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Student Funding

finance

Student Finance - What you can expect

While you are studying either an undergraduate or postgraduate course at university you'll normally have to pay for your tuition fees as well as your living costs for the duration of your degree. You can apply to Student Finance England (SFE) for loans and grants to help with some these costs.

Depending on what course you are studying you may need to apply to NHS Bursaries for your funding package instead or if you are an undergraduate and ordinarily resident in Wales then apply to Student Finance Wales, Northern Ireland apply to Student Finance NI or if you are from Scotland you would apply to the Student Awards Agency for Scotland (SAAS).

 

If you are a full time UK student you can apply for:

Depending on your personal circumstances you may also be eligible for:

If you have specific disability or learning support needs then you may be eligible for some help through Disabled Students Allowance.

EU students

If you’re an EU student from outside the UK studying in England, you can apply for a Tuition Fee Loan if you meet certain conditions but not loans or grants for living costs unless you have been resident in the UK for 3 years prior to the start of your course.

If you have been working in the UK for a while and intend to continue doing so whilst studying, you may be assessed for further financial support as a Migrant Worker but this is not always guaranteed.

Applying for Student Funding

The easiest way to apply is online. Remember that you have to re-apply for your funding each year and make sure you submit your application on time. There is one form for all your student finance, so there is no need to apply for grants or bursaries separately. Make sure you give consent for the University to see your information if you would like to be assessed for a bursary.

What if I need to repeat a year?

Student Finance will cover the cost of one repeat year or if you decide to change course within your first year of study, providing you do not repeat any further years or change course again. You need to let SFE know when you are studying a repeat year otherwise they will assume you have continued into the next year of your course which will cause complications later down the line.

Maintenance Funding from September 2016 onwards

New full-time students starting their courses from 1 August 2016 onwards, ‘2016 Cohort students’, no longer qualify for maintenance grants. They instead qualify for a loan for living costs (maintenance loan) which for students on household incomes of £25,000 or less, is 10.3% higher than the total grant/loan support in 2015/16.

This table can help you work out the amount of maintenance funding a student will receive per year. The figures are based on students studying outside of London. If you are under 25, these figures will be reduced if you live with your parents. An ‘Assessed Contribution’ is the amount of funding SFE would expect the household to contribute to the students funding package.

Sept 2016 starters (full time, living away from home and not studying in London)

Students with household incomes above £25,000 lose £1 of loan for every complete £8.49 of income above £25,000 until the amount they receive reaches 46.6% of the maximum amount (indicated at (+) in the table above), at which point there is no further reduction.

Even though students can no longer receive a maintenance grant, the following grants are still available for eligible students:

If you have specific disability or learning support needs then you may be eligible for some help through Disabled Students Allowance.

EU students

If you’re an EU student from outside the UK studying in England, you can apply for a Tuition Fee Loan if you meet certain conditions but not loans or grants for living costs unless you have been resident in the UK for 5 years prior to the start of your course.

If you have been working in the UK for a while and intend to continue doing so whilst studying, you may be assessed for further financial support as a Migrant Worker but this is not always guaranteed.

Applying for Student Funding

The easiest way to apply is online. Remember that you have to re-apply for your funding each year and make sure you submit your application on time. There is one form for all your student finance, so there is no need to apply for grants or bursaries separately. Make sure you give consent for the University to see your information if you would like to be assessed for a bursary.

What if I need to repeat a year?

Student Finance will cover the cost of one repeat year or if you decide to change course within your first year of study, providing you do not repeat any further years or change course again. You need to let SFE know when you are studying a repeat year otherwise they will assume you have continued into the next year of your course which will cause complications later down the line.

Part-time students are able to apply for a tuition fee loan only to help pay for fees providing the intensity of the course is a minimum of 25% of a full-time course equivalent.

 

If you’re a part-time student you’ll be due to start repaying your loan in the April after you leave your course or the April four years after the first day of your course (even if you’re still studying), whichever comes first providing you are earning over the £21,000 threshold.

 

If you are studying an NHS funded course then you will receive a grant for your tuition fees which will be paid directly to the university by the NHS Bursaries team.

Students should also receive a monthly bursary, £1000 grant and a reduced rate Maintenance Loan from SFE to help support their living costs. The bursary & grant are non-repayable.

