Download ‘Terms and conditions - 2020 to 2021 guide’ (PDF, 99KB), Download ‘Terms and conditions - 2019 to 2020 guide’ (PDF, 136KB). You start repaying once you earn over a certain amount. Like in England, repayments only start when graduates are earning more than £21,000 a year. When graduates are earning £21,000 or less, the rate of interest is the rate of inflation. If you’re under 25 and have no contact with your parents, you might be able to apply as an ‘estranged student’. Company Overview for STUDENT FINANCE PLC (10456685) Filing history for STUDENT FINANCE PLC (10456685) People for STUDENT FINANCE PLC (10456685) Charges for STUDENT FINANCE PLC (10456685) More for STUDENT FINANCE PLC (10456685) Registered office address 1 Bartholomew Lane, London, United Kingdom, EC2N 2AX . HMRC will then send these details on to the Student Loans Company. Student Finance applications open in Spring and will have a deadline in May by which you should submit your application. The interest rate is based on the Retail Price Index or RPI, which measures changes to the cost of living in the UK. Also, find funding information including for postgraduates. This rises to the rate of inflation - plus up to 3% - when they earn between £21,000; and then the rate of inflation - plus 3% - when they go above earnings of £41,000. Your information will be used to work out if your child or partner can get extra Maintenance Loan on top of the Tuition Fee Loan and basic Maintenance Loan. You might be able to get extra money if you: You might also be able to get other financial help, for example from your university or the government. We’ll send you a link to a feedback form. Welsh universities and colleges can now charge up to £9,000 a year in tuition fees. What student finance is available? Ministers in Northern Ireland have said that tuition fee levels will rise only in line with inflation for home students until 2016. Both programs offer loans for students, loans for parents of qualifying, dependent students and consolidation loans. Full-time returning students in England and Wales had until Tuesday 30 June to apply for student finance – this cut-off had been extended due to coronavirus. The terms and conditions can change. However, the move was scrapped amid concerns that it would alienate middle-class voters. All content is available under the Open Government Licence v3.0, except where otherwise stated, Update your details if your circumstances change, Get undergraduate student finance: step by step, give someone permission to act on your behalf, Check if you're eligible for student finance, student who started before 1 September 2012, Use the student finance calculator to estimate your maintenance loan, are under 25, have no contact with your parents and support yourself, have an adult who depends on you financially, have a disability, mental or physical health problem or learning difficulty like dyslexia, Check if you need to give proof of your household income, Find out what to do if you suspend or leave your course, Coronavirus (COVID-19): guidance and support, Transparency and freedom of information releases, change where you're going to live - for example with your parents instead of halls, update your bank details - for example if you open a student account. The main types of finance are tuition fee and maintenance loans. One is for the period pre-1998. The rules are different if your course started before September 2012. Each month graduates pay back 9% of any income over £21,000. Enter the total tuition fee you are liable to pay and the card details you would like the payments to come from. But the Welsh Assembly has pledged that, wherever in the UK Welsh students choose to study, they should not have to pay more than £3,685 a year. Everyone who started higher education between 1998 and 2011, and Scottish and Northern Irish students starting after 2012.. Loan type: 'Income-contingent' loans, known as 'Plan 1' loans by the Student Loans Company (SLC). Students from Scotland who apply to Scottish universities do not have to pay for tuition fees. Company status Active Company type Public limited … Student Finance England will ask for details of the previous tax year because this is the most recent full tax year at the time applications open. Get started with this quick video from Student Finance England (SFE) summing up the basics of student finance in England: Universities and colleges can now charge full-time students a maximum of £9,250 a year in tuition fees, but only if that institution has been rated gold, silver or bronze according to the Teaching Excellence Framework . For example if you: After you register at your university or college you'll usually get your maintenance loan paid directly into your bank account at the start of each term. We use cookies to collect information about how you use GOV.UK. Students borrow and repay their loans under the system for the nation in which they are resident when they apply. They take out student loans for these fees, as well as maintenance, under a new finance system. Who has them? Scotland - Find more information on the MyGov.scot website. The Department for Business, Innovation & Skills says someone earning £25,000 per annum will pay around £30 a month, rising