Student Finance
It is possible to get help with financing Higher Education study in the UK from the relevant bodies in England, Northern Ireland, Scotland and Wales. Regulations differ for each. Links are provided further down the page.
Student Finance consists of 2 aspects - tuition fees and living expenses. There are eligibility criteria for the individual, the institution and the course and the following assumes that these criteria are met.
Institutions also offer scholarships for academic achievement and bursaries to assist those on lower incomes. Links to this information are provided on the Parents' Link pages.
Tuition fees.
Universities and Colleges now set their own fees and these differ between institution and indeed between courses within an institution. They may charge up to £9250 for the year. A few healthcare courses leading to registration with the Health Professions Council still have fees paid by the NHS and the possibility of a bursary subject to eligibility although this is being phased out except for medicine and dentistry courses.
Students from Scotland studying in Scotland pay reduced fees as do students normally resident in NI studying in NI. Welsh students can take out a loan to cover part of their tuition fees and apply for a non repayable fee grant from the Welsh Government to cover the difference wherever they choose to study in the UK.
It is possible to borrow up to 100% of the tuition fee each year and make repayments after graduation.
Living Expenses.
Funding for this aspect is rather more complex as some of the loan is means tested on household income. Loans are further dependant on the student's circumstances, i.e. living at home whilst studying, living away but outside London, and living away in London, each with a different rate. Additional funding is also available for students with special needs, students with dependants and for studying abroad as part of a UK degree. Payments are made 3 times in the year direct to the student's bank account. Students from Wales, Scotland and NI may also qualify for a Maintenance Grant
Funding is received once enrolment is complete so it is advisable for students to have some money available for the first few weeks of university until payment is received from the Student Loans Company.
Application
Applications are made via the appropriate website depending where in the UK you live. Parents can opt to complete their section at the same time as the student or can do this separately. Proof of income will be required in the form of a P60 or accounts. Deadlines are in place to guarantee payments at the start of the course.
Repayment.
Unless the student does not complete the course, repayments are due once the borrower is earning over a certain amount (now £25,000 in England and Wales) the April after graduation. 9% of the amount exceeding the threshold is deducted at source by HMRC. Loans are written off after 30 or 40 years.
Interest.
Interest is charged from the time the loans are taken out and continues to accrue. Again, different rates apply within the UK between RPI and RPI plus 3%. Students starting in 2023 will repay at RPI only over 40 years.
Please follow the links below for further information:
Student Finance England
Student Finance Northern Ireland
Student Finance Scotland
Student Finance Wales
NHS Bursary information
Money Saving Expert Martyn Lewis' guide to Student Finance
Student Finance consists of 2 aspects - tuition fees and living expenses. There are eligibility criteria for the individual, the institution and the course and the following assumes that these criteria are met.
Institutions also offer scholarships for academic achievement and bursaries to assist those on lower incomes. Links to this information are provided on the Parents' Link pages.
Tuition fees.
Universities and Colleges now set their own fees and these differ between institution and indeed between courses within an institution. They may charge up to £9250 for the year. A few healthcare courses leading to registration with the Health Professions Council still have fees paid by the NHS and the possibility of a bursary subject to eligibility although this is being phased out except for medicine and dentistry courses.
Students from Scotland studying in Scotland pay reduced fees as do students normally resident in NI studying in NI. Welsh students can take out a loan to cover part of their tuition fees and apply for a non repayable fee grant from the Welsh Government to cover the difference wherever they choose to study in the UK.
It is possible to borrow up to 100% of the tuition fee each year and make repayments after graduation.
Living Expenses.
Funding for this aspect is rather more complex as some of the loan is means tested on household income. Loans are further dependant on the student's circumstances, i.e. living at home whilst studying, living away but outside London, and living away in London, each with a different rate. Additional funding is also available for students with special needs, students with dependants and for studying abroad as part of a UK degree. Payments are made 3 times in the year direct to the student's bank account. Students from Wales, Scotland and NI may also qualify for a Maintenance Grant
Funding is received once enrolment is complete so it is advisable for students to have some money available for the first few weeks of university until payment is received from the Student Loans Company.
Application
Applications are made via the appropriate website depending where in the UK you live. Parents can opt to complete their section at the same time as the student or can do this separately. Proof of income will be required in the form of a P60 or accounts. Deadlines are in place to guarantee payments at the start of the course.
Repayment.
Unless the student does not complete the course, repayments are due once the borrower is earning over a certain amount (now £25,000 in England and Wales) the April after graduation. 9% of the amount exceeding the threshold is deducted at source by HMRC. Loans are written off after 30 or 40 years.
Interest.
Interest is charged from the time the loans are taken out and continues to accrue. Again, different rates apply within the UK between RPI and RPI plus 3%. Students starting in 2023 will repay at RPI only over 40 years.
Please follow the links below for further information:
Student Finance England
Student Finance Northern Ireland
Student Finance Scotland
Student Finance Wales
NHS Bursary information
Money Saving Expert Martyn Lewis' guide to Student Finance