Student Finance

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All You need to know about Student Finance

Student Finance Calculator

Check how much student finance you can get – click the button below.

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Student Finance Application and documents

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Between £13 000 - £17 000 living cost and £9250 tuition each year of your studies

Depending on your household income, you can receive student finance support ranging from £13,000 to £17,000 if you're studying in London. The funds will be instantly deposited into your bank account to help with living expenses, accommodation, travel, and other additional needs. The £9,250 annual cost of your university education will also be covered by Student Finance England. During your studies, you will need to reapply for student funding each year. After the first year, the application procedure is usually straightforward.

Do you have to return that money?

Yes and NO!

Student loans are structured in such a way that graduates are not required to repay them until they reach a certain income threshold. This means that if you are unemployed or do not earn a high income, you are not obligated to make loan repayments.

Repayment of Loan

Only if Yearly income is above £25 000

The repayment threshold for loans is currently £25,000/year (£2,083/month or £480/week) before tax. Once you earn more than the threshold, you start repaying. However, you only pay 9% of the amount above the threshold. For example, if you earn £30,000/year (£5,000 above the threshold), you will pay 9% of £5,000 for the year, which is £450. Here's what your monthly repayments could look like. If you're self-employed, use this as a guide to how much you should be putting away for your annual tax return:

If You are Self-Employed?

HM Revenue and Customs (HMRC) will work out how much you pay from your tax return. You pay at the same time as you pay your tax.

https://www.gov.uk/repaying-your-student-loan/how-you-repay

 

 

If You are an Employee?

If you earn over the minimum amount, your employer will deduct loan repayments from your salary. Check your payslips or P60 to see how much of your loan you’ve paid off during the tax year. You’ll need to include this information when you fill in your tax return.


https://www.gov.uk/repaying-your-student-loan/how-you-repay

If you leave the UK?

You must update your employment details, so the Student Loans Company (SLC) can work out if you have to repay while you’re not in the UK.If you do not update your details, you could build up arrears on your account. You’ll have to repay these even if your income is below the threshold for your repayment plan.If you need to make repayments, SLC will calculate how much you need to pay based on your earnings.To make sure you’re repaying the correct amount, you’ll need to update your employment details each year. 

https://www.gov.uk/repaying-your-student-loan/how-you-repay

What is my Student Loan Plan?

Am I a Plan 1 or 2 student finance?

Plan 2 refers to a student loan taken out from September 2012 onwards, in England or Wales. Older loans (from England or Wales) and loans taken out in Northern Ireland, are called plan 1 loans.  You are Student Loan Plan 3 if you had a Postgrad course. 

https://www.gov.uk/repaying-your-student-loan/which-repayment-plan-you-are-on