STUDENT FINANCE2016 ENTRY

Luke FrenchEducation Outreach Officer

Provided by the Student Loans Company aka. Student Finance England

WHAT IS STUDENT FINANCE?

The cost of going to university is split into two main costs:

Tuition fees Living costs – Maintenance

WHAT IS STUDENT FINANCE?

STUDENT FINANCE

TUITION FEE SUPPORT

MAINTENANCE SUPPORT

TUITION FEE LOAN

MAINTENANCE LOAN

SCHOLARSHIPSAND

BURSARIES

• Covers the cost of your course

• Don’t have to be paid upfront

• Up to £9,000 a year

TUITION FEES

Covers the full cost Paid directly to the

University There is nothing to pay

during the course You don’t have to use a

loan Everyone should be

entitled

TUITION FEE LOAN

Maintenance means living costs. At university this is things like food, rent, books – the essentials. Where you go and how you spend will affect your cost of living.

MAINTENANCE COSTS

Available to all UK students on a full-time, undergraduate course

Paid directly to the student in 3 instalments

The amount you get depends on 2 factors – Your household

income and; where you study

MAINTENANCE LOAN

MAINTENANCE LOAN

WHERE NON-INCOME ASSESSED

INCOME ASSESSED(MAXIMUM)

TOTAL

Outside London £3,821 £4,379 £8,200

London £5,330 £5,372 £10,702

Home £3,039 £3,865 £6,904

Applicants with a household income below £25,000 will receive the maximum available to them.

Household incomes over the amounts below will just receive the non-income assessed part of the loan.

MAINTENANCE LOAN

WHERE HOUSEHOLD INCOME LIMIT

Outside London £62,180

London £69,803

Home £58,201

Household incomes between £25,000 and the household income limit will receive a percentage of the income assessed part. The applicant will receive a Student Finance Entitlement Letter.

MAINTENANCE LOAN

Scholarships Bursaries Come directly from universities Every university is different so research

is needed Some are assessed automatically while

others need a separate application

SCHOLARSHIPS AND BURSARIES

• Repayments start the April after graduation

• Repay 9% of anything over £21,000

• Remainder cancelled after 30 years

• Repaid via the tax system

REPAYMENTS

SALARY – BEFORE TAX

MONTHLY SALARY

MONTHLY REPAYMENT

£20,000 £1,750 £0£22,000 £1,833 £7£25,000 £2,083 £30£30,000 £2,500 £67£35,000 £2,916 £105

REPAYMENTS

Interest accrues on your loan as soon as you start your course

Once you have graduated, the interest rate varies based on your earnings

INTEREST RATES

SALARY INTEREST RATE

WHILST STUDYING RPI, plus 3%

£21,000 OR LESS RPI

£21,000 to £41,000 RPI, plus a rate of up to 3%

£41,000 OR MORE RPI, plus 3%

Student loans do not factor into credit ratings

It is unlikely a student loan will affect your ability to get a mortgage

You will still repay your loan if you move overseas

OTHER INFORMATION

Repayments are based entirely on how much you earn, not how much you borrowed

It’s not always cheaper to live at home

You can repay early - but that doesn’t mean you should

OTHER INFORMATION

www.gov.uk/studentfinance

www.studentloanrepayment.co.uk

www.moneysavingexpert.com/family

www.essex.ac.uk/studentfinance

USEFUL LINKS