What is SFE?
Student Finance England (SFE) provide financial support on behalf of the UK Government to students entering higher education in the UK. They offer funding for both undergraduate and postgraduate courses through 2 different types of loans, a tuition fee loan and maintenance loan.
What is a tuition fee loan and a maintenance loan and how are they different?
These loans apply to students who are studying or going to study on an undergraduate course.
A tuition fee loan is paid directly to the University to help pay your tuition fees. Full-time students get up to a £9,250 tuition loan.
A maintenance loan helps towards your living costs, such as food, rent and books. The amount you can borrow depends on your household income, your course and where you live and study. The maintenance loan is paid directly to you and will be given in increments, once a term.
How do I apply for student finance?
You apply on the student finance website: Student Finance: How to apply
You then need to follow the following steps:
- Set up a student finance online account.
- Log in and complete the online application.
- Include your household income if needed. Your parent or partner will be asked to confirm these details.
- Send in proof of identity, if needed.
How much will my loan be?
If you’re a full-time student, you can get up to £9,250 tuition Loan.
The maximum amount you can get for a maintenance loan depends on where you live, your course and household income. To find out how much you can receive, check out the student finance website:Student Finance: Find out how much you can recieve
How do I repay my loans?
If you’re a new undergraduate starting your course on or after August 2023 then you’ll be on repayment plan 5. This means:
- You’ll only repay your loans when your income is over the repayment threshold, set at an annual salary of £25,000.
- You’ll start repayments from the April after you leave your course, as long as you’re earning about the threshold.
- You repay 9% of the amount you earn over the threshold
- After 40 years any repayments are cancelled.
For example, if your annual salary is £28,000 then your monthly income is £2,333 before tax. You’ll repay 9% of the income over £25,000, so 9% of £3,000, which is £270 a year. This equates to around £22 monthly.
Your loan repayment is taken as a deduction from your pay packet, along with tax and National Insurance. You will see how much has been paid under the deductions section on your payslip. This means it won’t come out of your bank account and you’ll never see the money.
Where can I find more information or support with the application?