Grants/Loans
Unless you or your parents are minted, it’s a safe bet that at some
point you will have to take out a Student Loan or extra financial
support to help subsidize your education. Here are some facts about
Student Loans—what they are, how you apply for them, how much you
can get, and how you pay them back—as well as descriptions of other
types of financial support.
Quick navigation: Student loans | How to apply | How much you can get | How to pay it back |
Student Loans What the heck are they?
• Student Loans were created by the Government to help fund the expenses students encounter while pursuing a higher education
• The Student Loan Company is in charge of deciding who gets the loans and how much. See the SLC for more information
How to apply for a Student Loan:
• All students under 50 years old are eligible to apply for a loan but you must contact your Local Education Authority (LEA), your uni or apply on line through the Department for Education and Skills. Click here to find your friendly neighbourhood LEA.
• Apply as soon as you’ve received an offer from your school, so that you have the money available to pay tuition fees.
How much you can get:
• Once they’ve processed your application, the LEA will decide how much of a loan you are eligible for.
If you’re starting a full-time higher education course in 2008/2009, the main types of financial help you may be able to get are:
a Maintenance Grant or Special Support Grant - worth up to £2,835
a Student Loan for Tuition Fees to cover your fees in full (up to £3,145)
a Student Loan for Maintenance - worth up to £4,625
if you live away from home, or more if you study in London (though the maximum you can get is reduced if you’re getting higher levels of help through the Maintenance Grant) a bursary from your university or college
But exactly how much you receive depends on your family’s income, where you live, what you’ll be studying, which year of course you are in and the length of your course
• All students—regardless of this—can receive 75% of the maximum allowance
• You will receive three instalments of your loan, with the first in the form of a cheque that you pick up at uni, and the other two paid directly into your bank
• Interest on your loans (currently 2.4%) is accrued the moment you cash the first cheque. Bummer
How you pay it back:
• You will have to begin paying your loan back the April after you graduate but only if you are earning more than £10,000
• It is also possible to begin payments right away after graduating, if you can afford it. This will save you interest in the future, and will shorten the repayment time
• The Student Loans Company work with Inland Revenue to deduct a set amount from your pay, so your repayments will depend on their Student Loan Deduction rates. Your employer will have to keep track of what you’ve paid in. Check out www.inlandrevenue.gov.uk/csl/index.htm for more information.
• If you earn more than £10,000 or work for yourself and have profits over £10,000, you will generally have to pay 9% of whatever exceeds this amount For in depth information about Student Loans and applying for financial help, please see the Department of Educations and Skills page.
Quick navigation: Student loans | How to apply | How much you can get | How to pay it back |
Student Loans What the heck are they?
• Student Loans were created by the Government to help fund the expenses students encounter while pursuing a higher education
• The Student Loan Company is in charge of deciding who gets the loans and how much. See the SLC for more information
How to apply for a Student Loan:
• All students under 50 years old are eligible to apply for a loan but you must contact your Local Education Authority (LEA), your uni or apply on line through the Department for Education and Skills. Click here to find your friendly neighbourhood LEA.
• Apply as soon as you’ve received an offer from your school, so that you have the money available to pay tuition fees.
How much you can get:
• Once they’ve processed your application, the LEA will decide how much of a loan you are eligible for.
If you’re starting a full-time higher education course in 2008/2009, the main types of financial help you may be able to get are:
a Maintenance Grant or Special Support Grant - worth up to £2,835
a Student Loan for Tuition Fees to cover your fees in full (up to £3,145)
a Student Loan for Maintenance - worth up to £4,625
if you live away from home, or more if you study in London (though the maximum you can get is reduced if you’re getting higher levels of help through the Maintenance Grant) a bursary from your university or college
But exactly how much you receive depends on your family’s income, where you live, what you’ll be studying, which year of course you are in and the length of your course
• All students—regardless of this—can receive 75% of the maximum allowance
• You will receive three instalments of your loan, with the first in the form of a cheque that you pick up at uni, and the other two paid directly into your bank
• Interest on your loans (currently 2.4%) is accrued the moment you cash the first cheque. Bummer
How you pay it back:
• You will have to begin paying your loan back the April after you graduate but only if you are earning more than £10,000
• It is also possible to begin payments right away after graduating, if you can afford it. This will save you interest in the future, and will shorten the repayment time
• The Student Loans Company work with Inland Revenue to deduct a set amount from your pay, so your repayments will depend on their Student Loan Deduction rates. Your employer will have to keep track of what you’ve paid in. Check out www.inlandrevenue.gov.uk/csl/index.htm for more information.
• If you earn more than £10,000 or work for yourself and have profits over £10,000, you will generally have to pay 9% of whatever exceeds this amount For in depth information about Student Loans and applying for financial help, please see the Department of Educations and Skills page.
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