The amount of loan given is standard:

  • Students living in the parental home - £1744
  • Students living in their own home/away from the parental home - £2324

There are reduced amounts of loan when you reach the final year of your course.

The £1,000 grant is a set amount however the bursary is means-tested therefore is dependent on your household income amount.

The following tables shows typical support available to students on a 30 week course or a 45 week course.

For students studying up to 30 weeks each year, you will receive:

 

If you will be studying and living:

Non-means tested grant

Means tested bursary (maximum)

 Non-means tested maintenance loan

Outside of London and living in student/rented accommodation/your own home during term time.

 £1,000

 £2,617

 £2,324

Outside of London and living with your parents during term time.

 £1,000

 £2,185

 £1,744

For students studying 45 weeks or more each year, you will receive:

If you will be studying and living:

 Non-means tested grant

Means tested bursary (maximum)

Non-means tested maintenance loan

Outside of London and living in student/rented accommodation/your own home during term time.

 £1,000

 £4,443

 £2,324

Outside of London and living with your parents during term time.

 £1,000

 £3,395

 £1,744

 

Depending on your personal circumstances you may also be eligible for the following extra support:

 

  • Parents Learning Allowance
  • Childcare Allowance
  • Dependence Allowance

If you have specific disability or learning support needs then you may be eligible for some help through Disabled Students Allowance.

NHS Courses from September 2017 onwards

From 2017/18, new students on nursing, midwifery and AHP pre-registration courses (which lead on to qualification with one of the health professional regulators) in England will take out maintenance and tuition loans from Student Finance England like other students rather than getting an NHS grant. This currently does not affect the undergraduate Social Work Bursary.

For Masters courses beginning on or after August 1st 2016 students will be able to borrow a loan of up to £10,000 towards overall courses costs (including tuition fees, accommodation and living costs). Loans will be available for taught and research courses in all subject areas as long as the course is a full Masters qualification.

The key points are summarised below:

  • Postgraduate Loans will be available up to a maximum value of £10,000.
  • They will be availalbe for courses starting from September 2016 onwards.
  • The loans will be available for both taught and research Masters programmes. PhDs will be supported by separate postgraduate research loans but these are not yet in place.
  • Masters degrees in all disciplines and subject areas will be covered by the new postgraduate loan scheme.
  • Postgraduate loans will be available for all full-time, part-time and distance learning Masters programmes.
  • Students aged under 60 will be eligible for Masters loans.
  • Loans will be subject to an interest rate of RPI+3% and repayments will not begin until 2019.
  • Repayments will be income-contingent and made concurrently with undergraduate loans.
  • Rates will be set at 6% of annual income over 21,000.

Applying for a Loan

Applications for PG Loans are now open, you apply through Student Finance England here

 

Eligibility Criteria

  • Under 60 years of age for both Home and EU students
  • UK residents must have resided in England for a minimum of three years prior to the start of the programme.
  • EU students to have resided in the EU for three years (not for educational purposes) prior to the start of the programme.
  • Part-time courses must be taught at a minimum of 50% intensity in year 1 of the course.

The loans are not available for

  • PG Certificates and PG Diplomas in medicine-related subjects or
  • Students who already have a postgraduate Master’s qualification, including an integrated Master’s qualification.

PCGE & Masters of Architecture

These courses will not be eligable for a Postgraduate Loan as full funding can be applied for through the Undergraduate loan route as in previous years.

Other Funding

If you are not eligible for a Postgraduate Loan due to previous study or because your course is not included (for example PG Dip, PG Cert or PhD courses) then you may want to look into the possibility of:

  • Support from a research council or charitable organisation – click here to find information on accessing The Alternative Funding Guide for free.
  • Sponsorship from your workplace
  • A Career Development Loan or MBA loan – these are run through banks and each bank will vary in their terms & conditions.

If you have secured a place through Clearing, you will need to look at applying for your funding. You can do so here.

Student Finance England has produced a set of resources for students going through the clearing process to apply for finance which can downloaded here.

They have also produced a new film about Student Finance and Clearing that you can view here. Please share with your friends if you feel this will help others.

If you are an NHS Student, you need to complete your online application for a Bursary as soon as possible here.

 

Click on the links below for information videos including BSL interpretation

 

Extra support available:

If you have any questions or are concerned about your student funding assessment then please contact one of our finance advisors at moneymatters@salford.ac.uk for help.