What is a student loan?
A student loan is made up of two parts:
Does a student loan affect your credit score?
A student loan isn't like other loans. It won't affect your credit score. However, some lenders may consider your student loan repayments when deciding whether to give you a mortgage or other finance.
How can I apply for a student loan?
You should apply for your student loan as soon as you've applied to study at university. The application process varies depending on where you live in the UK.
For full details and to submit an application visit the relevant website below:
What if your parents are divorced?
If your parents are divorced, your student finance application will be based on the household income of the parent you live with the most. This will include their partner's income if they are married or live together.
If you live with both parents equally, you can choose which parent supports your application.
What if you're over 25 years old?
If you are over 25, you are classed as an independent student. That means your maintenance loan will not be based on your parent's income.
It will be based on your household income. This will exclude your parents' or your own income. This could include a partner or adult children.
What if you've had a student loan before?
If you have previously studied at university and had student finance, this could affect how many years of tuition fee loans you are entitled to.
You're allowed an additional year of tuition fee loans. That means if you are completing a three year degree, you could get up to four years of funding. However, any previous years of study will be subtracted from that.
For example, if you're applying for a three year degree but previously completed two years of another degree, you'll only be entitled to a maximum of two further years of tuition fee loans.
This does not apply to NHS funded courses.
If you stopped your previous degree for serious personal reasons (such as pregnancy, illness or bereavement), you may still be able to get funding for your full course. Visit the GOV.UK website to find out more.
Living costs at university
It is very unlikely that your maintenance loan will cover all your costs. Most students get a part-time job to help pay for things. You may also get money from parents, savings or a scholarship or bursary.
Are your parents or partner expected to help with costs?
Your parents or partner are generally expected to help with costs at university. Maintenance loans are based on your household income. That means the more they earn, the less you will receive in a maintenance loan. This is because the government expects them to contribute towards living costs.
You should discuss this before starting university. Ask how much money they're able to contribute each month. Add this to your maintenance loan to come up with a student budget. If this isn't enough, you could consider getting a part-time job or applying for a scholarship or bursary.
If your family can't help towards your living costs, there's lots of other financial support available.
What's the minimum maintenance loan?
The amount you receive from your maintenance loan is determined by your household income, as well as whether you live away or at home.
- If you live away from home, the minimum maintenance loan you can receive is £4,917 a year.
- If you live at home, the minimum maintenance loan you can receive is £3,907 a year.
Financial support
Find out how we can help you
There's lots of financial support available at the University. We have a dedicated financial support team to help with your money problems. We can help you access scholarships, bursaries and even grants. We can also refer to other agencies for further help.
When do you start paying back your student loan?
You will only start paying back your student loan once you earn over a certain threshold. This starts in the April after you have finished your course.
A small amount will automatically be deducted from your salary every month. The amount you repay is based on the salary you earn, not how much money you owe.
If you become unemployed or your salary falls below the threshold, then your repayments will automatically stop. They will restart when you earn above the threshold again.
Your debt will be written off after 30 or 35 years, depending on the plan you're on. Economists have predicted that most students will never pay back their entire student loan.
You can find out how much you'll repay on the Government website.
