10 Common SF Questions

Have you ever asked these questions?

by | Last updated 25th Apr, 2017

Student Finance is a big mystery or at least it can feel like that a lot. When you get to it, most people really wonder the same things and we’ve compiled them all here for you to help you understand that much more.

The common q’s

1. Do I need to wait till I get into university to apply to student finance?

No, apply for student finance as soon as possible.

You will only receive the loan once accepted and confirmed. If you do not get into university then the payment won’t go through.

The later you leave signing up to student finance the bigger the chance you have of either missing the deadline or receiving your maintenance loan payments later than everyone else. This could knock you back quite a bit as you will have to spend extra time to gain the loan you are not receiving till a later date or not at all.

2. How do I pay the university my fees?

Your fees will be paid directly to your university from Student Finance England every term. You or your bank account will never touch the course fees.

3. Can I run to Hawaii one I have graduated to avoid the loan repayments?

No matter how far you fly away, you will always have to repay your loan, it’s against the law to not pay it. 

4. Is every course £9,000?

No. Not all university courses are £9000. In fact it’s closer to 76% of all courses that charge the maximum tuition fee.

5. If I have a low household income will it be harder for me to finance myself?

This is not true. If you come from a low income household you will get a higher loan from the government. There are also scholarships and bursaries available which will help with living costs.

6. Will the maintenance loan cover all expenses?

The truth is that the maintenance loan is a nice little addition to your bank account but will most likely only help for half the month (if you’re lucky) before you need other means of funding. It is best to see if your parents/ family/ guardian will help out or find other ways to make money.

7. How much student finance will I get?

In addition of the £9,000 for your course fees, you can apply for a maintenance loan. This is the breakdown of what you may receive dependent on your location:

Your address:How much you may receive:
Living at homeUp to £6,904
Living away from home, outside LondonUp to £8,200
Living away from home, in LondonUp to £10,702
You spend a year of a UK course studying abroadUp to £9,391

8. When do I have to start repaying my loan?

You will not have to start repaying the loan until you have graduated and are earning over £21,000 per annum. If, for whatever reason, you do not earn over £21,000 then the loan will be written off after 30 years.

9. How much are the loan repayments per month?

The repayments will be taken directly from your paychecks per month from your employer.

Annual income (before tax):Monthly salary:
Monthly Repayment:
Up to £21,000£1,750£0
£22,000£1,833£7
£25,000£2,083£30
£30,000£2,500£67
£35,000£2,916£105

10.Will taking a loan affect my credit score, stop me from taking out personal loads or mortgages?

No, taking out a student loan will not affect your credit rating, stop you from taking out a personal loan or mortgage. As the repayments are based on your earnings, you should not have to worry about being able to repay the loan. 

If you start earning under £21,000 at any point, your payments will stop. And after 30 years they are cleared completely.

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Have you got a question that hasn’t been answered? Comment below and let us know & check out our Guide To Student Finance for a the bigger slice of the pie.

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