Student finance: frequently asked questions
Am I eligible for a student loan?
You are eligible for:
- UK and EU students are eligible for a tuition fee loan (up to £9,250).
- UK students are eligible for a Maintenance Loan to help towards living expenses (up to £11,600). The amount you are entitled to will depend on your household income.
How are the loans paid?
All payments of Loans will be paid by electronic transfer directly into your bank account. It is therefore essential that Student Finance have the correct details of your bank account in order to make the payment.
Once you have registered and your student finance application has been approved, Student Finance will then need to confirm that you are a registered student before your loan will be released to you.
Once confirmation of attendance is confirmed by the University, the first instalment of your Loan Entitlement will then be paid into your bank/building society account within 5-10 working days. The second Instalment is paid in January and the third instalment in April.
How do I apply for a Student Loan?
I am only just in the process of applying. Will the loan be back-dated?
Yes, any payments will be backdated to the beginning of the academic year.
I haven’t applied for my loans yet – how long will it take before I get any money?
Applications can usually take between four-to-six weeks to process. However, if Student Finance requires any further information, this process will take longer.
I already have a degree – can I get funding to do another degree course?
If you have an honours degree you will not be funded for another undergraduate degree course; however you should be eligible for full funding for a PGCE and Master's course.
I studied at another uni for two years, but dropped out. Can I get funding for my new course?
My Loan isn’t enough to cover my expenses. Can I apply for a Hardship Award?
If you are able to show you are in severe financial hardship, you can complete a Student Hardship Fund Application Form. You will need to provide sufficient evidence of your income/expenditure, as requested on the Form.
Please email email@example.com for further information about the Hardship Fund.
Am I eligible for benefits?
Full-time students aren’t eligible to receive benefits with the exception of students with children and students who have a disability and receive the Disability Living Allowance.
When calculating any benefits your student loan and some grants will be counted as income. Full time students don't pay council tax.
How do the loan repayments work?
- You don’t have to make any repayments until the April after you have finished your course.
- You pay 9% of earnings over £25,000 e.g. If you earn £26,000 you will pay 9% of £4,000 = £360 per year or £30 per month. You don’t pay anything if you earn less than £25,000.
- Any outstanding balance is cancelled after 30 years.
- There is no penalty for paying some or your entire loan off early.