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All you need to know about Student Finance

You probably have a few questions about student finance. We're here to help.

Take a look at our handy guide for students from England applying to study a full-time undergraduate degree for all you need to know.

If your question isn't answered here, drop an email to hefunding@hull.ac.uk or call 01482 463002. We're also available for a chat on the ‘Money Matters’ information stand at Open Days and Offer Holder Days.

What is student finance?

Student finance is the funding that the government offer 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 calculator available which 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?

When do I apply for student finance?

Applications are open now, apply as soon as possible to avoid delays with your student finance.

How much will I get to live on as a student?

The Maintenance Loan is means-tested, which means that 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, but if you want a rough idea, find the closest figure to your household income in this table to find an estimate of how much you’ll get to live on per year. This is paid to you in three equal instalments, so you get a third of this money at the start of each term.

 

Household income

Living away from home

Living at home

 

£25,000 or less

 

£9,706

 

£8,171

£30,000 £9,012 £7,484
£35,000 £8,318 £6,796
£40,000 £7,623 £6,108
£45,000 £6,929 £5,420
£50,000 £6,234 £4,733
£55,000 £5,540 £4,045
£60,000 £4,845 £3,597
£62,311 or above £4,524 £3,597

 

What if my household income has gone down recently?

Student Finance England will be looking at the 2020-21 tax year to determine how much Maintenance Loan you can take out for the 2022-23 academic year. If your household income has dropped by more than 15% since then you can complete an additional form which will become available on their website later in the year called the ‘Current Year Income assessment’ form, or CYI. This form will allow your parent(s) to estimate the household income for the 2022-23 tax year, and your Maintenance Loan for 2022-23 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?

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 over 2,000 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.

I’m going to be studying a healthcare course, is there any extra funding for me?

Yes! If you’ll be studying Nursing, Midwifery, Operating Department Practice, Physiotherapy, or Paramedic Science the NHS offer 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 now. You’ll need to have a firm offer of a place and have received confirmation from Student Finance England that you’re eligible for a Tuition Fee Loan and Maintenance Loan.

Medicine students receive NHS funding from their fifth year onwards, including a grant of £1,000 and a means-tested bursary of up to £2,643. 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. Our Job Shop can help you to find part-time work that fits around your studies, check out the kind of jobs on offer over on their Twitter account.

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 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 2022 will be £27,295, and for students who start their degree in September 2023 it'll 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.

2022 Entrant

Salary  Monthly repayment
Less than £27,295 £0
£30,000 £20
£40,000 £95
£50,000 £170

 

2023 Entrant

Salary Monthly repayment
Less than £25,000 £0
£30,000 £38
£40,000 £113
£50,000 £188

 

Different repayment periods apply depending on when you start university; if you start in September 2022 any remaining loan will be written off after 30 years, if you haven't already paid it back in full. For students starting in September 2023 this repayment period will be 40 years. 

Does interest apply to the loans?

Yes, but the interest rates vary depending on when you start your degree. If you begin your studies in September 2022 while you’re studying and up to the April after graduation the interest applied to your loan is RPI + 3%. RPI stands for Retail Price Index; it’s a measure of inflation and it’s currently 1.5%. From the April after you graduate the interest applied to your loans depends on your salary:

For earnings less than £27,295, interest will be RPI

For earnings between £27,295 and £49,130, interest between RPI and RPI + 3%

For earnings above £49,130, interest will be RPI + 3%

Students who start their degree in September 2023 will have a simpler interest rate applied to their loan. It'll be the Retail Price Index alone, with no additional percentage added, regardless of your earnings. 

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

How do I contact someone to talk about student finance?

If you want advice you can contact us at hefunding@hull.ac.uk or 01482 463002. If you’re at the University for an Offer Holder Day or Open 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 contact them via Twitter or Facebook.

Fees and funding

Fees and Finance

Find out about paying tuition fees, get tips on budgeting, learn about our scholarships and more.

Get in touch

If you still have questions about student finance, get in touch. hefunding@hull.ac.uk or +44 (0)1482 463002

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