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Student finance costs
From September 2006 universities and colleges in England, Wales, Scotland and Northern Ireland now all have different arrangements when it comes to charging fees.
- Universities and Colleges of Higher Education in the United Kingdom can charge new full time undergraduates fees of up to £3,290 a year. Any further increases will be limited to the rate of inflation until at least 2010. The amount charged will vary between courses, as well as between universities.
- New students starting courses in the Republic of Ireland in September 2007 will be treated as “continuing students”.
Student loans
Available to help with living costs: of the total loan entitlement, 25% is means-tested, which means it depends on your household income. This is assessed on the basis of whether the student is ‘dependent’ or ‘independent'.
Interest is charged on student loans from the moment they are paid until they are repaid in full.
- From 1 September 2009 to 31 August 2010 the interest rate is 0%.
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.
Entitlement to grants and loans increases each year in line with inflation, and your financial contribution towards the student’s support will be assessed by your Education and Library Board (ELB).
Students who commenced their studies before 2006
Tuition Fees
Continuing students will be charged tuition fees of up to £1,285 in Academic Year 09/10, this figure is £1,310 in 10/11.
They may be entitled to a grant to pay all or part of these tuition fees, but the amount of help they can receive will depend on your household ‘residual income’ (your household income after certain deductions).
Tuition Fee Loan
Eligible students will be able to apply for the new Student Loan for Fees to cover the cost of any assessed contribution. This support does not require to be repaid until the student has completed their studies and is earning above the threshold of £15,000.
Maintenance Loan
Loans are available to help with living costs, e.g. course materials, accommodation, food, clothes, travel etc. As noted above, interest is charged at either the rate of inflation or the base rate plus 1%, whichever is lower, so the amount repaid will be equal in value to the amount borrowed.
Higher Education Bursaries
Bursaries of up to £2,000 are available for students from lower income families. Full-time students in higher education who are eligible for loans for living costs and tuition fee support and whose household income is less than a certain level can apply. The amount of the bursary will be assessed by reference to the student’s household income and is paid in three instalments just like the student loan. It does not have to be repaid.
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