1. Student finance mythbusting

2. Aims of the session Student Costs What is student finance?
What can I get?
How do I get it?
What happens after I graduate?

3. 1
Student Costs
How much does it cost to go to University per year?
£9 250
The £9, 250 is what’s known as a tuition fee, the cost of the degree itself
Students also need to cover their living costs such as food and housing
Which is where Student Finance comes in…

4. What is student finance?
Money you borrow from the government to pay for university
You are entitled to borrow from Student Finance England to cover your tuition fees and living costs
Up to £17,680 per year is available to you (2017/18)
Maintenance Loan
Tuition Loan
Your Student Loan
Covers your living costs: food, rent transport, whatever you need!
What you’ll pay back once you’re earning £21 000
Covers the cost of your degree

5. What can I get?
250
Up to £9 250 per year
Paid straight to the university
Up to £8 430 per year
Paid straight to your student bank account
This is what you’re entitled to without being ‘means tested’
You will get less maintenance loan if you live at home and a bit more if you go to London

6. What can I get? You can also get extra support if you:
Have children or an adult dependent on you
Have a disability, mental health condition or learning difficulty
Find out more by searching the Student Loans Company

7. What can I get? Bursaries and Scholarships
Available from some universities if you meet certain criteria e.g. students from the local area
Available from some universities if you meet academic criteria e.g. if you get AAA.
Does not have to be paid back!
Always check with the university you want to go to

8. How do I get it?
First apply for your university courses online through UCAS…
Then apply for student finance online before you start your course…
You do not need to have a confirmed place to apply for student finance
You’ll need to apply for student finance every year

9. How do I get it?
Setting up your student finance account is straightforward
If your course starts in September you’ll need to apply for student finance in advance, usually by the end of May
You can log in to your account at any time to track your application, check when payments are due, and to reapply ahead of the next academic year

10. What happens after I graduate?
You only start to pay it back after you earn over £21,000 a year
Repayments start the April after graduation
Then you only pay a % of the bit above £21,000
So if you earn £22,000…
£22,000 - £21,000 =
9% of £1,000 =
£90 a year or £7.50 a month or £1.88 a week!

11. What happens if I never earn £21,000?
Over your career you’ll only pay back if at any point you earn over £21,000
If you fall below this, payments stop
Any remaining balance is wiped out after 30 years
Your debt will never be transferred to a family member

12. Find out more
The amount of money you can get changes every year so you should do some research before you apply
Student Finance England:
Student Loans Company: