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Student Finance

We understand that going to university is a significant investment in your future. Students have to meet a number of expenses, including tuition fees and living costs. There is a range of financial support available to you from the government and your chosen university.

For some students, worrying about finance can be a barrier to considering a university or college degree. It is important to do your research and ensure you have all the information you need to make an informed and ambitious decision about higher education and your future.

Your questions answered

Most full-time and part-time students can apply online to Student Finance England.

Your tuition fee loan covers the cost of your course and place at university, it is paid by Student Finance England, directly to the university you are studying with after you have completed your enrolment.

This is funding that will be paid directly into your own bank account to support you with your living costs, that includes accommodation, travel, food, and social expenses.The exact amount of maintenance loan you get depends on your household income and where you are living whilst you are studying.

Use our Loan Entitlement Calculator to find out how much you will receive.

Yes, students with disabilities or learning difficulties may be eligible for the Disabled Students’ Allowance (DSA), to help fund any extra costs that they may have to pay when studying.

More information for students with disabilities. 

You will get help with all the costs associated with life at university. You will not have to pay anything up-front and your tuition fees are paid by Student Finance England directly to your university.

Everyone is entitled to a maintenance loan to help cover the costs of living (food, books, transport, rent etc.) and there are also bursaries, scholarships, and grants available that are different for each university.

After graduation you will repay a small amount of your student loan per month, and only once you earn over the government threshold (currently £26,575 per year).

All student loans are repaid through the payroll system just like income tax. This means that once you’re working, your employer will deduct the repayments from your salary before you get it. This means that no debt collectors will ever contact you.

Your student finance repayment will stop when you’ve cleared the outstanding balance, or when 30 years (from the April after graduation) has passed. If you never get a job earning over the threshold, you will not repay  a penny.

Student loans will not appear on your credit file, and will generally not impact on any future lending you may want to apply for.

Your Student Loan repayments do affect your mortgage application to a small extent, but it’s unlikely they’ll ever stop you from getting a mortgage altogether.

When applying for a mortgage you’ll undergo something called an ‘affordability check’. This is where a mortgage lender checks your monthly income and outgoings to see how much you’ll realistically be able to pay up each month (and decide how much cash to lend you accordingly).

This means that the overall amount you owe will not impact on your application for a mortgage, just the amount you repay each month.

The lower your household income, the more money you will be eligible to receive in your Maintenance Loan. Student Finance understands that your parents might not be in a position to support you financially while you’re at university.

There are also bursaries, grants, and scholarships that you can apply for—it is important to do your research, as these can be different for each university.

Got more questions? Why not chat to a current student at the University of Wolverhampton on Unibuddy

Further useful resources

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