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| Student finance: When are UK student loans written off? | Student finance: When are UK student loans written off? |
| (6 days later) | |
| Maybe you are celebrating having achieved the grades for your first choice course or maybe you are among about a fifth of university applicants who are grappling with the Ucas clearing system, external but it's important to know that there is still time to apply for a student loan. | |
| It is important to note, however, that there is no guarantee your maintenance funds will be in your bank account by the first day of term. | |
| Here is what you need to know. | Here is what you need to know. |
| Follow results day live updates here | |
| Follow results day live updates here | |
| How do student loans work? | How do student loans work? |
| The details depend on where in the UK you live but student loans are typically made up of: | |
| a loan for tuition fees | a loan for tuition fees |
| a loan for tuition fees | a loan for tuition fees |
| a maintenance loan for living costs | a maintenance loan for living costs |
| a maintenance loan for living costs | a maintenance loan for living costs |
| Most people are entitled to the tuition fee element which is equal to the annual cost of your course up to £9,250 per year., external | |
| The maintenance loan is intended to cover accommodation, food, books and equipment. | The maintenance loan is intended to cover accommodation, food, books and equipment. |
| Maintenance loans are means tested so the amount you get depends on your family's household income. You might get extra money if you are disabled or have children. | |
| If you are under 25 and have no contact with your parents, you might be able to apply as an "estranged student"., external This means your parents' financial situation is not taken into consideration. | If you are under 25 and have no contact with your parents, you might be able to apply as an "estranged student"., external This means your parents' financial situation is not taken into consideration. |
| Research by the Higher Education Policy Institute, external suggests maintenance loans in England actually cover only about half the cost of living and less for students in London. | |
| The Student Loans Company says graduates in England leave university with average debts of £44,940. | The Student Loans Company says graduates in England leave university with average debts of £44,940. |
| How much does university cost and does it increase earnings? | How much does university cost and does it increase earnings? |
| How much does university cost and does it increase earnings? | How much does university cost and does it increase earnings? |
| How can I find out how much I can borrow? | How can I find out how much I can borrow? |
| The amount of maintenance help available varies across the UK. | The amount of maintenance help available varies across the UK. |
| This year, students in England will be able to borrow up to £10,227 a year, external for a maintenance loan if living in the UK, outside London and away from their parents. This increases to £13,348 in London. | This year, students in England will be able to borrow up to £10,227 a year, external for a maintenance loan if living in the UK, outside London and away from their parents. This increases to £13,348 in London. |
| In Scotland, the maximum annual maintenance loan is £9,400, external for under-25s. For students living away from home in the UK outside London, it is £12,150 in Wales, external and £6,776 in Northern Ireland. , external | In Scotland, the maximum annual maintenance loan is £9,400, external for under-25s. For students living away from home in the UK outside London, it is £12,150 in Wales, external and £6,776 in Northern Ireland. , external |
| Students from England can use the loans calculator on the Student Finance England, external website | Students from England can use the loans calculator on the Student Finance England, external website |
| Students from England can use the loans calculator on the Student Finance England, external website | Students from England can use the loans calculator on the Student Finance England, external website |
| Students from Wales can go to Student Finance Wales, external | Students from Wales can go to Student Finance Wales, external |
| Students from Wales can go to Student Finance Wales, external | Students from Wales can go to Student Finance Wales, external |
| Students from Scotland can go to Student Awards Agency Scotland, external | Students from Scotland can go to Student Awards Agency Scotland, external |
| Students from Scotland can go to Student Awards Agency Scotland, external | Students from Scotland can go to Student Awards Agency Scotland, external |
| Students from Northern Ireland can go to Student Finance Northern Ireland, external | Students from Northern Ireland can go to Student Finance Northern Ireland, external |
| Students from Northern Ireland can go to Student Finance Northern Ireland, external | Students from Northern Ireland can go to Student Finance Northern Ireland, external |
| When and how to apply for student finance in 2024 | When and how to apply for student finance in 2024 |
| You can apply for student finance if you want to start university this year. | You can apply for student finance if you want to start university this year. |
| Follow live: Students learn results in England, Wales and Northern Ireland | |
| Follow live: Students learn results in England, Wales and Northern Ireland | |
| You do not need a confirmed place at university to apply and, if your plans change, you can cancel or change your application before the start of your course. | You do not need a confirmed place at university to apply and, if your plans change, you can cancel or change your application before the start of your course. |
| Student Finance England urged prospective students in England to apply by 17 May to "guarantee their student finance will be in place for the start of the academic year". | Student Finance England urged prospective students in England to apply by 17 May to "guarantee their student finance will be in place for the start of the academic year". |
| However, you can still apply for funding up to nine months after the first day of the academic year for your course. | However, you can still apply for funding up to nine months after the first day of the academic year for your course. |
