advice knowledge resources
YOU ARE HERE:

Student Finance

The key elements of the student finance package are outlined below. The finer details of student finance change year to year, the most up to date information is available at www.gov.uk/student-finance

  1. 1.       Tuition Fees

Tuition fees are what it costs to study a higher education course; these vary across different courses and different institutions and at the moment are capped at £9,000 per year for full time study.  Students do not pay this up front; every UK student is entitled to a tuition fee loan to cover the entire tuition fee. The Student Loan Company pay the university directly and students do not start repaying the loan until they start earning a certain amount of money after graduation.

  1. 2.       Living/Maintenance costs

A maintenance loan is money paid into the student’s bank account by the Student Loan Company to cover living costs such as food, rent and books – it’s up to the individual how they spend it. How much money an individual is allowed to borrow depends on their household income. No-one starts paying back what they have borrowed until they start earning above a certain amount.

  1. 3.       Bursaries and Scholarships

Some universities offer some bursaries and scholarships, which are financial awards that do not need to be paid back. These may be awarded based on family income, or on academic merit or a combination of the two. Bursaries and scholarships vary between institutions and may only be available for certain courses. Full details of financial support available at each institution can be found on www.ucas.com or on institutions’ individual websites.

  1. 4.       Additional support

There is extra financial support available for students with a disability, students with mental health conditions or specific learning difficulties, students who are parents, students with caring responsibilities and students who have experience of being in care.

Repayment

  • After a student has finished studying at University or college the tuition fee loan and maintenance loan are combined together into a single amount to be repaid.
  • Repayments are made once a month and how much is repaid depends on how much an individual earns. 
  • If someone earn below the threshold for repayment (which was £21,000 per year in 2016, but this could change in future years) then they pay nothing.  If someone earn above the threshold then they will pay back a percentage of what you earn above the threshold.
  • Having a student loan does not affect credit ratings, te ability to apply for a mortgage or any future bank loan applications.

Latest News SEE ALL
  • Manchester has right formula to be centre for science

    As Europe’s largest interdisciplinary science meeting, ESOF will bring 4,500 leading researchers, thinkers, innovators, policy makers, journalists and educators to Manchester from more than 90 countries.

  • BHS Rescue bids fail

    Department store BHS is to go into liquidation with the loss of up to 11,000 jobs after efforts to find a buyer failed.

  • Manchester is the UK’s Trendiest City!

    Manchester is the UK’s Trendiest City!

    Manchester’s flourishing arts and food scene has cemented its place as the UK’s trendiest city.

@CareerPointGM

Follow us on Twitter for the latest labour market information and CPD opportunities in Greater Manchester.