|
A number of factors come into play when estimating the cost of a student’s higher education.
From 06/07 onwards, Universities and colleges were able to charge different fees for different courses This fee may be deferred by taking out a fee loan which will be paid direct to the university. Students attending a course elsewhere in the UK will have to pay the fee set by that university. The overall cost will be dependent upon the student’s chosen course, institution and household income.
For example, you or the student may be expected to make a contribution towards their tuition fees. Full time students may get all or part of their tuition fees paid, depending upon their income and that of the other members of their household.
Higher Education Institutions in Wales will charge a fee of up to £3,225 from academic year 2009/10. The fee may be deferred by taking out a fee loan which will be paid direct to the university.
Student loans are also available to help with living costs.
Interest is charged on student loans from the moment they are paid until they are repaid in full. The interest rate for new loans is currently 3%. Interest is applied to student loans from the moment they are paid until they are repaid in full. The amount you pay back will have broadly the same value as the amount you have borrowed and no profit is made on the loan itself.
This interest rate is based on the annual March retail price index (RPI) or the highest base rate of a number of major banks plus 1%; whichever is lower. To date, the RPI has always been the lower of the two. The reduced bank base rate plus 1% is currently lower than the March 2008 RPI so we have presently adjusted the student loan rate to 3%. The interest rate was 3.8% from 1 September to 4 December 2008.
Entitlement to grants and loans increases each year in line with inflation, and your financial contribution is assessed by your Local Authority.
Where to apply
Apply - if your home is in Wales
Apply - if your home is outside Wales
| 