Higher education students on a university-level programme need to pay tuition fees.
However, you do NOT need to pay everything upfront.
You may be able to pay in instalments, or you can apply for a loan to help spread the costs.
Read on to find out about:
- student loans
- tuition fee loans and common questions
- other financial information
If you’re studying full time, you can take out two student loans per academic year:
- a tuition fee loan to cover your annual tuition fees in full
- a maintenance loan to help with accommodation and other living costs (dependent on your household income)
When you are assessed for your fees, you are also assessed for a student loan.
Tuition fee loans
These are available to cover tuition fees for HNDs, Foundation Degrees or BA (Hons) Degrees. Part-time students can apply for a tuition fee loan too.
When do I have to pay it back?
You only start to pay the loan back when you earn over £21,000 per year.
How much do I pay each month?
You repay 9% of your income above £21,000 only. So if your salary was £25,000, you repayment for the year is 9% of £4,000 – around £30 per month.
What if my salary drops after I’ve started paying?
If your salary falls below £21,000 – e.g. you take a career break – your repayments stop. Repayments only start again when you earn over that amount.
What if I reach retirement age before I’ve paid it off?
All loans are cleared after 30 years. If you have not repaid by then, it is written off.