The main student finance package includes a:
If you've lived in the UK for the three years before the first day of the first academic year of your course (and this is where you usually live) then you'll probably be eligible for a Tuition Fee Loan to cover the cost of your tuition fees. The loan is paid directly to your university or college. You have to pay it back. You'll also be able to get a Maintenance Loan to help towards your living expenses, such as rent and bills.
Tuition Fee Loan
UK or EU full-time or part-time students can apply for a Tuition Fee Loan.
|Full or part-time student||Tuition Fee Loan for the 2016 to 2017 academic year||Tuition Fee Loan for the 2017 to 2018 academic year|
|Full-time||Up to £9,000||Up to £9,250|
|Full-time at a private university or college||Up to £6,000||Up to £6,165|
Maintenance Loan for living costs
You must be a full-time UK student. Part-time and EU students can’t apply.
You have to give details about your household income and your course start date.
The grant is paid into your bank account at the start of term. You don’t have to pay it back, but any funds you get will reduce the Maintenance Loan you can get.
|Full-time student||Loan for the 2016 to 2017 academic year||Loan for the 2017 to 2018 academic year|
|Living at home||Up to £6,904||Up to £7,097|
|Living away from home, outside London||Up to £8,200||Up to £8,430|
|Living away from home, in London||Up to £10,702||Up to £11,002|
|You spend a year of a UK course studying abroad||Up to £9,391||Up to £9,654|
Grants have been discontinued from September 2016, any students that have applied for student finance before the cut-off date and studying will still be entitled to this until they have completed their higher education course.
You must be a full-time UK student. Part-time and EU students can’t apply. You may get a Special Support Grant instead of a Maintenance Grant if you get or qualify for:
The amount you get is the same, as the Maintenance Grant, but it won’t reduce the Maintenance Loan you can get. You may get the Special Support Grant if, for example, you’re a lone parent or have certain disabilities.
You only repay 9% of everything you earn annually above £21,000 of pre-tax salary once you've left university. Therefore if you've started repaying the loan, but then lose your job or take a pay cut, your repayments drop accordingly.
The answer is £90, as twenty-two thousand is one grand above the threshold and 9% of £1,000 is £90.
Thirty-one thousand is £10,000 above the threshold and 9% of that is £900.
Someone on a low wage will be required to repay little or nothing at all. In fact, only higher earners will be shelling out large amounts.
It's important to note that not repaying much because you're just over the threshold isn't being bad. The system is, in reality, a graduate contribution, designed so that, in the main, those who gain the most financially out of university contribute the most.
The £21,000 threshold is scheduled to rise in line with average earnings. This will start in April 2017 (a year after the first graduates under the new system - 2012 starters - are eligible to repay).
You stop owing when you've cleared the debt or when 30 years (from the April after graduation) have passed, whichever comes first. If you never get a job earning over the threshold, you'll never repay.