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Everyone has heard about the changes to student finance this year, and you may be worrying about this will affect you when considering studying at University. Please do not worry, the principle of getting a Tuition fee loan remains unchanged.

Student Finance England provide financial support for students in Higher education, and the main options that are available include:

•    Tuition Fee Loan
•    Maintenance Loan
•    Maintenance Grant

Tuition fee loans cover the cost of your course and can be requested for each academic year of study.

The maintenance options aim to provide support with the cost of living, however many students like to supplement this further with their own part time work.

It is worth bearing in mind, that the loans WILL BE REPAYED. Grants and bursaries however will not. Some of the maintenance options available may be means tested. If you haven’t heard this term before, it refers to your household income of where you are currently based eg your parents income for example.

You may be thinking that you haven’t decided which university you would like to attend yet… that’s ok! You can still apply for your tuition fee loan, and update the University information when it is confirmed so it is recommended to apply as soon as you can. That way, you can rest assured knowing everything will be in place in time for the start of term.

Ok, so you have applied for your loan, but how do you pay it back? When? Will I be carrying this debt forever? These are all valid questions but student finance England make it as painless as possible! Your repayments will be linked to your income, and you only make repayments when your income is over £21,000 a year. If your income drops below this amount, the repayments stop. Paying back your student loan, is like paying your tax or national insurance. It will be taken from your wages, before the money hits your account, so it’s easy really!

We have a dedicated finance team here at BU so you may find our Fees and Funding web pages helpful, however if you have any questions, you are more than welcome to contact us or Student Finance England directly.

Here’s to being one step closer to University life….!

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