A Brief Guide to Student Financeshafiq
The Student Loans Company (SLC), operating in England, Wales, Scotland and Northern Ireland, sets to provide loans and grants to students in universities and colleges in the UK. The company’s main focus lies in delivering financial support to entitled students and learners pursuing higher and further education in order to pay the tuition fees to Higher Education Institutions. The loans are repayable once the person has left higher education.
There are two types of loans:
a. A Tuition Fee Loan – this covers the cost of course fees. Your university or college will charge the tuition fee and your loan is paid directly to them. The amount of universities charge varies – it can be up to £9,000 per year for a full-time course.
b. A Maintenance Loan – this helps cover living costs while you are studying. How much you will get depends on your household income, where you will be studying, where you currently live and how long you’ve lived there for.
Furthermore, you can also apply for your Maintenance Loan and Tuition Fee Loan at the same time, through your regional funding agency (not UCAS). How much you will get will vary depending on where you live.
Whether you will be living away from your parents for the first time or studying from home, once you start university, you will have far more financial independence than ever before. As a student, you can access loans to help you afford university. Knowing how they work is important so you can make sure you are getting all the help you need.
From 2019, you can get a loan of up to £9,250 each year to pay tuition fees. This is paid directly to your university or college. You can also get a maintenance loan of up to £16,000 to pay living costs. The amount you can get depends on the part of the country you are in and if you live away from home or not.
Alongside, it must be borne in mind that you will repay your loans once you have left university or college, and are earning over the income threshold i.e. £25,750 or above. The amount you will pay back each month will depend on how much you are earning.
For more information, look at the student finance website