If you plan to study higher education at St Helens College in 2012/13, tuition fees for full time degrees, HND's and foundation degrees will be £5,850 per year.
No student will have to pay for tuition fees up front. Every new student is entitled to a Tuition Fee Loan that will cover your fees and this won't be paid back until you start earning over £21,000 a year. And even then, you will only repay 9% of your earnings over this amount.
Both full and part time students can apply for a Tuition Fee Loan. For further information about Tuition Fee Loans, visit www.direct.gov.uk/studentfinance
Support with Living and Study Costs
As a full-time student you can apply for a range of financial help with living and study costs, loans (which have to be paid back), and grants which don't have to be paid back.
Maintenance Loan to help with living costs
Eligible students can get up to £4,375 depending on your household income.
Maintenance Grant to help with living costs
This can be up to £3,250, depending on your household income.
| Household Income | How much? |
| £25,000 or less | Maximum £3,250 grant |
| Between £25,000 and £42,600 | Partial grant, depending on household income |
| More than £42,600 | No grant |
For further information about Maintenance Loans and Grants, visit www.direct.gov.uk/studentfinance
Repaying your Loan
If you start your course in 2012/13, you will not start repaying your student loan until 2016, even if you leave your course and earn above £21,000 before then. The amount that you will repay will depend on how much you earn and not how much you owe. When you are earning over £21,000 you will pay 9% of your earnings over this amount. The table below shows some examples of what the expected monthly repayment amount would be:-
| Income each year before tax | Amount repaid per month |
|
£21,000 |
£0 £22 £45 £67 £90 £112 £142 |
If at any time you aren't working, or your earnings are below £21,000 a year, repayments will automatically stop. Any loan that you have remaining after 30 years will be written off.
For further information about repaying your loan, visit www.direct.gov.uk
When Should I Apply for Financial Support?
If you apply for a place at St Helens College through UCAS, Student Finance England will email you when the student finance application system is open (the new system is due to open in early 2012).
You can apply for student finance even if you don't have a guaranteed place at St Helens College. It's important that you apply as early as possible to make sure that your funding is in place before you start you course.
The application deadline for new students starting their course in 2012/13 is 31st May 2012. Student Finance England normally take 6 weeks to process your application.
For further information about applying for financial support, visit www.direct.gov.uk
Myths and Facts about student Finance
Myth – I can't afford to go to study higher education at college/university, it's too expensive
Fact – You will have no up-front tuition fee costs to study at College or university and there's a lot of financial help available. All eligible students, no matter what their household income is, can apply for:
- A Tuition Fee Loan to cover the full costs of fees and
- A Maintenance Loan to help with your living costs.
Myth – All colleges and universities are charging £9,000
Fact – Not all colleges and universities will; be charging £9,000 and St Helens College will be charging less than £6,000. No student will have to pay for tuition fees up front and every new student is entitled to a Tuition Fee Loan that will cover your fees and you won't have to pay this back until you are earning over £21,000 a year.
Myth – The loan repayments will be a huge burden and hold me back
Fact – Repayments start when you are earning more than £21,000 a year. You will repay only 9%of any earnings over this figure, i.e. if you earn £25,000 that works out at £30 a month (9%of £4,000, divided by 12 months). Repayments stop if you stop working or earn below £21,000 a year. Repayments are based on how much you earn after you've finished at College, not how much you borrow while you're there.
Myth – Student debt will stop me from getting a mortgage or other loans
Fact – Student Loans are unsecured lending from the government and are very different to credit cards or commercial loans. They don't go on credit files and don't show up on credit checks. According to The Council for Mortgage Lenders, "a student loan is unlikely to impact materially on an individual's ability to get a mortgage".
For further information about student finance for 2012/13 study, visit www.direct.gov.uk
