Your top questions about student finance
My family income is less than £17,500, can you tell me what financial support I can get?
If you are from a household income of less than £17,500 there really is a great deal of financial support in place to help you with the costs associated with higher education. You can apply for a loan to cover your tuition fees (of up to £3,000 per year) and you could also be entitled to the full non-repayable maintenance grant of £2,700 per year, as well as a loan for maintenance.
The maintenance loan is dependent on both where you choose to study and household income. So, for example, if you are receiving the full grant and choose to study outside London you could receive a maintenance loan of £3,205 whereas if you choose to study inside London you could receive £4,970. Furthermore, if the university you attend is charging the full £3,000 in tuition fees and you are receiving the full grant, you will also receive a minimum bursary of £300 from your chosen university.
 Help! I need advice on the changes to tuition fees, do I still pay them at the beginning of each year?
Under the previous system students were expected to pay tuition fees at the start of each academic year. From September 2006, although universities/colleges can charge up to £3,000 in tuition fees, students can take out a tuition fee loan to cover these costs so you don't need to find the money upfront. You don't pay back the loan until you have left your studies and are earning over £15,000.
How much do you need to be earning before you have to pay back your loans?
You will not need to start making loan repayments until you have left university, are in work and are earning more than £15,000 a year and then you will pay back 9% of your earnings over this £15,000 benchmark.
In practical terms, this means that on the average starting salary for a graduate level job of £18,000 per year, you would repay £5.19 per week.
I think my Mum and Dad earn around £25,000, can I still get some non-repayable financial support?
Yes! With a household income of up to £25,000 you could be eligible for a partial maintenance grant from the Government of at least £1,450 per year. In addition to this non repayable support you could also be entitled to a non-repayable bursary from your chosen university. To find out exactly what you could be entitled to, contact your chosen higher education institution.
I have heard that universities now offer bursaries. What could I stand to receive and how do I apply?
You're right! Universities and HE colleges charging more than £2,700 a year in tuition fees are required to provide additional non-repayable financial support, such as bursaries, to students who are receiving the full £2,700 maintenance grant. So, if you are set to receive the full maintenance grant, and are being charged the maximum tuition fee of £3000 a year, you will receive at least £300 a year in additional financial support from your chosen higher education institution.
The exact amount of financial help will depend on the university or HE college. Some are offering more so you should speak to the university or college that you wish to attend. Some universities and colleges are also offering bursaries to all students, so it's worth investigating to see if you qualify.
 l am hoping to go to university in September and would like to apply for some financial support, how and when do I apply?
The process is simple so don't panic. Once your course application form has been submitted you can apply for financial support and you only need to fill out one application form to cover the tuition fee loan, maintenance loan and non-repayable maintenance grant. The paper applications (Form PN1) are already available from your local authority or you can apply online through www.studentfinancedirect.co.uk. Application forms for the part-time fee and course grants will be available from August 2006.
To ensure you get funding in time, you must apply as early as possible. You don't have to wait until you have a firm offer of a place, so start moving this forward today. If you are a new student applying for means tested support you need to apply before 30th June 2006 to ensure your money is paid for the start of the term.
I am thinking about living at home whilst I'm studying. How will this affect what financial support I might be entitled to?
All students in full time higher education from September 2006, can apply for a loan to cover the entire cost of their tuition fees if you are from a household with an income of less than £37,425 you may also be eligible for a non-repayable grant. You may also be eligible for a maintenance loan. The only real difference is that you will receive a lower level of financial assistance than you would if you had chosen to live away from home, as your living costs will be less.
Is there anyway I can work out what support I will get before I make my final decision?
Visit www.direct.gov.uk/ studentfinance for further information and support. The site provides details of the changes to the system and the new student finance support package. You can find out exactly what you might be entitled to by accessing the student loan and grant calculator. The figures are based on the information you give, so be as accurate as you can be.
http://studentfinanceloangrantcalculator.direct.gov.uk/
*The results from the student loan and grant calculator will apply to you if you:
> are starting a new university or higher education course in 2006/2007.
> are studying full time.
> are from England. |
