Monday, 10 August 2015

Changes to maintenance grants and loans

In his Summer Budget 2015, the Chancellor of the Exchequer announced changes to the way student support operates for students from England. This change will apply to full-time students who start their studies in the 2016/17 academic year.

What is happening?
Full-time students starting their studies in September 2016 will be eligible for a means tested maintenance loan of up to £8,200. This loan will be paid back in the same way as a tuition fee loan, once you’ve graduated or finished your studies, and are earning over £21,000 a year. Previously, this loan would have taken the form of a non-repayable grant.

When is this happening?
The new maintenance loan arrangements will apply to new students starting full-time courses from 1 August 2016 onwards. Students already in higher education will continue under the old system and will not be expected to pay back their maintenance grant.

How much can I borrow?
The maintenance loan will be based on your household income. The table below provides an indicative guide to the amount you can borrow.


Student studying outside London (household income – £ per annum)
Maximum £8,200
25,000
8,200 (maximum loan)
30,000
7,612
35,000
7,023
40,000
6,434
42,875
6,095
45,000
5,845
50,000
5,256
55,000
4,667
60,000
4,078
62,180
3,821 (minimum loan)
65,000
3,821
70,000
3,821

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