UK college students have access to different sources of financing that help them meet their education fee, accommodation, books, and other expenses. They can apply for scholarships, grants, maintenance loans and grants, tuition fee loans, loans from private lenders, and others.
Maintenance Loans
This type of loan is designed to help students cover their living costs while studying. The maximum amount varies based on factors such as whether you are living away from home or are living in London. The funds offered include two elements – an income assessment and guaranteed loan. The latter makes up to 65 percent of the total amount while the former is up to 35 percent. The amount depends on the borrower’s income or his parents’ combined household income. Unlike maintenance loans, students from low-income families are entitled to receive maintenance grants that are not to be repaid. The amount depends on the household income of the student. If your combined income is up to £40,000, you are entitled to a non-repayable grant of £540. If your total household income is £45,000 or higher, you are not entitled to receive financial aid.
Tuition Fee Loans
A tuition fee loan is a form of financing offered to full-time students in the United Kingdom. The amount varies up to the full cost of the fee. Financing is also available to part-time students provided that they do not hold a degree. The salary or household income of the applicant is not a factor that affects eligibility. The repayment period starts once the student begins to earn more than £21,000 annually. Borrowers stop making payments if their income falls below this threshold. The repayment amount is 9 percent of the annual income above £21,000. For instance, if the borrower’s salary is £26,500, 9 percent applies to £5,500 (£26,500 – £21,000). Thus, the amount to be repaid is £495 or £41.24 a month. Borrowers with an annual income of £30,000 make a monthly payment of £68.
Other Forms of Assistance
UK students can apply for special support grants and scholarships. The type of scholarship to apply for depends on your field of study. Some types of financial aid are offered to students in Finance, Accounting, Mathematics, or Economics degree while others are available to applicants studying Law or International Relations. And there are scholarships that are offered to all home UK applicants. The period also varies, for example, some scholarships are offered during the first academic year only.
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