While purchasing higher education, a UK student has to meet two costs: tuition fee and maintenance fee. In most cases, the loan is supposed to be paid back after completing the course and attaining a job with a minimum of 21,000 pounds. The amount payment is based on the income you will be receiving at that point and not what you borrowed. Interest is charged based on the UK retail price index and it’s charged until the day the loan is completely paid or cancelled. However for students with disabilities or a younger sibling who depends on them don’t have to repay the loan.
Let’s look at how much you can get for a student loan in UK.
Maintenance Loan
Maintenance loan is the loan received directly into your bank account and with the aim of funding for day to day expenses. The payment is granted in three installments each year. The loan is dependent on the household income. Maximum loans available vary according the following:
If you are living at home you can get up to£ 6, 904 for 2016 – 2017 academic year and up to £ 7,097 for academic year 2017 – 2018.• If you are living away from home but outside London you can get £8,200 for 2016- 2017 academic year and £ 8,430 for 2017-2018 academic year.• If you spend a year of a UK course while studying abroad you are viable to receive up to £ 9, 391 in 2016-2017 academic year and £ 9, 654.• If you are living away from home and staying in London you can get up to £ 10, 702 in 2016-2017 academic years and up to £11,002 for 2017 -2018 academic year.
Moreover, you can apply for a partial maintenance loan that is not dependant on your income information. Therefore, it can be applied without your partners and parents sending in their income details. If you are a UK citizen for at least three years, in England and your family household income is below £42,620, you can apply for maintenance grant that will not require payment.
Tuition Loan
All educational institutions set up a specific tuition fee therefore vary from one course to another. If you apply for a tuition loan, it’s paid directly to the university or college school fees account. After completion of your course and you start earning a salary above £21,000 you start paying it back. The tuition fee varies as follows
For full time students they can be granted up to £9,000 in 2016-2017 academic year and £9,250 in 2017 -2018 academic year.• For full time student at a private institution they can be granted up to £6,000 2016-2017 academic year and £6,165 in 2017-2018 academic year.
To identify the amount you qualify to apply you can consult organizations dedicated to handling student funds through student finance numbers.
In conclusion, a UK student can be granted different amount of loans depending on what they would like. That is whether maintenance or tuition loan. The two will differ on a variety of aspects like the family household income, type of university and where the study stay while studying.
