Student finance - how to pay for your studies
Now, going to university isn’t cheap. We’re all friends here, we can be honest about these things. But! There are more ways to pay for your studies than taking out loans or trying to punt your kidneys down the market for some extra cash.
To help you find out what your funding options are, the Department for Innovation, Universities and Skills has produced a helpful DVD that goes through the financial help available to students. They’ve got Nick Grimshaw (Radio One) to present it, with a little help from Miquita Oliver (you know the one), Ed Byrne (Mock the Week) and etc.’s favourite, Mark Heap (Spaced, Green Wing), so it’s actually pretty entertaining, too.
You can see the DVD and order your very own copy right here, or call 0800 587 8500 for a free copy.
In the meantime, here’s a summary of your financial options. Have a look, you might be surprised what you can get – including some stuff you don’t have to pay back! (Don’t spend it all on shoes.)
Full time students
Tuition Fees
In 2008/09 universities and colleges in England can charge tuition fees of up to £3,145 a year. For every student studying in England the Government contributes around £4,000 to the costs of their study.
Repayable Student Loans
* Student Loan for Tuition fees Covers the full amount of tuition fees charged up to a maximum of £3,145. Not income assessed, and paid straight to the university or college. Student doesn't have to take out the full amount - can choose less, but then needs to meet difference. This is paid directly to the chosen institution.
* Student Loans for Living Costs (AKA the Student Loan for Maintenance) Covers the basic living costs and are paid directly to student bank accounts. Maximum amounts for 2008/09 are:
Living away from parents home and studying in London – up to £6,475
Living away from parents home and studying outside London – up to £4,625
Living at parents home (in London and outside) – up to £3,580
Around 75% is available to everyone that's eligible, around 25% means tested based on household income (Note: The Student Loan for living costs is reduced by £1,260 if the student is eligible for more than £1,260 of Maintenance Grant. This will reduce the amount borrowed, and will help students manage their borrowing).
* Repaying Student Loans - Repayments linked to earnings, not how much is owed. Students only start to repay in the April after they have left university or college. All Student Loans are combined and repayments are at 9% on earnings above £15,000.
Someone on £18,000 (the average starting salary for a graduate) pays back £5.19 a week.
* Repayment holiday - Students who enter student loan repayment from April 2012 will be able to take a repayment holiday of up to 5 years in. Any repayment holiday taken will extend the standard '25 year write off period' by the length of the payment break
Non-repayable help:
* Maintenance Grant - Income assessed and non-repayable. In 2008 this is worth up to £2,835.
New students in 2008/09
Income under £25,000 – Full Grant
Income between £25,001 and £60,005 – Partial Grant
Income in excess of £60,005 – No Grant
* Non-repayable Bursaries - Minimum £310 If student is paying full Tuition Fees of £3,145 and getting full Maintenance Grant of £2,835.
Most institutions are offering more, and not just to these students. In 2007/08 the typical bursary for a student receiving the full Maintenance Grant on a course charging the full £3,070 tuition fee was £1,000.
* Other non-repayable help
- Disabled Students' Allowances (DSAs) for students with a disability, mental health condition or specific learning difficulty. This help is not means tested and does not have to be repaid.
Non-medical personal helper (amount each year)
Up to £20,000
Major items of specialist equipment (amount for the whole course)
Up to £5,030
Other disability related expenditure (amount each year)
Up to £1,680
- Childcare Grant, Parents' Learning Allowance, and Adult dependants Grant for students with children or adult dependants. This help is income assessed and does not have to be repaid.
Childcare Grant
For full time students with dependent children in 'prescribed' childcare
Up to £148.75 a week (1 child) up to £255 a week (2+ children)
Parents Learning Allowance
Helps with course related costs for full time students with dependant children
Up to £1,470 a year
Adult Dependants Grant
For students who have another adult dependent on them financially
Up to £2,575
- The Access to Learning Fund is available from universities and colleges to provide help for students in hardship who may need extra financial support for their course and to stay in higher education. (Note: Payments are usually given as grants, but may be in the form of a repayable loan)
The Higher Education Student Support Guarantee (HESSG)
All 16 year olds living in England who receive an EMA in academic year 2008/09 will be given a firm guarantee of the minimum level of financial support they will receive if they progress into higher education. So if you go, you’ll know exactly how much financial support you’ll get – no grey areas. Which helps.
Note: Existing EMA students will also get support under the current system and may also get full grant etc.
For more info, head to the student finance site!
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