to £67 for a graduate on £30,000 . You must update your application if your circumstances change. You'll need to create a student finance account if you're a new student or sign into an existing account if you're a returning student. They were capped at £3,465 in 2012 and will be £3,685 in 2014-15. Students must apply to the Student Awards Agency for Scotland for payment of their tuition fees every year. Student Loans Company Limited ("Student Loans Company" and/or "SLC") The Memphis Building Lingfield Point McMullen Road Darlington Co Durham DL1 1RW United Kingdom. Each repayment is given to HM Revenue and Customs (HMRC), which passes the money on to the Student Loans Company (SLC). There had been calls from Liberal Democrats for a levy of 5% for those who paid off their loan early. The BBC News website answers key questions. Video6,561 metal flowers: One man's Covid tribute, play'We work day in, day out but don't get respect' Video'We work day in, day out but don't get respect', S Africa scientists seek to understand new variant, Amazon plots a course into the healthcare industry, The promises and pitfalls for Africa in 2021. The payments will come at the start of each term, dates of which differs at each institution, so you should check exactly when the payment is scheduled by on your Student Finance … There’s a different process if you’re a student from Scotland, Wales, or Northern Ireland. You’ve accepted all cookies. If a student leaves a course early, they still have to repay their student loan. What is classed as a sponsored student? Postgraduate student loans and Maintenance Grants . Depending on your child's circumstances, their course and where they study, they could get a range of financial support to help with both. 6,561 metal flowers: One man's Covid tribute. Students from England, whose courses began on or after 1 September 2012, can be charged up to £9,000 a year for tuition. After graduation, Northern Irish students start to repay their loan once they are earning more than £16,000 a year. You’ll be charged interest on the loan from the day you take it out. If you have any queries regarding your Student Finance Account, Loans or Applications visit the office SLC website here.You can also call the on the office Student Loans number 0300 100 0607. Contact the education authority if you live in the Channel Islands (Jersey and Guernsey) or Isle of Man. Remember, you have to re-submit your application every year. If you make a late Student Finance application, it doesn't mean you won't receive any Student Loan money ever – it just means you might have to wait a little bit longer for it. Your nationality and residency status. If you’re a continuing student or you’ve already created an account, log in to your account. The deadline to apply for student finance has now passed. For those starting degrees in 2014-15, the repayment threshold will be £16,910. The maintenance loan equates to funding you will receive directly into your bank account to help you out with your daily expenses - essentially your living costs. School-channel loans offer borrowers lower interest rates but generally take longer to process. Information about the eligibility criteria and the application process are on the government undergraduate student finance web pages. We're always trying to improve our service - your feedback (opens in a new window or tab) helps us do this. You can apply for Childcare Grant at the same time as your main student finance application, you may be eligible for Childcare Grant if you: are a full-time student; have children under 15, or under 17 if they have special educational needs; use a childcare provider who is registered with Ofsted . Students can pay some or all of their loan at any time without an extra charge. See also 2021 Government support for undergraduate students. So in the case of a £9,000 fee, the students will pay £3,685 a year and the government will cover the remaining £5,315. Yes. For employees, employers work out the repayments and the money is taken automatically from the payroll like tax. School-channel loans are "certified" by the school, which means the school signs off on the borrowing amount, and the funds are disbursed directly to the school. Don’t include personal or financial information like your National Insurance number or credit card details. You might have to provide extra evidence. Repayments must be made when earning over £28,775 a year, although there is an option to pay earlier if desired. There’s a different process if you’re a student from: Find out the maximum tuition fee and maintenance loan you could get if you're a: How much maintenance loan you get depends on where you'll study and your household income. Repayments continue to rise sharply for those on higher salaries: £142 a month for those on £40,000, £217 for those on £50,000 and £292 for those on £60,000. It will take only 2 minutes to fill in. Read the student finance privacy notice to find out how the information you provide will be used. You and your family will need to complete a PN1 form which asks for a range of financial information about you and the household in which you live. A student loan, both in maintenance and tuition fee form, are support payments made by Student Finance