Students after BREXIT
You can borrow money to help pay tuition and living expenses at a university or college.
If you have a low income, are disabled, or have children, you may qualify for additional funding.
Who Can Apply for Student Finance?
You are qualified to apply for Student Finance if you meet the following criteria:
* You are a British national who generally resides in England.
* You have the status of Settled (no restrictions on how long you can stay)
* You have Pre-Settled Status under the EU Settlement Scheme and have lived in the EU/UK for three years before beginning your study.
* Refugee (including family members) (including family members)
* You have been granted leave to enter or remain in the UK through the Ukraine Family Scheme, the Homes for Ukraine Sponsorship Scheme, or the Ukraine Extension Scheme.
* Due to domestic violence, you've been granted settled status ('indefinite leave to remain').
* Humanitarian protection (including family members)
* Migrant or frontier worker from the EU, Switzerland, Norway, Iceland, or Liechtenstein having settled or pre-settled status (including family members)
* You and your parent have settled or pre-settled status under the EU Settlement Scheme since you are the child of a Swiss national.
Please remember that non-UK/EU nationals must have settled status on the start day of the course's first academic year, which could be September 1, January 1, April 1, or July 1.
You may also be eligible for student aid if your residency status is as follows:
* Refugees
* Ukrainians under the Homes for Ukrainian Scheme
* Child of an EEA migrant worker
* Child of a Swiss national
* Child of a Turkish worker
* You are a stateless person (including family members) and a new student beginning on or after August 1, 2018.
Student Finance Repayments
Repayment plan 5 - If you start an undergraduate or postgraduate course after 1 August 2023
Repayment Plan 5 will be implemented for students commencing undergraduate and Advanced Learner Loan courses from 1 August 2023. Under this plan, repayment of the student loan will not commence until at least April 2026, even in cases of early course withdrawal.
Repayments will only be required if the individual's income exceeds the repayment threshold. For the 2026-27 tax year, the repayment threshold in the UK will be £25,000 per annum, £2,083 per month, or £480 per week. If the income falls below this threshold, repayments will cease until the income surpasses the threshold again.
Moreover, individuals have the option to make voluntary repayments to the Student Loans Company at any point in time.
The repayment amount will be 9% of the income exceeding the repayment threshold, which currently stands at £25,000 per annum, £2,083 per month, or £480 per week in the UK. If there are changes in the individual's income, whether an increase or decrease, the repayment amount will automatically adjust accordingly.
What About The Loan Interest?
Your loan accrues interest from the date the Student Loans Company makes the initial payment to you, your university, or institution until it is repaid in full or cancelled.
The Retail Price Index (RPI), which tracks changes in the cost of living in the United Kingdom, determines the interest rate. The interest rate is typically adjusted annually in September using the preceding March's RPI.
It is essential to realise that the amount of interest you pay does not influence the monthly amount you repay.
Your circumstances will decide the interest rate:
* When you're at university or college – while you're studying, up until the April after you leave your course, the interest charged will normally be RPI plus 3%.
* When you've left your course – from the April after you've left your course, interest will be based on your income, up to a maximum of RPI plus 3%.
* If you don't keep your details up-to-date – you'll normally be charged RPI plus 3%, whatever your income, until the Student Loans Company has all the information they need.
Your Responsibilities
When applying for a student loan, you must submit accurate information so that repayments may be collected when they are due. When applying for the loan, you must provide complete and correct information and notify SLC of any changes during the application process while attending university or college until you have repaid the loan in full.
You Must Inform SLC if:
You Must Inform SLC if:
* If you change your name, phone number, or the bank or building society account where your loan is deposited, you must contact SFC.
* Change your institution, college, or academic programme.
* Apply for a bursary, healthcare award, or scholarship (for example, a Department of Health bursary)
* Change your residential, academic, or parental address.
* You should inform them that your course's start and end dates have changed.
* If you are absent from class for more than 60 days due to illness, you may not begin studying, leave your course, or be expelled.
* Are away for an extended time for reasons other than illness.
* Get married.
* If you intend to leave the country or change your employment status, you must submit a Form I-94 (for example, from employed to self-employed)
Tuition Fees Loan
Your institution determines your tuition, and your loan is paid directly to them. You must repay the loan.
Your university or college sets your tuition fee, and the loan is paid directly to them. You have to pay it back.
If you’re a full-time student, you can get up to £9,250.
If you’re studying an accelerated degree course, you could get up to £11,100.
Maintenance Loan
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You are required to supply information regarding your household income and course start date.
The loan is immediately put into your bank account at the beginning of each period. You need to repay the loan.
If your course is longer than thirty weeks and three days, you may be eligible for additional support in addition to your maintenance loan. This is referred to as a Long Term Loan.
You can use the student finance calculator to estimate the amount of your Maintenance Loan and to determine if you qualify for any additional grants or allowances.
You may only receive a portion of the amount, so you must find other ways to meet the remainder of your living expenditures. Possibilities include part-time employment, local government assistance, bursaries, scholarships, and family donations.