Money Matters:
To help you get the most out of going to university or college, there is financial support available to help with your expenses - and more than you think. Whilst studying at university, you will have two main types of expenses - your tuitition fees (which help to meet the cost of your course) and your own living expenses.
There is help available with both expenses in the form of grants (money you don't have to pay back) and loans (money you do have to pay back). The amount you will be entitled to will depend on how much your course costs, where you study and your household income.
Repaying your Student Loans:
Your Maintenance Load and your Tuition Fee Loan will be added together but you will not have to start paying back your loans until after you have completed the course and are earning over £15,000 per annum.
The amount you pay back will depend on your income - you will pay back 9% of what you earn over £15,000 of your income. Your employer will deduct the money from your salary. If your salary stops or drops below £15,000, your repayments will stop automatically. Repayments will normally start in the April after you graduate, or when you leave your course. So, if you earn £18.000, your monthly repayment will be £22. However, you can pay back more per month if you wish.
Guidance on the levels of finance available, produced by Student Finance England, is here.
There is comprehensive advice and information available on the Direct.gov website - see link below or speak to your Aimhigher mentor, Connexions advisor or teacher at school or college for more information.
