How it will happen: If anybody studies for full-time, the main source of financing are
- Students loans and grants from the government
- bursaries form college or university
Financial loan fro students from the government: All qualified students can get help with tuition fees and living costs through Student Loans.
Every students will able to receive two Students loan per academic year:
- a Student Loan for Tuition Fees – to cover the cost of your tuition fees in full
- a Student Loan for Maintenance – to help with accommodation and other living costs (how much you get depends on your household income)
How to repay the loans:
Student Loans must be paid back – but you don’t must start making repayments until you’ve left your course and are earning over £15,000.
Once your earnings reach this repayment start, you’ll pay back 9% of whatever you earn over £15,000. If you’re due to start paying back your Student Loans from April 2012, you’ll have the option of taking a repayment break of one or two years.
Accommodation costs: Maintenance allowance and Special Support allowance
All over a third of new students are expected to certify for the full Maintenance allowance or Special Support allowance, and around a further third for a partial allowance.
Bursaries are extra sources of help from your university or college. Institutions in England will offer at least a minimum bursary payment if you’re getting the full Maintenance Grant or Special Support Grant.
Allowance and bursaries don’t be obliged repaid.
More about finance for full-time students
Follow the link below for a more detailed guide to what’s available.