Loans and Grants - Full-time undergraduate (UK and EU students)

UK students are entitled to

  • Fee Loan - A non-means tested tuition fee loan to the value of fees charged
  • Maintenance Loan - A variable means tested living cost loan
  • Maintenance Grant - A variable means tested living cost grant this is only available to full-time UK undergraduate students who commenced their studies before 2015/16 academic year.

EU students The UK Government has now confirmed that EU students who begin their degrees in or before the academic year 2019-20 will still be eligible for home student fees and financial support throughout their full degree. In Scotland and England, this will continue for undergraduate and postgraduate students starting degrees in 2020/21. This will apply regardless of the outcome of Brexit, which is currently expected to happen by 31st October 2019. Announced May 2019. For in depth information please read latest guidance for students on post-Brexit rules and entitlements and FAQs for EU students and EEA/ Swiss students.

In future, the Government will provide sufficient notice for prospective EU students on fee arrangements ahead of the 2021/2022 academic year and subsequent years. These fees are not decided as yet.

Please note

  • Please note BVetMed Graduate Accelerated students are not eligible for tuition fee loan and maintenance grant.
  • Gateway students (UCAS Code: D190) to ensure accurate assessment of financial support, Gateway students must state that they will be joining Foundation year  of the 6 year “Veterinary Gateway” course which awards a Bachelor of Veterinary Medicine. 
  • Accelerated BVetMed Students (UCAS Code: D100) to ensure accurate assessment of financial support Accelerated BVetMed students must state that they will be joining Year 1 of the 4 year “Veterinary Medicine Accelerated” course, which awards a Bachelor of Veterinary Medicine.

Tuition Fees Loan

If you are a full-time, undergraduate EU or UK student, you can apply for a tuition fee loan to cover the cost of your tuition fees. If you are unsure as to whether you qualify, please check the information on the UKCISA  and SFE Eligibility website.

Please note this doesn’t include Graduate Accelerated BVetMed students who are not eligible to apply for a tuition fees loan.

The tuition fee loan is paid directly to the RVC on your behalf. If you have not applied for a full tuition fees loan, or are not eligible for a loan for the full amount of your fees, you will be expected to make payment in full please see Policies & Payment

How Much is the Loan?

This will depend on whether you are a new or returning student. If you began your course before September 2012 you will be able to borrow up to £3,465. If you started your course after 1st September 2012, you will be able to borrow up to £9,250.

How is the Tuition Fee Loan Paid?

The loan is paid directly to the RVC. It will be paid in the following instalments;

When payment is made to the RVC How much is paid  
 At the start of term 1  25% of the tuition fee
 At the start of term 2  25% of the tuition fee
 At the start of term 3  50% of the tuition fee 

Application 

Repayments

Using tuition fees Loan to cover the cost of your tuition fees means that you are deferring payment of your tuition fees until after you have left university and are earning at least £25,725 per year. Your tuition fee loan and maintenance loan will be added together and paid back in the same way. Repayments will be deducted from your salary by your employer. 

IMPORTANT 

Undergraduate students who have previously completed an undergraduate degree at either a UK or an overseas institution will be ineligible for a tuition fees loan and Maintenance Grant.

Source: Practitioner.slc.co.uk 

Full-Time Maintenance Loan for 2016 cohort and new entrants in 2020/21

Maintenance loan for students starting their course in September 2016 or thereafter:

Support available in 2020/21 for 2016 cohort students (New current system full-time students who are starting their courses in 2020/21 and current system full-time students who were new entrants to higher education in 2016/17 and 2017/18). 

This loan is intended to help cover basic living and study costs such as rent, food, travel and books. A portion of the loan is not means tested, so is available to all eligible students regardless of household income. It is paid in three instalments, one at the beginning of each term, into your bank account. To be eligible for the Maintenance loan, you must qualify as a UK student for student support purposes. Check the UKCISA and SFE Eligibility website for detailed information on how this is assessed. You must also be studying on a full-time, undergraduate programme. 

Full-Time Maintenance Loan Entitlement: Illustrative Levels of Income. 

