Almost all students pay their fees by taking out a Student Loan, this starts being repayable when you have completed your course and when your earnings rise over £25,000 per year. When you are earning above this you will only pay back 9% of anything you earn over £25,000.
What you pay is linked to what you earn not what you owe. If you never earn over £25,000 you never pay anything back. Any outstanding loans will be written off after 30 years!
Please note that these figures only apply to students who started their HE course from September 2012.
You can apply for a Tuition Fee Loan from Student Finance England at the same time as applying for other maintenance grants and loans. The amount you pay will then be deducted from your salary by your employer in the same way they deduct tax and national insurance payments.
Below is a table showing how those repayments work out.
Your income per year
Income per year | Monthly repayments
£25,000 | No repayments
£30,000 | £37.50
£40,000 | £112.50
£50,000 | £187.50
£60,000 | £262.50
HOW DO STUDENT LOANS WORK AND AM I ELIGIBLE
Eligible students studying their first Higher Education funded course do not have to pay any tuition fees upfront. Instead, Tuition Fee Loans are available to UK and EU students. These are repayable after you graduate or leave your course and earn over £25,000 a year. For more information, please visit: www.gov.uk/browse/education/student-finance
Information regarding either funding source is subject to change, so it is important that you check the websites below for the latest information:
Some students will pay their tuition fees, or their employer may pay. However, most full-time and some part-time Higher Education courses will be funded via a Student Loan, whilst some other courses (for example Access to Higher Education) may be covered by an Advanced Learning Loan. In either case, the loan is paid back via your salary when you are earning £25,000 per annum or more.
STUDENT LOANS COMPANY
For further information about Tuition Fee Loans eligibility, applications and repayments visit the Student Loans Company website at:
SUPPORTING YOUR STUDY
There may be ways in which we can support your learning.
If you are finding it hard to cover the costs of any materials associated with your course or travelling to UCR, please contact our Student Services team on 01709 722777 as support may be available for you to cover these costs.
OPPORTUNITY FUND (FULL TIME AND PART PART STUDENTS)
The Higher Education Opportunity Fund helps students to finish their education when they would otherwise be prevented from doing so because of financial difficulties. You will need to have applied for the full amount of any statutory support (such as student loans and grants) before your application can be assessed.
EDUCATIONAL GRANTS ADVISORY SERVICE (EGAS)
This is an independent agency which may be able to help people get funding for further or higher education if they do not quality for government finding. For more information visit EGAS website or call 020 7254 6251.