from your salary at the same time as tax and National Insurance. However, it’s advisable to hold onto your payslips and P60 form, as you’ll need to produce them if you ever request a refund.