Student Loan for Maintenance
Student loans for living costs are part of the financial student support package available to assist most* new and existing full-time Home undergraduate and PGCE students with their living expenses.
How much could I borrow?
Student Loan rates for all student in 2011-12 are available to view here.
How will my student loan be assessed?
There are three different support schemes in operation during 2011-12. The scheme which applies to you will depend upon your year of entry.
For new students starting in 2011-12 the amount of student loan for living costs you request can be any amount up to your maximum entitlement.
You are entitled to 72% of the maximum figure. Whether you can get any or all of the remaining 28% will depend on your income and that of your household.
However, under loan substitution rules, new students receiving any level of Maintenance Grant will also have their maximum amount of loan entitlement reduced by £0.50 for each pound of Maintenance Grant they receive.
For example, if you are recieving:
Loan Substitution 2011-12
|
Maintenance Grant
|
Loan Entitlement Reduced by
|
|
£2,906
|
£1,453
|
|
£1,906
|
£953
|
|
£600
|
£300
|
Important note for previous study students
The Department for Business, Innovation & Skills (BIS) state that both new and existing undergraduate students who have previously completed an honours degree at a UK or overseas institution will not be eligible for Student Loans for Fees or the Maintenance Grant .
In addition, new students who have previously completed an honours degree will also be ineligible for a Student Loan for Maintenance unless they are undertaking a course leading to a professional qualification in medicine or dentistry, or are in receipt of a means-tested NHS Bursary.
Students undertaking the 4 year Graduate/Professional Entry Programme (Medicine), Graduate/Professional Entry Programme (Dentistry) or Medicine Maxfax Entry Programme will not be eligible to take up a student loan for fees for year one of their course. It is expected, however, that years two to four will be NHS funded for fees.
Students studying to be teachers are exempt from the previous study rules and will remain entitled to the full package of support for their new course.
How should I apply?
New students should apply online through Student Finance England at the same time as you are applying for your Maintenance Grant.
All students should apply well before the start of the academic year. If you are a new student you can apply from 16 March 2011.
Click here for a guide to applying for support.
How will my student loan be paid?
Your student loan will be paid to you in three instalments, at the beginning of each term. Payments are made direct into your bank or building society account. It is essential that you notify the Student Loans Company (0845 026 2019) of any changes in your bank details.
It is also essential that you bring a copy of your Financial Notification letter
with you to enrolment, as your unique Student Support Number is needed in order for the university to authorise the release of your first loan instalment.
When will I have to repay my student loans?
Repayments of loans start in the April after you leave higher education, and only once you start earning over £15,000. Repayments are reasonable and depend on the amount you earn, not the amount you borrowed.
Repayments of your consolidated student loans start in the April after you leave higher education, and only once you start earning over £15,000. Repayments will depend on the amount you earn, not the amount you borrowed. You will only repay 9% of your earnings above £15,000 (about £7.50 per month if you’re earning £16,000).
For more details on how repayments will work, and what you can expect from the SLC, please download the booklet SLC - Terms and Conditions below.
Where can I get further information?
For any assistance with the application process, please contact the Student Funding Office. You can also visit the Directgov website and the Student Loans Company websites.
Disclaimer
The College has tried to give students an early opportunity to begin their research of student funding. Although every effort has been made to ensure that information provided is both helpful to prospective candidates and accurate at the time of its publication, it is possible that some information may be outdated or superseded before the start of the 2011-12 academic year.