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2012/13 Student Finance explained
Financing your future • Thinking about what you are going to study and how you are going to pay for it? • Student Finance England is here to help and can offer you financial support when you need it most – during your studies.
Student Finance explained The main types of finance are grants andbursaries (which don’t have to be paid back) and loans (which do).
What student finance is available? Tuition Fee Loan Maintenance Grant or Special Support Grant Maintenance Loan Extra support if you have special circumstances Children / adult dependants, disability, mental health condition, learning difficulty Part-time Other Support Bursaries & Scholarships
What is a Tuition Fee Loan? • Helps with cost of tuition fees (max. £9,000) • Repayable • Does not depend on your household income • Students need to check how much university or college will charge
What is a Maintenance Grant? • Helps with living costs (Max. £3,250) • Non-repayable • Depends on household income • Reduces Maintenance Loan entitlement
What is a Special Support Grant? • Paid instead of Maintenance Grant for some students • Non-repayable • Depends on household income • Does not reduce amount of Maintenance Loan
What is a Maintenance Loan? • Helps with living costs • Repayable • Amount you get depends on • household income • where you live when you are studying • year of course
Can I get student finance? You have to meet three main conditions: Personally eligible Your course Your university or college
Extra support • Extra support is available for students in special circumstances • students with a disability • with dependants
Any other support available? University and college bursaries and scholarships National Scholarship Programme Certain courses attract their own funding NHS Social Work courses
Studying part-time? Tuition Fee Loan of up to £6,750 Repayable Does not depend on household income Must be studying at least 25% of the equivalent full-time course
How do I apply? • Apply online at www.direct.gov.uk/studentfinance • Apply early – you don’t need confirmed place to apply • Apply before 31 May 2012 • Applications can be managed online
How do I get paid? • Register at your university or college – you can’t be paid until you do • Your Maintenance Loan and any grants go into your bank account in three installments – one at the start of each term • Your Tuition Fee Loan is paid direct to your university or college
What about repayment? • Repayment begins in April 2016 • You don’t repay until your gross earnings are over £21,000 a year, or £1,750 per month • You repay 9% of what you earn above £21,000 • Your repayments depend on how much you earn – not how much you owe • Any loan remaining after 30 years will be written off