England to assist you through university. You can check your payment schedule and status by signing in to your online account. Nationality and residency status is undoubtedly the murkiest of all the eligibility criteria, and it's the one that tends to catch students out the most. They can apply up to nine months after the start of the academic year. Tuition Fee Loans for full-time students If you're studying an undergraduate course, you could get a Tuition Fee Loan. Credit: Steve Allen – Shutterstock. Interest is charged from the day the Student Loans Company makes your first payment to you or your uni or college, until your loan is repaid in full or cancelled. The remainder of the fee will be paid via a tuition fee grant. Full-time students at a publicly-funded university whose course started on or after 1 August 2016 are eligible to apply for a tuition fee loan. Check you’ve filled in all your forms and sent any extra documents they’ve asked for. You can also find out everything you need to know about receiving your first payment of the year on our dedicated payment page. Generally, the UK student loans come in two types regarding the expenses you’ll aim to cover: Tuition fee loans and Maintenance loans. A student whose tuition fees are being paid for by a private company or other organisation, (not parents/relatives or Student Finance England). The interest rate is updated once a year in September, using the RPI from March of that year. .css-1hlxxic-PromoLink:link{color:inherit;}.css-1hlxxic-PromoLink:visited{color:#696969;}.css-1hlxxic-PromoLink:link,.css-1hlxxic-PromoLink:visited{-webkit-text-decoration:none;text-decoration:none;}.css-1hlxxic-PromoLink:link:hover,.css-1hlxxic-PromoLink:visited:hover,.css-1hlxxic-PromoLink:link:focus,.css-1hlxxic-PromoLink:visited:focus{color:#B80000;-webkit-text-decoration:underline;text-decoration:underline;}.css-1hlxxic-PromoLink:link::after,.css-1hlxxic-PromoLink:visited::after{content:'';position:absolute;top:0;right:0;bottom:0;left:0;z-index:2;}Student loans face timebomb, says Labour, More student loans won't be repaid, government believes, Biden and Trump rally on eve of key Georgia poll. Your employer's role. Exact dates will be listed on your online Student Finance account, because they are based on your individual term start dates. Student finance calculator - get a quick estimate of what student loans, grants, bursaries and other funding you could get - for full-time, part-time and EU students Arming yourself with the facts when it comes to this stuff is extremely important, and for many young … You must keep your details up to date throughout your course because some changes can affect your loan payments, for example if your household income or bank details change. Student finance explained: How does student finance work? But students from elsewhere in the UK can be charged up to £9,000 a year by Scottish universities. While at university or college your child will have two main costs - tuition fees and living costs. 2019 to 2020 academic year 2020 to 2021 academic year; Full-time student: Up to £9,250: Up to £9,250 You may be able to borrow money to help pay for university or college tuition fees and to help with living costs. 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However as they are paid in … Student Finance is complicated enough as it is, so it really doesn't help when misinformation is thrown around. This application is split into several sections. These loans are held by those who started higher education courses between 1990 and 1997. The Student Loans Company will advise HM Revenue & Customs (HMRC) when you are due to begin repayment. In each section, you'll be shown one question at a time. You can give someone permission to act on your behalf (for example using Power of Attorney) if you want them to apply for you. The repayment earning threshold for these loans is currently £16,910. You might get extra money on top of this, for example if you’re on a low income, are disabled or have children. England and Wales - Find out more in our guide to Repaying your student loans. Then there is the system for the period 1998-2011, for those who started degree courses in these years. Content provided by Student Finance England. Overview You may be able to borrow money to help pay for university or college tuition fees and to help with living costs. It can take up to 6 weeks to process your application. Proud Boys leader arrested for burning BLM flag, Control of US Senate up for grabs as Georgia votes, 'I've never seen this energy in Georgia before', The child rape that exposed South Korea's lax laws, .css-q4by3k-IconContainer{display:none;height:1em;width:1em;vertical-align:-0.125em;margin-right:0.25em;}play6,561 metal flowers: One man's Covid tribute. .css-14iz86j-BoldText{font-weight:bold;}Students from England, whose courses began on or after 1 September 2012, can be charged up to £9,000 a year for tuition. Government-Backed Loans We use this information to make the website work as well as possible and improve government services. You should check gov.uk and slc.co.uk for further details. While students are studying, the rate of interest on loans is the rate of inflation (using the Retail Prices Index) plus 3%. Private student