Government funded courses are typically form of study loan. Student Loans offer students the ability to study now, pay later. Government funded and/or loan-scheme courses may be studied full-time or part-time depending on your requirements. For Undergraduate students Usually, you can only get student finance for your first higher education qualification. As a general rule, a Tuition Fee Loan is available for the full length of your course, plus one extra year if needed. Student finance depends on your household income. A student must be one of the following in order to be eligible for Student Finance: A UK / EU National A non UK/EU national with indefinite leave to remain, or with a ‘settled’ status, Refugee Status / humanitarian protection. Must not have a previous UK Degree or an Equivalent Degree. Must be at least 18 years of age, there is no upper age limit for tuition fee loan. In Addition to Tuition Fee Loan you may also be eligible for up to £13,000 in grants and student loans per annum for students living and studying Outside London and up to £15,000 per annum for students living and studying in London. Adult Dependants’ Grant Students with an adult who depends on them financially can apply for an Adult Dependants’ Grant of up to £2,834. You can apply for this grant on top of any other student finance you may get and you don’t have to pay it back. Parents’ Learning Allowance Full-time students with children could get up to £1,617 a year. Parent learning allowance does not have to be paid back. It is paid on top of your other student finance you may get and it won’t affect your tax credits. https://www.gov.uk/parents-learning-allowance Childcare Grant Students with children can apply for a Childcare Grant of: Up to £159.59 a week for 1 child Up to £273.60 a week for 2 or more children The grant helps with childcare costs for children under 15, or under 17 if they have special educational needs. Any money you get is paid on top of your student finance and you don’t have to pay it back. How it’s paid You need to register at your uni or college before Student Finance England can make your first payment. You’ll usually do this in the first week of your course, and you may have to take your student finance entitlement letter with you. Your Tuition Fee Loan is paid directly to your university or college in three installments during the academic year. Repaying Your Student Loan When do I have to repay? You only start repaying your loan once you’ve graduated and you’re earning more than £25,000 a year. After that, you’ll pay back 9% of anything you earn over £25,000. So if you’re earning £30,000 an year, You repay – £37.00 each month. If your earnings drop below £25,000, your repayments will stop. Example repayment amounts Example repayment amounts Annual income before tax Monthly salary Monthly repayment Up to £25,000 £2,083 £0 £27,000 £2,250 £15 £30,000 £2,500 £37 £35,000 £2,916 £74 £40,000 £3,333 £112 What if I don’t finish my course? If you don’t finish your course, you’ll still have to repay what you borrowed if you’re earning more than £25,000. You are advised to visit student finance England website for complete information and the requirements. Education Doorway connects you with a variety of Government Funded Courses from UK best education providers in a wide range of industries. Please talk to us today. The information was updated on 29 July 2018, Please visit relevant website for most accurate information.
