Tuition Fee Loan
- Purpose: Covers the cost of your course tuition fees.
- Amount: Up to £9,250 per year for full-time students at publicly funded universities.
- Payment: Paid directly to your university or college in installments throughout the academic year.
- Repayment: You start repaying once you earn above the repayment threshold (currently £27,295/year).
Maintenance Loan
- Purpose: Helps with living costs, such as rent, food, books, and other expenses.
- Amount: The amount you can borrow depends on your household income, where you study, and your course duration.
- Payment: Paid directly into your bank account at the start of each term.
- Repayment: Combined with your tuition fee loan, you start repaying once you earn above the repayment threshold.
Understanding Student Loan Repayments
- Repayment Start Date: You will only start making Student Loan repayments from the date you've graduated.
- Earning Threshold: You will only have to start repaying if you're earning over the threshold.
- The Student Loan repayment threshold for Plan 2 loans is £27,295/year
If you earn less than this in taxable income (wages, freelancing, tips, etc.), you won’t pay a penny towards your loan until your earnings exceed the threshold again.
Student Finance England offers additional support for students who have children or dependents. These are Childcare Grant , Adult Dependant`s Grant and Parents’ Learning Allowance. Here’s an overview of each:
Childcare Grant:
The Childcare Grant helps with childcare costs for students with dependent children in registered or approved childcare.
Eligibility:
- You must be a full-time student.
- You must have children under 15, or under 17 if they have special educational needs.
- Your childcare provider must be registered or approved.
Parents' Learning Allowance:
The Parents’ Learning Allowance helps with course-related costs if you have dependent children.
Eligibility:
- You must be a full-time undergraduate student.
- You must have children who depend on you financially.
- The allowance is means-tested, so the amount you receive will depend on your household income.
Adult Dependants' Grant
Adult Dependants’ Grant is available for full-time students in higher education who have an adult dependent. This grant is designed to help with the additional costs of supporting an adult who depends on you financially.
Eligibility:
- You must be a full-time student.
- You must have an adult who depends on you financially. This could be a partner (including a spouse or civil partner) or another adult relative.
- The grant is means-tested, so the amount you receive depends on your household income.
To be eligible for student finance from Student Finance England, you generally need to meet one of the following criteria:
- Be a UK national or have 'settled status' (no restrictions on how long you can stay in the UK).
- Have 'pre-settled status' (you must have lived in the UK, EU, EEA, or Switzerland for at least 3 years before the start of your course).
- Be an EU national, or a family member of an EU national.
- Be a refugee (you must be ordinarily resident in the UK by the first day of the academic year).
- Have been granted humanitarian protection (as a result of a failed application for asylum).
- Be a migrant worker from the EEA or Switzerland, or a family member of such a person.
- Be a child of a Swiss national or the child of a Turkish worker.
The benefits of being a student
As a full-time student, you may be eligible for various exemptions, discounts, and financial benefits. Here are some key areas where you can save money:
1. Council Tax Exemption
Eligibility: Full-time students are usually exempt from paying Council Tax. If you live alone or with other full-time students, your household should be fully exempt.
2. Travel Discounts
Student Oyster Card (London): Offers 30% off adult-rate Travelcards and Bus & Tram Pass season tickets.
3. Healthcare
- NHS Prescriptions: Students may be eligible for free or reduced-cost NHS prescriptions, dental care, and eye tests through the NHS Low Income Scheme.
- Health Insurance: Students in full-time education may get discounts on health insurance policies.
4. Retail and Food Discounts
- Student Discount Cards: Cards like TOTUM (formerly NUS Extra) offer discounts on a wide range of retail, food, and entertainment services.
- Online Discounts: Websites like UNiDAYS and Student Beans provide access to discounts at various online and in-store retailers.
5. Technology and Software
- Laptops and Gadgets: Many tech companies, including Apple and Microsoft, offer student discounts on laptops, tablets, and software.
- Software: Students often have free or discounted access to essential software like Microsoft Office 365, Adobe Creative Cloud, and educational resources through their institution.
6. Leisure and Entertainment
- Cinema Tickets: Many cinemas offer discounted tickets for students.
- Gym Memberships: Universities often have discounted or free gym memberships for students. Local gyms may also offer student rates.
7. Banking
- Student Bank Accounts: Many banks offer student bank accounts with benefits like interest-free overdrafts, travel discounts, and shopping vouchers.
9. Academic Resources
- Library Access: University libraries provide free access to a wealth of academic resources, including books, journals, and online databases.
- Textbooks: Some publishers offer discounted textbooks for students. Additionally, second-hand bookstores and online platforms often have cheaper options.
Reasons to study in the UK
Studying in the UK offers numerous advantages that can enhance both your personal and professional life. Here are some key reasons to consider:*
1. World-Class Education
- Prestigious Universities: The UK is home to some of the world's most renowned universities.
- Quality Assurance: UK institutions are regularly inspected to ensure high standards of education, and they consistently rank highly in global education rankings.
2. Diverse Range of Courses
- Variety: The UK offers a wide array of courses in various fields, providing flexibility and options to specialize in unique and innovative programs.
- Shorter Courses: Many undergraduate courses are three years long, and postgraduate courses can be one year, which is shorter compared to many other countries, allowing for faster entry into the workforce.
3. Research Opportunities
- Research Excellence: The UK is a global leader in research, with universities that provide extensive opportunities for research at the forefront of various fields.
- Funding and Support: There are numerous scholarships, grants, and funding options available.
4. Cultural Diversity
- International Community: With students from all over the world, studying in the UK offers a rich cultural experience and the opportunity to make connections globally.
- Cultural Experiences: The UK is known for its rich history, diverse cultures, and vibrant cities, providing an enriching environment outside of academic life.
5. Language Skills
- English Proficiency: Studying in an English-speaking country helps improve your language skills, which is a valuable asset in the global job market.
- Global Language: English is the international language of business, science, and technology, enhancing your employability worldwide.
6. Career Opportunities
- Work While Studying: International students in the UK can work part-time during their studies, gaining valuable work experience.
7. Quality of Life
- Student Support Services: UK universities provide extensive support services for students, including academic supportamd career counseling.
- Welcoming Environment: The UK is known for its inclusive, and welcoming environment for students from around the world.
8. Historical and Cultural Richness
- Historic Landmarks: Studying in the UK offers the chance to explore its rich history and heritage, with numerous historic landmarks, museums, and cultural sites.
- Cultural Events: The UK hosts a variety of cultural events, festivals, and activities, providing a vibrant and dynamic environment for students.
9. Innovative Teaching Methods
- Interactive Learning: UK education focuses on critical thinking, creativity, and independent learning, preparing students for real-world challenges.
- Modern Facilities: Universities in the UK are equipped with state-of-the-art facilities and resources to enhance the learning experience.
10. Networking Opportunities
- Global Alumni Network: Graduating from a UK institution connects you to a vast network of alumni worldwide, which can be beneficial for career prospects and professional growth.
- Industry Connections: Many UK universities have strong links with industries and businesses, providing opportunities for internships, placements, and networking events.