1.What are students eligible for? 2.How much does university really cost? 3.What is the application process? 4.How does repayment work? 5.Common myths and misconceptions.

ALL students are eligible for a tuition loan of up to £9000 per year. ALL students are eligible for a maintenance loan of up to £8200 per year (£10,702 for those studying in London). e.g. a student from a household with a combined income of £60,000 (before tax) would receive a maintenance loan of £4078 per year. Some students are eligible for further financial support dependent on individual circumstances.

SOME students are eligible for even more money, which in many cases does not have to be repaid, i.e. free money! Maintenance grants are available for those with a household income of up to £42,620 and range from £50 – £3827. NHS bursaries are available for many degrees such as nursing and midwifery. But still there’s more… Most universities offer a range of bursaries, scholarships and other financial support packages to eligible students. Many of these will be well publicised but some will require a little bit of digging on your behalf so do some research!

Tuition fees: Up to £9000 per year. University accommodation: £4680 (UK average for 9 month student halls rent). Textbooks/printing/stationary: £120 per term/semester. Food: £180 per month. Toiletries: £20 per month. Travel: ??? (dependent on university type/location). Mobile phone: ??? Clothes: ??? Socialising: ???

Students can apply for student finance as soon as the application opens. Your son/daughter does all of the work online at If they are only applying for a tuition fee loan and a basic maintenance loan then you don’t need to do anything at all. If they are applying for a maintenance loan that is dependent on your household income, they’ll be asked to enter your address during the application process. You will then receive details of how to create a parental account on the student loans website, onto which you will need to enter your National Insurance number and details of your household income. Your son/daughter will then receive their student loan in three instalments across the academic year!

Your son/daughter won’t have to make any repayments until the April after they finish their course. Even then they won’t make any repayments until their income is over the repayment threshold (currently £21,000). Once students start to repay their loan, the amount they repay is based on their income, not what they borrowed. When they are earning over £21,000 they’ll pay 9% of their income above this threshold. Students will pay interest on the amount they borrow (currently charged at the rate of inflation plus 3%). Loans are written off after 30 years!

You can only apply for student finance once you have made your firm choice of university. If my son/daughter can’t make the repayments then I’ll have to. My son/daughter can’t afford to go to university. If I have high earnings then my son/daughter won’t get any student finance. It’s time consuming for me as a parent.