Student Finance

Going to university or college is one of the biggest investments you can make, so understandably you may be concerned about the cost. There is, however, plenty of help and advice available.

There are essentially two main types of expenses that students have whilst at university or college - tuition fees (which are a contribution towards the costs of the course) and living costs.

Tuition Fees

For 2007, universities and colleges are able to charge new students up to £3,070 a year for their courses. The amounts charged can vary between courses as well as between different universities and colleges. But no eligible student has to pay anything towards their tuition fees while they are studying. Instead, they can take out a student loan for fees to cover the exact amount charged by their university or college which they only start repaying when they have finished studying and are earning more than £15,000 a year.

Maintenance Grants

For 2007 new full time students from lower income households can apply for a non-repayable maintenance grant of up to £2,765 a year. The amount payable depends on a student's income and that of their household.

Bursaries

Universities and colleges wishing to charge the maximum annual fee for a course will have to provide at least £300 a year in non-repayable financial support, such as bursaries, to students on these courses who are receiving the full maintenance grant. Some universities and colleges will offer more, so it will be important to speak to the university or college you are interested in and find out what it offers.

Student Loans for Maintenance

All eligible students can get some help with loans to help with living costs, regardless of any income they or their household might have. Exactly how much you can get depends on where you live and where you are studying.

Student loans for fees and maintenance will be added together, and only have to be paid back once a student has finished studying and are earning more than £15,000 a year.

For more information on student finance, visit www.ucas.com or
www.dfes.gov.uk/studentsupport