UK and EU Student loans

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Expand the sections below to find out about the financial support packages that are available to you from the government in 2016/17.

How can I cover my tuition fees? 

The tuition fee that will be charged for undergraduate students in 2016/17 will be £9,000. ATuition Fee Loan is available from the government via the Student Loans Company (SLC) to all UK and EU undergraduate students, giving you the opportunity to borrow up to the full cost of your tuition fees.

How can I cover my living costs?

While you are at university, your living expenses will be taken up by the cost of your accommodation, travel, food, bill, study materials and other day-to-day spending. In order to cover these costs, the government provides support in the form of a Maintenance Loan.

This loan is only available to UK undergraduate students. A certain percentage of the loan (around 44%-47% depending on where you choose to live during term-time) is available without any means-testing.  The remaining percentage of your maintenance loan will be means tested based on your household income.  (This will be your parents’ earned and unearned income (eg benefits, pensions or investments) if you’re under 25 and depend on them financially, or you or your partner’s income if you’re over 25 and living together).  For 2016/17 academic year, the 2014/15 tax year income will be used. 

  • Up to £8,200 in total will be available if you are living away from home and outside London.
  • Up to £6,904 in total will be available if you are living at home.

For further details, visit the gov.uk website. You can also use the student finance calculator to estimate your Maintenance Loan.

How and when do I apply?

In early 2016 you should apply for your funding online via the gov.uk student finance page. You should ensure that you apply to the relevant SLC agency for your area in which you normally reside. 

In order to ensure that your funding enters your account at the start of the academic year, you must apply by late May in the case of new students and late June in the case of continuing students.  Please check the SFE Facebook page to confirm the exact deadline dates.

To receive all the money you are entitled to and at the earliest opportunity, you must supply all the evidence requested by the relevant deadlines and give consent to share your financial details with the University. This will enable us to determine your eligibility for a Chamberlain Award.

Please note: If you are a Home or EU student who has already completed a previous undergraduate programme of study from anywhere in the world that is equivalent to or higher than the second course that they are studying, you will be classed as an Equivalent or Lower Qualification (ELQ) student. As an ELQ student you will not be eligibile for the Tuition Fee Loan, Maintenance Loan, Maintenance Grant or the University's Chamberlain Award. 

 

Do the loans gain interest? 

From the date you take out loan(s) you will be charged interest at the rate of inflation plus 3%. Once you have graduated or otherwise left the University you will be charged interest at:

  • the rate of inflation (if you are earning less than £21,000)
  • the rate of inflation plus up to 3% (if you are earning between £21,001 and £41,000)
  • the rate of inflation plus 3% (if you are earning above £41,000)

For further information about interest rates on student loans, please visit the repayment web pages on the gov.uk website.

How do I repay the loans? 

You will only start repaying your loan(s) in the April after you leave University, are in work and earning over £21,000 per year. Repayments will be 9% of your income above this threshold so the amount repaid each month will depend on your earnings. If for any reason your income falls below £21,000, your repayments will be suspended.

The repayment process is simple, as it will be deducted automatically from your pay through the tax system (PAYE). If you have not paid off your loan after 30 years, all outstanding repayments will be written off. For further information on the repayment process, please visit the repayment web pages on the gov.uk website.

You can also get an idea of how much you might be repaying once you graduate by using the loan repayment calculator.

What funding is available if I am not from England?

If you live in Wales, a maximum tuition fee loan of up to £3,810 is available which will be paid directly to your university or college. The Welsh government will provide a fee grant (up to £5,190) to cover fees up to £9,000 in 2016/17.  Maintenance Loans are available for living costs, and a Welsh Government Learning Grant of up to £5,161 is available for students from lower-income backgrounds. Please visit Student Finance Wales for more information. 

If you live in Northern Ireland, a tuition fee loan of up to £3,805 will be available for full-time Northern Irish students studying in Northern Ireland. A tuition fee loan of up to £9,000 will be available for full-time Northern Irish students studying in the rest of the UK.  Loans and grants for living costs will also be available. Please visit Student Finance NI for more information.

If you live in Scotland, the Student Awards Agency for Scotland (SAAS) will pay your fees directly to your university or college if you chose to study in Scotland. If you choose to study elsewhere in the UK, a tuition fee loan of £9,000 will be available.  Bursaries and loans will also be available to cover your living costs; for full details please visit the SAAS website.

EU students are eligible for the Tuition Fee Loan only. This is offered by the UK government via the Non UK team of the Student Loans Company (SLC) to all EU and home undergraduate students, giving you the opportunity to borrow up to the full cost of your tuition fees. For more information, you can contact the Non UK team on 0141 243 3570. 

If you are an international student, you will not be eligible for any financial assistance from the UK government. You will need to contact your home country to determine if there is any financial support available.

Additionally, please visit our international fees and funding web page for further information.