Undergraduate Student Finance Tuition fees and living costs can seem like a huge burden to take on when thinking about Higher Education. However, the government has schemes in place to help you achieve your education, with money being the least of your worries.
Student Finance England is a government agency that can provide you with a tuition fee loan, maintenance loan and other financial support.
What finance is available to students?
Tuition Fee Loans
Tuition fees are the amount universities or colleges charge you each year to study. You can take out a loan with Student Finance England to pay for this. The tuition fee will then be paid directly to the College. Repayments of the loan will not commence until the April after your programme ends (subject to you earning a minimum of £25,000 per annum).
Living cost loans are available to help support you while studying. This is paid into your bank account at the start of each term. This loan will not need to be repaid until the April after your programme ends (subject to you earning a minimum of £25,000 per annum).
Extra Help Available:
. Child Care Grant
. Parents’ Learning Allowance
. Bursaries and Scholarships
. The Adult Dependants’ Grant
. Disabled Student Allowance (DSA) - find out more about this funding here or visit website here.
. Student loans do not go credit files.
. You only start your repayments once you earn £25,000+ per year. You repay 9% of everything earned above £25,000 starting the April after graduation.
. Monthly payments are the same on all courses, independent of fees.
. Repayments are taken via the payroll, just like tax. So you never actually handle the cash, meaning there will be no debt collectors chasing you!
Below are some websites on student finance that you may find useful:
To find out more about government loans and grants, take a look at the following sites:
Student Finance England: www.sfengland.slc.co.uk
Student finance registration: www.gov.uk/student-finance
Loan repayments and interest rates: www.studentloanrepayment.co.uk