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Understanding the Different Loans Offered by Student Finance England

If you're planning on studying at a university or college in England, you may be eligible for financial support from Student Finance England. One of the main forms of support offered by Student Finance England is loans, which can help cover the cost of your tuition fees and living expenses while you study. In this article, we'll provide an overview of the different loans available through Student Finance England and what you need to know about each one.

Tuition Fee Loan

A Tuition Fee Loan is a loan to cover the cost of your tuition fees, which is paid directly to your university or college. This loan is available to all eligible students, regardless of household income or financial circumstances. The amount you can borrow depends on the cost of your tuition fees, which varies depending on the course and institution you're studying at.

The Tuition Fee Loan is repayable, but you don't have to start repaying it until you've finished your course and are earning over a certain threshold. The threshold for repayments is currently £28,840 per year, and you'll repay 9% of your income over this amount.

Maintenance Loan

A Maintenance Loan is a loan to help with your living costs while you study, such as accommodation, food, and travel. The amount you can borrow depends on your household income, where you live and study, and whether you're living at home or away from home.

The maximum Maintenance Loan available for the academic year 2022/23 is:

• £12,010 if you're studying in London and living away from home
• £9,610 if you're studying outside London and living away from home
• £8,430 if you're living at home

The Maintenance Loan is also repayable, but you don't have to start repaying it until you've finished your course and are earning over a certain threshold. The threshold for repayments is the same as for the Tuition Fee Loan, and you'll repay 9% of your income over this amount.

Postgraduate Loan

A Postgraduate Loan is a loan to help with the cost of a postgraduate master's degree, which is paid directly to you. This loan is available to eligible students who are studying a master's degree, a postgraduate certificate, or a postgraduate diploma.

The amount you can borrow depends on the course and the institution you're studying at, but the maximum amount you can borrow is:

• £11,570 if you're studying outside London
• £13,840 if you're studying in London

The Postgraduate Loan is also repayable, but the repayment terms are different from the Tuition Fee Loan and Maintenance Loan. You'll start repaying the loan once you've finished your course and are earning over a certain threshold, which is currently £23,000 per year. You'll repay 6% of your income over this amount.