Your complete guide to student loan options in the UK
We give you the full lowdown on the different forms of funding you might be able to get in the UK.
There are many ways you can get funding for your university education. You might need to use several of them to afford the estimated average cost of university, which is now more than ВЈ20,000 per year when you add living costs to your tuition fees, according to NUS figures.
Government loans for tuition fees
A full-time UK student can generally apply for a loan of up to ВЈ9,000 to pay their tuition fees. This is rising to ВЈ9,250 in the next academic year (2017-18) when it’s expected we’ll see a number of universities increasing their fees. The tuition fee loan is paid directly to the student’s university.
Repayments kick in when you’re earning ВЈ21,000 a year, at which point you have to pay 9% of any amount you earn above this threshold. Payments are usually taken directly by your employer and paid back to the government. Interest accrues at the rate of inflation (RPI) plus 3% while you’re studying. From the April after you graduate interest is calculated on a sliding scale, depending on how much you earn, from вЂRPI only’ up to вЂRPI plus 3%’.
Government loans for living costs вЂ“ maintenance loans
Students can also get a government loan to help towards their living costs, known as a maintenance loan.