Student Loan Guide
"If you're going into higher education, there's money available to help with the costs. You won't have to pay anything back until you've left your course and you're earning - and you may qualify for support that doesn't need to be paid back at all." (Student Finance Direct)
Do I qualify?
This depends on your personal circumstances as well as your course. Are you:
- Studying in England?
- Normally living in the U.K?
If you answered yes to all of those questions then you are personally eligible for student finance. Now for your course. If you're studying for one of the following, then you're eligible: - First degree such as a Bachelor of Arts, Science or Education
- Foundation Degree
- Certificate of Higher Education
- Diploma of Higher Education
- Higher National Certificate
- Higher National Diploma
You'll also usually qualify if your course is for Initial Teacher Training, or the further training of youth and community workers.
How much can I get?
There are two types of loans available.
Tuition Fees: This is paid directly to your university, and will be up to £3,145 for courses starting 2008/09. Remember that you don't see this money!
Maintenance: This is dependant on where you'll be living when your course starts:
- Living at home £3,580 max.
- Living away from home outside London £4,625 max.
- Living away from home inside London £6, 475 max.
If you'll be living away from home outside London, no matter what your income is, you'll be getting 75% of that amount (£3468.75). The remaining 25% is income assessed.
How do I get it?
Are you applying for finance for your first year? If so, then you can fill out the Student Finance forms given to you by your school or college. Alternatively, apply online.
If you're applying for your second or third year, you'll have to complete a new application.
Student Finance Direct will contact you with more information. If they don't, then apply online or ask them to send you a form.
When do I get it?
Provided you have completed everything by the deadline, it'll go in your nominated bank account around the start of each semester.
What about repayments?
You don't need to start repayments until you're earning £15,000 annually.
The repayment rate is 9% of what you earn over £15,000.
This means that if you're earning £18,000 per year you'll only be repaying £5 per week.
