Full time student loans and grants
Full time student loans and grants
Tuition Fees & Tuition Fee Loans for Home & EU students.
For academic year 2012-13 University of Worcester tuition fees are £8100 a year for Home & EU students starting in academic year 2012/ 2013 on full-time undergraduate level courses (first degree, Foundation degree, HND, Dip HE etc). Some of our students studying at partner institutions have lower fees and you can find these on the Course Fees page of the university’s website.
NB Existing students will not be affected by the changes to fees and financial support in September 2012; their fees and support will remain the same with changes only made to take into account inflation.
You can defer payment of your fees by applying for a non means-tested tuition fee loan from the Student Loans Company via Student Finance England. The fees are paid direct to the University on your behalf, so you need not find the money to pay for your course before you enrol or whilst you are studying. Tuition fee loans are also available to eligible EU students.
Apply to Student Finance England for a tuition fee loan and other financial support as soon as possible, and normally at least four months before the start of your course. You can apply for funding even before you have been offered a place at university, usually the January before your September start. Applications can be made online, but forms can also be downloaded from
www.direct.gov.uk/studentfinance , or you can phone Student Finance England on 0845 300 5090 if you have any queries or wish to be sent a form.
It is advisable to keep copies of your application and any documentary evidence that you send and make sure you put your Student Finance reference number on documents sent separately.
Payment of Fees
Students choosing not to take out a tuition fee loan will be invoiced for tuition fees at the start of their course. Students who change their minds about paying their fees without a loan in the course of an academic year and seek a re-assessment will receive a refund of fees paid on production of the revised assessment. Students choosing to pay their fees without a loan can pay them in two instalments, one at the end of November and one at the end of February.
Payments to Students
It is important to note that previous study at Higher Education level can affect your entitlement to student financial support and you should contact Student Finance England about this. (Although sometimes previous study can be disregarded if you have evidence that you left for compelling personal reasons such as illness)
Maintenance loans are available to eligible home students to help with living costs such as accommodation, food, clothing, travel etc. For academic year 2012/13 the maximum maintenance loan is £5,500 per annum (or £4,375 per annum for those living at home with their parents) paid in three instalments. 65% of the loan is a basic entitlement and does not depend on household income but the remaining 35% is means-tested.
Students in receipt of all or part of the Maintenance Grant (see paragraph below) will have their Maintenance Loan reduced by 50p for every £1 of Maintenance Grant received. This reduction will not apply to those students with an underlying eligibility for means-tested welfare benefits; they will receive the Special Support Grant mentioned below instead.
Apply to Student Finance England for a Maintenance Loan as soon as possible, at least four months before the start of your course. Applications can be made online or forms can be downloaded from www.direct.gov.uk/studentfinance or you can telephone Student Finance England on 0845 300 5090 and ask to be sent a copy. If you do not apply within nine months of the start of your course you may lose your right to apply for that particular year.
Repayment of Student Loans
Tuition Fee and Maintenance Loans are repaid after you leave university and start earning at least £21,000 pa. Interest is added to Tuition Fee Loans from when they are first paid to the university (February in most cases) and to Maintenance Loans from when they are first paid to the student.
Rates of Interest
If you commence your studies on or after September 2012 interest on your loan will be applied at inflation (RPI – Retail Price Index) plus 3% while you are studying, and up until the April after you leave university or college.
Then the amount of interest you're charged depends on how much you earn. You will be charged the following rates of interest:
If you earn less than £21,000 – interest at the rate of inflation
If you earn between £21,000 and £41,000 – interest at the rate of inflation plus up to three per cent (on a gradual scale depending on income)
If you earn over £41,000 – interest at the rate of inflation plus three per cent
If you commence your studies on or after September 2012 repayment is based on 9% of any income over £21,000. For example a graduate earning a salary of £25,000 would repay £30.00 a month. Student loan balances, but not arrears, will be written off after 30 years if the student in question started their studies after September 2012. More information regarding the repayment of Student Loans is shown on the Student Finance England website.
Home students may be eligible for a non-repayable means-tested Maintenance Grant from Student Finance England of up to £3,250 pa, paid in three instalments. Students whose residual household income is £25,000 pa or less will receive the full £3,250. Those whose residual household income is between £25,001 and £42,600 will receive part of the grant and those whose residual income is above £42,600 will not be eligible for the grant. Receipt of all or part of the Maintenance Grant will reduce the recipient’s entitlement to the Maintenance Loan by 50p for every £1 of Maintenance Grant received. This reduction will not apply to students with an underlying eligibility for means-tested benefits; they will be awarded the Special Support Grant mentioned below instead.
Special Support Grant
Students who have an underlying eligibility for means tested benefits (for example some lone parents) such as Income Support will be eligible for a non-repayable Special Support Grant of up to £3,250 pa paid in three instalments. Payment is means-tested using the same income thresholds as the Maintenance Grant. This grant will be paid instead of the Maintenance Grant mentioned above and the Department of Work and Pensions has agreed to disregard it in calculations for income-related benefits. Receipt of this grant will not reduce entitlement to the amount of Maintenance Loan due in the way that the Maintenance Grant does.
Tuition Fee Loans, Maintenance Loans and Grants can all be applied for using the same application form and it is important to have an income assessed award (ie where your parent’s or partner’s income is taken into account) to make sure that you are awarded the maximum amount to which you are entitled.
Payment Times of Grants, Maintenance Loans and Allowances
Financial support from Student Finance England for September starters, with the exception of Tuition Fee Loans which are paid directly to your university, is paid in three instalments in September, January and April.
Student Finance and Paying for Accommodation
It is important to note that the financial support that you receive from Student Finance England will not always be enough to pay for your accommodation and living expenses, especially if you use the accommodation at the top of the price range. The booklet entitled Financial Support and Information for Higher Education students has a Budgeting Tips section that includes advice on avoiding financial short-falls.