Student Life Information

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Student Finance - More about your options

Posted on Thu, 15 November 2007 11:20:08

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.

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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)

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Maintenance Grant

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.

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Bursaries

A bursary is non repayable support available from universities and colleges.

Students receiving the full maintenance grant of �2, 765 and on a course charging the full �3070 must receive a bursary of at least �305.

Many universities and colleges are paying much more to a wider range of students. In 2006 the typical bursary was �1000.

Visit www.direct.gov.uk/bursarymap to search for bursaries offers by region and institution.

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