Financial Support For Higher Education Students
No up-front costs for part-time students
Foundation Degrees, PCET/PGCE, BA (Hons) Education & Training
For the first time ever, from September 2012 part-time HE students from England will not have to pay for their tuition fees upfront. Students will be able to get a government loan to cover the full cost of the course fees. This loan is not income assessed or means tested and you will only start to make repayments when you are earning over £21,000 a year.
You will apply for the loan once you are attending your programme. From Summer 2012 the part-time HE application form will be available to download from the student finance section on www.direct.gov.uk.
Part-time HE students are only eligible to apply for a fee loan.
Rates of Interest
Interest on your loan will be applied at the rate of inflation plus 3% up until the April which falls three years after the anniversary of the start date of your course.
Interest you will then be charged will be:
The rate of inflation if you are earning below £21,000.
The rate of inflation and up to 3% on a gradual scale if you earn between £21,000 and £41,000.
• For further information on Higher Education Funding contact your Partnership Liaison Officer on 01388 443014.
• For further information on Student Finance visit www.directgov/studentfinance
Loan Repayments
You will begin to repay your loan in the April which falls three years after the anniversary of the start date of your course, even if you are still studying. But you will only make repayments if you are earning over £21,000 a year.
If your course is shorter than the three years, you will start to repay your loan from the April after you graduate.
You repay only 9% of your income above £21,000. The amount you repay depends on how much you earn, for example if you earn £25,000 the 9% would only apply to the £4,000, meaning you would only repay £30 a month. See table below for examples of what you could pay.
Repayments will be deducted from your regular salary normally through the tax system.
If your income falls below £21,000 at any point in your career the repayments will stop.
Any outstanding balance is written off after 30 years.