Don’t let the fear of debt put you off applying for Uni until you’ve done some in-depth research. Read on for our guide to student loans eligibility and entitlements.

BY SUMMER SHUTTLEWOOD

With universities now allowed to charge between £6,000 and £9,000 per year (nearly three times the fees charged in 2011), many students may be worried that they cannot afford to go to university. However, loans, bursaries and grants are widely available for students going into Higher Education in England. Student loans only need to be repaid once you begin to earn over £21,000 and there are many options available. All are designed to make it easy for you to afford courses as well as books, rent and occasionally something other than supermarket noodles!

Wondering if you’re eligible?

You can apply for a tuition fee loan if:

• you’re a UK National or have ‘settled status’ (no restrictions on how long you can stay)
• you normally live in England
• you’ve been living in the UK for three years before starting your course

If you’re not a UK national but meet one of the criteria below, you may also be eligible for funding:

• EU national, or family member of one
• refugee
• humanitarian protection (as a result of a failed application for asylum)
• migrant worker
• child of a Swiss national
• child of a Turkish worker

The tuition fee loan is paid directly to your university or college and covers the cost of your course, so there is no possibility of spending it on nights out!

If you are not doing your first higher education qualification, then most likely you will not get funding – even if you paid for your first course yourself. However, if you’re changing course, returning to one or ‘topping up’ your degree – by doing a master’s degree, then you may be eligible.

If you are studying for a higher education qualification part time, then you need to study your course at a rate of at least 25 per cent of an equivalent full-time course each academic year in order to be eligible.

Apply online

If you meet the criteria and want help funding your education, go to the Government’s web site to apply https://www.gov.uk/apply-for-student-finance.

1. Set up a student finance online account.
2. Log in and complete the online application.
3. If needed, include details of your household income and get your parents (or partner) to support your application.
4. If needed, send in proof of identity.
5. Usually, within six weeks you’ll get a loan declaration in the post – sign and return it.

If you can’t apply online, use the form finder (https://www.gov.uk/student-finance-forms) to get the forms you need.

If you’re a continuing student (i.e. you received finance last year) log in to your student finance account and apply online for your next year.

Repayment

Student loans are collected directly from your income, like tax, so you don’t need to worry about paying it yourself. It is automatically deducted from your salary once you earn over a certain amount. If you never earn over this set amount (£21,000), you never have to pay any money back. If you do earn over this threshold then the money is deducted until it’s paid off or 30 years have passed since your graduation.

Bursaries and scholarships

As well as the normal student finance package, you might qualify for extra help. Use the Student Finance Calculator to see if you’re eligible. Individual universities offer their own sets of scholarships and bursaries too, so check out their websites to see what extra help is available. Universities could offer a fee waiver – a reduction each year on your tuition fees, meaning the loan you need is less or a bursary – a form of cash or gift in kind which could range from a £1,000 grant or help with living costs, depending on your situation. Both bursaries and fee waivers are given to people with a low household income or if they’re from a family whose members haven’t been to university. A scholarship – similar to a bursary – is usually a form of cash or gift in kind and securing one depends on academic ability (usually A-level grades) rather than income.

See also our article on Money Matters which goes into more detail about this subject.

Maintenance loans and grants

Maintenance Loans are also given to help with living costs, food, travel etc… These are generally given out in three termly instalments to your account and the amount given depends on your household income. You need to be a full-time English student to apply and you have to pay it back. A Maintenance Grant is similar to a maintenance loan, in that it is provided to cover living expenses. However, you do not need to pay it back, although any maintenance grant you receive will reduce the size of any maintenance loan you may receive. It is paid into your bank account at the beginning of term and the amount given is based on your household income – for example if your household income is over £42,650 then you will not be eligible for a grant but if your household income is £35,000 then you may be eligible for up to £1494.

Useful Student Loan Links

http://www.slc.co.uk/
http://www.moneysavingexpert.com/students/student-loans-tuition-fees-changes
http://www.thestudentroom.co.uk/content.php?r=399-student-finance