Money Matters
As a student, you will have to pay for two things: tuition fees for your
course and living costs, such as rent, food, books, transport and
entertainment. If that sounds expensive, don't worry. You can get financial
help from the government in the form of loans and grants. And you don't
have to pay anything towards your tuition fees until you have finished
studying and are earning over £15,000 a year.
Tuition Fee Loans
Universities and colleges for 2010/11 entry can charge new students up
to £3,290 a year for their courses. The charges have not yet been confirmed for 2010/11 entry. The
maximum fee charged will not rise by more than the rate of inflation
before 2010 at the earliest. Amounts charged may vary between courses,
as well as between different universities and colleges.
The good news is that this money does not have to be paid whilst you are studying. You will be able to take out a student loan to cover the tuition fees charged by your university or college. And you only start repaying this loan once you have finished studying and are earning more than £15,000 a year. This means that someone earning £18,000 per year would pay back approximately £5.19 per week.
Non – repayable grants
There are non-repayable grants to help toward living costs worth up to £2,906 per year for students with household incomes up to £25,000. If your household income is up to £50,020 you may still qualify for some non-fundable support.
Around two thirds of all full-time students are expected to qualify for a full or partial grant and for students with disabilities or students with children there are additional grants.
Student loans for living costs
On top of the loan for fees there are student loans for living costs. These can help toward the cost of accommodation, food, books and other expenses. How much you get depends on where you live whilst you study and the amount of non-repayable maintenance grant you receive.
Non-repayable bursaries
Non-repayable bursaries are offered by individual universities and don’t have to be repaid. The amount of support available varies, depending on the institution and your personal circumstances. Look in university and college prospectuses or websites to see what they are offering.
How to apply
Applications for student support for 2009/10 are expected to open early in 2010. You will be able to apply online to the Student Finance England Service by going to: www.direct.gov.uk/studentfinance.
Part time work
Increasingly students are taking part time jobs. The extra income helps to pay for necessities, to reduce borrowing, to maintain a social life, to buy clothes and to gain skills for life after university or college. Using a part-time job to cut down on borrowing is a sound investment, as it reduces the debt that will be waiting to be paid off after graduation.
Contact
Rosalind Hall
Higher Education Coordinator
Town Hall
Barking IG11 7LU
Phone: 020 8724 8091
Email: rosalind.hall@lbbd.gov.uk
