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Your Money - How To Apply For Funding
Are you applying to start in 2012?
If you are not an English domiciled student the information below isn't relevant to you, please go to the appropriate Student Finance webpage:
- Student Finance Ireland
- Student Finance Northern Ireland
- Student Finance Scotland
- Student Finance Wales
If you are an English domicile student starting University in 2011/12, you can apply for student finance before you have a confirmed place. Apply Online Now!
For further information on applying for student finance, watch these video links.
What funding is available?
Repayable Loans
Fee Loans
You may take out a fee loan of up to £9,000 to cover the full cost of your tuition fees. The loan will be paid direct to the University on your behalf by the Student Loan Company (you never actually see this money).
The tuition fee loan is not means tested, that means all eligible students can apply for a fee loan and will get the full amount regardless of the level of household income on which their application is assessed.
Maintenance Loans
This is to help with your living costs: 65% of the loan is non-means tested, and the remaining 35% is means-tested (based on the household income where you are usually resident). In 2012/13 the maximum Student Maintenance Loan is £5,500.
You apply for all your student finance via one application - this can be accessed through your primary funding provider.
The loan is then paid to you by the Student Loans Company in three instalments per year; in early October, January and April.
You will start repaying both these loans once you have graduated and are earning at least £21,000. The amount you repay depends on your income, and will increase with the amount you earn until the loan is paid off. You will repay 9% of your income above £21,000 - so, for example, if your annual income is £25,000 you will repay £30 per month. The interest rate is set at inflation level plus 3% whilst you are studying. Once you are working, interest rates will vary according to your income. Repayments are made automatically through the tax system.
Interest Free Overdrafts
As a student you will find that almost all banks and building societies offer you a student account. This usually means that you will be entitled to an interest free overdraft to a prescribed limit - individual banks choose their own limits. Banks will be keen to entice you to open an account with them because of your long-term earning potential, and will often offer all sorts of incentives. Before choosing which bank to open your account with we recommend that you shop around and see beyond the promotional enticements to the longer-term picture.
Remember that you can only have one student account, and be very careful not to exceed your overdraft limit. We recommend you try and avoid credit cards altogether.
Non-repayable Grants
Maintenance Grants
This is a government grant of up to £3,250 for students from families with household incomes of £25,000 or less. Partial grants are awarded to students from households with income between £25,001 and £42,600. You will need to apply for this Maintenance Grant via your primary funding provider, and you will receive the payment in three instalments. This grant does not need to be repaid.
Repaying your student loan
If you would like to find out more about repaying your student loan based on future earnings, please follow this link to the Money Saving Expert website.