Money Speak

Student Finance Explained

Financial concerns need not be a barrier to your education. There is a full range of financial help available, from student loans to non-repayable grants and bursaries, so make sure you know what you’re eligible for.

Loans for tuition fees and living costs

• Eligible, full-time students can apply for a tuition fee loan and also a loan to help with living costs (Maintenance Loan)
• Students do not pay back their loans until they have left their course, are in work and earning over £15,000 per year
• Repayments are linked to how much you earn, not how much you owe.  Students pay back 9% of their earnings above £15,000 a year so someone earning the average starting salary for a graduate level job of £18,000 would repay £5.19 per week
• One repayment covers both loans
• The loan’s interest rate is linked to the rate of inflation
• Only one form is required to apply for both loans (as well as the new Maintenance Grant and in some cases bursaries)

Students from lower income households could be eligible for a non-repayable Maintenance Grant of up to £2,765 per year. It is expected that up to half of all full-time students are likely to be eligible for a full or partial grant.