Factors Affecting what you Recieve

Where do you live and study?
Living at home entitles you to less financial help, whereas studying in London entitles you to more because the cost of living is higher.

The length of your course and academic year – if your course is longer than average (i.e. a medical degree) you will tend to be given more money, see money4medstudents.org or support4doctors.org for more information

Are you a disabled student? If you are a disabled student entering university you will be able to claim a disabled student’s allowance. This comprises of three parts:

1. basic allowance for general expenditures
2. special equipment allowances for major items which may be required
3. non-medical personal help

There are so many different scenarios - the best thing to do is to contact the Student Loans Company directly and ask them specific scenarios.

An estimated 10% of the UK is dyslexic. If you are dyslexic you are able to claim "special equipment" such as a laptop, printer, paper costs as well as digital dictaphones and other useful items for study. Many people do not realise they are dyslexic, but given the possibility of being given this useful equipment it is worth investigating if you suspect you may be dyslexic. We would recommend that you talk to your university's student support services about issues concerning dyslexia and other learning difficulties.

Non-Income/Income Assessed Help

Non-income assessed loans are loans which all students are entitled to receive should they apply. It is usually around about £600 and is given without any prior assessments.

Unlike tuition fees you don’t have to apply for a student loan, but even if you are financially flush apply for the loan and put the money into an ISA or other savings account to earn yourself more money (see savings section for more detail).

Funding Available

The different types of funding you can receive depends on whether you live in England, Scotland, Wales or N. Ireland. The funding available also depends on if you move to a different part of the UK.

For EU and international students the different scenarios and situations are incredibly complex, so the best means of finding the most up-to-date answer is to contact directgov.gov.uk.

Funding for English students

If you are an English student you are entitled to apply for a student loan to cover your maintenance and living costs, but this depends on your institution’s location and household income. The maintenance loan is 75% non-income assessed, with the remainder income assessed.

There is a maintenance grant available for students from low income families, and a special support grant from studentfinancedirect.co.uk.

You are also entitled to apply for a loan to cover your tuition fees. These are only valid for one year, so you must re-apply each year in order for the relevant board to pay your tuition fees.

You should apply to you local education authority.

Funding for Scottish Students

If you are a Scottish students studying in Scotland, you do not have to pay tuition fees. You can apply for a student loan which is either means or non-means tested. It is affected by your course, where you live during your degree and the income which your parents have.

A ‘Young Students Bursary’ is available for students from low income families, which will reduce the size of the loan entitlement but does not have to be re-paid. In certain circumstances there are additional loans, grants and sources of finance available.

If you choose to study in England then you will have to pay the tuition fees. You can apply to the student loans company for a loan to cover the fees.

In addition, you are entitled to receive a student loan for living costs but these are affected by numerous factors . Additionally you are entitled to claim travel expenses if you have a means tested loan, and can apply for other sources of funding and grants which are available.

You should apply to The Student Awards Agency for Scotland (SAAS)

If you are Welsh, loans are available to help with living costs but the size of the loan is based on your household income and where you choose to study. The loan is 75% non-income assessed with an additional 25% income assessed.

• If you choose to study in Wales there is a government grant available which doesn’t need to be repaid, and is used as an incentive to keep Welsh students in Wales.
• If you choose to study in England or Northern Ireland no grant is available - instead a tuition loan to cover the cost of tuition will be made available.
• If you chooses to study in Scotland, there is a flat tuition fee of £1700 (bar medicine which is £2700). There is a loan available to cover part of this.

As well as the maintenance loans, certain Welsh students are entitled to receive an Assembly Learning Grant which provides them with financial assistance to meet living costs that will incur. Again, this is dependent on family income, although it reduces the size of the maintenance loan.

There are special support grants, student hardship funds and bursaries available from the Welsh government – more detailed information can be found at studentfinancewales.co.uk.

Allied Health Professional Degree Funding

If you are studying for one of the following degrees your tuition and loan applications are slightly different. This information is applicable to Allied Health Professionals and medical students entering their 5th (or later) year of study.

If you are going to be studying for one of the above degrees in Scotland, your application should be directed to the SAAS. However, if you choose to study in England you apply to NHS Student Grants; for Wales it is the Education and Purchasing Unit and for Northern Ireland it is the ELB board in your institution's area.

If you are going to be studying for one of these degrees in England, you should apply to NHS student grants, SAAS in Scotland, Education and Purchasing Unit in Wales and ELB in Northern Ireland.

There is also a Scottish Government Health Department Bursary which is income related as well as a non-income assessed loan.

Changes for 08/09 Students

New students who begin studying in 2008 will have even more money available. The maximum parental income cut-off point will rise from £39,000 to £60,000.The new system does affect the amount you will receive via your student loan. More information is available at unimoney.direct.gov.uk.

Student interest rates are based on the previous March’s inflation rate. The rate in March 2008 was 3.8% which means it is likely there will be a reduction in the rate for students in the academic year 2008/9. However, for graduates this does not necessarily mean you should repay the loan earlier as it still remains the lowest form of borrowing on the marketplace.

A ‘Student Loan Repayment Holiday’ has also been introduced for students starting in 2007/8 onwards. It allows students who are due to start repaying their loan from April 2012 to have a break from repayments for up to five years. This is to help graduates who may need to use this money to, say, help put down a deposit for a house.

Student Bursaries

There are numerous bursaries available for students from across the UK. Generally they are linked to parental income and are aimed at helping students from lower income families through higher education. Scholarship-search.org.uk allows you to search through all the available help and will determine what financial assistance you are entitled to above and beyond your student loan.

Most universities have an Access to Learning Fund, which is available to those who are experiencing severe financial problems, leading to them considering dropping out of their course. Usually you will have to submit detailed information about the scenario and write a statement supporting your application. The money given does not have to be paid back.

Application forms are available from the university directly and students will be required to show evidence of their financial situation via their bank statements or budget to support their application.

Career Development Loan

This is a loan which is arranged by the government in association with a few of the high street banks (Barclays, Cooperative and RBS) and can provide you with extra cash up to £8000. The loan is available only for students on vocational courses for degrees which the usual education boards won’t cover. CDL's are useful for postgraduate degrees and can provide you with 80% of your course funding plus any other necessary costs. As they are government affiliated, the interest on these loans will be paid by the government while you are studying. See lifelongearning.co.uk for more information.

Only the three afore mentioned banks run career development loans. Other banks will try to sell you professional development loans by promising 'no repayments while you study'. Unlike the CDL loans, you will be charged interest on them like a normal loan, the only difference being that you aren’t making repayments while you study so the debt is getting bigger by the day. The career development loans are only worthwhile when you are studying and not earning - as soon as the interest free period runs out, one month after graduation, switch your debt to ensure you are getting the best deal available.