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Student Services - Money Matters
Students Studying Full-Time on a University Course (HE)
Financial Support Available
A range of financial support is available to help with the costs of doing a degree. To find out what you might be eligible to receive use the improved student finance calculator at www.direct.gov.uk/studentfinance. This will provide and indication of core support entitlement (excluding any Somerset College Bursary you may be entitled too). You do not need to register to use the calculator.
If you are applying for financial support your application will be dealt with by Student Finance England who will deliver their services predominately via the web and telephone.
You can apply online for maintenance grant and student loans at www.direct.gov.uk/studentfinance.
Website: www.direct.gov.uk/studentfinance
Helpline 0845 300 5090. 8am to 8pm Monday to Friday, 9am – 5.30pm Saturday and Sunday.
Somerset College Bursary Scheme for 2011 Entry
- We offer financial support for full-time students through the Somerset College Bursary Scheme.
- A bursary is a money payment made to students who meet particular criteria.
- Bursaries do not have to be repaid (unless you withdraw early from your course).
Click here for Somerset College Bursary Scheme
Government Maintenance Grant
- Full-time students who are paying tuition fees can apply for a Maintenance Grant to help towards the cost of studying at degree level.
- The grant is "means-tested" which means that what you get depends on what your household/family earns.
- If household/family income is £25,000 or less you will probably be eligible for the maximum grant worth £2,906 per year.
- Partial grants are available to those with a household income of up to £52,020.
- The grant does not have to be repaid.
- Higher Education Student Support Guarantee (HESSG).
Student Loans for Tuition Fees and Living Costs
- You can apply for a Student Loan to help with your living costs and tution fees.
- Student Loans dont have to be repaid until you graduate, and your gross income exceeds £15,000 per annum (£1,250 per month, £288 per week).
- Repayments are collected by the Inland Revenue and your loan will be subject to an interest rate linked to inflation.
- Repayments are calculated as a percentage of income above the threshold of £15,000. Currently this percentage is 9%. This means your repayments will rise or fall directly in line with your income and if you stop working or do not earn £1,250 per month/£288 per week you will not make any repayments.
- You can pay off your loan more quickly by making extra payments.
- PLEASE NOTE: If you want to apply for a Student Loan for a course you are starting in 2011, you can apply online at www.studentfinancedirect.co.uk
Student Loan Repayment examples (for guidance only, all figures are gross of tax/NI)
| Gross Salary | Monthly Income (approx) | Monthly Repayment (aapprox) |
| £16,000 | £1,333 | £7 |
| £18,000 | £1,500 | £22 |
| £24,000 | £2,000 | £67 |
Other Funding
- There is a range of other state-funded support available for particular groups of students. For example the Parents Living Allowance, Childcare Grant, Adult Dependents' Grant, Care Leavers' Grant, Access to Learning Fund and Disabled Students' Allowance.
- There are also other sources of funding available to students via sponsorship and scholarship. The local library should have publications that give details of eligibility to these sources and how and when to apply.
We understand that the Student Loan Company have a back log of applications and as such you may not yet have received your financial assessment forms. Please be advised that this does not effect your enrolment and you should come along to your session as normal, we will deal with any financial implications at a later date. When you do receive your assessment form you will need to bring it in to Registry/Finance so that we are able to confirm your attendance with the Student Loan Company.
This link has information for Higher Education students 2012 entry http://yourfuture.direct.gov.uk
