University education can be quite costly, any funding aimed at helping make the burden lighter is always welcome. As a student, you can access a variety of funding options to help you afford the costs involved, which go up to £20,000 every year including living costs and tuition charges. Here is a lowdown of the funding options available to you.
Government Tuition Loan
A full-time UK student can access a loan of up to £9,000 in tuition fees, which will increase to £9,250 for the 2017-18 academic year. In this same year, many learning institutions will increase their fees. The tuition loan is paid directly to the university.
You will be required to pay back your student loan. However, the deductions commence when your annual earnings are £21,000, at which point you will be required to pay 9% of the amount you earn above this set threshold.
Student loan repayments are deducted from your pay by the employer and remitted to the government. The loan comes at a low-interest rate calculated as the current inflation rate (RPI) plus 3% as long as you are studying. After graduation, the interest rates vary depending on your earnings. The range is “RPI” to “RPI plus 3%”. You can call the Student Finance contact number 0843 455 0057 if you have any query.
Government Student Maintenance Loans
Students can also access loans to help with their maintenance costs. Here is a brief breakdown of the maximum amount you can get a maintenance loan if you are Full-time.
|Student living away from home but reside in London||£11,002|
|Living away from home but reside outside London||£8,430|
|Student living at home||£7,097|
|A year of coursework outside UK||£9,654|
It is important to note that these figures change every academic year. Therefore, be sure to check how much you can get in whichever academic year you prefer with the help of the student finance calculator. You can also call the Student Finance contact number 0843 455 0057 if you have any query.
Bursaries and Education Grants
These funding options are granted under special circumstances or to students pursuing a particular course. Teacher training, social work, and medical courses are mostly eligible for grants. You can call the Student Finance contact number 0843 455 0057 for tips on how to access and apply for these funding options.
NHS bursaries are available to students undertaking medical courses. The best thing about bursaries is that the student is not expected to pay back the amount. However, the word is that NHS bursaries will be scraped off for the 2017-18 academic year and replaced with an affordable loan scheme.
Learning institutions have their bursary systems where they help pay part or the full amount required for a student to study in the institution. Check with your university to know whether you qualify for any in-house bursary. As with the NHS bursaries, you do not have to pay back the university bursary.
Charitable Trust Education Grants
Education grants are readily available from a range of charitable trusts. While some trusts grant funding to students pursuing specific courses, others consider the circumstances and potential of the students. You can always check the eligibility criteria of the trusts you wish to apply to. Take a look as Turn2Us official website for more information on the grant opportunities available. You can also call the Student Finance contact number 0843 455 0057 for more information.
Private Bank Loans
There is a whole range of short-term, payday loans, credit card and overdraft options that students can access today to help with tuition and maintenance fees. These loans come in handy, especially when in a crisis. However, they have higher interest rates and shorter repayment periods. They are handy emergency loans.
If you need higher amounts of funding with a longer repayment period, these loans may not be the ideal option. For example, a student credit card with a typical high street bank comes with an interest rate of around 18% APR, maybe more.
Students who wish to pursue post-graduate education can still access funding to help with the tuition and living expenses. The government can give loans of up to £10,000 to post-grad students. The Research Councils, for starters, funds post specific graduate positions, which are commonly known as Studentships. You can check eligibility for the Studentships and apply accordingly. Be sure to check out Education Grants Directories to see if there are other funding options for postgraduate studies.
Do You Have Dependants Yet a Full-Time Student
Full time higher education students who have dependents (children or special needs adults) can access some grants to help with the tuition and living expenses. Here is a brief of the non-repayable grants available to students with dependants.
Child Care Grant
|Assists with the costs associated with raising children while a full-time student. The grant can go up to £155.24 a week for one child and £266.15 a week for two or more children.|
Parents’ Learning Grant
|Allowance is granted to parenting students and can go up to £1,573 in a year. The amount is meant to help with expenses such as study resources such as books and travel. This allowance is dependent on the amount of household income.|
Child Tax Credits
|Children under that age of 16 (or 20 if in full-time education) can qualify for child tax credits. If in full-time education, the tax credits will help a great deal. You can calculate how much child tax credits you can get based on your circumstances.|
Adult Dependants Grant
|If you have any adult depending on you wholly for support, you can qualify for the adult dependants grant. The grant given can be up to £2,757.|
There are endless options when it comes to student funding. When making any application, be sure to understand the terms and conditions. Most grants and bursaries are non-repayable, but all loans are. If you are not sure of the option that best suits your circumstances, call the Student Finance contact number 0843 455 0057 for more information. Lines are open from 8 am to 8 pm Monday to Fridays also 9 am to 4 pm Saturday & Sundays.
Student Finance Contact Number
Student Finance England.
PO Box 210,