Students considering university need to consider how to finance the course.
A tuition fee is the cost of the course being offered. These are 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 to support your living costs at university. You get this money paid into your bank account at the start of each term. It has to be repaid after graduation when you have achieved the required salary threshold.
|Maximum for Academic Year 2022 to 2023||Loan Available|
|Living at home||£8,171.00|
|Living away from home outside London||£9,706.00|
|Living away from home in London||£12,667.00|
|Spending a year of a UK course studying abroad||£11,116.00|
Maximum for Academic Year 2022 to 2023
Living at home
Up to £8,400
Living away from home outside London
Up to £9,978
Living away from home in London
Up to £13,022
Spending a year of a UK course studying abroad
Up to £11,427
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. In addition to these maintenance loans, many students choose to take part-time employment in order to supplement their income.
National Scholarships Programme
Most Universities offer bursaries with varying criteria. When researching 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.
The amount of money which you will repay on your student loan will depend on a number of different factors. The most significant is the amount of money you earn (your salary) when you are employed after graduating. The government provide information on the different repayment plans on their website. This information can be found here.
You should also be aware of interest rates. Interest rates are the “cost of borrowing” the money in the first place, so you may be paying back more than you originally received in your total loan. The interest rates are calculated based upon the salary you are earning. If you are taking out student finance, the interest rates affecting your loan will be outlined during your application.