Complete Student Finance Guide
What is Student Finance England?
Student Finance England (SFE) provides financial support to eligible students studying at universities in England. The support comes in two main forms:
- Tuition Fee Loan: Covers the full cost of your course (up to £9,250 per year) - paid directly to the university
- Maintenance Loan: Helps with living costs like accommodation, food, and bills - paid directly to you
Important: These are loans, not grants, but repayment only begins when you're earning over £27,295 per year, and any outstanding balance is written off after 30 years.
Who is Eligible?
You can apply for Student Finance if:
- You're a UK national or have settled status
- You've lived in the UK for 3 years before starting your course
- You're studying an eligible course at an eligible institution
- You're studying your first higher education qualification (in most cases)
Age is NOT a barrier - whether you're 18 or 58, you can apply for Student Finance. We've helped students of all ages access funding.
Maintenance Loan Amounts
The amount you receive depends on:
- Where you live while studying (London vs. outside London)
- Your household income
- Whether you're living with parents
Maximum Annual Amounts for 2024/25:
- Living away from home in London: £13,348
- Living away from home outside London: £10,227
- Living with parents: £8,610
Lower household incomes receive higher maintenance loans. Even if your parents earn over £42,875, you'll still receive a minimum of around £6,500-£8,000 per year.
How to Apply
Application Timeline:
- Applications open in February/March for courses starting in September
- Apply as soon as possible - it can take 6-8 weeks to process
- You can still apply after your course has started, but earlier is better
What You'll Need:
- Personal details (name, date of birth, National Insurance number)
- Course details (university, course name, start date)
- Household income information (for means-tested funding)
- Bank account details
RSP Support: We guide you through every step of the application process. Our expertise ensures you complete forms correctly, maximize your entitlements, and avoid common mistakes.
Loan Repayment
Repayment is income-contingent, meaning you only pay when you can afford it:
- You start repaying the April after you leave university
- Only if you earn over £27,295 per year
- You repay 9% of income above the threshold
- Deductions are taken automatically from your salary (like tax)
Example: If you earn £32,295 per year:
- Income above threshold: £5,000
- Monthly repayment: 9% of £5,000 = £450 per year (£37.50/month)
Key Point: Any outstanding balance is written off after 30 years. If you never earn above the threshold, you never repay anything.
Common Myths Debunked
Myth: "I'm too old for Student Finance"
FALSE. There's no upper age limit. We've helped students in their 40s, 50s, and 60s access full funding.
Myth: "I need to pay it back like a bank loan"
FALSE. It's income-contingent. If you don't earn enough, you don't pay. After 30 years, it's written off.
Myth: "It will affect my credit score"
FALSE. Student loans don't appear on your credit file and won't affect your ability to get a mortgage.
Myth: "My parents have to pay if I can't"
FALSE. The loan is in your name only. Your parents have no legal obligation to repay.
Why Get Student Finance Help From RSP?
Student Finance applications can be confusing, especially if you're a mature student, career changer, or have unique circumstances. Our team specializes in:
- Maximizing your loan entitlements
- Navigating complex household income assessments
- Helping with evidence requirements
- Ensuring forms are completed correctly
- Appealing decisions if needed
- Ongoing support throughout your studies