How can I afford Higher Education?
The student finance arrangements for higher education courses have recently changed. To make sure you get accurate and up-to-date information, this section outlines the main financial support available and where you can go to find out more.
It is important for you to realise that you CAN afford to do a higher education course – think of the thousands of students who manage to do it every year and trust us, they are not all rich! It may not always be easy but it is possible.
There is financial help available to all higher education students whether you are studying on an academic or vocational course and the type of support, as well as how much you receive, will depend on your personal circumstances, your financial situation and whether you are studying full-time or part-time.
Making sense of student finance
An easy way to think about student financial support is to divide it into:
Repayable: means that the financial help is a loan so you need to pay it back.
Non repayable: means that the financial help is a grant so you don’t have to pay it back.
And either:
Income assessed: means that the amount of help you get depends on your household income.
Non income assessed: means that the help is available to you regardless of your household income.
Full-time students
Student Loan for Fees
Repayable
Non income assessed
Although universities and colleges are now allowed to charge fees to all students, you can get a student loan to cover the exact amount of those fees so you don’t have to pay the money up-front out of your own pocket. You only have to repay this loan after you have left your course and are earning over £15,000 per year and if you haven’t paid off your loan after 25 years your student debt will be written off. You are also entitled to a ‘repayment holiday’ of up to five years in total.
Maintenance Grant
Non repayable
Income assessed
This grant is available to help with your living costs while you study. It is not repayable and the amount you receive depends on your household income. Those from lower income households will receive the entire grant while others might be entitled to receive a smaller percentage of the grant based on parental income. It will affect how much Student Loan for Maintenance you can borrow. If you receive the Special Support Grant, you will not be entitled to this grant.
Special Support Grant
Non repayable
Income assessed
Students who are likely to qualify for this grant include lone parents, student couples with children and disabled students. If you are eligible to receive income-related benefits like Income Support and Housing Benefit, you will probably qualify for this grant.
This grant doesn’t affect the amount of Student Loan for Maintenance you can borrow. Jobcentre Plus and HM Revenue and Customs do not count the Special Support Grant for working out your entitlement to benefits or tax credits. If you receive this grant, you will not be entitled to the Maintenance Grant but the amount you receive will be the same.
Student Loan for Maintenance
Repayable
75% Non income assessed
25% Income assessed
This loan is available to help with your living costs like food, accommodation and books. All full-time students are entitled to 75% of the full loan amount while those who are from a lower income household are entitled to a higher percentage or the entire loan amount. Like the Student Loan for Fees, you only start paying this back once you have left your course
and are earning over £15,000 per year. Plus, an important thing to remember is that student loans are not like normal loans where you get charged a high interest rate. The interest rate is aligned with inflation so the amount you borrow is the amount you pay back in real terms.
Part-time students
Part-time students are entitled to financial support if they are studying at least half of an equivalent full-time course and it leads to a higher education qualification.
Tuition Fee Grant
Non repayable
Income assessed
This is a grant to help pay for your course fees. How much you get will depend on your household income and what intensity (or rate) you study at. You do not have to pay this money back.
Course Grant
Non repayable
Income assessed
This is a grant to help with costs related to your course like books and travel. How much you receive will depend on things like your household income. You do not have to pay this money back.
Additional Fee Support Scheme
Non repayable
Your university or college decides how much the tuition fees are for part-time courses; there is not a maximum amount like for full-time courses. If your tuition fee grant is not enough to cover the amount you are charged, you may be able to get extra support from your university or college through the Additional Fee Support Scheme. Ask the Student Support Office at your college or university for more information. Contact details can be found on our website or at www.hero.ac.uk under ‘Uni Finder’.
Extra financial support
In special circumstances, you may be eligible for extra financial support on top of the grants and loans available to all students. Listed below are the main types of extra financial help that are available.
Disability and special needs
If you have a disability, for example a specific learning difficulty such as dyslexia, you are entitled to claim extra financial help as a student. The Disabled Student Allowance (DSA) pays for things like specialist equipment you may need for studying or a non-medical helper (for example, a notetaker or reader). You can apply for the DSA when you fill in the main application for student support. You can find lots of information and help on the following websites:
www.skill.org.uk
www.direct.gov.uk/disabledpeople
Children and adult dependants
If you are a student with children, you may be able to get extra help from the Childcare Grant, Parents’ Learning Allowance or tax credits. Students with adult dependants may be entitled to extra help from the Adult Dependants Grant. You can apply for these extra grants and allowances when you fill in the main application for student support. For more information visit www.direct.gov.uk/parents
Leaving care
If you are a care leaver, you can get extra financial support on top of the grants, bursaries and loans that are available to all students entering higher education. You can find out about the financial support you are entitled to in ‘Am I bothered?’ a free guide to higher education for young people in or leaving care. Ask your social worker or local authority for a copy or contact the Aimhigher Peninsula Programme at peninsulaprogramme@plymouth.ac.uk or 01752 232 388 for your free copy.
Access to Learning Fund
This fund provides support for students who may need extra financial help to stay in higher education. Students with children (especially lone parents), mature students (especially with existing financial commitments), students from low income families, students who have been in care, students who are homeless, and disabled students are all priority groups for support from the Access to Learning Fund. This help is usually paid as a non repayable grant but sometimes as a loan. It is available through your college or university after you start your course. Your college or university will decide how much you are entitled to.
Bursaries and scholarships
On top of the finance that you get from the government, universities and colleges offer bursaries and scholarships. If you are studying full-time, paying the maximum fees and receiving the full Maintenance or Special Support Grant then you will definitely be entitled to some level of bursary support from your university or college. Sometimes bursaries and scholarships are a cash payment but they can also come in the form of accommodation or
textbooks. For more information on bursaries and scholarships it is best to contact the university or college that you are interested in directly. Visit the Contact details section of our website or visit www.hero.ac.uk under ‘Uni Finder’.
Teaching and healthcare bursaries
If you want to train as a teacher, you can get an award or training salary and you might qualify for a training incentive depending on the subject you want to teach. For more information visit www.tda.gov.uk NHS bursaries can cover costs like tuition fees, living costs, learning materials and expenses. For more information visit www.nhsstudentgrants.co.uk
Work-based learning
Work-based learning offers you the opportunity to earn while you learn. You will receive a salary or training allowance from your employer and they may also help you by paying for your course fees and costs. You can find more detailed information on student finance as well as information on how to apply for it on the following websites:
www.gr8choice.org
www.studentsupportdirect.co.uk
www.direct.gov.uk/studentfinance
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