• menu

Eluceo Home

Parents

  • Home
  • Parents
  • STEAM Programmes
  • Curricula
    • Primary Education
    • Secondary Education
    • College Education
  • Qualifications
    • 14-19 Qualifications
    • Diplomas and Baccs
    • Educational Levels
    • Alternative Learning
    • HE Qualifications
  • Careers
    • Building Skills
    • Types of Work Experience
    • Applying for Jobs
    • Mentoring
    • STEM Careers
  • Apprenticeships
    • Apprenticeships Explained
    • Apprenticeship Qualifications
    • Traineeships
    • Higher Apprenticeships
  • SEN & Gifted Children
    • SEN Education Explained
    • Find a SEN School
    • Most Common Disabilities
      • ADHD
      • Autism
      • Cerebral Palsy
      • Down's Syndrome
      • Dyslexia & Dyscalculia
      • Dyspraxia
      • Epilepsy
      • Speech & Language
      • Spina Bifida
      • Tourette's
      • Visual Impairment
    • Gifted Children
  • University
    • Preparing for University
    • UK Universities
    • UCAS Explained
    • Open Days
    • Fees & finance
    • Student Accommodation
    • Study Abroad
    • Placement Years
  • Local Schools
    • Local Primary Schools
    • Local Secondary Schools
    • Local Colleges

Fees & finance

  • Fees
  • Costs

Fees

The first question you may asking yourself as a parent is 'can I afford to send my child to university?' With fees seemingly rising year on year, you might be forgiven for thinking that it is completely out of your price range.  However, this is not necessarily the case, if you don’t want to, or cannot, you do not have to contribute at all to the cost of your son or daughter’s higher education.

Coins2

Student Loans

Students are eligible for a range of loans, designed to cover the cost of university and ensure that it is a viable option for people of all income brackets. They can take out a tuition loan, which is fixed and covers all tuition fees, however high they are. There is also a maintenance loan, which is designed to help with living expenses and varies in amount depending on where your son or daughter lives, where they study and what your family income is. In England, every student is eligible for a loan of at least £3,410, this figure increases to around £12,010 for those with a household income of less than £25,000.

 

Loan Repayment

As of this year, the government has scrapped their maintenance grant scheme, which used to give poorer students part of their loan as a grant that did not need to be paid back. This grant is now given as a bigger loan, however, you need not worry that your son or daughter will be drowning in debt by the time they leave university. University debt is more like a tax than anything else - students only have to start repaying it once they earn over £26,575 a year and it comes out of their paycheck automatically every month, just like tax. Furthermore, if they lose their job or their salary drops below £26,575, their repayments will stop automatically.

Even then, you need not worry that this is debt that will plague them for the rest of their lives. After 30 years, any remaining student loan debt is wiped off. This means that someone earning the UK average salary of £30,800 over their lifetime, whose debt originally amounted to the average £40,280, will only pay back £4,070 and have £36,210 wiped off. If you want an estimation of how much your son or daughter will pay back, Money Saving Expert provides a nifty student loan repayment calculator.

Furthermore, the interest rate for a student loan tends to be much cheaper than a regular bank loan. Throughout study and the repayment period, interest rates are at RPI (Retail Price Index) + 3%, unless the student in question is earning under £26,575. In this case the rate would be equal to RPI.

In addition to this, there are a number of university tuition fee schemes and financial support initiatives for students across the United Kingdom. For more information please click on the country you reside in (not the country you are attending university in!)

 

  • England
  • Wales
  • Northern Ireland
  • Scotland

England

Student Finance England offers a number of loans and grants including:

  • Tuition Fee Loan of up to £9,250, paid directly to the university.
  • Maintenance Loan of up to £12,010 depending on circumstances, paid triannually into a designated bank account. For a breakdown of current allowances see the Student Finance website.
  • Other Support- There is additional support available to disabled students, carers, care leavers, students with young children and those studying certain courses such as NHS degrees, social work or teaching.
  • University Support- Many universities run scholarship and bursary schemes for exceptional students or those from poorer backgrounds. You can find details of this in the finance section in our UK Universities section.

You need to apply online for any government loans and grants by 22nd May 2021.

 

Wales

Student Finance Wales offers a number of loans and grants including:

  • Tuition Fee Loan of up to £9,250 to help towards tuition fees.
  • Maintenance Loan of up to £12,260, depending on circumstances. To find out how much your son or daughter may receive, see Student Finance Wales.
  • Welsh Government Learning Grant/ Special Support Grant of up to £10,124, depending on household income and any special circumstances. This does NOT have to be repaid.
  • Other Support- There is additional support available to disabled students, carers, care leavers, students with young children and those studying certain courses such as NHS degrees, social work or teaching.
  • University Support- Many universities run scholarship and bursary schemes for exception students or those from poorer backgrounds. You can find details of this in the finance section in our UK Universities section.

You need to apply online for any government loans and grants by 15th May 2020.

