The short answer is YES. Students starting university in the 2023/24 academic year will see a rise in their maintenance loans to help with the rising cost of living and tuition fee loans will be frozen. How much of a rise you will receive depends on where you live.
If you live in England your Student Finance is up 2.8% for 2023/24.
The UK government has confirmed that government student loans and grants to support undergraduate and postgraduate students with living and other costs will be increased by 2.8% for the 2023/24 academic year.
English Minister for Skills, Apprenticeships and Higher Education Robert Halfon said:
“We recognise students continue to face financial challenges, which is why we are increasing loans and grants for living and other costs for a further year.”
If you live in Wales your Student Finance is up 9.4% for 2023/24.
The amount that the average full-time student can receive in maintenance loans wills increase from £10,710 to £11,720. This change will apply to fill-time and part-time higher education students.
Welsh Minister for Education and Welsh Language Jeremy Miles said;
“Living costs should never be a barrier to studying at university. This increase in support will ensure that students from all backgrounds are able to access higher education.”
What is a maintenance loan?
A maintenance loan is a loan which is aimed to help pay towards your living costs, food costs, travel and any other expenses you have whilst you are a student. Maintenance loans arrive in three installments which you will receive each year whilst studying and are paid straight in to your student bank account. As a student, you are responsible for budgeting yourself. Many students who need extra financial support find part-time work. Part-time work as a student alongside your studies is a great way for extra income and to make friends and stay social at the same time. There is also financial support for students available.
What is a tuition fee loan?
A tuition fee loan covers the cost of the university or college’s tuition fee. The tuition fee is paid directly to your institute so therefore does not need to go in to your student bank account.
The majority of people, including full and part-time undergraduate and postgraduate students, can apply for a tuition fee loan.
The cost of tuition will also depend on where you’re living, and where you’re attending university.
Paying back student loans.
Maintenance loans and tuition fee’s are loans, which means that after your studies, you will be expected to start paying it back although there are requirements.
In England, students starting their studies from September 2023 that earn over £25,000 per year after graduating have to start repaying their loans. The likelihood is that graduates will start to pay off their student loan’s earlier in their careers.
If you earn lower than this new threshold when you graduate, you won’t be expected to start paying back. Although those earning over £25,000 will be paying back their student finance. The higher you earn the more you pay off and faster. Learn more about paying back your student loan with our blog.
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