There is lots of support to help you whilst you study. The important thing to remember is that no student needs to find money up front in order to study at university. All students can borrow money that they then repay.
Types of financial support
The types of repayable support are outlined below.
Tuition fee loan. This is paid directly to your university by the Students Loan Company, and covers your tuition fees.
Living cost loan. This helps you pay for the things you need to live: accommodation, books, food, clothes and entertainment, for example.
The types of non-repayable support (money for you to keep forever) are outlined below:
University support. If a university has decided to charge over £6,000, they must provide some additional financial support for their students. This varies from university to university, so it's important to check what is on offer.
|Household income less than £16,000||£1,800||per annum for up to four years* of undergraduate study|
|Household income £16,001 to £20,000||£1,000||per annum for up to four years* of undergraduate study|
|Humanities, Science or Computing Foundation Year with household income less than £16,000||£1,800||Foundation Year only|
|Care Leaver||£3,000||per annum for up to four years* of undergraduate study|
* Support is provided for no more than four years of study even if course is longer. Note that a Foundation Year counts as one year of study towards your maximum of four years of bursary support.
Universities also offer scholarships, see our fees and funding pages for more information on our scholarships.
Paying it back
University is affordable for everyone; you don't need to have the money up front, and you pay back your loans gradually once you are earning over £21,000 a year.
The Student Loans Company will advise HM Revenue and Customs (formerly the Inland Revenue) when your Loan is liable for repayment. They will then instruct your employer to deduct repayments from your gross income at a rate of 9% of any income earned in excess of £21,000 a year.
The repayments are designed to be affordable. You never have to worry about remembering to pay your student loan each month as your repayment is deducted from your pay at the same time as your tax.
Your student loan will accrue (gain) interest on it. This means that the overall amount you owe to the Students Loan Company will increase slightly over time. You will accrue less interest than you would on a bank loan, though.
You will repay your loan for 30 years (providing you are employed and earning over £21,000). After this, whatever you still owe will be written off.
The important thing to remember is that your repayments are always calculated based on what you earn, not what you owe. Most people will never have to pay off their entire student loans.
There is lots of information and support available to help students study at university. For example, you could visit the University of East Anglia finance pages here.
If you have any finance worries please do get in touch with us and ask us any questions by email: firstname.lastname@example.org