Financial Support for HE
If you’re worried about the cost of Higher Education it might help to know there are finance options available when studying at City of Wolverhampton College.
As a full or part-time Higher Education student you don’t have to pay any tuition fees up front. Instead you can take out a tuition fee loan from Student Finance England (SFE). This loan will only need to be paid back the following April after completing your course and only when you start earning over £27,295 a year.
Do I qualify for a loan?
Both full-time and part-time HE students can apply for a Tuition Fee Loan which is paid directly to the college to cover your course fees.
Full-time students can also apply for a Maintenance Loan for living costs which is paid directly into your bank account in three instalments throughout the academic year.
How do I know if my course is eligible for funding?
All of the full and part-time HNCs, HNDs and Foundation Degrees offered at City of Wolverhampton College are eligible for funding.
How much will the loan be for?
· Can apply for a Tuition Fee Loan of up to £9,250
· Can also apply for a Maintenance Loan for living costs and the amount depends on your circumstances:
|Student's living arrangements||Maximum Maintenance Loan for the 2021/22 academic year|
|Living with parents||Up to £7.987|
|Studying in London and not living with parents||Up to £12,382|
|Studying outside London and not living with parents||Up to £9,488|
|Living and studying abroad for at least one term as part of their UK course £10,539||Up to £10,866|
Part-time students can apply for a tuition fee loan of up to £6,750 if your part-time course has a ‘course intensity’ of 25% or more. ‘Course intensity’ measures how much of your course you complete each year compared to an equivalent full-time course. To be eligible, you need to study the course at a rate of at least 25% of an equivalent full-time course in each academic year.
FAQ’s – Financial Support for HE
You may be able to get a Tuition Fee Loan if you’re from an EU country. EU students can apply for Maintenance Loans, conditions apply. Eligibility can be found here: https://www.gov.uk/student-finance/who-qualifies
Yes, you will need to apply for a loan each for each year of your course.
Eg – if you are doing a two-year course you will have to apply for a loan for year one and apply again for year two.
Use the student finance calculator to estimate your loan amount and repayments.
You need to apply early to ensure Student Finance England process your application in time for when your course starts. We recommend that you apply at the same time as applying to study the course to ensure there is enough time for the funds to reach your account and the college by the time you start your course.
You’ll only start making repayments when your income is over the threshold of £27,295 a year. If your income falls below £27,295 a year, repayments will stop and only re-start when your income is over £27,295. You can also make additional voluntary repayments to SLC at any time which will reduce your balance earlier.
If you’re an employee your employer will work out your repayments and take them out of your salary with your tax.
If you’re self employed you make the repayments as part of your Self Assessment Tax Return.
You can pay off some or all of your loan at any time without incurring an extra charge.
You’ll usually get student finance only if you’re doing your first Higher Education qualification – even if your previous course was self-funded. However, you may still get limited funding if, for example:
· You change course
· You leave your course but decide to start again
· You’re ‘topping up’ a Higher Education qualification e.g. you’ve finished an HNC, HND or Foundation Degree and now want to do an Honours degree
Is there any extra help available?
Full-time Higher Education students with children can apply for a Childcare Grant of:
· up to £179.62 a week for one child, or up to 85% of their costs (whichever is less)
· up to £307.95 a week for two or more children, or up to 85% of their costs (whichever is less)
The grant helps with childcare costs for children under 15, or under 17 if they have special educational needs. You must be eligible for student finance to apply for a Childcare Grant.
Parents allowance could be up to £1,821 for the 2021 to 2022 academic year to help with their learning costs. The money can help pay for books, study materials and travel. How much you get depends on your household income. Parents’ Learning Allowance doesn’t have to be paid back, is paid on top of your other student finance and won’t affect your benefits or tax credit.
Full-time students in Higher Education with an adult who depends on them financially can apply for an Adult Dependants’ Grant of up to £3,190
As a Higher Education student living in England, you can apply for a Disabled Students’ Allowance (DSA) if you have a disability, including a long-term health condition, mental health condition or specific learning difficulty, eg dyslexia. You must meet the definition of disability under the Equality Act 2010 and the support you get depends on your individual needs and not on income.
Want to find out what extra financial support you might be entitled to? Try the student finance calculator – https://www.gov.uk/student-finance-calculator