If you or a family member are progressing on to a Higher Education course next academic year, here is all the information you need to start applying for student finance.
There are two main costs associated to Higher Education; tuition and living (e.g. food, accommodation, books). You can apply for government loans for one or the other or both, depending on your circumstances.
Applying online is simple - watch the video below for a step by step explanation.
To gain a deeper understanding of the process, take a look at the video below.
- When do you have to start repaying your student loan?
You have to start repaying your loan the April after you graduate (or the April after you withdraw from your course). However, you only start repaying once your earnings exceed £21,000 before tax. If you have both a tuition fee loan and a maintenance loan, the two costs will be combined and repaid as one.
- How much will I be paying and how long for?
How much you pay depends on how much you earn. You can only start repaying your loan if you’re earning more than £21,000 per year. After that you’ll pay back 9% of anything you earn over £21,000. You can see a few examples of what the expected monthly repayment is below:
£21,000 and under = £0
£25,000 = £30
£30,000 = £67
£50,000 = £217
If you haven’t paid the money back after 30 years, then your loan will be written off.
- What about any additional costs and considerations?
There are likely to be some additional costs related to your course. For example, books, lab equipment and field trips. You should enquire directly to the university or college to find out about any additional costs.
Also, any changes to course, mode of study, institution or any repeat years will affect your funding allowance. Before making any major decisions, it’s crucial to seek professional advice.
Should you enter financial hardship during your course, our Student Support team will be on hand to offer advice and guidance.
It’s important to submit your application early so that any necessary documents (declaration form, ID etc.) can be sent off and the application can be processed before the start of term.
Get ahead and apply for Student Finance today by clicking here!
If you’re interested in studying a Higher Education course at West Herts College, then view our offering here.