Getting to grips with student finance

Money for university

It can be a challenge to understand continually changing systems, but we hope the information here and in our Figure out Finances section will help you support your son or daughter in managing their money.  We aim to be transparent about all our fees and scholarships. For the latest information on our fees, visit our fees pages.

By going into higher education, your child will be making a long-term investment in their future. Not only could it open up a wider choice of careers: they may earn more. Based on the value of money today, over their working life the average graduate will earn around £100,000 more, after tax, than someone with A levels who hasn’t been to university*.

There are costs your child will need to cover during their study - but there’s also financial support available to help them, including student loans, grants and bursaries.

*Source: direct.gov.uk, March 2011

My daughter is less likely to think about the financial side of things, so I am here to make sure she asks the right questions. Tracey

What financial help is available to full-time students?

There are three main sources of financial support available to new full-time students - student loans and grants from the government, and bursaries from universities and colleges.

Student loans have to be repaid when your child has left their course and started work, but grants and bursaries don’t - regardless of how much your child receives.

Student loans
There are two different types of student loan. The Tuition Fee Loan covers the fees charged by the university or college. The Maintenance Loan helps towards day-to-day living costs such as rent and travel. All eligible students can get a Maintenance Loan - whatever their household income.

Your child won’t have to start repaying student loans until they have left their course and are earning more than £21,000 – equal to £403 a week or £1,750 a month. Repayments are calculated at 9% of income above the £21,000 threshold. So, if your so or daughter is earning £24,000 they will repay approximately £22 a month (9% of £3,000).

Student loans accrue interest from the date they are paid out, up until they are repaid in full. The interest rate for student loans is set in September each year.

Maintenance Grants
Your child may also be able to get help with living costs through the Maintenance Grant. These are means tested and worth up to £3,250 for the academic year. To see how much maintenance grant your child will be eligible for, please visit the Student Finance calculator.

Around 40 per cent of new, full-time students are expected to qualify for a full grant – and many more could get a partial grant. For some groups of students, the Maintenance Grant is replaced by the Special Support Grant – meaning that students on lower incomes may be able to get a higher Maintenance Loan.

Bursaries
On top of student loans and Maintenance Grants, some universities and colleges also offer scholarships or fee waivers to a wide range of students. These don’t have to be paid back. Read our Financial Support page to find out more about University of Worcester scholarships and fee waivers.

Part time work
Many students chose to subsidise their studies with a part time job. On campus, part-time work is often available in the SU, through Student Services or our Student Ambassador Scheme. The Scheme offers flexible hours and competitive rates of pay for students who represent the University at open days, campus tours and other events. The scheme provides students with an enjoyable and rewarding experience that looks great on their CV.

Worcester is a thriving university city and there are often many vacancies within easy reach of the campus.