All you need to know about Student Finance

Most students apply online, but it's possible to apply using a paper form too. 

If you’re planning to start a full-time undergraduate course in September 2024 you can apply online now. Apply by 17 May to guarantee that your student finance will be in place by the start of your course. 

Student Finance England will be looking at the 2022-23 tax year to determine how much Maintenance Loan you can take out for the 2024-5 academic 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 the 2024-25 tax year, 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.

Tuition fees for an undergraduate degree are £9,250 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 of 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 that 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 at the moment. 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 (I’ve tried Emma and Yolt), but you can do this by just making a note of any purchase you make.

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. 

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 if you’re working in the UK repayments will be taken directly from your salary. The repayment threshold for students who start their degree in September 2024 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.

Any remaining loan will be written off after 40 years, if you haven’t already paid it back in full.

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.

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 if you’re not sure please get in touch for advice.

Our Money Mentors are a team of current University of Hull students who share tips on how they live well on a student budget on Instagram @hullunimoneymentors. You’ll also find them at events like Open Days and Offer Holder Days, so come for a chat in person.