What types of student finance is available?

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00:00Hello, my name's Amber Allitt and I'm an Education Specialist.

00:03Here are a few of the key things you'll need to know if you want to apply for a student

00:07loan to study at a university in England this year, if you haven't already.

00:12First of all, you'll need to set up an online account with Student Finance England.

00:16Applying here is a super straightforward process that should take less than half an hour, and

00:20you can make a start even if you're going through the clearing process and don't have

00:24your exact course or place of study locked in yet.

00:28There are two main types of student loan, and some students may be able to apply for

00:31both.

00:32The first covers tuition fees, which are capped at £9,250 a year in England.

00:38The second is called a maintenance loan, and can help cover things like your textbooks

00:42and living costs.

00:44You'll still need to pay this back, but it's means-tested, meaning whether or not you get

00:48it can depend on how much money your household makes.

00:51Unfortunately, your student loan will start racking up interest right away.

00:56This can be anywhere between 6 and 8%.

00:59But the good news is, you don't have to start paying it back right away.

01:02Repayments only begin after you've either graduated or left your course, and you're

01:06earning more than £25,000 a year.

01:10Finally, it's not too late to apply even if you're looking to study a course that begins

01:14in September.

01:15The government says that you can still apply for funding up to nine months after the first

01:19day of the academic year for your course.