We understand that financial considerations are an important part of the university application decision-making process and we are here to offer information and support.
As a student at the Yeovil College University Centre, you may qualify for financial support. Undergraduate students can apply for a student loan to help pay tuition fees and/or a Maintenance Loan to help with living expenses.*
You need to think about both tuition fees as well as living costs. A huge benefit of studying within our dedicated University Centre in Yeovil is that we are local, and therefore in most cases, additional living costs may not be a concern.
Government Maintenance Loan
There is a maintenance loan available for full-time students from the Government through Student Finance England to support you with living costs such as rent and bills. The amount you can borrow will depend on where you live, study and your annual household income.
You can also apply for a reduced rate of maintenance loan if you are studying a part-time, full degree (e.g. BA Hons English with History). Eligibility depends on the ‘intensity’ of your part-time course being at least 25% of a full-time course. For example, if your course takes six years to complete and the full-time equivalent takes three, the intensity will be 50%.
Your Government Maintenance Loan will be paid directly into your bank account at the start of every term.
You can apply for the loan at https://www.gov.uk/apply-online-for-student-finance.
If you are studying full-time, then you may also be entitled to a means-tested grant. These are different to student loans and you do not need to repay them.
Childcare Grant: to help pay for costs associated with looking after children under the age of 15 or under the age of 17 if they have special educational needs;
Parents’ Learning Allowance: for students with dependent children, not necessarily paying for childcare.
Adult Dependents’ Grant: for full-time students in higher education that have an adult dependent.
Disabled Students’ Allowances (DSAs)
DSAs are grants to help pay the essential extra costs you might have as a direct result of your disability, including a long-term health condition, mental-health condition or specific learning difficulty, such as Dyslexia or Dyspraxia. You don’t need to pay these back.
It is important to check out your entitlement with your funding body (Student Finance England) before you start your course and become liable for fees.
Our tuition fees for higher education students depend on the level and qualification you are studying. Please see our Fees Document and Fees Policy for full information.
Students can choose to pay their tuition fees upfront or via a pay as you go model, allowing them to spread the cost over the duration of the qualification. Alternatively, you may be eligible to take out a Tuition Fee Loan to cover the cost of your tuition fees. For full information on Student Finance, visit www.gov.uk/student-finance.
You can apply for student finance by registering your details at gov.uk/studentfinance. If you do not wish to take out a student loan, you’d prefer to spread the cost of the payment, or you would like to take, learn and pay for one module at a time, please talk to our University Centre team on 01935 845454 or email email@example.com
Please note: for learners who started before 2020, tuition fees will vary.
We have summarised some information below, but for full information on Student Finance please visit www.gov.uk/student-finance. Please ensure you read the full terms and conditions of any student loans carefully.
When will I start paying back my loan?
At present, if you take a Tuition Fee Loan or Maintenance Loan through Student Finance England, you will not have to begin repayment until you earn over £26,575 per year, from the April after you finish your course.
How do I pay back my loan?
Your repayments are proportionate to your salary; you repay 9% of what you earn over the threshold. For example, someone earning £31,000 per year will repay about £33 per month.
How do I pay the loan back?
For most people, repayments will be collected through the UK tax system and will be deducted directly from your salary alongside tax and National Insurance.
What happens if my income reduces?
If your income stops or falls below the threshold, then your payments will also stop until your income rises above the threshold again. After 30 years any remaining repayments will be cancelled.
There is a good article on Money Saving Expert about Student Finance if you would like to know more – https://www.moneysavingexpert.com/students/student-loans-tuition-fees-changes/