Student Finance Explained 2019/20
Students at uni or college have two main costs – tuition fees and living costs. The good news is that there’s lots of financial help available to help pay for these. There’s a Tuition Fee Loan to cover fees and a loan to help pay for living costs, such as rent, books or travel. As with any other loan, these have to be repaid. The difference here is that student loans don’t have to be paid back until the student has finished or left their course and their income is over a certain amount of money. The amount repaid each month will be based on their income, not how much they borrowed. Interest will be charged from the day the first student finance payment is made to the student until the loan is repaid in full or cancelled. There’s also extra financial help available for students with a disability or students who have children or an adult who depends on them financially. Unlike loans, these don’t usually have to be paid back.