Students considering University need to consider how to finance the course.
Up to £9,250.00 per year which is paid directly to the University through a tuition fee loan.
A maintenance loan is money provided by the Government through student finance but is repayable after graduation when you have achieved the required salary threshold.
|Maximum for Academic Year 2016/2017||Loan Available|
|Living at home||£6,904.00|
|Living away from home outside London||£8,200.00|
|Living away from home in London||£10,702.00|
|Spending a year of a UK course studying abroad||£9,391.00|
The amount that a student will receive will continue to depend on their family household income. 65% of the loan is guaranteed with 35% subject to a family income assessment.
Most Universities offer bursaries with varying criteria. When researching into different universities always look at the bursaries that they offer.
Universities and Colleges have their own rules on the National Scholarships Programme but they are designed for students whose family earn below £25,000.
www.direct.gov.uk/studentfinance – This provides a portal linking to each institution’s NSP scheme.
Eligible students will receive a benefit of not less than £3,000.
The money could assist with tuition fees, accommodation and a cash bursary of up to £1,000.
|Annual Income||Monthly Repayments|
|Annual Income||Interest Rate|
|£21,000||‘No real rate’|
|£21,000 – £41,000||‘Tapered increase’|
|Over £41,000||Maximum of RPI plus 3%|
Maximum rate applies while studying. All repayments are collected by HMRC through PAYE. After 30 years the student is written off.