A number of factors come into play when estimating the cost of a student’s higher education.
The overall cost will be dependent upon the student’s chosen course, institution and household income.
Full-time students who will be new entrants to higher education in 2008/09 will be liable for a fee contribution of up to £3,145 (£3,070 in 2007/08). However they will be able to apply for a variable fee loan of up to £3,145 (£3,070 in 2006/07), depending upon the actual fee charged by their institution.
Student Loans for Maintenance have been increased to help students meet their basic living costs.
Interest is charged on student loans from the moment they are paid until they are repaid in full.
- From 9 January the interest rate is 2.5%
- The interest rate for 5 December 2008 to 8 January 2009 was 3%
- Interest will not affect monthly repayments - these are based on your earnings rather than your balance
Student loans are not like commercial loans. They are subsidised by Government and attract a low cost interest rate. This interest rate is based on the annual March retail price index (RPI) or the highest base rate of a number of major banks plus 1%; whichever is lower.
To date, the RPI has always been the lower of the two. The reduced bank base rate plus 1% is now lower than the Moarch 2008 RPI so we have presently adjusted the student loan rate to 2.5%.
Entitlement to grants and loans increases each year in line with inflation, and your financial contribution is assessed by your Local Authority.
Where to apply
Apply for student finance if your home is in England
Apply for student finance if your home is outside England
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