Tuition Fee Loan - Repayment
Students commencing their studies after 1st September 2012 will be on a Plan 2 repayment plan, and do not have to repay this loan until they have graduated and are earning over £25,000 from 6 April 2018. So unless you leave your course early, you will start repaying the loans in the April after you graduate and only when you are earning above £25,000.
Any loans outstanding 30 years after graduation will be written off. However, if you leave your course early, repayment will commence the April after you leave your course but only when you are earning over £25,000.
Loan repayments will stop automatically if you stop work or your salary drops below £25,000 (for Plan 2 repayment plans.) Student loans do not affect an individuals credit rating.
Student Loan Company repayment information and interest rates can be found here. This link should be updated very soon to reflect the changes in Plan 2 repayment plans that came into effect on the 6th April 2018.
Eligible UK undergraduates up to the age of 59 on the first day of their course can also apply for the full means-tested maintenance loan. EU undergraduates who meet the eligible residency criteria can also apply for a full mean assessed Maintenance loan.
From the 17/18 academic year an onwards - eligible undergraduates aged 60 years of age and over on the first day of the academic year can apply for a reduced rate means-tested maintenance loan.
Maintenance loans taken out after the 1st September 2012 have to be repaid but not until you have graduated and are earning over £25,000 a year. However, if you leave your course early, you may receive a notice from Student Finance England requesting earlier repayment. Like the tuition fee loan, any monies left unpaid after 30 years will be written off. For further information regarding repayments please click here
Students can estimate their eligibility for finance using the Student Finance Calculator.
There are also additional grants for example Parents Learning Allowance, Child Care Grant and Adult Dependants grant that you may be eligible for. If awarded these grants do not have to be repaid unless you leave your course early.
Students should apply for their tuition fee loan, maintenance loan, and any grants they may be eligible for in every year of study at University of Suffolk. To apply, please click here.
Parents Learning Allowance
You can apply for this grant if you have dependent children. This helps with extra costs associated with being a parent and a student. You do not need to be paying childcare to be eligible. You can get up to a maximum of £1,669 a year depending on household income. To find out more information please see link here
Adult Dependants Grant
This grant is to help if one adult in your household depends on you financially. You may be eligible for up to £2,925 a year depending on the household income.
For further information on the Adults Dependants Grant please see link here
This is a means-tested grant to assist with childcare costs as student if you have dependant children aged under 15 (or under 17 if they have special educational needs) in registered or approved childcare. Depending on your household income, you can apply for up to a maximum 85% of your actual childcare costs during term time in academic years 1-3. In academic years 1 and 2 eligible students can apply for the childcare grant in the holidays to enable parent students to study, do voluntary work or an internship.
You cannot apply for the childcare grant if you or your husband, wife or partner gets the childcare element of working Tax Credit from H.M. Revenue and Customs (HMRC).
For further information about childcare grants please see the link here
Disabled Students Allowance
These are available to students who have extra costs because of a disability, mental health condition or specific learning difficulty. DSAs can help pay for specialist equipment, a non-medical helper, travel or other extra costs. DSAs do not depend on household income. How much DSA funding you will eligible for depends entirely on your individual circumstances. DSAs are paid directly for services and not to the individual. Please see the link here for further information https://www.gov.uk/disabled-students-allowances-dsas/eligibility