edu4u | Tuition Fee Loan Page

Tuition Fee Loan

Tuition Fee Loan – The following support is available for students who are continuously living in the UK for at least 3 years.

Your university or college sets your tuition fee, and the loan is paid directly to them. If you’re a full-time student, you can get up to £9,250. If you’re studying an accelerated degree course, you could get up to £11,100.

Student finance for undergraduate degrees covers:

- Tuition fee Loan - £9250 per year. This money goes directly from the Student Loan Company to the University (you don’t touch this money).
- Maintenance loan: covers your own expenses and living costs.
- £9706 per year in you live outside the London
- £13000 if you live in London
The maintenance Loan goes directly to your account and you can do with this money whatever you want.

If you have pre-settled status you need to work and keep working during your studies.
If you have a settled status you don’t need to work.

The loan is provided by the UK government and covers 100% of the tuition fees
charged by universities. The repayment rules are very favourable.

• Tuition Fee Loan can be applied for students who decide to start their:

● First degree – a foundation year or undergraduate course BA, BSc or BEd
● Foundation Degree – which usually takes 2 years.
● Diploma of Higher Education (level 5) – usually takes 2 years
● Higher National Certificate (level 4) – known as BTEC
● Higher National Diploma (level 5) – usually takes 2 years
● Initial Teacher Training
● Integrated masters degree
● Pre-registered healthcare course

This type of higher education loan is provided by the UK government and covers 100% of the tuition fees that the university charges for those who are having pre/settled status in the UK. The tuition fees are granted per academic year and paid directly to the university in three instalments.

• Who is eligible for a Tuition Fee?

Tuition Fee Loan is available to anyone who:

● Applied, received and confirmed the „offer” of a place at a university in Great Britain,
● Has the proper evidence regarding the Pre/Settled Status
● Is not a university graduate (does not have a bachelor’s or master’s degree), however, there are some specificities degrees which can be available for limited funding.

• How do I pay off my tuition loan and what is the cost?

The biggest advantage of a Tuition Fee Loan is its cost and repayment method. First of all, you start to pay off your tuition loan only if your earnings exceed the threshold, which is a fixed income threshold for the country where you work. In England, it is around £27,000 however, it is subject to change as the threshold goes up with the national living wage.

If your income is lower, you will not pay back the loan until your earnings increase.

Did you lose your job? Until you find another one, your tuition loan repayments will be suspended. Moreover, the loan is officially cancelled after 30 years. This means that after this period, you no longer have to pay it back, no matter how much of the loan you have returned so far. What’s more, if during this time you have never earned the income that would allow you to exceed the threshold, then you will not pay a pound for your studies in the UK! In other words, you don’t get paid – you don’t pay back.

We assume, however, that appropriate studies in England will allow you to find well-paid employment, which will exceed the threshold. Does this mean that a good deal of your paycheck will go to your tuition loan and you will only have a few pounds left to live on? None of these things! Tuition Fee Loan is repaid on extremely preferential terms.

If you exceed the income threshold, your tuition loan instalment will be 9% of the amount by which you exceed this threshold. Let’s emphasize it again: 9% on the surplus above the income threshold, not on all income!

Importantly, your UK tuition fee loan repayment is withheld every time you stop work, including going on maternity or paternity leave.

• How do I pay off my tuition loan?

Tuition Fee Loan is repaid automatically. Your UK employer will simply deduct an instalment from your salary each month (before any tax is withheld), before it is even credited to your account.

However, if you go to work outside the UK after your studies in the UK, you will have to notify the Student Loans Company of the situation and complete the Overseas Income Assessment form.

Loan for tuition fees and interruption or change of university

Suppose you obtained a loan for your tuition fees but had to leave your studies after the first year of study for random reasons. In this case, you only pay off the part of the loan that you have used, i.e. the tuition fees for the first year of study.

Of course, on the principles described above. However, remember to notify the University and Student Finance of your decision as soon as possible to avoid additional fees!

On the other hand, if you decide to change University and the tuition fees at the new university are higher, you can apply for an increase in the loan amount.

As you can see, the tuition loan terms are very preferential, so at Edu4u we believe that you should not think of it as a loan, but rather as a „study tax”.

• Postgraduate Master’s Loan

The loan for a postgraduate master’s student is £11,836.

The money will be paid directly to your bank account to use for tuition fees and/or living costs. There isn't a separate postgraduate maintenance loan.

Payments are divided equally across your course and paid in three instalments per academic year.

You'll get:

33% at or near your course start date (once your university confirms your registration)
33% on the last Wednesday of the 4th month of your course
34% on the last Wednesday of the 7th month of your course

If your master course costs £7,500 and your loan is £11,836 in your bank accounts stays:

£11,836 - £7,500 = £4,336

source: /www.gov.uk/student-finance/

Tuition Fee Loan

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