What are the eligibility criteria for a Student Loan to cover tuition fees for university?
[UK] I’m in second year of college, contemplating university to start Sept. ‘09.
I’ve looked at the Govt. website about loans and such (with loans of about £3100 a year to cover the approx. £3100 tuition fees), and it says most students should be eligible for a loan – but what ARE the actual criteria to get a student loan?
I am seriously considering not going to university because of the obscene cost of it all, but want to get all the information I can to make the best choice.
Oh and how does one qualify for the [I think] different maintainence loans / grants? What is the difference between a loan and a grant?
I am quite in the dark about costs of uni, and I don’t know what direction to take.
Thanks for any help.
Any British citizen going to university for the first time is eligible for a loan to cover their tuition fee, and a basic maintenance loan. The tuition fee loan is the same amount as your fees, and goes straight to the university, so you don’t actually see that money, you just don’t have to pay the fees yourself.
The maintenance loan is money to live on. All students not living in london get around £3500 a year, and students in london get a little over £5000.
However, if your parents have a low income, ie less than about £25000 combined, you may be eligible to borrow more. Also, if you are on a very low income you will be also eligible for a grant of around £1000 a year.
The loans are paid off after you graduate at a rate proportionate to your salary, but the grant is money you never have to pay back.
