Category
📚
LearningTranscript
00:00Hello, my name's Amber Allitt and I'm an Education Specialist.
00:03Here are a few of the key things you'll need to know if you want to apply for a student
00:07loan to study at a university in England this year, if you haven't already.
00:12First of all, you'll need to set up an online account with Student Finance England.
00:16Applying here is a super straightforward process that should take less than half an hour, and
00:20you can make a start even if you're going through the clearing process and don't have
00:24your exact course or place of study locked in yet.
00:28There are two main types of student loan, and some students may be able to apply for
00:31both.
00:32The first covers tuition fees, which are capped at £9,250 a year in England.
00:38The second is called a maintenance loan, and can help cover things like your textbooks
00:42and living costs.
00:44You'll still need to pay this back, but it's means-tested, meaning whether or not you get
00:48it can depend on how much money your household makes.
00:51Unfortunately, your student loan will start racking up interest right away.
00:56This can be anywhere between 6 and 8%.
00:59But the good news is, you don't have to start paying it back right away.
01:02Repayments only begin after you've either graduated or left your course, and you're
01:06earning more than £25,000 a year.
01:10Finally, it's not too late to apply even if you're looking to study a course that begins
01:14in September.
01:15The government says that you can still apply for funding up to nine months after the first
01:19day of the academic year for your course.