INCOME (£)   Income Assessment(£)

Suggested parental 

Contribution(£)

LOAN FOR 

LIVING COSTS(£)
Student living at home     Maximum £7,747
25,000 0 0 7,747
30,000 652 0 7,095
35,000 1,305 0 6,442
40,000 1,958 0 5,789
42,875 2,333 0 5,414
45,000 2,610 277 5,137
50,000 3,263 930 4,484
55,000 3,916 1,583 3,831
58,222 4,337 2,004 3,410(+)
60,000 4,337 2,004 3,410
65,000 4,337 2,004 3,410

Student studying

in London

     Maximum £12,010 
25,000 0 0 12,010
30,000 670 0 11,340
35,000 1,340 0 10,670
40,000 2,010 0 10,000
42,875 2,396 0 9,614
45,000 2,680 284 9,330
50,000 3,351 955 8,659
55,000 4,021 1,625 7,989
60,000 4,691 2,295 7,319
65,000 5,361 2,965 6,649
69,977 6,029 3,633 5,981(+)
70,000 6,029 3,633 5,981

Student studying

outside London

     Maximum £9,203
25,000 0 0 9,203
30,000 659 0 8,544
35,000 1,319 0 7,884
40,000 1,978 0 7,225
42,875 2,358 0 6,845
45,000 2,638 280 6,565
50,000 3,298 940 5,905
55,000 3,957 1,599 5,246
60,000 4,617 2,259 4,586
62,249 4,914 2,556 4,289(+)
65,000 4,914 2,556 4,289
70,000 4,914 2,556 4,289
Source: Practitioner.slc.co.uk 

Points to note 

  • Students on household incomes of £25,000 or less qualify for the maximum loan for living costs at the respective Home, Elsewhere or London rate of loan
  • Home Rate: Students with household income above £25,000 lose £1 of loan for every complete £7.66 of income above £25,000 until the amount they receive reaches 44% of the maximum amount (indicated at (+) in the table above), at which point there is no further reduction.
  • London Rate: Students with household incomes above £25,000 lose £1 of loan for every complete £7.46 of income above £25,000 until the amount they receive reaches 49.8% of the maximum amount (indicated at (+) in the table above), at which point there is no further reduction. 
  • Elsewhere Rate: Students with household incomes above £25,000 lose £1 of loan for every complete £7.58 of income above £25,000 until the amount they receive reaches 46.6% of the maximum amount (indicated at (+) in the table above), at which point there is no further reduction.
  • New full-time students will no longer qualify for a Maintenance Grant.
  • Further information about government support is available.
  • Sources of potential additional support can be found on the BVA website.

Full-Time Maintenance Loan & Grant for 2012 cohort continuing their course in 2020/21

Maintenance loan for students starting their course before September 2016, but after 1st September 2012:

Support available in 2020/21 for 2012 cohort students (Current system full-time students who were new entrants in 2012/13 from September 2012 onward, in 2013/14, 2014/15 or 2015/16 who are continuing their courses in 2020/21)

This loan is intended to help cover basic living and study costs such as rent, food, travel and books. A portion of the loan is not means tested, so is available to all eligible students regardless of household income. It is paid in three instalments, one at the beginning of each term, into your bank account. To be eligible for the Maintenance loan, you must qualify as a UK student for student support purposes. Check the UKCISA website for detailed information on how this is assessed. You must also be studying on a full-time, undergraduate programme. 

Maintenance Loan Entitlement: Illustrative Levels of Income. 

INCOME (£)  

Suggested

Parental  Contribution (£)

 Maintenance Grant (£)   Loan for Living Costs (£) TOTAL GRANT PLUS LOAN (£)

Student living at home

     Maximum £5,247(*)  
25,000 0 3,801 3,347 7,148
30,000 0 2,742 3,876 6,618
35,000 0 1,683 4,406 6,089
40,000 0 624 4,935 5,559
42,705 0 50 5,222 5,272
42,875 0 0 5,247 5,247
45,000 254 0 4,993 4,993
50,000 852 0 4,395 4,395
55,000 1,450 0 3,797 3,797
58,233 1,837 0 3,410(+) 3,410
60,000 1,837 0 3,410 3,410

