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Money - Higher Education
This is only brief information, use the contacts listed under related websites to find out more detailed information.
This information applies only to students living and studying in England.
In order to get student finance, you need to be 'eligible' - this means that you and your course need to meet certain criteria. For full details on eligibility follow the link the the Direct Gov website under related websites.
As a student you will have two main expenses:
- tuition fees
- living costs - food, accommodation, transport
Tuition fees
For 2008/09 institutions can charge up to £3,145 per year in tuition fees. Amounts charged may vary between institutions and courses, but most courses charge the maximum fee.
Tuition fees do not have to be paid 'up front', instead you can take out a student loan for fees. This pays for your fees and you pay back the loan when you have graduated and are earning above a certain amount.
Living costs
Being a student is expensive. Not only do you have to pay course fees but you will also need to live - pay for your accommodation, food, clothes, books and travel. You can apply for a student loan to help towards your living costs.
Student loans
Student loans are to help you with the costs of higher education. The interest on the loans is linked to inflation, so in real terms what you pay is broadly similar to what you borrow.
There are two types of loan:
- Student loan for fees - you can apply for the full amount to cover your tuition fees; so in 2008/09 you can apply for up to £3,145
- Student loan for maintenance - the amount you receive depends on your parents (or your) income, whether you study in or outside London or if you stay living at home whilst studying.
Full details on loans, how much you can borrow, how to apply and more can be found on the Direct Gov website.
Repaying your loan
You do not have to start repaying your loan until the April after you have finished or left your course. The amount you repay is linked to income – your repayments start once your income rises above a certain threshold - currently set at £15000.
Help towards living costs
Maintenance grants
The maintenance grant is a means-tested, non-repayable grant. For 2008/09 the maximum grant is £2,835 per year.
From autumn 2008, students whose household income is £25,000 or less will be entitled to the full grant, those whose income is up to £60,005 will be eligible for a partial grant.
If you do receive a maintenance grant, the amount of student loan for maintenance that you can borrow is reduced by £1 for each £1 of your maintenance grant up to a maximum of £1,260. This means that you will have a smaller loan to repay when you finish your course.
If you receive a full maintenance grant and are on a course that charges the full tuition fee, your HE institution should offer you an annual bursary of at least £305.
Special support grant
This is the same amount as the maintenance grant but is for those students who are eligible for means-tested benefits, such as income support or housing benefits. Students do not receive both grants.
Bursaries and scholarships
Many institutions offer bursaries and scholarships. They can be linked to particular courses or aimed at particular groups of students. You can find details of bursaries on the UCAS website - see under related links.
If you think you may want to study in Wales, Scotland or Northern Ireland – then the situation is different. Follow the link on this page to check out the details.
More sources of help
Students with disabilities
If you have a disability you may be eligible for a Disabled Students Allowance (DSA). This can help towards the cost of, for example, specialist equipment, a helper e.g. for note taking, travel and other general costs.
You apply for a Disabled Students Allowance through your Local Authority. Follow the link here to the Skill website for more information.
Students on health related courses
Bursaries are available for NHS funded students on a range of professional health courses including physiotherapy, occupational therapy, radiography, nursing, and midwifery. See the related links for more information.
Social work bursaries
For those studying an approved social work course there are grants available. These are designed to help with the cost of studying and with the cost of practical training placements. For more details see under related links.
Dance and Drama courses
There are Dance and Drama Awards scholarships for students on dance, drama and stage management courses at a number of independent colleges.
Sponsorships
The majority of sponsorships are for higher education courses related to engineering, construction and technology, although other courses may be eligible. Follow the links here for more information.
This information was correct in April 2008. Please use links recommended for further information.
