STUDENT FINANCE

All the information below is taken from www.gov.uk/student-finance. Please see this website for further details, since changes will be updated there first and the information below may not reflect such changes after publication of this booklet. Nevertheless, the information below should give you a feel for how student finance is organized and assessed.

The rates listed below apply to new students for the 2021-2022 academic year.

How much will your university or college course cost?

If you are going to university or college the main costs you’ll have are:

• Tuition fees (the amount you are charged each year for your course). • Living costs (money for accommodation, food, bills and books).

Your costs will vary depending on where you study and live. Grants, bursaries and loans are available to help you with these costs.

Full-time student costs

Tuition fees

Check your university or college prospectus or website to find out what your tuition will cost. The maximum tuition fees a university or college in the UK can charge full-time students from England is £9,250.

Not all universities or colleges will charge the maximum amount. Those that charge over £6,000 will need to ensure that students from all income groups can access their courses.

Tuition fees for gap year students

If you decide to take a gap year and delay your entry from 2022/23, your tuition fees will be at the 2023/2024 rates.

Help with university or college costs - full-time students

Loans to cover your tuition fees

You do not have to pay tuition fees up front, you can get a Tuition Fee Loan to cover the full cost. Your Tuition Fee Loan is paid directly to your university or college. You will have to pay your Tuition Fee Loan back when you earn over a certain amount. See ‘Repaying student loans’ below for details.

Tuition fee bursaries and scholarships

You may be able to get a bursary to help towards your tuition fees. You do not have to pay bursaries back. Bursaries are available if you are charged the maximum and receive the Special Support Grant. See ‘Grants to help with your living cost’ below to find out about these grants.

Maintenance Loan

All full-time students can apply for a Maintenance Loan to help with their living costs. The exact amount you can borrow will depend on several factors such as: • Your household income. • Where you live. • When your start your course. • What year of study you are in.

You have to pay Maintenance Loans back when you earn over a certain amount. See ‘Repaying student loans’ below for details. The amount available as a Maintenance Loan is dependent upon the annual income of your parent(s), who are expected to provide financial support during your university course. See the table below for those living away from home and studying outside London. For further information and a fuller breakdown of the different calculations visit the Student Finance Calculator at gov.uk/student-finance-calculator, or Martin Lewis’ clear and helpful guide at https://blog.moneysavingexpert.com/2020/09/martin-lewis--how-much-thegovt-expects-parents-to-give-their-ch/?_ga=2.260300943.308568431.16147073091746475314.1613563997

These maintenance loans are paid into your bank account at the start of each term, once you have registered on your course.

Part-time student costs

Universities or colleges can charge tuition fees up to £6,750 a year for most part-time courses, however this may change in the future. Check with your university or college how much they charge. It is also worth finding out how much the fees are likely to rise over the length of your course.

Tuition Fee Loans

If you are a part-time student who is starting your first degree, you may be able to get a Tuition Fee Loan to cover your tuition costs. Eligibility depends on the 'intensity' of your part-time course being at least 25 per cent of a full-time course. For example, if your course takes six years to complete and the full-time equivalent takes three, the intensity will be 50 per cent. Ask your university or college, if you are not sure.

Loans to cover your course costs

If you are a part-time student you may be able to get a Professional and Career Development Loan. This could help with your course fees and living costs. It is a bank loan you pay back when you finish your studies. The amount you can borrow for your whole course is between £300 and £10,000.

Repaying student loans

You pay your Tuition Fee Loan or Maintenance Loan back from the April after you leave your course and earn over £27,295 a year. A very useful guide to student loans is www.moneysavingexpert.com/students/student-loans-tuition-fees-changes

If you’re on a part-time course, repayments start in the April after three years of study if you earn over £27,295. This applies even if you are still studying.

These are aimed at helping people with a disability, mental health condition or specific learning difficulty (e.g. dyslexia) to study on the same basis as other students. How much you get depends on your individual needs.

More information regarding the provision for students with learning difficulties can be found at https://www.gov.uk/disabled-students-allowances-dsas/overview .

A clear and informative talk on tuition fees by finance expert Martin Lewis is available on YouTube. He dispels several myths and has reassuring advice on the true costs of repayments.

Please see: http://youtu.be/55fKa-ErQ8E

https://www.moneysavingexpert.com/students/student-loanstuition-fees-changes/

Please note that figures listed above may change and so you should always check for updates, by following the links listed above.