Notes for parents on student finance

 

  • 2 types of financial support available for students - Loans, Bursaries
  • Application process opens in the February of the year students go to uni.
  • Done online every year and is partly means tested.
  • Application to the Student Loan Company.
  • Tuition fee loan will be up to the tuition fee - not more - paid directly to uni.
  • Maximum tuition fee currently £9,250.
  • This may increase in line with inflation as measured by the RPI.
  • Interest accrues from first day.
  • Tuition fee loan available to EU residents too.
  • Maintenance loan depends on where student is living, studying and family income.
  • Living at home - maximum £7,324 pa, minimum £3,224 pa.
  • Living away but outside London - maximum £8,700 pa, minimum £4,054 pa.
  • Living away and in London - maximum £11,354 pa, minimum £5,654 pa.
  • Generally if household income < 25,000 then entitled to maximum, whilst if household income > £59,000 then only entitled to minimum.
  • These figures higher of more dependents live at home.
  • Extra finance available if students have own children, are carers, have disabilities or live alone.
  • Money paid to students bank account - 1/3 each term.
  • Interest charged on outstanding loan. 
  • 3% over RPI whilst at uni.
  • RPI set every April for the following academic year.
  • Up to 3% over RPI after graduation depending on earnings. Less than £25,000 - only RPI. Earnings between £25,000 and £45,000 then RPI + between 0 and 3%. Earnings over £45,000 then RPI + 3%. 
  • 9% of gross earnings over £25,000 taken as repayment.
  • Must be paid even if working abroad or self-employed
  • Ends when principal + interest repaid or 30 years after graduation.
  • Special support grant available for certain disabilities - does not reduce eligible loan amount.
  • Bursaries offered by faculty of uni. Something for everyone but given very sparingly.