Money and Higher Education

Going on to higher education is a good investment in your future. However, like all investments, there’s a cost.

Fees

For entry in 2006, universities and other higher education institutions are able to charge tuition fees of up to £3,000 for each year of the course.

You don’t have to pay these fees straight away.

Student Loans

You can take out a Student Loan which will have the tuition fees taken out of it at the start. These will be paid direct to the university on your behalf, and you’ll get what’s left to help with the cost of living.

A loan will help with living costs and you do not have to start paying back the loan until you are working and earning above £15,000 per year. The amount of the loan depends on whether you are living at home or living away from home.

Grants

Exact details about grants haven’t been finalised but, depending on your family’s income, you might be entitled to a grant of up to £2,700 a year which you don’t have to pay back.

If your family earn less than £15,000 per year you will probably be eligible for the full amount.

Universities and other higher education institutions have funds to help out students from lower income families and you should contact the university directly about this.

Support packages direct from universities

Many universities now offer individual support packages for students. This could include a start up payment, top up bursary or even a rebate of fees for students progressing successfully onto the next level of their course.

The level of support varies from university to university so you’d need to contact universities directly for more details.

Sponsorship

Some firms or organisations offer sponsorship in shortage areas such as sciences, engineering, business studies and computing but there are some who sponsor students in any subject.

Competition for sponsorship is fierce so if you are interested you have to research opportunities and apply early.

Useful information

For more information about student finance you can speak to student support at the Council. Call student support on 020 8583 2811.

Other places where you can get information include: www.dfes.gov.uk/financialhelp
www.dfes.gov.uk/studentsupport
www.studentmoney.org
www.studentsupportdirect.co.uk