Finance

 

Student finance 2010/11

 

You will be eligible for the following financial support throughout your time at university when you are doing a first degree:

 

• A loan to meet the university’s tuition fees of up to £3290 in 2010/11.  This means that you will not need to pay any tuition fee during the time you are a student, but you will be required to repay the loan when you are in employment and earning more than £15000 p. a.  (Please note that that actual tuition fee is much larger than this but that the rest is paid by the government.)
  
• A loan to help meet your living expenses (a maintenance loan).  
  
• You may also be eligible for a non-repayable grant towards your living expenses, depending on your household income.
• You may also be able to get a bursary from the university - see this page for information for bursaries.

 

The total amount that you will receive for your maintenance will depend on the income of the household in which you live.  You (or your parent or guardian) can opt either:

1. to have their income assessed, in which case you may get above the minimum and may be eligible for an additional grant
   
   or
   
2. to make a non assessed application, in which case you will receive only the minimum amount and will not be eligible for any grant.

The key household income in this decision is £60000 – if your household income is below this amount, it may be worth making an income assessed application.

 

If you opt NOT to have your income assessed, the amount that you will receive will depend on:

1. Whether  you are a student in London (when the maximum loan will be  £4988 in 2010/11) or elsewhere in the UK (when the maximum loan will be £3564 in 2010/11)
   
2. Whether you choose to live at home (realistically, this means attending Exeter University Cornwall Campus or Plymouth University) – when the maximum loan will be £2763

If you opt to have an income assessed loan, the situation is more complicated.  To give you an idea, here are some examples.

 

Example 1; a student whose household income is £20000 per annum will receive

1. If he/she is attending a university in London, a loan of £5475 plus a grant of £2906
2. If he/she is attending a university outside London, a loan of £3497 plus a grant of £2906
3. If he/she is living at home, a loan of £2385 plus a grant of £2906

Example 2; a student whose household income is £45000

1. If he/she is attending a university in London, a loan of £6738 plus a grant of £381
2. If he/she is attending a university outside London, a loan of £4760 plus a grant of £381
3. If he/she is living at home, a loan of £3648 plus a grant of £381

The best way to get an estimate of how much support you will be eligible for is to look at the website www.direct.gov.uk/studentfinance. Click on ‘Finance for new students’, then ‘full time students’, then ‘student finance calculator’.

 

All loans have to be repaid; repayments start when you earn over £15000 and are automatically deducted from your earnings.

 

Those who have already applied for university should apply for student finance; go to the above website and register and apply online. The closing date for applications in April 2010.