The cost of higher education can seem daunting and you may be concerned about how your family will support your son or daughter through university, as well as the debt they may accrue during their studies.
It is important to remember that, as a UK or EU student, your child won’t need to pay for their tuition fees up front. There is also a range of funding support available from BU, in the form of bursaries and scholarships to help with living costs, which they may be eligible for.
International students can also receive financial assistance in the form of scholarships, which can help towards the cost of tuition fees, or other expenses associated with studying in the UK.
Applying for UK/EU student funding
It's likely that your son or daughter will receive a Tuition Fee Loan for the full cost of their fees, regardless of your household income. UK students can also receive a Maintenance Loan. Check to see if they qualify
Although UK students are eligible for a Maintenance Loan, the amount your child receives will depend on your household income. The first 65% of the Maintenance Loan will be the same regardless of your household income and the remaining 35% is means tested.
Maintenance Loan amounts for September 2020 entry:
|Where your son or daughter lives and/or studies||Maximum Maintenance Loan|
|Living with your parents||£7,747|
|Studying in London and not living with your parents||£12,010|
|Studying outside London and not living with your parents||£9,203|
If a course lasts longer than 30 weeks and three days, your son or daughter might be able to get a Long Course Loan as well as your Maintenance Loan.
The Tuition Fee Loan and Maintenance Loan need to be applied for through the relevant funding body. There are different funding bodies for England Wales,Scotland and Northern Ireland, as well as for students from other EU countries.
It is advisable to apply for student finance as early as possible to ensure your son or daughter receives their loan at the start of the academic year. The deadlines vary each year, so you should check the relevant funding body’s website for specific details.
You can apply for student finance after the deadline, but if you do this there is no guarantee the funds will be available at the start of term.
Repaying student finance
The amount your son or daughter needs to borrow to study at university may seem daunting, but it is important to remember that they do not need to start repaying it until they have graduated and are in a full-time job earning £26,575 or more.
Repayments will be taken directly from their salary, like tax, and the amount they repay each month is based solely on what they earn over £26,575.
Student loans are not taken into consideration when applying for other finance, such as a loan or mortgage.