Students of the full-time and part-time undergraduate/postgraduate programs in the UK and the EU are provided with student financial support.This financial support is given either on a full or partial basis to assist students during their degree.
The Student Loans Company (SLC) from the Department of Education can supply these loans either directly to the university or directly to the students who have been approved for such loans. The financial support can be in the form of a Maintenance Grant, a Maintenance Loan, a DMU bursary or a scholarship.
What is a Tuition Fee/Student Loan?
Tuition Fee (or Student Loan) is a form of financial support that covers all major university expenses. It is non-income and provides full-time or part-time UK students with a peace of mind regarding tuition fees. Both UK and EU full-time and part-time students can apply for a Tuition Fee Loan
“The money offered can be paid directly to the university and will be used to cover cost of your course. EU applicants can apply for the Tuition Fee only if they are residents of Europe for at least three years.”
|Full-time student||2020-2021 academic year|
|Full-time||Up to £9,250|
|Full-time (Private University/College)||Up to £6,165|
What is meant by Maintenance Loan?
A Maintenance Loan is a type of financial loan that covers your daily expenses during the time you are obtaining your education. The funds are provided directly into the students account. The students are required to pay the money back only after they begin earning more than of £25,000 per annum. The payments are further suspended should a person loose their job or suffer personal hardship. The total amount given to students depends on the students location and duration of education. Student Finance England The amount distributed per student will depend on where and when the applicant studies.
What is the amount I get via Maintenance Loan?
Maintenance Loans are determined based on living arrangements and household incomes. The maximum funding can be £11,800 yearly if you students intend to live alone, away from the family home in London.
What is the Maintenance Loan criteria?
The Maintenance Loan is made in three installments at the start of each term. So, you will receive your funds in the following months. :
- - January
- - April
- - September (if you are going to initiate a new term)
What is meant by Additional Maintenance Loan?
The additional maintenance loan Additional Maintenance Loan is different from extra student maintenance Extra Student Maintenance. So, make sure you don’t combine the two terminologies.
Additional Maintenance Loan
Sometimes, you will get an additional maintenance loan in case your course duration is greater than the regular 30 weeks. So, an additional maintenance loan is completely dependent on your course and is given according to the individual courses.
Extra Student Maintenance
You are eligible to get extra student maintenance if you come under any of the following groups:
- - Single parent of a child under 20 years of age
- - A married couple seeking education and parents to a child under 20 years of age
- - Possess any disability
- - Fitted to get housing benefits
- - Unable to work for 28 weeks
- - Regarded as ill or a caretaker of any person
- - Other than that, check the SFE website for more information
What are the things covered under Maintenance Loan?
After qualifying for the Maintenance Loan, you will need to create a profound budget for yourself. The Maintenance Loan covers your following needs:
- - Rent (if you are living away from the family home)
- - Bills
- - Food
- - Transport costs
- - Social events
- - Household goods
- - Books
Childcare Grant & Parents’ Learning Allowance
There is a benefit of Childcare Grant (CCG) that covers the cost of your child’s childcare, and that must be registered and approved.
For the academic year 2017/18 and 2018/19, the Childcare Grant was up to 85% of the total costs required for the childcare unit, with a maximum of
£161.50 per week for one child
£274.55 per week for two or more children
Those who obtain Working Tax Credits, Universal Credit, Tax-free Childcare from HM Revenue and Customs (HMRC), or NHS funded childcare grants will not be eligible for CCG.
How do the repayments get calculated?
The employer can get the repayments cut from your salary during any pay period of receiving your salary. In such a case, your earnings before deduction of the tax can be over the weekly or monthly threshold.
The pay period is the time at which you receive your salary. It may be:
- - Week
- - Four weeks
- - Calendar month
Working out the monthly repayment amount:
- Take about £25,000 from your salary before tax deduction.
- The remainder 9% needs to be worked out.
- After that, divide the figure by 12.
- At last, round the amount to the nearest pound.
How much will I repay?
The 9% of the income (above the repayment threshold) you make needs to be repaid. The expected changes in the repayment threshold are £25,725 a year, £2,143 a month, or £494 a week, starting from 6th April 2019.
This is how the monthly repayments look like:
|Annual income before tax||Monthly salary||Monthly repayment|
However, the Postgraduate students will be given a maximum amount of £10,000 per year, as per the courses. Even if the course fee is less, the remaining money will still be yours