All UK/EU students are entitled to a student loan to pay for tuition fees. This loan is paid directly to the university on your behalf and is paid back once you have graduated and are earning more than £15,000 per year. You can apply for a student loan through Student Finance England.
Sunshine on Highfield Campus
Something to smile about: all UK/EU students are entitled to a student loan.
Student loans – living expenses
If you are a UK student you can also apply for a student loan to help with living expenses that you will incur while you are at university, such as accommodation, subsistence and social activities. If you are eligible, you will get at least 72% of the maximum figure of the loan. The remaining 28% is based on your income and that of your household and the level of maintenance grant you are receiving. To apply for a student loan, contact your LEA and ask for the appropriate forms.
If you are an EU student studying in the UK, you may also apply for a student loan but you will need to meet certain criteria. These include how long you and/or your parents have lived in the UK, whether you and/or your parents pay tax etc. For more details, contact your LEA.
Receiving your loan
The Student Loans Company (SLC) will usually pay your loan into your bank account by electronic cash transfer (BACS). You must have enrolled at university and be in attendance for the payment to be made. New entrants should enrol online and attend Academic School induction events where attendance on campus is recorded. Returning students are advised to ensure they enrol online for attendance to be confirmed and the SLC payments to be released.
Repaying your student loan
You pay interest on a student loan at inflation levels, meaning that the value of the loan which is repaid remains the same in real terms as the amount borrowed.
You repay your student loan from the April following your graduation – it comes straight from your salary once you are earning £15,000 or more annually. Currently graduates repay 9% of their income above this figure or, for a graduate earning £20,000 per year, £37.50 per month.
Further information: