What student loans are available to help with tuition fees and living costs?
If you’re a UK national, or have settled status, then applying for student loans should be straight forward. The Tuition Fee loan covers their course fees and a Maintenance loan will help them with living expenses, meaning they shouldn’t have to pay any up-front costs.
How are the loan amounts calculated?
The Tuition Fee loan is paid directly to their higher education provider and they can borrow up to the full cost of their course fees. The Maintenance loan amount is calculated on your household income and other things such as whether they plan to live ‘away from home’.
When do they have to pay it back?
Loan repayments will begin the April after they graduate from their course and are earning over the repayment threshold, which is currently set at £27,295 per year. They will then pay 9% on the amount above £27,295. For example, if they’re earning £30,000 a year, they’ll pay 9% of £2,705 and this is deducted automatically from their pay cheque.
How do they apply for Student Finance?
It’s simple – applications are made to Student Finance England using their Student Finance Portal. When filling in the application they’ll need to provide details of their course, this is how they’ll find the right one:
1. Select Lancaster University (they award UA92 degrees)
2. Search for UA92 in the course area.
3. Select your course (All our courses have ‘UA92’ at the start).
Tips for completing their Student Finance application
1. They’ll need their passport, bank details and National Insurance number to hand.
2. They may need to provide additional evidence to support their application – do this straight away to avoid any delays in processing their application.
3. If circumstances change, they can make changes to their application or university/course details via their online account.