All you need to know about university funding

A student loan is made up of two parts.

Part 1: The tuition fee loan

Most universities, like Herts, are partially publicly funded and therefore the tuition fee loan will cover 100% of the tuition fee. The maximum fee for a standard undergraduate degree is £9,535. The tuition fee loan is paid directly from the Government to your young person's University.

Part 2:  Maintenance Support

The maintenance loan is based on your household income, where your young person chooses to study (living costs will be higher in London) and where they live (at home or away).  Everyone is eligible for some level of maintenance loan, it's just a question of how much.

Your young person will enter repayment the April after they graduate or the April after they withdraw from their course (whichever comes soonest.)

They will only start repaying once their earnings meet a certain threshold and if their earnings drop below this at any time, repayments will automatically stop.

If they have taken out both a tuition fee loan and maintenance loan, the two loans will be combined and repaid as one.

Watch a short film by Student Finance England about repaying a student loan.

Student Finance England state:

The amount they repay depends on their income, not what they borrowed. They’ll repay 9% of any income over the current threshold. If their income falls below this, their repayments will automatically stop.

Any loan remaining 30 years after they are due to start repaying will be cancelled.

Loans accrue interest from the day they are issued until the day they are paid off in full or written off (currently after 30 years). Once your young person has left university, the loan will gather interest depending on how much they earn.

If you have the funds available and wish to cut down the interest the loans are accruing, then you may wish to make a contribution. However, it's worth considering that your young person will most likely not pay off the full amount before the write-off period. Therefore if you pay off more of their debt sooner, you may end up paying more back than you actually need to

Students on some courses will incur additional course costs on top of their tuition fee. For example, there may be costs for art materials, lab equipment, field trips and books.

Your young person should ask their chosen university about whether there are any additional costs associated with the course they would like to study.

If your young person chooses to study at Herts, any additional costs will be outlined in the Course Factsheet on the Course pages on our website.

Your young person's student loan will not affect their credit rating. It won't show up on a credit report either.

When your young person applies for a mortgage, their loan repayments may be taken into consideration in terms of calculating their net income.

The amount of maintenance loan your child receives will depend on your household income.

The more you earn, the less your young person will receive and the expectation is that you will contribute towards any shortfall.

If your young person has a physical disability, a long term medical condition or illness, a serious sensory impairment, a mental health condition or a learning difficulty which affects their ability to study, they may be entitled to a Disabled Students' Allowance (DSA).

You can find out more about the Disabled Students' Allowance on the Government website.

We offer a bursary for students from low income families. This is means tested and students do not need to apply. Find out more about the UH Undergraduate Bursary.

In addition we can offer budgeting advice from Blackbullion to enhance financial training for all University of Hertfordshire students.

The University of Hertfordshire also has a Financial Assistance Fund, which is intended for students who have received their full statutory funding and are still struggling financially. We offer Emergency Loans and Delayed Funding Loans, for when the unexpected happens. Find out more information about our Financial Assistance Fund.

There are lots of scholarships available. At Herts we have scholarships for new and existing students which range from awarding £500 to £9,000. These are awarded for:

• voluntary and community work
• academic achievement
• subject excellence.

Find out about the scholarships we offer.

This depends on your circumstances, your income and the number of child dependants you have.

If you need to provide proof of earnings, this could take the form of your P60 or Self-Assessment tax return, and your National Insurance number.

You will also have to give evidence of any taxable state benefits, pensions or any income from UK and foreign investments.

If your young person applies for income-assessed support, they will be asked to give the financial details of the parent that they 'normally live with'.

If that parent is married, in a civil partnership, or living with a partner, that partner will also need to provide their details.

Your young person's entitlement is based on household income for the previous tax year. So, an application for finance for September 2021 will look at your income for the tax year 2019/20.

However, if your household income is at least 15% less than it was in the previous tax year, you can apply for a Current Year Income Assessment. This will review your expected income for the present tax year.

No. Any tax-free state benefits such as Disability Living Allowance are not counted as household income, so this shouldn't affect what they receive.