2012/13 Student Finance explained

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2012/13Student Finance

explained

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Financing your future

Thinking about what you are going to study

and how you are going to pay for it?

Student Finance England is here to help and

can offer you financial support when you need

it most – during your studies.

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Student Finance explained

The main types of finance are grants and

bursaries (which don’t have to be paid back)

and loans (which do).

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What student finance is available?

• Tuition Fee Loan

• Maintenance Grant or Special Support Grant

• Maintenance Loan

• Extra support if you have special circumstances– Children / adult dependants, disability, mental health

condition, learning difficulty

• Part-time

• Other Support– Bursaries & Scholarships

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What is a Tuition Fee Loan?

• Helps with cost of tuition fees (max. £9,000)• Repayable• Does not depend on your household

income• Students need to check how much

university or college will charge

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What is a Maintenance Grant?

• Helps with living costs (Max. £3,250)• Non-repayable• Depends on household income• Reduces Maintenance Loan entitlement

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• Paid instead of Maintenance Grant for some students

• Non-repayable• Depends on household income• Does not reduce amount of Maintenance

Loan

What is a Special Support Grant?

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What is a Maintenance Loan?

• Helps with living costs • Repayable• Amount you get depends on

– household income– where you live when you are studying– year of course

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How much Maintenance Loan can you get?

All eligible students can apply for this

Depending on household income you could also get up to

Max. Loan

Living in parents home

£2,843 £1,532 £4,375

Studying outside of London and not living with parents

£3,575 £1,925 £5,500

Studying in London and not living with parents

£4,988 £2,687 £7,675

Living and studying abroad for at least one academic term

£4,247 £2,288 £6,535

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Can I get student finance?

You have to meet three main conditions:

• Personally eligible

• Your course

• Your university or college

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Extra support

Extra support is available for students in special circumstances

– students with a disability– with dependants

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Any other support available?

• University and college bursaries and scholarships

• National Scholarship Programme• Certain courses attract their own funding

– NHS– Social Work courses

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Studying part-time?

• Tuition Fee Loan of up to £6,750• Repayable• Does not depend on household income• Must be studying at least 25% of the

equivalent full-time course

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How do I apply?

• Apply online at www.direct.gov.uk/studentfinance

• Apply early – you don’t need confirmed place to apply

• Apply before 31 May 2012• Applications can be managed online

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How do I get paid?

• Register at your university or college – you can’t be paid until you do

• Your Maintenance Loan and any grants go into your bank account in three installments – one at the start of each term

• Your Tuition Fee Loan is paid direct to your university or college

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What about repayment?

• Repayment begins in April 2016• You don’t repay until your gross earnings are

over £21,000 a year, or £1,750 per month • You repay 9% of what you earn above

£21,000• Your repayments depend on how much you

earn – not how much you owe• Any loan remaining after 30 years will be

written off