Student Finance England
Each year, the majority of UK students take advantage of student loans through Student Finance England.
All eligible students are able to take out two student loans each academic year;
- a loan for tuition fees – to cover the cost of your tuition fees in full
- a loan for maintenance – to help with accommodation and other living expenses (precisely how much you get will depend on your household income)
If you live in London you are entitled to a higher loan because the cost of living is greater.
With a student loan you are expected to pay it back, but fortunately the interest is fixed at the rate of inflation, so you are only paying back the amount that the money is worth now. The other advantage is that you only have to pay it back once you have graduated and you are earning over a certain amount.
Career Development Loans
Career Development Loans are provided by three high street banks:
· The Co-operative Bank
· The Royal Bank of Scotland
The Learning and Skills Council (LSC) pays the interest on your loan while you’re learning and for one month afterwards. You then repay the loan to the bank over an agreed period at a fixed rate of interest.
They can be used to fund a course of up to two years to a recognised professional qualification. To find out more, visit Direct Gov – Career Development Loans where you can download an application form from each of the three banks.
Who can help?
Student Finance England should be your first port of call for detailed information about applying for, accepting or repaying a student loan for an undergraduate course. Visit the Student Finance England section on the Directgov website
Directgov can help you work out just how much financial help you could get, and when and where to apply. To find out more and to apply for a student loan online, visit the student finance section.
The Directgov website also offers more information about career development loans.
Download an at-a-glance guide to the financial help you’re entitled to with the Learning and Skills Council (LSC) financial eligibility checker, which you can find on the Directgov website.