Student Loans from 2008
If you’re an eligible student doing a full-time higher education course, you can take out a Student Loan for Maintenance to help with your accommodation and other living costs.
You only start to repay the loan after you have left University and are earning more than £15,000 a year gross.
Repayments are worked out at 9% of your income above £15,000 (e.g. at £22,000 p.a. you would pay back £12.12 per week).
Interest on the amount that you owe will be linked to inflation in line with the Retail Prices Index (RPI).
This means the value of the amount you pay back will be broadly the same, in real terms, as the value of the amount you borrowed.
Who is Eligible?
- Students attending designated courses at publicly funded colleges or Universities (designated courses include degrees, HNDs, DipHEs, PGCEs, Part-Time Cert-Eds, and certain other undergraduate course of A level entry standard).
- Students who are settled in the UK (within the meaning of the Immigration Act) and have (other than for temporary absences) been ordinarily resident in the UK for 3 full years prior to the start of the academic year in which the course commences.
- Students aged under 60.
How much can I borrow?
You will be entitled to at least 75% of the full loan.
25% of the loan is means-tested on your parents' / your spouse's / your partner's / your own income, depending upon your circumstances.
Maximum loans in 2008/2009
- Students living away from their parents' home and studying: In London -
Full year - £6,47575% of entitlement in full year - £4,855Final year - £5,89575% of entitlement in final year - £4,420
- Students living away from their parents' home and studying: Elsewhere -
Full year - £4,62575% of entitlement in full year - £3,470Final year - £4,20075% of entitlement in final year - £3,210
- Students living at their parents' home:
Full year - £3,58075% of entitlement in full year - £2,685Final year - £3,23575% of entitlement in final year - £2,425
- An additional loan is payable if your academic year is longer than 30 weeks or if you attend an overseas institution as part of your course.
- Rates of loan increase annually and your entitlement is assessed annually.
How do I apply?
For an application form (PN1) you should contact the Student Finance Section either
- in person at:-
First Point Reception
Howden House
1 Union Street
Sheffield S1 2SH
(opening hours 9am-5pm Monday to Thursday and 9am-4:45pm Fridays); or
- by telephone
0114 2735635 (surnames A-Mac)
0114 2735796 (surnames Mad-Z); or
- by e-mail studentfinance@sheffield.gov.uk
You can also apply online.
The PN1 form will enable us to decide whether you are eligible for assistance and calculate any entitlement to fees, loan and supplementary grants.
You will be notified of your entitlement in writing.
The Student Loan Company will then pay your loan in three instalments.
All payments will be made directly into your bank account.
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