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Student Loan for Maintenance 2018-19

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 will my student loan be worth?

The amount of student loan you can get will depend on the year you started your course, your household income, and the type of course you are doing. 

These differing loan rates are detailed below, followed by more detailed explanation of how these are assessed.

 Student Loan Rates - New students in 2016/17 or later

Student Loan Rates - new students in 2016 or later
 FULL YEARMaximum Loannon- income assessed income assessed
London rate  £11,354  £5,654  £5,700
Parental home rate  £7,324  £3,224  £4,100
 Overseas rate  £9,963  £4,816  £5,147
FINAL YEAR      
London rate £10,518 £5,151 £5,367
Parental home rate £6,892 £2,962 £3,930
Overseas rate £8,918 £4,185 £4,733


Student loan rates - Continuing students who started 2012/13 - 2015/16

FULL YEARMaximum Loan65% non- income assessed 35% income assessed
London rate £8,702 £5,656 £3,046
Parental home rate £4,960 £3,224 £1,736
Overseas rate £7,410 £4,817 £2,593
FINAL YEAR      
London rate  £7,925  £5,151  £2,774
Parental home rate  £4,557  £2,962  £1,595
 Overseas rate  £6,440  £4,186  £2,254


Reduced Student Loan Rates 2018

Reduced rate loan* Full year Full yearFinal year Final year
  Sandwich Year NHS Bursary Year Sandwich Year NHS Bursary Year
London rate £3,700  £3,263  £2,831  £2,498
Parental home rate £1,976  £1,744  £1,501  £1,324
Overseas rate n/a  £2,324 n/a  £1,811

 

*Reduced-rate loans  for income assessed NHS/DH/SNM bursary holders and full year sandwich paid placement years only - FOR ALL YEARS OF ENTRY


Student loan rates - Continuing students who started 2009/10 - 2011/12

FULL YEARMaximum loan72% non-income assessed 28% income assessed 
London rate  £7,611 £5,480 £2,131
Parental home rate £4,217 £3,036 £1,181
Overseas rate £6,475 £4,662 £1,813
FINAL YEAR      
London rate  £6,930 £4,990  £1,940
Parental home rate  £3,826 £2,755  £1,071
Overseas rate  £5,630 £4,054  £1,576


Student loan rates - Continuing students who started 2006/7 - 2008/9

FULL YEARMaximum loan75% non- income assessed 25% income assessed
London rate  £7,533 £5,560 £1,883
Parental home rate £4,163 £3,122 £1,041
Overseas rate £6,409 £4,807 £1,602
FINAL YEAR      
London rate £6,858 £5,144 £1,714
Parental home rate £3,762 £2,822 £940
Overseas rate £5,572 £4,179 £1,393


How will my student loan be assessed?

The amount of student loan for maintenance you request can be any amount up to your maximum assessed entitlement. 

You are entitled to a percentage of the maximum figure, regardless of your household income. This percentage differs according to the year you started your course - see table above. Whether you can get any or all of the remaining income assessed portion will depend on your income and that of your household.

However, you should note that under loan substitution rules, students receiving any level of maintenance grant will also have their maximum amount of student loan for maintenance entitlement reduces as follows: 

  • Students who started between 2009 and 2015:  by £0.50 for each pound of maintenance grant they receive. 
  • Students who started before 2009: by £1 for each pound of maintenance grant they receive, up to £1,444.

How should I apply?

New students should apply online through Student Finance England.

All students should apply well before the start of the academic year. If you are a new student you can apply from March 2018. 

Application deadlines are 31 May 2018.

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 (0300 100 0607 ) 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?

For new starters in 2012 or later - Repayments of loans start in the April after you leave higher education, and only once you start earning over £21,000. Repayments will depend on the amount you earn, not the amount you have borrowed.

Repayments of your consolidated student loans start in the April after you leave higher education, and only once you start earning over £21,000. You will only repay 9% of your earnings above £21,000 (about £7.50 per month if you’re earning £22,000).

For continuing students who started 2011 or earlier - Repayments of 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 have 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).

Where can I get further information?

For any assistance with the application process, please contact the Student Funding Office. For a guide to applying for student support, click here. You can also visit the GOV.UK website and the Student Loans Company websites.

 * Important note for previous study students

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 2018-19 academic year.

2018-19


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