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Student Loans
Student loans are part of the government's financial support package for students embarking on a course of higher education. They are available to help students meet their living costs while studying.
Student loans are available to all students in higher education, with every student entitled to 75% of the maximum loan, regardless of their income or financial status. To receive the full loan amount the student must pass certain criteria, which takes into account household income to means test the applicant.
Applying for one is a fairly straightforward process, there are the usual forms to fill in giving your details, generally speaking completing the application doesn't take long.
Your local award authority handles the first stage of your loan application. Regardless of where you are studying, if you are from England and Wales you will apply to your Local Education Authority. If you are from Scotland you will apply to the Student Awards Agency for Scotland and if you are from Northern Ireland your loan application should be made to your Education and Library Board.
Student Loan Repayment
It is the responsibility of the Inland Revenue to collect the repayments to be made on all issued student loans, these repayments must commence once the borrower has entered employment and is earning in excess of £10,000 per annum, or if the borrower is self-employed and generating profits to the same aforementioned sum. In cases where wage payments are made under the PAYE( Pay As You Earn ) scheme, the loan repayments are deduced by the employer on each pay day in accordance with the figures presented in the Student Loans Deduction Table, it is the responsibility of the employer to hand the repayments on to the Inland Revenue.
Upon commencement of student loan repayments, the amount deducted from the gross pay will be 9% of the amount above the £10,000 baseline, any subsequent deductions will be calculated by the employer based on the deductions table provided by the Inland Revenue.
In a similar fashion to the employer being send a ‘start notice’ to indicate that the repayment deductions should commence, the Inland Revenue will send out a ‘stop notice’ once the repayments are complete directing the employer to cease the deductions.
Student loans can be invaluable in providing the funding that you need to make your time at university a success. Tuition fees, accommodation costs and living expenses all add up, and making ends meet whilst studying can be an impossible task without a student loan to help.
The cost of a university education can put many people off, but you shouldn't let you. Student grants and loans are available, and with some careful financial planning getting the necessary money together needn't prevent you from getting the qualifications that you desire.
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