Applying 5. How it's paid 6. What's next? Maintenance Loan based on your household income As part of your application you'll be asked if you'd like to have your household income information taken into account. Maximum available The table below shows the maximum Maintenance Loan amounts for the last two academic years and is based on an application where the household income has been provided. It's important that you factor this into your final year finances. Overseas Rate inc. The income assessment for final-year rates of loans for students eligible for benefits is calculated as follows:.
If you have an underlying entitlement to claim benefits despite being a full time student, for example you are a lone parent or if you have a disability or ongoing health issue, you may be eligible for a higher amount of Maintenance Loan see above table. Part of the Maintenance Loan for living costs is paid as a 'Special Support Element' for books, childcare, travel and equipment.
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Maintenance Loan What is the Maintenance Loan for? Age limit How is the Maintenance Loan paid? What is the Maintenance Loan for? This is money to help towards your living costs, like rent and food. Age limit There is no age limit for the maintenance loan. There is a great student budget calculator that is a great way to keep track of your money. Not enough to live on?
We surveyed students to ask them where they needed more support around finance for uni. Students said they felt most stretched covering monthly bills, accommodation and transport. This is an easy one. Just send your completed form here. Short answer — it depends on several factors including your living arrangements and household income.
Your university location and living situation will all factor in to determine the amount you will be entitled to. See the table here for the various amounts available and check out the maintenance loan calculator on the SFE website to get an estimate of what you could be entitled to. If you are staying in university accommodation there is nothing to worry about.
They will only take rent once the maintenance loan has been deposited into your account. If you are staying in private accommodation, be sure to let your landlord know when you expect the loan to arrive. You can find out more about extra maintenance loans here. You should also check out Student Finance England maintenance loan calculator.
If you are let go from your employment or fall on hard times then your loan repayment will pause. The loan debt is wiped out after 30 years. You will be charged a base interest rate of 5. When you have finished your studies, you interest rate will drop to 2. This interest is being added to your total amount repayable.
This is different to interest as this is how much of the loan you really have to pay back once you start earning over the repayment threshold. You can apply for a student maintenance loan on the SLC website.
Simply follow the instructions online and complete the form. The process does not take long. You can also apply for a maintenance loan through the post but the online method is easier and more efficient. When you are in final year the amount of your maintenance loan will reduce.
Strictly speaking this is because once you finish your final exams, you are not a student anymore. In your previous few years as a student, the government took into account summer vacation. However, this no longer applies once a student has completed their final term.
Very few loans are interest-free and the maintenance loan is no different. We have discussed the interest rates and how they work on student maintenance loans from SLC above.
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