University is a positive investment in your future, so you may need a student loan from Student Finance England to help fund your studies and living costs, leaving you to focus on getting the best degree you can! There are 2 loans available; a tuition fee loan and a maintenance loan.
Universities can charge up to £9,000* per year for tuition fees, everyone is entitled to this and it goes straight from the government to the university, so you don’t need to worry about this money ever being in your account! Maintenance Loans are based on household income and are assessed on an individual basis, and should be used to contribute to your accommodation and living costs. To find out how much you are entitled to, why not use the Student Finance Calculator by clicking here.
It is only in the April after you’ve graduated and are earning over £21,000 per year that you’ll start making loan repayments. These are small, manageable deductions off your monthly pay, which could be smaller than your current mobile phone bill! For example, repayments are currently calculated at 9% of everything you earn over £21000. So, if you earn £25000 per year you will pay back £30 a month.
The Money Saving Expert has created a Student Loan Calculator which can provide a rough estimate to how much of your loan you’ll pay back over your life time.
*Subject to change