Student loans: know the facts
- You only start paying back your loan when you earn more than £21k, and you pay 9% of any income above that threshold.
- So, if you started on a Band 5 NHS salary of £22,128 you would repay £8.46 per month.
- If your income drops below £21k you stop having to repay the loan, this could be particularly significant for part-time employment.
- If the loan isn't repaid within 30 years, the outstanding amount is written off.
- The money is deducted automatically from your pay so you don’t have to worry about missing any repayments.
What maintenance support will I get under the loans system?
UK students will be eligible for a Maintenance Loan that will give you around 25% more money to live on while you're studying than you'd have received under the previous grants system.
You can use the Student Finance England calculator to check how much you'll receive.
On top of this is an extra amount given to students on courses which are longer than the average academic course, which includes Nursing, Midwifery, and ODP courses.
What help can I get with childcare, or other costs associated with having children?
There are three separate grants that you can apply for to help you with the extra costs associated with having children. This money is paid on top of your student finance and you don’t have to pay it back.
Full-time higher education students with children can apply for a means-tested Childcare Grant to cover up to 85% of their childcare costs.
The grant helps with childcare costs for children under 15, or under 17 if they have special educational needs. You must be eligible for student finance to apply for a Childcare Grant.
Parents' Learning Allowance
Full-time students with children can also get help with their learning costs. The amount you receive will depend upon your household income, but unlike the Childcare Grant you do not need to be paying for childcare to qualify.
Child Dependants Allowance
In addition to the two above grants offered by Student Finance England, the NHS will also be making available an extra £1,000 per year to students with child dependants. This is not means tested.
More details about these grants and allowances, along with a host of information about fees and funding, can be found at www.hull.ac.uk/funding.
What else can the University offer me?
There's a wide variety of scholarships and bursaries available for UK and EU undergraduate students.
There are three main awards for first year undergraduate students. There's no need to apply, you'll be considered for all of them automatically, but you'll receive only the highest value award for which you are eligible.
- Studentship A non-repayable award of £1,000 in your first year of study to students with an annual household income of less than £25,000.
- Merit Scholarship A non-repayable award worth £2,000 to UK/EU undergraduate students who achieve 120 UCAS Tariff points from three A levels (excluding General Studies) or equivalent.
- Achievement Scholarship A non-repayable award worth £4,000 over three years to UK/EU undergraduate students who achieve 152 UCAS Tariff points from three A levels (excluding General Studies) or equivalent.
For full details of these awards, including terms and conditions, please go to www.hull.ac.uk/funding.
What happens if I’ve already got a student loan?
It’s not usually possible for students who already have loans from a first degree to access student loans for a second degree, but the Government is making these courses exempt from this rule.
The 9% repayment over the £21,000 earnings threshold applies even if you’ve got more than one set of loans, so you would still pay back only 9% of your earnings above £21,000, not 18%.