Tuition Fee Loan
Eligible full time UK undergraduate students can apply for a tuition fee loan to help them cover the cost of their tuition fees. The loan allows students to defer the payment of their tuition fees and means that they do not need to pay fees while they are studying. It is not possible to defer payment of tuition fees through any other method.
Amount of the loan
Tuition fee loans are not income assessed but the amount a student borrow will depend on when they commenced their studies.
Students commencing a course from September 2012 will be able to borrow up to £9,000.*
*The maximum Tuition Fee Loan available to 2012 and 2013 entrants from Wales will be £3,575. However, eligible students will also be able to access a non means-tested new tuition fee grant to cover the difference between the maximum tuition fee loan available and the tuition fee actually charged by the UK university (a maximum grant of £5,425 if a tuition fee of £9,000 is charged).
Students who commenced their course after September 2006 but before September 2012 will be able to borrow up to £3,465 in 2013/14
Students who commenced their course prior to September 2006 can borrow up £1,380 in 2013/14.
Apply
UK students can make an application for a tuition fee loan at the same time that they apply for their maintenance loan. Applications can be made up to nine months from the first day of the academic year.
- Students from England - Student Finance England 0845 300 5090
- Students from Northern Ireland - Student Finance Northern Ireland 0845 600 0662
- Students from Scotland - Student Awards Agency for Scotland 0300 555 0505
- Students from Wales - Student Finance Wales 0845 602 8845
Repayment
You do not need to start repaying your loan until the April after you leave your course or you graduate - whichever is sooner and only when you are earning enough. Students who started university before September 2012 will need to start repaying their loan once they are earning £16,365 or more. Students who commence their course from September 2012 will begin to repay their loan once they are earning £21,000 or more. You will be required to pay 9% of any income you have above the relevant threshold.
For repayment enquiries call 0845 073 8891 or take a look at the Student Loans Company repayment portal.
Interest
You are charged interest on your loan from the moment you receive the first instalment until you have paid it off in full.
If you started your course before September 2012 interest rates vary because they are linked to the rate of inflation. The current interest rate is 1.5%.
If you start your course after 1st September 2012 interest rates vary and will depend on the rate of inflation and also how much you earn after you graduate.
