How To Finance Your Studies
You are expected to contribute towards the annual cost of your tuition. The fee level is set by each university. For 2017 entry this will be up to £9,250 (£9,000 for students studying in Wales). Scottish, Welsh and NI students studying in their home region benefit from lower, or no (in Scotland) tuition fees. Loans are available to pay for these fees.
Currently, for students resident in England, maintenance loans of up to £8,200 (£10,702 in London) are also available to help you pay for your accommodation and living expenses. The amount you receive will vary from around 45% to 100% depending upon your household's income. Maintenance Grants are no longer offered to new students (except for Northern Ireland). All accommodation and other living costs are covered by the increased loan. Additional financial help and support can be offered by universities in the form of a bursary or scholarship. Web search 'university bursaries')
You only start to repay your student loan once you are earning over £21,000 p.a. Repayments are taken from your salary in a similar manner to income tax. The maximum rate is 9% of your earnings in excess of £21,000. If you haven't repaid your loan within 30 years any outstanding amounts are written off.
Apply for a loan in plenty of time. There are several stages to go through and a late application may mean you won't get the help in time to start your course. Make sure you have the appropriate official information. These rates are for England, there are different rates for Scotland, Wales and Northern Ireland and also for overseas students.
Student Loans Company Limited Provides loans to eligible HE students within the UK. These have to be repaid in installments during employment. Interest rates are linked to the rate of inflation and the company is wholly owned by the government and operates within government policy.
Student Finance for England
Bursaries available in England Bursaries are non-repayable financial support which are offered in addition to the student finance packages available from the government.
Student Finance for Wales
Student Award Agency for Scotland, Gyleview House, 3 Redheughs Rigg, South Gyle, Edinburgh EH12 9HH Tel: 0300 555 0505
Student Finance N.I., Tel: 0300 100 0077
There may be additional funds available to students with severe financial problems. Many universities and colleges have their own small hardship funds. Contact the Student Support or Advisers’ office for information and advice.
Some students might be eligible for additional help through the Benefits Agency. Discuss this with your Student Support or Advisers ‘ office or contact the local benefits office. Keep a note of your National Insurance number as this could speed up the start of any application process.
Student Finance: The Essential Guide Practical advice on managing your finances whilst studying. (Need2Know)