Tuition Fee Loans are one of the finances offered to young students.
If you need help covering your college or university costs, you might be interested in getting such a loan.
Here is some basic information that you should be aware of, like repayment periods, if you are eligible to apply and how much and when you have to repay.
Features of finance
The amount you can get depends on what your college or university charges, whether it’s a private or public institute, and when you began your course. If you intend to go to an eligible university or college, you could obtain as much as £9,250, and for accelerated degree courses, it could get as high as £11,100.
Your college or university will be paid off by your Tuition Fee Loan in three deposits in an academic year.
The first deposit will be when term one starts, and it will cover 25% of your tuition.
The second deposit is made at the start of the second term, and it is another 25% of your tuition.
The third deposit will be made at the beginning of the third term, and it will cover the rest of 50% of your tuition.
Your income will mainly influence the repayment period after you finish college/uni. You will have to pay 9% from every paycheck you receive, once you earn over the repayment threshold.
Who Is Eligible?
Having your loan approved depends on a few factors, such as personal circumstances, whether it is a university or college or whatever course you are taking.
Here’s some basic information that can help you see if you are fit for the loan.
- UK nationals are eligible if you live in England, EU, or EEA at least 3 years prior to your first day of the academic year you take.
- You can still be fit for this loan if you’ve lived outside the UK, EEA or EU if you can prove that your time abroad was just temporary with your visa or temporary work contracts.
- There is an age limit of 60, mainly because the loan granted depends on your family’s income.
- The course you take must be one of the following: Certificate of Higher Education, First Degree such as BA BEd or BSc, Higher National Diploma, Postgraduate Certificate of Education, Initial Teacher Training, Foundation Degree. Higher National Certificate, Diploma of Higher Education, or Integrated Master’s.
How To Apply
The easiest and fastest way to apply is online here when the application service is open.
There are a few simple steps you need to follow.
- You need to register as a student finance account. The registration process will provide you a Customer Reference Number, and you will need to create your password and a secret answer to a question. Remember them as you will need them to sign in and check your application progress.
- You will need to provide an identification document. UK passport is the first option, but you can send them evidence as to why you don’t have a passport.
- Student finances are based on your family’s income, so your partner or parents will be asked for their NINO and personal income details.
- You will need to provide them with the start date of your chosen course, the details of your bank account and your own NINO.
- You will be expected to provide any documentation needed, and you or your partner/parents might be contacted by Student Finance England. If you are alone/single, you can still apply for a loan as an independent student.
- Reapplying for finance involves the same steps. Apply here if you are requesting for the first time.
Summary
Student loans can be very supportive of the younger generations. It is highly appreciated as many need financial support, and just because you cannot afford college doesn’t mean you shouldn’t.
Repayment plans are very decent, and higher education will open new doors for you, and make pursuing better-paid careers a lot easier. It wouldn’t be fair to put all your talent to waste and miss out on incredible opportunities just because your CV is missing out on a degree.
There are risks involved when applying for and using credit. Consult the institution’s terms and conditions page for more information.
