...funding your course You can get the following help with the costs of studying at university... n Tuition fee loans
You will probably have seen in the news that from September 2012 students will pay up to £9000 a year for undergraduate courses and most degree courses last for three years. The good news is that you do not have to pay these fees up front. Instead the Government, through the Student Loans Company, will provide you with a loan to pay your fees. The fees will be paid directly to the university for all eligible students (you’ll be eligible as long as you are a home student who has not been to university before).
n Repaying your loan
Student loans have been designed to be manageable and realistic. You are liable to repay your loan in the April which falls three years after the start your course, but you will only make repayments if you are earning over £21,000.
Once you earn over £21,000, you pay nine per cent of your income above £21,000. For example, a graduate on a salary of £25,000 will pay £30 a month (9% of £4,000) from a monthly take home pay of around £1560 (this is the amount of money you get to take home and spend once tax and national insurance have been taken off).
You will pay interest on your tuition fee loan and you need to be aware that the amount you owe will increase each year with interest. Interest is charged at the rate of inflation plus three per cent while you are studying. If your repayments don’t start because you’re earning under £21,000 the interest on your loan will increase at the rate of inflation.
Repayments are normally taken automatically from your salary and monthly repayments are linked to your income and not the amount borrowed. You will pay the same each month whatever the amount you borrow for your fees (although you will probably need to keep making monthly payments for longer).
If you haven’t paid off the loan after 30 years, your loan will be written off.
n Living cost loans and grants
You can also get help with your living costs. If your family income is less than £42,600 per year you will be able to get some help with your living costs in the form of a grant. You can also get living cost loans to help you pay for your living costs. Living costs loans and grants are determined by your family income and individual circumstances such as whether you are studying in London or living at home.
n Scholarships and bursaries
Each university will offer scholarships and bursaries and will have details of these on their website. Scholarships and bursaries, like grants, don’t have to be repaid.
Department for Business, Innovation and Skills (BIS)
UCAS/studentfinance Natonal Union of Students
UEL Student Money Advice and Rights Team (SMART)
Getting advice about your personal circumstances...
Student fees and funding are changing for 2012 entry to university and there is a lot of information to take in but there are also lots of sources of help and advice. The following websites are really useful:
Direct.gov/studentfinance
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