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Student Funding - Loans and Grants
Student loans are available for home (UK) students only.
For the most up-to-date direct information on loans, visit the UK Government (DfES) pages on student support or any of the following links;
Student Loans of up to £500 will be available for undergraduate part-time students to help meet the cost of books, equipment and travel.
Application should be via the relevant LEA.
Hardship Loans
The DfES is providing institutions with money for Hardship Loans. These are only available to students who commenced study after 1998 and have taken out a full Student Loan.
These will allow students to borrow a further £100-£500 in cases of hardship.
In the 2001/2002 academic year Hardship Loan applications will be assessed on the same form as applications for the Hardship Fund and students will need to provide all the required documentation.
Applications will be assessed and where there is a shortfall, Hardship Funds and Loans will be allocated as appropriate. There is no automatic entitlement to a Hardship Loan.
See also DfES website for details.
Types of loans Income-contingent loans Income contingent loans are available to students starting HE courses in or after 1998. Repayment of income-contingent loans starts once a borrower’s gross income reaches £10,000 per annum. Repayment is currently made at the rate of 9% of marginal income over £10,000pa. For example, a borrower with an income of £19,000 pa would repay 9% of £9,000 i.e. £810 pa or £67.50 per month. Repayments for the vast majority of borrowers of IC loans are made through the tax system i.e. deductions by employers direct from a borrower’s salary for those who are within the PAYE system. For those who are within self-assessment, repayment is made to the Inland Revenue. Mortgage Style Loans (also known as fixed term loans) Mortgage style loans were available from 1990 up to September 1998. Repayment of a mortgage style loan starts once the borrower’s income reaches 85% of national average earnings (currently c £19,728). The loans are paid back in monthly instalments over 5 years (or 7 years for those with 5 or more loans). There is no Inland Revenue or employer involvement in the repayment. For more information, visit http://www.dfes.gov.uk/studentsupport/students/index.shtml Student Loans Library Search through our selected book lists, for up to date help and advice for loans and grants. Buy these books online using the secure server.
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