Student Finance
Support
Choosing the right bachelor's or undergraduate degree is crucial, as it should align with your passions and enhance your understanding of the world. It serves as a foundation for a fulfilling career and a quality life. If you're concerned about managing tuition and living expenses, Prefect Consultancy is here to assist you in securing the financial support you need.
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Who Can Apply?
To be eligible for a student loan, you must meet one of the following criteria:
- You are a citizen of the United Kingdom.
- You are a European Union citizen who has lived in the UK for at least five years or plans to stay long-term.
- You are a non-UK/EU individual with permanent residency or the right to remain in the UK, or you hold humanitarian protection or refugee status.
- You are the spouse of a UK or EU citizen.
- You have not previously completed an undergraduate or postgraduate degree in the UK.
- You must be at least 18 years old; there is no maximum age limit for tuition fee loans.
How Much Can I Get?
In addition to tuition fee loans, you may be eligible for up to £20,740 per year to cover your study and living expenses in London. For students living outside of London, the annual amount can be as high as £18,300.
Parents' Learning Allowance
If you are a mother or father of one or several children and your kids’ age is below 18, you will get an additional money of up to £1,963
Childcare Grant
If you are a mother or father of one or several children whose age is below 17 or 15, you can apply for a childcare grant.
Adult Dependent's Grant
If you are bearing the cost of your parents or grandparents, you can get up to £3,438 in additional financial support. There is no obligation to reimburse.
Repaying Your Student Loan
Once you complete your course or if you withdraw before finishing, you'll need to start repaying your student loan based on your income. Repayment begins once you exceed the income threshold, which is currently set at £33,332 annually, £2,774 monthly, or £639 weekly. For example, if your monthly income is £2,900 before tax, you would repay approximately £11.34 each month. This amount is calculated as 9% of the £126 you earn above the threshold. If you need further clarification, please refer to the table below for a clearer overview.
What If I Don’t Complete My Course?
If you don’t finish your course, you are still required to repay your loan if your annual income exceeds £31,384. It’s advisable to visit the official UK finance website for detailed information and requirements regarding loan repayment.
What If I Pause My Degree?
It’s perfectly fine to take a break from your degree due to personal or physical issues. However, please note that your student status will change during this time. As a result, you will not receive any additional support for living costs in the UK while you are on pause.
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