| The application process is different depending on where you live: | The application process is different depending on where you live: |
| The Student Loans Company, external processes all applications for students in England and Wales | The Student Loans Company, external processes all applications for students in England and Wales |
| The Student Loans Company, external processes all applications for students in England and Wales | The Student Loans Company, external processes all applications for students in England and Wales |
| Students in Scotland apply through the Students Awards Agency Scotland, external | Students in Scotland apply through the Students Awards Agency Scotland, external |
| Students in Scotland apply through the Students Awards Agency Scotland, external | Students in Scotland apply through the Students Awards Agency Scotland, external |
| Students from Northern Ireland apply through Student Finance Northern Ireland., external | Students from Northern Ireland apply through Student Finance Northern Ireland., external |
| Students from Northern Ireland apply through Student Finance Northern Ireland., external | Students from Northern Ireland apply through Student Finance Northern Ireland., external |
| How do I get the money? | How do I get the money? |
| The tuition fees are paid directly to your university or education provider. | The tuition fees are paid directly to your university or education provider. |
| The maintenance loan is paid directly to your bank account in instalments. | The maintenance loan is paid directly to your bank account in instalments. |
| These are at the start of each term in England, Wales and Northern Ireland, and monthly in Scotland. | These are at the start of each term in England, Wales and Northern Ireland, and monthly in Scotland. |
| How much interest will I be charged? | How much interest will I be charged? |
| You are charged interest on the loan from the day you take it out but the amount varies across the UK. | |
| It is important to understand that the terms and conditions can change after you have borrowed the money - any interest-rate rises will apply to all student loans, not just new applications. | It is important to understand that the terms and conditions can change after you have borrowed the money - any interest-rate rises will apply to all student loans, not just new applications. |
| For students starting courses this year in England, the interest rate will normally be set at the retail price index (RPI) measure of inflation, external. It is currently capped at 8%., external | For students starting courses this year in England, the interest rate will normally be set at the retail price index (RPI) measure of inflation, external. It is currently capped at 8%., external |
| For courses in: | For courses in: |
| Wales, the rate is capped at 8%, external | Wales, the rate is capped at 8%, external |
| Wales, the rate is capped at 8%, external | Wales, the rate is capped at 8%, external |
| Scotland, it is 6.25%, external | Scotland, it is 6.25%, external |
| Scotland, it is 6.25%, external | Scotland, it is 6.25%, external |
| Northern Ireland, it is 6.25%, external | Northern Ireland, it is 6.25%, external |
| Northern Ireland, it is 6.25%, external | Northern Ireland, it is 6.25%, external |
| The amount graduates pay back will depend on how much they earn. | The amount graduates pay back will depend on how much they earn. |
| What is inflation and why is the cost of living rising? | What is inflation and why is the cost of living rising? |
| What is inflation and why is the cost of living rising? | What is inflation and why is the cost of living rising? |
| Q&A: Is there financial support for uni students in Wales? | Q&A: Is there financial support for uni students in Wales? |
| Q&A: Is there financial support for uni students in Wales? | Q&A: Is there financial support for uni students in Wales? |
| When do I have to start paying back my student loan? | When do I have to start paying back my student loan? |
| You do not have to start repaying your loan until you earn a certain amount of money after graduation, external. | You do not have to start repaying your loan until you earn a certain amount of money after graduation, external. |
| The threshold for students starting university in England this year will be £25,000. | The threshold for students starting university in England this year will be £25,000. |
| In Wales it will be £27,295, in Scotland £31,395 and in Northern Ireland £24,990. | In Wales it will be £27,295, in Scotland £31,395 and in Northern Ireland £24,990. |
| You do not repay anything if you earn less than the threshold. | You do not repay anything if you earn less than the threshold. |
| The earliest you will start repaying is the April after you leave your course. | The earliest you will start repaying is the April after you leave your course. |
| Payments are made automatically through the tax system. | Payments are made automatically through the tax system. |
| You generally repay 9% of the amount you earn over the threshold. | You generally repay 9% of the amount you earn over the threshold. |
| When are student loans written off? | When are student loans written off? |
| In England, anyone starting university this year will pay back their loan for 40 years before it is written off, regardless of how much is owed - a decade longer than last year. | In England, anyone starting university this year will pay back their loan for 40 years before it is written off, regardless of how much is owed - a decade longer than last year. |
| In Wales and Scotland it is 30 years and in Northern Ireland it is 25 years. | |
| You still have to repay your student loan if you leave your course early., external | You still have to repay your student loan if you leave your course early., external |
| Some people may opt to make extra repayments to clear some or all of their loan early - there is no penalty for doing so., external | Some people may opt to make extra repayments to clear some or all of their loan early - there is no penalty for doing so., external |
| Related Topics | Related Topics |
| Universities | Universities |
| Student debt | Student debt |
| Cost of Living | Cost of Living |
| Higher education | Higher education |
| Student finance | Student finance |