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Finance
Grants have been abolished
and loans have taken their place. Tuition fees have been introduced. How much
does it all cost and can you get help?
Tuition fees
At present you, or your
parents, could pay up to £1,075 a year towards the cost of your tuition fees.
How much you pay depends
on family income. If this is modest you might pay nothing at all.
Help with fees and loans
The Student Awards Department
of your LEA will work out how much, if anything, you or your parents have to pay
towards tuition fees and how much loan you are allowed to borrow.
As a rough
guide, you will not have to pay any tuition fees and can borrow
the maximum loan if your family’s ‘residual’ income is below
£20,000.
You should apply to your
LEA for a financial assessment after the UCAS closing date of 15 January. Most schools and colleges usually
invite an expert from the Lea to give a talk to students and to issue the forms.
Loans
The Student Loans Company
will lend money to students on ‘designated’ courses (nearly
all degrees and HNDs) for living costs.
You can borrow three quarters
of the maximum available loan regardless of your or your family income. The remaining quarter
is means-tested so whether you can borrow this or not depends on income. If you or your parents have
to pay the full £1,075 tuition fee, it is unlikely you will be elegible to borrow the remaining quarter.
The maximum
loan available to students is:
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Full Year
|
Final Year
|
| Students living away from
home - London |
£4,700
|
£4,075
|
| Students living away from
home - elsewhere |
£3,815
|
£3,310
|
| Students living with their
parents |
£3,020
|
£2,635
|
Paying back your loan
You won’t have to start
paying back your loan until you’ve got a job and are earning over a certain amount
- currently about £10,000 a year.
Repayment rates on your loan are linked to inflation and may be lower
than you expect. For instance, if you earn £11,000 per annum your monthly repayment is £7;
if you earn £20,000 per annum, it will be £75. Your LEA can provide you with information on student loans when they
send you a loan request form.
Other sources of finance
You might be able to get
extra money from:
- Sponsorships
- Scholarships
- Access funds and hardship
loans
- Drama and dance awards
- Allowances for students
with special needs
- Career Development Loans
(adults)
Your local Careers Centre
can tell you more about these.
Medical and Health Care
courses
The NHS provides bursaries
for some HE courses like nursing, physiotherapy and the later years of medicine
and dentistry courses.
If you are offered a place on
a course covered by an NHS bursary, the university will let you know.
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