UNDERSTANDING YOUR STUDENT LOAN: A GUIDE FOR ENGLISH STUDENTS STARTING AN UNDERGRADUATE COURSE 2023

Undergraduate students in the UK can apply for Tuition Fee Loans, Maintenance Loans, and, in certain circumstances, other financial support such as grants or bursaries.

Eligibility typically requires that you be a UK resident, starting your first undergraduate degree, and studying at a recognised institution. Specific criteria may apply for EU nationals and other international students.

Applications can be made online through Student Finance England. You'll need to provide details about your course, your household income, and evidence of your identity.

The deadline to apply for a student loan is typically 9 months after the start of the academic year.

The Tuition Fee Loan covers the full cost of your course fees, up to £9,250 per year for courses at publicly-funded institutions.

Maintenance Loans are designed to help with living costs. The amount you can borrow depends on your household income, where you live, and whether you live at home or independently.

Repayments start in the April after you graduate or leave your course, but only if you're earning above the repayment threshold.

As of 2023, the repayment threshold is £27,295 per year, £2,274 a month, or £524 a week before tax.

You’ll repay 9% of your income above the repayment threshold. The amount you repay depends on how much you earn, not how much you borrowed.

Yes, interest is charged from the day you receive your first payment until your loan is repaid in full or cancelled. The rate depends on the Retail Price Index (RPI) and other factors.

Yes, your loan will be written off after 30 years from the April you were first due to repay, or if you become permanently disabled and unable to work.

Yes, you can make voluntary repayments at any time without penalty.

If your income is below the threshold, you won't have to make repayments. After 30 years, any remaining loan amount will be written off.

Student loans do not appear on your credit report and don’t directly affect your credit score. However, lenders may consider your repayments when assessing your affordability for other forms of credit.

You must inform Student Finance England if your personal or academic circumstances change, such as changing your course, institution, or if your household income changes significantly.

A student loan is financial support provided by the UK government to help cover the cost of tuition fees and living expenses for students pursuing higher education.

Eligibility for a student loan in the UK generally depends on factors like your course, your age, your nationality or residency status, and whether you've studied a higher education course before.

You can apply for a student loan online through the Student Finance England website or by completing a paper application form.

There are two main types of student loans: Tuition Fee Loans and Maintenance Loans. Tuition Fee Loans cover the cost of your course fees, while Maintenance Loans help with living costs.

For 2023, you can borrow up to £9,250 per year to cover tuition fees if you are studying at a publicly funded university.

The amount you can borrow for living costs varies based on factors such as your household income, where you study, and whether you live at home. For the 2023/24 academic year, it ranges from £3,775 to £9,978 per year.

No, you do not need a guarantor to apply for a student loan through Student Finance England.

You start repaying your student loan in the April after you finish or leave your course, but only if your income is over the repayment threshold.

For the 2023/24 tax year, the repayment threshold is £27,295 per year, £2,274 per month, or £524 per week before tax and other deductions.

Repayments are calculated as 9% of any income you earn over the repayment threshold.

Yes, interest is charged on student loans. The rate is based on the Retail Price Index (RPI) and varies depending on your income and circumstances.

Yes, you can make extra repayments or pay off your student loan early without any penalties.

If you move abroad, you will still need to make repayments based on your income and the country you are living in. You must inform the Student Loans Company of your move.

If your income falls below the repayment threshold, your repayments will stop until your income goes above the threshold again.

The time it takes to repay your loan varies depending on your income and the amount borrowed. Any outstanding loan is usually written off 30 years after you become eligible to repay.