 

Northern Ireland

Student Finance Northern Ireland offers a number of loans and grants including:

  • Tuition Fee Loan of up to £4,395 for those studying in Northern Ireland (NI university fees are £4,395 per year for local students) and up to £9,250 for those studying in the rest of the UK.  
  • Maintenance Loan of up to £6,780 per year, depending on circumstances. For a more detailed breakdown, see Student Finance Northern Ireland.
  • Maintenance Grant/ Special Support Grant of up to £3,475 per year depending on household income and circumstances.
  • Other Support- There is additional support available to disabled students, carers, care leavers, students with young children and those studying certain courses such as NHS degrees, social work or teaching.
  • University Support- Many universities run scholarship and bursary schemes for exceptional students or those from poorer backgrounds. You can find details of these in the finance section in our UK Universities section. 

Studying in the Republic of Ireland

Students from Northern Ireland, studying in the Republic of Ireland can get a repayable Student Contribution Loan to cover the cost of their contribution charge (€3000), which must be paid upfront. All other financial support, except the Tuition Fee Loan, remains the same.

 

Repaying your loan

In Northern Ireland students have to begin repaying once their annual salary exceeds £19,390. They are charged interest equal to RPI or the Bank of England Base+ 1%, whichever is lowest. The loan is then written off after 25 years as opposed to 30.

 

Scotland

Students studying in Scotland will have their fees paid automatically by the government, if they register with the Student Award Agency for Scotland.

Student Finance Scotland offers a number of additional loans and grants including:

  • Tuition fee loan of up to £9,250 for Scottish students studying in England, Wales or Northern Ireland.
  • Young Students’ Bursary of £2,000 a year, for students whose household income is less than £20,999 per annum. This does NOT have to be repaid.
  • Student Loan of up to £5,750 a year, depending on household income.
  • Other Support- There is additional support available to disabled students, carers, care leavers, students with young children or those with a dependant.
  • University Support- Many universities run scholarship and bursary schemes for exceptional students or those from poorer backgrounds. You can find details of this in the finance section in our UK Universities section.

You need to apply online for any government loans and grants by 30th June 2021.

Repaying your loan

In Scotland students have to begin repaying their loans once their annual salary exceeds £19,390. They are charged interest equal to RPI or the Bank of England Base+ 1%, whichever is lowest. Then the loan is written off after 35 years.

 

Costs

The living costs associated with attending university can vary depending on which region your son or daughter studies in; whether they live at home, in university halls or private rented accommodation; and how much money they are used to spending on a weekly basis. The charity Brightside offers a student calculator, which can help you and your son/ daughter determine how much money they will need each year.

accounting

Based on our average annual spending chart, which includes the cost of utilities, food, leisure and personal items, students are likely to spend around £6,250 a year on these items. Rent varies hugely around the country but a reasonable price for a student house in most areas is around £90 a week per person. This amounts to £4,290 for a year contract. Therefore an average student may spend just over £10,500 a year. This leaves a shortfall of nearly £7,000 for those with the lowest maintenance grants but it must be noted that these figures are bolstered considerably by prices in London, which are far higher than anywhere else.

If your son or daughter is facing a shortfall in funds of around £7,000 a year or £580 a month, they have a few different options. Firstly, as I said the above figures are generous estimates. By choosing to live close to university, they might eliminate travel costs; their course costs may be far lower than the average, if they study something like history as opposed to something like art; and by shopping around for utilities and food, they will shave a huge chunk off their monthly expenditure.

Saving money is not the only solution, as a parent you may chose to cover the cost of one of their expenses, such as rent. Equally they could look for a job. To make up the above shortfall they would need to earn £130 a week, which is equal to 19 hours at minimum wage. This would be hard work but it is doable especially since there are so many companies out there whose hours and rotas are designed to fit in with student schedules. Also bear in mind that students have nearly three months every summer, and this is a perfect opportunity for them to save up for the year ahead.  

Student Jobs

  • Employment 4 Students
  • Student jobs: How to find the right student job
  • Student life: landing a part-time job
  • StudentJob
  • The Big Choice
  • The realities of balancing employment with your studies

Useful Links

  • Family Action
  • National Association of Student Money Advisers
  • National Union of Students
  • Scholarship Search

Find a University Course

Advanced search...

Return to:

University Homepage

  • About
  • Contact Us
  • Our Team
  • Write for Us
  • Advertise With Us
  • Affiliate Links
About Eluceo

Students

  • Home
  • Students
  • Education
  • Apprenticeships
  • Careers
  • University
  • Alternative Learning

International

  • Home
  • International
  • Schooling
  • University
  • Living in the UK

Lifelong

  • Home
  • Lifelong Learner
  • Online Courses
  • Starting from Scratch
  • Lifelong Learning
  • In the Rat Race
  • Online Resources

Teachers

  • Home
  • Teachers
  • STEAM Programmes
  • Careers
  • University
  • Resources

Parents

  • Home
  • Parents
  • STEAM Programmes
  • Curricula
  • Qualifications
  • Careers
  • Apprenticeships
  • SEN & Gifted Children
  • University
  • Local Schools

Employers

  • Home
  • Employer
  • STEAM Programmes
  • Working with Young People
  • Employing Young People
  • Up-skilling your workforce
  • About
  • Contact Us
  • Our Team
  • Write for Us
  • Advertise With Us
  • Affiliate Links
  • FAQs
  • Disclaimer
  • Privacy Policy
  • Terms & Conditions
Sat 16th Jan 2021, Copyright 2021 by Eluceo Ltd.