Still not sorted your student loan? What you need to know
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It’s now only two or three weeks before thousands of students begin their first year of their undergraduate studies. All the hard work involved in getting the A-Level results necessary to get onto your course is about to pay off, but before you attend the first lecture/seminar, there’s plenty to still get sorted – and if you haven’t got your finances sorted out yet, there really is no time to lose. Accommodation, tuition fees, stationery, textbooks, a computer/laptop/tablet, clothes, cookware and the like are all needed, but they all cost money. To help pay for all that, students have to do one thing – take out Student Loans. Although they have to be paid back at some point, they’re essential for paying for all the necessities to see you through the duration of their course. Here, we have a handy guide detailing all the basics you need to know if you’re still to sort out this fairly important part of your university planning... What are Student Loans? They’re what make paying for everything possible, and don’t have to be paid back until you’re earning at least £21,000 a year. There are two types of loan you should apply for:
- Tuition Loan – this covers just the tuition fees, nothing more
- Maintenance Loan – this covers everything else including accommodation and food
- Your home address
- Your parents’ details
- Your bank card
- Your passport
- Your National Insurance number – everyone has one
- Details of the university you’re going to
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- Giving the money yourself to the University for Payment of tuition fees. The Student Loans Company will hand over the money themselves to your university
- Worrying about repayment during your studies. You don’t have to pay it back while studying unless you’re earning more than £21K a year at the time
- Thinking the loans will affect your credit rating. They don’t at all, as they’re seen as ‘good debt’ due to their manageable nature
- Anyone earning more than £21K but less than £25K per year has to pay £30 a month
- Anyone on between £25K and £30K must pay around £67.50 a month
- Anyone on £40K or more has to pay £142.50 back each month
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