There are two main costs when thinking about your degree programme:
Tuition Fees – cost of the course
Between £6,000- £9,250
Maintenance costs – cost of living
Think about your accommodation, travel, food and course materials.
Tuition Fee Loan
- Covers all of the student’s tuition fees (£6,000-£9,250)
- Non-means tested and available to everyone
- Nothing is paid upfront
- Fees are paid directly to the University by the student loans company
- Not compulsory – students can pay full/part of the tuition fee
Maintenance Loan
The table below indicates what Maintenance Loan you could be entitled to :
| Household Income | Staying at Home | Moving Away | Moving to London |
| £25,000 and under | £7,747 | £9,203 | £12,010 |
| £30,000 | £7,095 | £8,544 | £11,340 |
| £35,000 | £6,442 | £7,884 | £10,670 |
| £40,000 | £5,789 | £7,225 | £10,000 |
| £45,000 | £5,137 | £6,565 | £9,330 |
| £50,000 | £4,484 | £5,905 | £8,659 |
| £55,000 | £3,831 | £5,246 | £7,989 |
| £60,000 | £3,410 | £4,586 | £7,319 |
| £65, 000 + | £3,410 | £4,289 | £6,649 |
Students can get a quick estimate of their student finance entitlement using the calculator on gov.uk.
You can be assessed as an independent if you :
- Are over 25
- Married/divorced
- Have children
- Have no living parents
- Are estranged from your parents
- Are a care leaver
- Have no means of contacting your parents or it is not safe to do so
- Have supported yourself financially for at least 3 years
The Payment Process
Tuition Fee Loans: are paid directly to the institution in separate installments
Maintenance Loans/ Grants/Bursaries/ Scholarships: are paid directly to the student*
Core Student Finance is paid in 3 instalments:
- The 1st instalment is triggered by enrolment
- The 2nd and 3rd instalments are automatically paid at the start of each subsequent term
*The payment process for bursaries, scholarships and grants will differ according to each institution
Dependents Allowance
- Money available if you have child or adult dependants
- Means tested
- Full-time students only
- Non-repayable
| Parents’ Learning Allowance | Up to £1,766 per year |
| Childcare Grant | 85% of actual childcare costs up to a maximum of £174.22 per week for one child and £298.69 per week for two or more children |
| Adult Dependants’ Grant | Up to £3,094 per year |
Disabled Students Allowance
| Specialist equipment allowance | Up to £5,849 for duration of course |
| Non-medical helpers allowance | Up to £23,258 a year |
| General allowance | Up to £1,954 a year |
| Disability-related travel costs | Reasonable spending on extra travel costs incurred by the student as a result of their condition to attend their HEI |
Additional Student Support : Part Time Employment
- Student job fairs at universities
- Summer/ holiday jobs
- The chance to work at the University
- Student Ambassadors
- Students’ Union venues
- Ideally look for a job that’s going to be useful to your course, or that gives you a good set of skills for your CV
- No more than 16 hours per week
Repayments
- Repayable only when students are earning over £26,725 per year
- Repay 9% of income above £26,725
- Repayments are deducted from your salary (via tax system)
- Any outstanding balance after 30 years is cleared
| Income each year before tax | Income from which 9% is deducted | Monthly Repayment (Approx.) |
| £26,575 | £0 | £0 |
| £30,000 | £4,275 | £25 |
| £35,000 | £9,275 | £63 |
| £40,000 | £14,275 | £100 |
| £45,000 | £19,275 | £138 |
| £50,000 | £24,275 | £175 |
Rates of Interest
-
- Whilst studying at University
– Rate of inflation (RPI is about 2.4% for 2020/21) + 3%
- If earning less than £26,575
– RPI
- If earning between £26,575 – £47,835
–RPI + up to 3%, depending on income
- If earning over £47,835
– RPI + 3%
N.B. If you lose touch with SLC or do not send them the information they require RPI + 3% (5.4%), irrespective of income, until SLC have the information they require
For further information on student finance and applications, go to gov.uk.