{"id":1645,"date":"2020-07-29T22:33:12","date_gmt":"2020-07-29T21:33:12","guid":{"rendered":"https:\/\/sites.manchester.ac.uk\/gatewaysresources\/?page_id=1645"},"modified":"2020-11-08T17:21:49","modified_gmt":"2020-11-08T17:21:49","slug":"student-finance","status":"publish","type":"page","link":"https:\/\/sites.manchester.ac.uk\/gatewaysresources\/home\/teacher-home-page\/student-finance\/","title":{"rendered":"Understanding student finance"},"content":{"rendered":"

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\nGateways Resources<\/a><\/span><\/span>
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Understanding student finance<\/h1>\n

In England, students can apply for financial support for their first undergraduate degree through Student Finance England (SfE).<\/b><\/p>\n

As a team, we hear the words \u2018I can\u2019t afford to go to HE\u2019 or \u2018We can\u2019t afford to send my child to university\u2019 a lot, and although we do understand that the idea of a \u2018loan\u2019 and paying over \u00a39,000 a year can seem very off-putting and scary, we want to assure you that the Student Finance system is EXTREMELY different than any other loan scheme you will have heard of before, and we want to reassure you that, with this finance system, ANYONE can afford to go into higher education.<\/span><\/p>\n

How does Student Finance work? <\/u><\/strong><\/p>\n

Watch this short video for a brief overview of student finance in England: \u00a0<\/p>\n

<\/a><\/p>\n

[\/et_pb_text][et_pb_video src=”https:\/\/www.youtube.com\/watch?v=Qtv4Wm02C2A” _builder_version=”3.17.6″]
\n[\/et_pb_video][et_pb_accordion _builder_version=”3.17.6″][et_pb_accordion_item title=” Higher education fees and costs” open=”on” _builder_version=”3.17.6″ title_text_shadow_horizontal_length=”0em” title_text_shadow_vertical_length=”0em” title_text_shadow_blur_strength=”0em” body_text_shadow_horizontal_length=”0em” body_text_shadow_vertical_length=”0em” body_text_shadow_blur_strength=”0em”]<\/p>\n

If a student starts a higher education course, there will be two costs associated with it:<\/p>\n

    \n
  1. Tuition fees<\/strong> \u2013 the amount of money that students pay, per year, for a degree course. This cost is set by the institution and is currently set at a maximum of \u00a39,250 per year of study. Fees vary depending on whether the course is full time or part time, or distance based. Fees also vary depending on how much the HEI spends\u00a0supporting widening participation (WP) initiatives – like Gateways. HEIs can only charge higher fees if they spend a reasonable amount of their income and WP activities in their local community and with target WP groups. Higher tuition fees do not necessary mean a degree is better or harder to pass.<\/li>\n
  2. Living costs<\/strong> \u2013 this is the amount of money that students need to live – including accommodation, travel, food, clothes and other essentials.<\/li>\n<\/ol>\n

    Although these are the costs associated with going into higher education, neither students nor their parents are expected to be able to pay for both tuition fees and living costs up front. Student Finance England is a service that provides financial support on behalf of the UK Government to students who are entering higher education in the UK. Students will therefore be able to apply for the following loans that will support them through higher education:<\/p>\n

      \n
    1. A Tuition Fee Loan<\/strong><\/li>\n
    2. A Maintenance Loan<\/strong><\/li>\n<\/ol>\n

      What is a Tuition Fee Loan?<\/strong><\/p>\n

      A tuition fee loan is a non means-tested loan that covers a students’ full tuition fee for each year of their undergraduate study. This money will cover things like lectures, seminars, use of the library, use of equipment at the HEI, etc. This money is paid directly to the HEI, so a student will never the see the money or need to worry about missing a payment deadline. This money will need to be paid back. See the \u2018Repayment\u2019 section further down the page for more information.<\/p>\n

      What is a Maintenance Loan? <\/strong><\/p>\n

      A maintenance loan is another form of loan that students can apply for, designed to help with their living costs during degree study, and will cover the costs of things like accommodation, travel, food and other essentials. Maintenance loans are paid in three (almost) equal instalments throughout the year \u2013 at the beginning of each term.<\/p>\n

      These loans are means-tested, which means that the amount a student can borrow depends on their family’s household income, (if pupils live at home with their parents or carers at the time they apply). This works on a sliding scale, so students whose household income is lower, will be eligible for a higher value maintenance loan, and vice versa. This ensures that students who need extra help will get that support.<\/p>\n

      Other elements that determine how much maintenance loan a student is eligible to receive are whether they will be living at home with their family or not, and whether they will be living\/studying in or outside of London (to mirror the increased living costs in London).<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      SFE HE Maintenance Loans available in England for the 2020\/2021 academic year<\/strong><\/td>\n<\/tr>\n
      Household Income<\/td>\nLiving at home<\/td>\nLiving away from home (Outside London)<\/td>\nLiving away from home (In London)<\/td>\n<\/tr>\n
      Less than \u00a325,000<\/td>\n\u00a37,747<\/td>\n\u00a39,203<\/td>\n\u00a312,010<\/td>\n<\/tr>\n
      \u00a330,000<\/td>\n\u00a37,095<\/td>\n\u00a38,544<\/td>\n\u00a311,340<\/td>\n<\/tr>\n
      \u00a335,000<\/td>\n\u00a36,442<\/td>\n\u00a37,884<\/td>\n\u00a310,670<\/td>\n<\/tr>\n
      \u00a340,000<\/td>\n\u00a35,789<\/td>\n\u00a37,225<\/td>\n\u00a310,000<\/td>\n<\/tr>\n
      \u00a345,000<\/td>\n\u00a35,137<\/td>\n\u00a36,565<\/td>\n\u00a39,330<\/td>\n<\/tr>\n
      \u00a350,000<\/td>\n\u00a34,484<\/td>\n\u00a35,905<\/td>\n\u00a38,659<\/td>\n<\/tr>\n
      \u00a355,000<\/td>\n\u00a33,831<\/td>\n\u00a35,246<\/td>\n\u00a37,989<\/td>\n<\/tr>\n
      \u00a360,000<\/td>\n\u00a33,410<\/td>\n\u00a34,586<\/td>\n\u00a37,319<\/td>\n<\/tr>\n
      \u00a365,000<\/td>\n\u00a33,410<\/td>\n\u00a34,289<\/td>\n\u00a36,649<\/td>\n<\/tr>\n
      \u00a369,977<\/td>\n\u00a33,410<\/td>\n\u00a34,289<\/td>\n\u00a35,981<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      How do repayments work for Student Finance? <\/u><\/strong><\/p>\n

      Watch this video for a brief overview of student finance repayments:<\/p>\n

      <\/a>