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Student loans 2022: A quick guide to types of student loans and payments

Whether it is your first year off to college or if you are returning, students always have questions about their loans.

Here is a quick guide to dates and loan types that are important for students.


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What is a maintenance loan?

A maintenance loan is paid directly into your bank account at the beginning of each term. Depending on where you attend, you could get up to three payments during the year. This loan type is intended to cover your cost of living and other educational costs while you are in school. It is advised against using the maintenance loan money for your tuition because those funds will come in a second loan.

The amount that you are entitled to will probably be impacted by your household income. If you’re unsure of how much to borrow, try visiting this site.

As mentioned above, the payments usually go out in three instalments. The exact day that the payment is received will depend on the term start date. If your classes start in September, you should receive payments in September, January and April.

The payments are sent by Student Finance Wales, Northern Ireland and England, If you’re ins Scotland, the checks are sent out by Student Awards Agency Scotland.

Student Finance England (SFE) says it can take up to three days for payments to reach a student’s account. Because of this, it is advised that you have enough money to cover immediate costs like transport and your first rent payment.

Payment dates and status

After your loan application has been approved, you will be able to view your loan payment schedule in your online account. The amount of funding you get depends on personal circumstances– including your parents income.

After you have logged into your student finance account, you’ll see your “my account” page. Next, select “your finance”, where you’ll find the option to see your payments.

You’ll want to select “academic year 2022/2023” under “view your payments”. From here, you should be able to view view your scheduled payment dates. You should also be able to see status of your tuition fee loan, your maintenance loan, and any grants you’ll receive.

If your payment status says “awaiting confirmation” means that you will get paid once your college has confirmed that you have registered for courses.

A notice that says “blocked” means Student Finance is checking your national insurance number, which can take up to ten days. This message could also mean that your bank is missing details or requires additional information.

To see if any tasks need to be completed, select “your profile” then scroll down to “your to-do list”.

How do you apply for a student loan?

Students can apply for a loan through the government website. Applications are open for up to nine months after the start of the academic year. Students can apply and set up a finance account online.

In order to do this, you’ll need to know household income, have proof of identity, and a loan declaration. Here, you can apply for tuition fee loans and maintenance loans.

Do you need to reapply for student finance every year?

Changes are mad annually, so each year students must reapply for funding. Paper applications have been done away with and now online application is the simplest option.

You can still apply for funding up to nine months after the start of your academic year. For example, if classes start in September, you can still apply before June of the next year.


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When does repayment start?

When you start paying back your loan, how much you pay will depend on the payment plan you’ve selected:

  1. Loans taken out before September 1, 2012 in England or Wales
    • If a student’s income is more than £1,682 a month (before tax and deductions) or £20,195 a year, repayment will being in April after completion of the course.
    • The amount you need to pay back will change on April 6 each year.
    • Students will stop paying if their income drops below this amount.
  2. Loans taken out on or after September 1, 2012
    • If a student’s income is more than £2,274 a month (before tax and other deductions) or £27,295 a year, they will start repaying their loan the April after finishing their course, or, if they are studying part-time, the April four years after the course started.

Postgraduate loans need to be repaid after your income is above £1,750 a month or £21,000 a year (before tax and other deductions). Repayments are taken out from a person’s salary at the same time as tax.

Students can also make voluntary repayments through Student Finance.

How much are tuition fees?

The amount a student pays and borrows for college will depend on what they study and where. Tuition fees are capped at £9,250 for home and EU students. However, interest starts accruing after you get your first payment.


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