It is time for our Year 13 students – and their families – to start making applications for student finance ahead of starting university in September 2019.   

To study at university in the United Kingdom, tuition fees will cost up to £9,250 per year, depending on the institution and course. In addition to this, students will have living and studying costs – rent, bills, textbooks and other living expenses.

The vast majority of High Storrs students are eligible for financial support (having lived in the UK for at least five years – if in doubt, visit Student Finance - Who Qualifies). This financial support is in the form of a loan for each year at university, which is split into two parts:

1. Tuition fee loan. This will cover the full year’s tuition fees, and is paid directly to the university.
2. Maintenance loan. This is to support living/ studying costs and is paid directly into the student’s bank account in three instalments across the year.

The maintenance loan is means tested, based on household income and where the student will be studying. For example, students moving to a London university can borrow as much as £11,672 for living costs next year, whereas some students living at home whilst studying at a local university might only be eligible to borrow £3,314. More information about this is available here: Student Finance 2019-2020

Obviously a loan is just that… a loan, which accrues interest and will need to be repaid. Following completion of the university course, the loans repayments are 9% of any salary above the threshold of £25,725 (anyone who earns less than this won’t start their repayments). It is very important to be fully informed about repayment conditions, so do read more about this here: Student Loans Company - Repayments

So… where to apply?

Start here: Student Finance England This will guide applicants to Student Finance England. To create an account, students will initially need to set aside about 10 minutes and have their National Insurance number to hand. Following this, there is further information to provide, and parents/ carers will then need to create their own linked account in order for the maintenance portion of the student loan to be means tested.

Most families find the process fairly straightforward, but there is also plenty of help available online:

Student Finance England’s ‘Quick Start Finance Guide’ for 2019-20

UCAS also provide lots of useful information

Other finance available

In addition to loans provided by Student Finance England, all universities offer a range of bursaries, grants and scholarships – these do not have to be paid back. These are particular to each university, so it is advised to research this on an individual basis. Usually, these are awarded based on household income or to support a particular student need, although there are many scholarships to recognise high academic achievement or particular attributes, such as sporting ability.

An interesting summary of the bursaries, grants and scholarships offered by universities last year is available here: The Complete University Guide

Remember that the Sixth Form Team are always happy to help with any queries about Student Finance or about Post 18 in general.

Miss L Mason

Assistant Headteacher – Director of Sixth Form

Follow us on Twitter: @highstorrs6form