loans generally come in two types: school-channel and direct-to-consumer. Read about our approach to external linking. Although you can still apply for funding after this date, any late applicants run the risk of not receiving the full maintenance loan for the start of the new term. The size of your monthly repayments will depend on how much you earn, not what you owe. You'll need to reapply for student finance for each year of your course. In our Student Money Survey this year, we found that two in five students don't understand their Student Loan agreement, and almost half worry about paying it back.. Further information. The Student Funding Office here at King's offers confidential advice to both prospective and current students covering issues such as bursaries, scholarships, grants, tuition fees, living expenses, student loans and other financial help available at King's to assist you, and we would encourage you to contact our staff if you have any queries, before or during your studies. .css-1xgx53b-Link{font-family:ReithSans,Helvetica,Arial,freesans,sans-serif;font-weight:700;-webkit-text-decoration:none;text-decoration:none;color:#FFFFFF;}.css-1xgx53b-Link:hover,.css-1xgx53b-Link:focus{-webkit-text-decoration:underline;text-decoration:underline;}Read about our approach to external linking. You'll have to pay back any loan you get. This was to stop wealthier graduates, or those assisted by their parents, from opting out of the "progressive" system of paying off loans. The results of Tuesday's Senate races will determine the balance of power in the upper chamber. If you’re starting or returning to a course soon, you’ll be looking forward to your first student finance payment. The loans are administered by school financial aid offices. The threshold amounts change on 6 April every year. The BBC is not responsible for the content of external sites. Our educational loans are designed for students at UK Universities taking Undergraduate or Postgraduate programmes. Create an account Things you may need: How this application works. Fees for other UK students will not be capped "but are not expected to exceed £9,000", the Northern Ireland Executive says. Registered in … In the Direct Loan program, the money being loaned is appropriated by Congress and comes directly from the Department of Education. Many students taking an undergraduate course part-time are eligible for student loans. Find out how to apply for student finance. You can change your cookie settings at any time. Undergraduate funding. The only age restrictions on Maintenance Loans come into play when you're aged 60 or over, but even then you may get some funding if you're studying full-time. So those earning £21,000 and under a year will pay nothing. Students can apply online for a loan through the government website. Don’t worry we won’t send you spam or share your email address with anyone. You’ll only repay your student loan when your income is over the threshold amount for your repayment plan. They may not have all the information they need from you. Student loans to european students after summer 2021 by dimlevi by PQ 1 week ago 25 Dec 2020 6:29 Replies: 1 Views: 30 At the end of each financial year, your employer will tell HMRC how much you have repaid by advising them of your deductions. Northern Ireland - There’s more information about repaying your student loan on NI Direct. This can come as a shock once you see the first monthly deduction, so be prepared. Student Finance could just be behind on processing loans (it usually takes six weeks). Video, 6,561 metal flowers: One man's Covid tribute, 'We work day in, day out but don't get respect' Video, 'We work day in, day out but don't get respect', Outcry as 'bean dad' forces hungry child to open tin can, Republican Lauren Boebert vows to carry handgun to Congress, Proud Boys leader held for burning Black Lives Matter flag, Tanya Roberts: Bond girl and Charlie's Angel still alive, agent says, Georgia Senate: Biden and Trump rally voters on eve of poll, Australian advert of man eating bat sandwich investigated, Mexican fisherman 'dies after attack on Sea Shepherd conservationists', NYSE does a U-turn on Chinese telecoms delistings, Covid: England and Scotland begin new lockdowns as cases rise, Georgia Senate: ‘I've never seen this energy before'. A Tuition Fee Loan covers the cost of the fees charged by your university or college. Those who are self-employed will need to make repayments as part of a self-assessment tax return. Every year Student Finance applications must be submitted by the deadline for your loan to be processed and sent to you on time (2020/21 deadlines listed here). We will require an original letter from your sponsor/company on headed paper. Find information on tuition fees, student finance across the UK, NI, for international students. © 2021 BBC. To help us improve GOV.UK, we’d like to know more about your visit today. Register for a student finance account service provided by Student Finance England . The new system is for those students who started courses on or before 1 September 2012. Why did India rush to approve a homegrown vaccine? We do this by offering private student finance loans that are based on where you’re heading, not where you’ve been.