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
|
