What is student finance?
Student finance is the funding the government offers to make it affordable for you to go to university. There are two loans available, the Tuition Fee Loan and the Maintenance Loan.
The Tuition Fee Loan covers your tuition fees in full and is paid straight to the university on your behalf. The Maintenance Loan is means-tested, so the amount you get will vary depending on your household income. There’s a student finance calculator available that will tell you how much you’ll get to live on each year. Your Maintenance Loan will be paid directly into your bank account in three equal instalments, so you’ll get a third of your loan at the start of each term.
How do I apply for student finance?
Most students apply online, but it's possible to apply using a paper form too.
When do I apply for student finance?
Applications for student finance are usually open from February of the year you start your course.
You can also still apply for funding up to 9 months after you first start your course - but we would recommend applying sooner rather than later!
How much will I get to live on as a student?
The Maintenance Loan is means-tested, which means the amount you’ll get to live on will depend on your household income, as well as where you’re going to live while you’re a student. There’s a calculator available which will tell you how much you’ll get to live on each year.
£10,544
Maximum amount you can receive if you're living away from home
£8,877
Maximum amount you can receive if you're living at home
The table below shows some of the amounts you can expect to receive depending on where you'll be living, and your household income.
| Household income | Living away from home | Living at home |
|---|---|---|
| Under £25,000 | £10,544 | £8,877 |
| £30,000 | £9,791 | £8,132 |
| £35,000 | £9,038 | £7,387 |
| £40,000 | £8,285 | £6,642 |
| £42,875 | £7,852 | £6,214 |
| £45,000 | £7,532 | £5,897 |
What if my household income has gone down recently?
Student Finance England will be looking at the tax year two years prior to the start of your academic year. For example, to determine how much Maintenance Loan you can take out for the 2026-27 academic year, Student Finance England will be looking at the 2024-25 tax year.
If your household income has dropped by more than 15% since then you can complete an additional form called the ‘Current Year Income assessment’ form, or CYI. This form will allow your parent(s) to estimate the household income for same tax year that you start university, and your Maintenance Loan will be based on that estimate.
After the tax year has ended Student Finance England will ask for evidence, and will adjust your Maintenance Loan based on that, so try to keep that estimate as realistic as possible.
How much does university cost?
Our tuition fees for an undergraduate degree are currently £9,535 per year. If you’re taking out a Tuition Fee Loan that cost is covered in full, so you don’t need to pay anything upfront.
That just leaves your living costs. If you’re planning to live in student accommodation, that will be your biggest cost. You can find prices for all our on-campus accommodation here. But there are other things you’ll need to pay for too: food, travel, your phone bill, clothes, any books and equipment you need for your course, any hobbies you have (or would like to try), and just having fun.
A good resource for creating a budget is Blackbullion (you’ll need to create an account), but there are lots of others available. Just enter your incomings and expected outgoings into a budget calculator and it’ll tell you whether your incomings will cover your outgoings.
It’s hard to guess now how much money you’ll spend on things like food and going out when you’re a student, but there are some resources to help you out there, like Save the Student’s National Student Money Survey and the Natwest Student Living Index. Both of these asked thousands of students how much they spend on things like rent, takeaways, and going out, and then published the results.
You can use these to get a general idea of how much students on average spend but remember you’re not an average! If you have a hobby that you plan to continue while at uni that costs you money, don’t forget to include it.
If you really want to do your homework, track your spending now so you know how much you’re spending currently. Making lots of small purchases can really add up, so make sure to include things like buying coffee, or spending money on in-app purchases. There are lots of spending tracker apps to help you (like Emma and Yolt), but you can do this by just making a note of any purchase you make.
I'm going to be studying a healthcare course, is there any extra funding available?
Yes! If you’ll be studying Nursing, Midwifery, Operating Department Practice, Physiotherapy, Radiography, or Paramedic Science, the NHS offers a Training Grant of £5,000 per year. It’s non-repayable, and they offer some additional funding to cover your placement travel costs too. You can apply for the NHS Learning Support Fund here.
Medicine students receive NHS funding from their fifth year onwards, including a grant of £1,020 and a means-tested bursary of up to £2,696. While you’re receiving this funding, you’ll get a reduced rate Maintenance Loan. From your fifth year, the NHS will also cover your tuition fees in full, so you would no longer need to take out a Tuition Fee Loan.
What if my student finance won't cover all of my living costs?
You may find that the amount of Maintenance Loan you can take out won’t cover your living costs in full. If your household income is above £25,000 you won’t receive the maximum Maintenance Loan; the government expects that your parents will help to support you while you’re at university, though many aren’t aware of this. Martin Lewis of Money Saving Expert explains this expectation, so it may help to share this with your parents.
Of course, that’s not possible for everyone. Many students work part-time around their studies, and there are lots of opportunities for students to work on campus, or in the nearby student area.
How do I repay my loans
You’ll begin repaying your loans once you’ve left university and are earning above the repayment threshold. You’ll repay 9% of anything you earn above this threshold and payments will be taken directly from your salary if you’re working in the UK. The repayment threshold for students who start their degree in September 2025 will be £25,000.
The table below shows example salaries, and how much your repayments would be if you were earning that amount after leaving university.
| Salary | Monthly repayment |
|---|---|
| Less than £25,000 | £0 |
| £30,000 | £38 |
| £40,000 | £113 |
| £50,000 | £188 |
Does interest apply to the loans?
Yes, interest is added to the balance of your loan from the date the first payment is made. The rate of interest charged is the Retail Price Index, which is a measure of inflation.
What if I run out of money?
We hope it doesn’t get to this point, but if it does, we have a dedicated Financial Support Team who can get you back on your feet. They can advise you on budgeting, and if you’re really stuck, they’ll help you to apply for a grant or loan through our Hardship Support Fund.
How do I know whether I'm eligible for student finance?
There are some basic eligibility criteria for student finance. If you are a British national or have settled status (i.e. there’s no time limit on your stay in the UK), have lived in the UK for the past three years, and will be living in England on 1 September, you’ll usually be eligible for student finance. Previous study can affect this though, so if you’ve previously started a degree get in touch with us for advice.
If you are originally from the EU and have pre-settled status you’ll be able to take out a Tuition Fee Loan, but not a Maintenance Loan. If you’re originally from the EU and have settled status you’ll be eligible for a Tuition Fee Loan and a Maintenance Loan. Again, previous study can affect this, so please get in touch for advice if you’re not sure.
How do I contact someone to talk about student finance?
Just get in touch! If you’re at the University for an Open Day or Applicant Day, we’ll also be available for a chat on the ‘Money Matters’ information stand, so check your guide or ask a student ambassador to point you in the right direction.
There are some things you’ll need to speak to Student Finance England about, including checking the progress of your application. You can call them on 0300 100 0607 or log in to your online account to access their live chat, which is available during standard working hours.