• Saturday 24 July 2010
• posted by Nicky Branagh
• Comments

How much are tuition fees?

The first thing you'll want to work out is how much everything is going to cost, so you know exactly how much money you'll be looking to borrow. Tuition fees will be one of the most costly things you'll need to think about. They vary across the board but will not set you back any more than £3,290 for the 2010/2011 academic year. Check with your university to find out exactly how much you are expected to pay (you should find this information in your prospectus) and If you've not got enough tucked away to see you through higher education, then you can get a loan to cover all or part of your university costs.

What sort of loan can I get?

Aside from a Tuition Fee Loan, which can cover all or part of your yearly course fees, you can apply for a Maintenance Loan (designed to help you pay for accommodation and other living costs) worth up to £4,950 for the 2010/2011 academic year if you live away from home. Those living the student life in London will receive even more. Jammy.

The Maintenance Loan you're entitled to is means tested, so if your parents receive a high income you won't receive the full amount, which varies dependent on your year of study. Having said that, all students are entitled to 72% of the full loan amount (unless you are in receipt of a Maintenance Grant, as detailed below).

Apply for student finance online.

Can I apply for a grant to help me out?

Yes. If you come from a lower income household you may be eligible for the Maintenance Grant, which does not have to be repaid. For the 2010/2011 academic year, students whose household earns less than £50,020 are entitled to a maintenance grant worth up to £2,606 and the full amount is available to those earning £25,000 and under.

If you're still struggling to make ends meet with a maintenance grant and student loans, then the Access to Learning Fund is on hand to help out in financial emergencies during your time at uni. Whether you're having trouble paying for bills or can't make rent payments, the Access to Learning Fund is a nice little security blanket for when times really get tough.

If you think you are in need of some extra cash, then you'll need to apply for the fund through your uni. Applications are judged on an individual basis and your uni will decide how you're paid and if the amount is repayable.

Disabled students

If you have a disability you may be entitled to extra financial help. Sources include:

• The Disabled Students' Allowances - This helps towards those extra costs that your disability incurs. The amount does not depend on your household's income and does not have to be repaid. Apply for the DSA here.

• The Disability Living Allowance - This allowance, for students that need someone to help look after them, is divided into two parts: care and mobility. You may benefit from both components as each has their own rates, which are judged on individual circumstances. Find out more here.

• Employment and Support Allowance and Incapacity Benefit - These benefit people with an illness or disability that affects their ability to work. Find out more about the Employment and Support Allowance here. Find out more about Incapacity Benefit here.

Students with children

Full-time students with children have a few options available to them, including the Childcare Grant and the Parent's learning allowance. 

Find out more, by downloading this PDF file from the DirectGov website.

Students with adult dependants

Students with adult dependants can apply for an Adult Dependants' Grant. The amount you will receive will depend on your earnings and those of your dependants. The maximum amount available for the 2010/2011 academic year is £2,642.

Apply for an Adult Dependants' Grant, online.

I haven't received my loan yet...

After last year's late loan mishap, we wouldn't blame you for fretting about where your money is.

The first thing to remember is that you shouldn't wait around for your Tuition Fee Loan. You'll be waiting a long time, since this gets paid directly to the university and will never appear in your bank account. That's one less thing to worry about, at least.

You won't receive your Maintenance Loan until you've registered with your uni. They should then inform the Student Loan Company of your registration, getting the ball rolling. If you think you might not have registered properly, then double-check with your uni's Student Services to put your mind at ease.

If you're checking your accounts every 5 minutes and still haven't seen any money going in, then ask yourself a couple of questions:

• Have I recently changed banks accounts?
• Have I changed course/university?
• Have my contact details changed?

If the answer to either of those is yes, then you need to make sure that the Student Loan Company is aware of those changes so that your money is sent to the correct place. Furthermore, you should keep them updated if your financial situation changes, to make sure you receive a loan that is suitable for your circumstances.

To amend your loan details, use the forms found here and send them to the Student Loan Company.

If you're positive you've done everything in your power to ensure you get your loan on time and you STILL don't see the increase in your account, then get on the phone to your uni and ask whether they've authorised your loan. If they assure you they have, then you need to speak to the Student Loans Company to find out where your money is.

Chances are, they'll be fully prepared this year. Fingers crossed, anyway.

How much have I borrowed and how much will I need to repay?

As you will now know, the amount borrowed each year can vary from person to person, dependant on circumstances. Below is a quick breakdown of Maintenance Loan rates over the 2010/2011 academic year, which should give you an idea of what you could receive.

• Maximum loan available:

Whilst living at home: £3,838

Whilst living away from home: £4,950

Whilst living away from home (in London): £6,307

• Amount of the loan not income assessed:

Whilst living at home: £2,763

Whilst living away from home: £3,564

Whilst living away from home (in London): £4,988

• Amount of the loan income assessed:

Whilst living at home: £1,075

Whilst living away from home: £1,386

Whilst living away from home (in London): £1,940

Now you know what you might receive, the next thought is how you go about paying it back. Naturally, the prospect will fill you with dread but actually, student loans are still a relatively cheap way of borrowing money.

You won't be expected to start paying your student loans back (both the Tuition Fee Loan and Maintenance Loan) until you're earning at least £15,000 and have hit the month of April after your graduation, at which time you'll pay nine per cent of your earnings ABOVE the £15,000 threshold. If you fancy getting the student loan weight lifted faster however, you can pay more per month.

The interest on student loans taken out after 1998 is based on the annual Retail Price Index (RPI) or the Bank of England's base rate plus 1% - whichever is lower, so the amount you pay back will vary.