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Money matters

Money to learn for full-time higher education courses

What's Available?

Most people who go to Higher Education apply to Student Finance for

  •  a Tuition Fee Loan of up to £9,250 to cover the fees
  • and a Maintenance Loan to help towards living costs such as rent and bills. 

These have to be paid back, but not until the course is finished.

For more information go to the

Student Finance Quick Start Guide for 2022/2023

Applications Open from March 2022. You can start your application without having confirmed a UCAS place.

What makes a student loan different from other loans?

So your course finishes in June and then you don't start paying it back to the following April, and only then if you have a job paying over £27,295 a year.

The main thing that makes it different from a regular bank loan is that the amount you pay back is based on what you earn rather than what you owe!!

You have to be earning over £27,295 per year before you start to make any repayments at all.

You pay back 9% over £27,295 - so for example if you were earning £28,000 you would pay £5 per month.

Your loan repayments are automatically deducted from your earnings in the same way as income tax.

 Martin Lewis's MoneySavingExpert site has lots of useful information explaining how student loans work  and a student loan repayment calculator.

Student funding explained video 22/23

Applying for Maintenance Loan

You can apply for a Maintenance Loan to help pay for your living costs such as books and rent. How much you can get depends on your household income, and where you live and study.

To see how much you could get to live on go to the Student Finance Calculator

Saving Money by doing a Shorter Course

Some universities have introduced two year accelerated degrees - which could save you money. They have tuition fees at £11,100 per year. This could save you a year of living costs and some tuition fees.

Other Financial Support Options

There are also other sorts of financial support available - which you do not have to pay back.

Government Support

  • You can also get financial support if you are a parent and have childcare costs or adults who are financially dependent on you.
  • If you have a disability, learning difficulty, mental health condition or health condition you may be able to apply for Disabled Students Allowance.

To find out more about the help available go to

Bursaries and scholarships

  • Many universities will offer additional funding to certain target groups. This may include a bursary for students from a lower-income background, care leavers or disabled students. Each university will have a different offer of support, so check with the universities you are applying for.

Educational Grants and Awards

Some charities, trusts and organisations provide financial grants and bursaries to people for educational study. You can identify ones that you maybe eligible for and apply for these.

These could be linked to a geographical area, or because your father was in a particular occupation or linked to a specific course.



Getting help sorting out the funding

When planning to study it is important to understand the costs and know your sources of income. You will then need to plan your budget so that you can manage financially throughout your study.

Changes to Student Finance for 2023

If you are thinking of deferring your place at university and having a GAP year then you need to be aware that student loans are changing.

You will still be able to borrow the costs of going to university and pay it back when you complete the course.  Tuition fees will remain the same for two years at £9250 and the government will still provide access to maintenance loans.

  • You will now start paying back your loan when you earn over £25000 per year. Under this system if you were earning £28000 you would be paying back £17 a month compared to the old system of £5 a month.
  • You will repay the loan over 40 years.
  • You will pay back based on the current rate of inflation measured [RPI].

Do I need Maths and English GCSE grade 4 to get the loan?

The government are considering bringing in a minimum academic entry requirement for students be eligible for a student loan. 

The government are currently deciding if they will insist that you need to have a minimum of Maths and English grade 4 at GCSE or 2 Es at A level to apply for a loan. 

More information will follow in the Summer 2022.

Find out how the changes will affect you - Martin Money Saving Expert has produced a useful video and resources.

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