With a large number of CWC students receiving offers back from universities or being invited to interviews already, it’s important to understand student finance. Depending on your circumstances, the course you choose to study and where you study, there’s a range of financial help and support available to you. While most students won’t need to pay tuition fees until after you graduate and are earning above a certain salary, you are able to get loans that can help with a variety of costs including rent, travel and every day necessities. 

Tuition Fee Loan

The Tuition Fee Loan helps to pay for the tuition fees charged by your university for your course. If you’re studying at a publicly funded university, you can get up to £9000 to cover the fees. Tuitions vary for different courses, universities and areas of the UK. For example, fees in England may not be the same cost as Wales, Scotland and Northern Ireland. You’ll need to check with your chosen institution for the exact cost of your tuition in order for you to ask for the right amount when you apply. The Tuition Fee Loan is paid directly to your university in three instalments throughout the year, although you don’t need to worry about paying any of it back until you’ve finished your course and your income is over £21,000 a year.

Maintenance Loan

A Maintenance Loan can help you with living costs including food, travel, books, rent and other expenses you may incur while studying. The amount that you’re able to apply for is means tested (depending on your household income) and is based on where you live and where you study. Your Maintenance Loan is paid straight into your bank account at the start of each term. There are instances where you may be able to get extra towards your living costs and you should look into these when applying. 

Bursaries and Scholarships

While bursaries and scholarships are more prevalent in countries such as the United States, they are available in the UK too. They don’t always come in the form of direct payments to you – for example, some may give you a discount on your accommodation, while others will help you pay for tuition or your living cost. These differ from loans as you’re not required to pay back scholarships or bursaries unless you leave your course early. It’s worth checking your university website for details on the type of funding available and if you’re eligible to apply. 

Repaying your loan

You don’t have to repay your loan until you’ve completed your course and your income is over £21,000 a year. The amount that you have to repay each month will be based on your income; the more you earn the more you pay back each month. If your income stops or falls below the minimum amount, your repayments will automatically stop until it’s once again above £21,000.

You don’t need a confirmed place at university when applying for finance, but make sure you apply before the deadline, this is usually May/June time. Keep checking the Student Finance websites for more information.