Repayable finance

The only repayable sources of student funding are those that come in the form of student loans. There are two loan options available to students.

Tuition fee loan

All students are able to take out a tuition fee loan meaning they can study now and pay back later. The amount borrowed can be anywhere up to the full amount of tuition charged (£3,145 per year for 2008/09). These loans are paid directly from the Student Loans Company to the University and need to be repaid once the student has graduated and is in employment.

Maintenance loan

In addition to the tuition fee loan, students are able to apply for a maintenance loan to cover living costs such as accommodation, food and travel. The amount available for this loan is based on personal circumstances such as household income, area of study and where the student is living. This loan is paid directly to the student in three instalments each year.

Repayment of student loans

Students do not have to repay anything before or during study. Student loans are only repayable once a student has graduated, is in employment and is earning at least £15,000 per year. Repayments will then be taken directly from salary at a rate of 9% of earnings. For example, a student graduating and entering employment earning £18,000 per year will be making weekly loan repayments of £5.19.