Student bank accounts: Student loans and grants
Student loans and tuition fees
Full-time students starting a higher education course this year can apply for loans to help with tuition fees and living costs.
In England a loan for tuition fees is paid by the Student Loans Company directly to your university. Welsh Students at Welsh universities pay lower tuition fees. Scottish students at Scottish universities don't pay tuition fees.
You will also get a second loan, for maintenance, which is paid into your account at the start of each term. The exact amount you can borrow depends on where you live, your household income, when you start your course and what year of study you're in. Depending on your circumstances, this can be worth up to £5,500 a year if you're living away from home (more if you're in London, less if you're at home).
Repaying student loans
You now start to repay student loans when you get a job paying at least £21,000. Interest rates are set for one year and will increase each year alongside the rate of inflation.
If you earn over £25,000 and over £30,000 you'll repay at a higher rate. After 30 years, any outstanding debt that you owe will be written off, even if you didn't pay anything during some of the time (because you weren't working or earning below £21,000).
Student maintenance grants
If you're household income is below £42,600 a year, a maintenance grant worth up to £3,354 could also be yours - with potentially more for students coming from Scotland and Wales.
Read our guide to finding out which bursaries and scholarships are available.
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