Your son/daughter must submit an application to us for funding prior to each year of their course, even if they only want us to pay tuition fees to their college or university and do not intend to apply for a bursary or a loan. We will not pay tuition fees to their college or university unless they apply to us.
A bursary and student loan is available to your son/daughter for living costs such as accommodation, travel, books, bills etc. The amounts available for each year of their course in session 2016-2017 are :
|£0 to £18,999||£1,875||£5,750||£7,625|
|£19,000 to £23,999||£1,125||£5,750||£6,875|
|£24,000 to £33,999||£500||£5,750||£6,250|
|£34,000 and above||£0||£4,750||£4,750|
The amount of bursary and student loan available to your son/daughter each year is based on the level of your household income. This includes income earned by any spouse, civil partner or partner that you live with. We also include some types of income earned by your son/daughter excluding any income earned from employment. Further information on the types of income we take into account is available.
Your son/daughter does not have to apply for a student loan to be entitled to a bursary. They do not have to apply for the full loan amount available to them. They can apply for any amount which is equal to or less than the loan available based on your household income. Your son/daughter can apply for the remaining balance of their loan entitlement at any point prior to the official closing date of 31 March 2017. Your son/daughter will start to pay their loan back the April after they graduate or leave their course. The amount they pay back depends on what they earn. The Student Loans Company (SLC) work with HM Revenue and Customs (HMRC) to collect payments. This means that your son/daughter ’s employer will take their repayments straight from their salary. If your son/daughter is self employed, HMRC will collect payments through the self assessment process. The SLC expect your son/daughter to repay 9% of their annual income over £17,495 a year. For example, when your son/daughter is earning £20,000 per year, their loan repayments will be around £19 per month. They can make extra voluntary payments straight to the SLC to reduce their loan quicker.
Applications for all funding can be submitted online via our website in April each year. Your son/daughter should submit a correctly completed application for funding on or before 30 June 2016 to have their funding in place at the start of their course.
Your son/daughter does not need to wait on exam results or an unconditional offer before they can apply for funding. They should apply to us with their first choice. They can notify us of any change to their course, college or university via their web account if necessary.
The level of funding available to your son/daughter does not change based on the number of students in your family.