Student Finance

The financial help a new full-time student can get depends on the course, where they live while they are studying, and their individual circumstances.

 

Types of help for new full-time higher education students include:

·         Tuition fee loans to cover the full cost of tuition fees

·         Maintenance loans to cover the cost of living expenses

·         Grants for living costs to cover the cost of living expenses

·         Bursaries and scholarships from universities and colleges

·         Students can also get extra help if they have children or adult dependants, or have a disability or specific learning difficulty.

 

For the majority of students, a loan will comprise of the tuition fee loan plus a maintenance loan, and this will be paid directly at the start of each academic term. Everyone on an eligible course qualifies for 75% of the maximum loan, regardless of income, and the rest is income-assessed. These loans accrue interest at the rate of inflation, which means that the amount repaid has the same value as the amount borrowed.

 

The repayment of loans is repaid through the tax system, and only begins after the student has left higher education and is earning over £15,000. This system of collection is known as Income-Contingent Repayment (ICR), because it tapers the repayment obligation according to the gross income of the account holder. It is distinct from the previous mortgage-style scheme in which the monthly repayments were fixed and account holders whose incomes exceeded the deferment threshold, were required to repay the entire instalment each month.

 

The Student Loans Company (SLC) is a UK public sector organisation established to provide financial services, in terms of loans and grants, to over one million students annually, in colleges and universities across the four education systems of England, Northern Ireland, Scotland and Wales.

 

SLC becomes responsible for the administration of financial support after the award authority has completed the income assessment and eligibility elements of the application process.

 

SLC  provides a broad range of products & services to education funding in the UK.

 

Student finance enquiries

For information and advice about the types of financial assistance you may qualify for, or to query the progress of your student finance application:

 

Resident in England

Website: http://www.studentfinancedirect.co.uk

Tel:               0845 607 7577       
(open mon - fri from 8.00am to 8.00pm and between 9.00am and 5.30pm on sat - sun, local call rates apply)

Minicom:               0845 604 4434       
(You must have access to a Minicom device in order to use this service).

Email: All emails to Student Finance Direct must be sent through the secure message facility on the website.
Log into your account and choose "Ask a Question" from the links on the left hand side.
Your email message will automatically be sent to a Student Finance Direct representative who can assist you.

 

Resident in Wales

Website: http://www.studentfinancewales.co.uk

Website: http://www.cyllidmyfyrwyrcymru.co.uk (Welsh version)

Tel:               0845 602 8845       
(open 8am-8pm Mon-Fri and between 9am-1pm on Saturday, local call rates apply).

Minicom:               0845 603 1693       
(You must have access to a Minicom device in order to use this service).

Email: All emails to Student Finance Wales must be sent through the secure message facility on the website.
Log into your account and choose "Ask a Question" from the links on the left hand side.
Your email message will automatically be sent to a Student Finance Wales representative who can assist you.