Recent News for Those Getting Student Loans in the United Kingdom

For many, one of the first loans which has been signed for is that supporting tuition and fees for university. The cost of tuition has been rising even while the number of students has also been increasingly rapidly. For those who are interested in obtaining a student loan in the UK, having a good idea of how much money will be needed to finish the degree is necessary. The costs are split up across the countries of the United Kingdom, with different rates being found in each country. For those in England, for example, the amount of the student loan will likely be different than a student loan in Ireland.

For those who live in England or Northern Ireland or have children in either of these places, the annual tuition fee will likely be around £3,225 per year. This amount will go towards the price of a course at the college or university of choice. In order to cover these costs, students may take out a loan.

As opposed to loans, some students may be able to secure financing through a maintenance grant. These grants are given as free money and do not have to be repaid at all. In addition to grants which cover the straight tuition costs of the university that the student goes to, grants may also be used to cover living expenses for the student over the course of the term of the study.

An example may be helpful for those interested in a student loan to help explain the difference between a maintenance loan and a student loan. For those with a household income or around £25,000 per year or less, the maximum maintenance grant in England or Northern Ireland is £2,906. For those with household incomes totalling more than £25,000 but less than £50,000, the child will receive a slightly smaller maintenance grant of £1,906 and £50 a year. Grants from the universities themselves, which are known as bursaries, can be added on top of the maintenance grants as well to cover other expenses which are over the grant amount.

For those students who are from Wales, the loan situation will be slightly different. Tuition there has seen a noticeable increase so students and possibly their parents or guardians will have to investigate further loan opportunities. Loans upwards of £5,000 per year are readily available to cover tuition expenses. In addition to these loans, grants have been made available for those seeking financial aid which is not tied to repayment. For each student, it is up to the individual who is applying for the loan how he or she wants to divide the loan amount. Studying in Wales will likely cost at least £5,000 per year in tuition alone, so applying for loans and grants is a good thing to do.

The ultimate decision is left up to the child or the parents of the child applying for the loan. This loan will be direct payment for the tuition and living expenses incurred from one’s studies at an institute of higher learning in the United Kingdom. This new grant system will be set against the declared value of the family’s income. In addition, bursaries are available on top of these loans if the one applying for the loan wishes to also apply for a grant.