Student money: loans and grants
Financing Undergraduate Courses
With the increase of undergraduate fees in September 2012, the student finance has been revised to reflect this. From September 2012 tuition fees will be increasing, they will now run from £6000 up to a maximum of £9,000 per year. On the bright side, however, by and large a degree is still worth having - for example a Physics degree would be worth on average £187,000 more over the course of your lifetime than just A levels!1
In the Autumn Statement 2015, the government has announced a freeze in the repayment threshold keeping it £21,000 for 5 years. It has been announced that this will be back dated and will affect students who started their studies in 2012/13.
Tuition Fee Loans
The cost of university can be a maximum of £9,000 per year, the tuition fee loan and it covers (unsurprisingly) the cost of your education, NOT your living costs.
|Full Time Students||Tuition Fee Loan|
|Full-Time||Up to £9,000|
|Full-time at a private university or college||Up to £6,000|
To finance your living costs at university, Maintenance loans are available to you and they vary depending on how and where you live:
|Full Time Students||Loan for courses from August 2016|
|Living at Home||Up to £6,904|
|Living away from home, outside London||Up to £8,200|
|Living away from home, in London||Up to £10,702|
|You Spend a Year of your Course Studying Abroad||Up to £9,391|
Grants & Extra Help
From September 2016 university maintenance grants for lower income students will be stopped. Instead, the maintenance loan amount available have been increased to cover living costs.
- Students on low income
- Students with Children or Dependents
- Disabled Students
- Medical, Social Work and Teacher Training Students
- And more
The government has a useful student finance calculator which takes into account any extra help you are eligible for.
Financing Postgraduate Degree
If you decide to continue your studies after graduating, it is important to think about the finances. Ask yourself; how are you going to fund your postgraduate? Raising the money for your postgraduate degree can seem confusing. We have gathered some useful information and guides around financing your Master’s degree.
Postgraduate Loan Scheme
From September 2016, postgraduate students under 60 can apply for loans up to £10,000. More information is due to be released early 2016.
Career Development Loans
This loan is classified as a bank loan where you can borrow between £300 and £10,000. Loans are offered at a reduced interest rate with the government paying the interest whilst you are studying. The government recommends allowing 3 months for your application to be processed before your course starts.
These are some student finance resources that we've found and think are worth a look (bestCourse4me is not responsible for any of the content on these sites.)
- Student finance calculator powered by Brightside
Education charity Brightside brings you a tool to help build your budget for Uni and check your eligibility for loans and grants.
- Student finance calculator powered by Gov.UK
Use the government calculator to estimate student loans and any extra funding you may be entitled to.
Information and Guides
- Student Loans Mythbusting Guide by MoneySavingExpert
An up-to-date guide about loans for 2015 & 2016 University starters.