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How much financial support can I getTSR Wiki > Student Finance > Introduction to financial support As a full-time undergraduate student at university or college, you'll normally have to pay for your tuition fees as well as your living for the duration of your degree. However, you can apply to Student Finance England (SFE) for loans and grants to help with these costs. If you've lived in the UK for at least 3 years and this is where you usually live then you'll probably be eligible for a Tuition Fee Loan to cover the entire cost of your fees. This'll be paid directly to your university or college. You'll also be eligible for a Maintenance Loan to help towards your living expenses, such as rent. Both these loans will eventually need paid back once you've left univeristy or college and earn more than £21,000 each year (if you're a new student in September 2012). If you started your course before 1st September 2012 then you'll start repaying after you've left univeristy or college and earn over £15, 795. Your Maintenance Loan won’t usually be enough to cover the cost of your rent or living costs. However, if you're from a lower income family (a household income equal to or less than £42, 600) you'll also be eligible for extra funding from SFE. In addition, there’s extra support for those with special circumstances, for example, if you have children or adult dependants, or if you have a disability, a mental-health condition or specific learning difficulty. This'll usually be a grant you don't have to pay back. Even if you don't qualify for additional funding from SFE you may be eligible for other bursaries or grants from your university or college. You have to reapply for all of your funding (loans and grants) from SFE each year, usually in the spring term and then you'll receive your funding on time at the start of the new academic year in September/October. SFE will contact you about reapplying and if your family circumstances haven't changed you'll not usually have to submit further evidence. Students who're studying for a part-time course or those who're studying a second degree are subject to different rules. There's also additional funding available for students doing postgraduate Initial Teacher Training courses.
Tuition Fee Loan
Maintenance Grant
Maintenance Loan
How much money can I get?The amount of funding you’re eligible to receive from student finance will depend on your household income and other circumstances. SFE has a calculator that enables students to work out how much money they're entitled to get before they've even applied for student finance. This'll make it much easier for you to start thinking about your budget when making accommodation choices at your chosen university or college. The Student Finance Calculator will give you an estimate figure of how much loan or grant you'll be entitled to get. Before starting, it’s a good idea to have a rough estimate of your annual household income as the calculation will then be more accurate. Once you have your estimate you can save, and come back to it later. This'll allow you to update details if your circumstances change or if you get more detailed information on your household income. |
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