Once you receive your maintenance loan you should immediately work out a realistic budget. It will need to cover the following:
- Rent (if you are living away from home)/Bills /Food / Transport costs / Social events… be careful not to overspend here / Household goods (soap, washing up liquid,..) / Books
Childcare Grant & Parents’ Learning Allowance
You can receive a Childcare Grant (CCG) towards the cost of your childcare if you have children in registered and approved childcare.
In academic year 2017/18 and 2018/19 you can receive up to 85% of your childcare costs up to a maximum of:
£161.50 a week for one child; or
£274.55 a week for two or more children.
You won’t qualify for this grant if either you or your partner claim the childcare element of Working Tax Credits, Universal Credit, Tax-free Childcare from HM Revenue and Customs (HMRC) or NHS funded childcare grants.
How repayments are calculated
How much you will repay
Your employer will take repayments from your salary during any pay period where your earnings before tax are over the weekly or monthly threshold.
By pay period, we mean each time you receive your salary. This could be every:
- Week
- Four weeks
- Calendar month
How to work out your monthly repayment amount
- Take away £25,000 from your annual salary before tax
- Work out 9% of the remainder
- Divide that figure by 12
- Round down to the nearest pound
Example repayment amounts
You’ll repay 9% of your income above the repayment threshold. The repayment threshold is expected to change to £25,725 a year, £2,143 a month or £494 a week from 6 April 2019.
Here are some examples of what your monthly repayments might be:
For all POSTGRADUATE courses, you will get a maximum of £10,000 per year. if the course costs less, you can keep the difference.