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University Funding
Studying at university is not cheap.
So what's on offer to help fund your further education? There are grants and loans available to help meet the cost of tuition fees and living expenses, including rent. But, how much you get depends on your parents' income, as they're expected to contribute to your upkeep.
University Fees
Every candidate will have to pay tuition fees and everyone qualifies for a loan to cover the cost. But from the moment you take the loan out, it will gain interest at the rate of inflation. Most universities will charge the maximum fee of £3,000 per year for their degrees. For more details check out the UCAS website.
Grants
Following evidence that the introduction of tuition fees in, grants of up to £1,000 were reintroduced in 2004 - it's now nearly £3,000 if your parents are on a low income and you eligible for the full grant. For 2008-9 entrants a sliding scale system then applies to households with incomes between £25,000 and £ 34,450 For more information, check out the UCAS grants site.
Student Loans
The first place to start is the official Student Loans Company: This government-backed scheme is the cheapest long-term debt you’ll ever get. Although you pay interest, the rate is linked to inflation, so in effect you will broadly repay the same amount that you borrowed in the first place.
The scheme can offer two types of support:
Student Loan for Tuition Fees – obviously, this will help pay your course fees and is paid directly to the university or college.
Student Loan for Maintenance – to cover the essential day-to-day stuff like rent, bills, travel and books. The amount you can borrow will be assessed on factors such as your household income, and the cash will be paid directly into your bank account at the start of each term.
There’s nothing to repay until after you graduate, and even then you only repay 9% on your earnings above £15,000 – if you earn less than that you won’t have to repay a thing.
Bursaries
Universities charging the maximum £3,000 in tuition fees must offer bursaries of at least All universities and colleges will offer a range of bursaries; your university will also have an Access to Learning Fund, which quite simply offers hardship grants for students in financial difficulty. Access Funds tend to run out quickly, so it’s best to get your application in as early as possible .
Overseas students
Universities can charge students from outside the EU what they like but if you're from the EU you'll pay the same as a UK student.
If you're an EU national who's lived in the UK for more than three years, you'll also be eligible for loans under the same terms, though it's not clear at the moment how the Inland Revenue will reclaim the money if you leave the country after graduating.
More information on studying in the UK as an overseas student is available from UKCOSA, The Council for International Education. For more info, visit the UKCOSA site.
* England and Northern Ireland. See below for Wales and Scotland