Student studying in London

     Maximum £9,205 (*)  
25,000 0 3,801 7,305 11,106
30,000 0 2,742 7,834 10,576
35,000 0 1,683 8,364 10,047
40,000 0 624 8,893 9,517
42,705 0 50 9,180 9,230
42,875 0 0 9,205 9,205
45,000 254 0 8,951 8,951
50,000 852 0 8,353 8,353
55,000 1,450 0 7,755 7,755
60,000 2,048 0 7,157 7,157
65,000 2,646 0 6,559 6,559
69,812 3,222 0 5,983(+) 5,983
70,000 3,222 0 5,983 5,983
Student studying outside London     Maximum £6,597 (*)  
25,000 0 3,801 4,697 8,498
30,000 0 2,742 5,226 7,968
35,000 0 1,683 5,756 7,439
40,000 0 624 6,285 6,909
42,705 0 50 6,572 6,622
42,875 0 0 6,597 6,597
45,000 254 0 6,343 6,343
50,000 852 0 5,745 5,745
55,000 1,450 0 5,147 5,147
60,000 2,048 0 4,549 4,549
62,154 2,306 0 4,291(+) 4,291
65,000 2,306 0 4,291 4,291

(*) The amount of loan for which students are eligible will be reduced by £0.50 for every £1 of maintenance grant to which they are entitled.  

Points to note  

  • The maximum amount of the maintenance grant is £3,801.
  • Students will qualify for the maximum where their household income is £25,000 or less.
  • Students lose £1 of grant for every complete £4.72 of household income above £25,000, up to a household income of £42,705 where the student qualifies for a minimum grant of £50.
  • Where household income exceeds £42,705, no grant is payable.
  • Students with household incomes of £42,705 or less have their loan for living costs reduced by £0.50 for every £1 of Maintenance Grant awarded.
  • Students with household incomes between £42,705 and £42,875 qualify for the maximum amount of loan for living costs.
  • Students with household incomes above £42,875 lose £1 of loan for every complete £8.36 of income above £42,875 until the amount they received reaches 65% of the maximum amount (indicated at (+) in the table above), at which point there is no further reduction.
  • Sources of potential additional support can be found on the BVA website.         

Full-Time Maintenance Grant

This grant is non-repayable and is intended to help cover living and study costs. It is available to full-time undergraduate UK (see the UKCISA website for detailed information on who qualifies.) students whose household income falls below the required threshold. The grant is paid in three instalments directly to your bank account, along with your student loan. If you receive a maintenance grant, your maximum student loan entitlement will be reduced.

Key facts

2012 cohort students (Current system full-time students who were new entrants in 2012/13 from September 2012 onward, in 2013/14, 2014/15 or 2015/16 who are continuing their courses in the current academic year) will be eligible to apply for a maintenance grant of up to £3,801 in addition to a variable means-tested living cost loan.

  • You don’t have to pay the maintenance grant back, but any funds you get will reduce the maintenance loan you can get.
  • Students who have previously undertaken a first degree will not be eligible to apply for this maintenance grant.
  • The grant is worth up to £3,801 and is income assessed by Student Finance  
  • Grants will be payable in three instalments one at the start of each term together with your maintenance loan. 
  • Payments are made direct into your bank account.
  • You don’t have to pay it back, but any funds you receive will reduce 
the maintenance loan you can get.

2016 cohort students (New current system full-time students who are starting their courses in 2020/21 and current system full-time students who were new entrants to higher education in 2016/17 and 2017/18) will no longer qualify for a maintenance grant.

  • From September 2016, Maintenance grants will no longer be offered to students who start a new course.
  • Since 2016/17 all means tested student maintenance grants have been replaced with loans (this will not impact students starting courses before 2016/17).
  • Maintenance support available in loans will increase to the highest level ever for students from low-income households.
  • Targeted grants such as Disabled Students' Allowance, Childcare Grant, Parents Learning Allowance and Adult Dependants' Grant will still be available for students who are carers, disabled or have dependents.

Repayments

Loans will be repayable from the April the year after graduates leave or finish the course and when they are earning above £25,725* (your income is above the earnings threshold).

You pay back nine per cent of your income over £25,725*. The level of interest charged will depend on the amount earned and the lowest earners will only pay interest at the rate of inflation.

Repayments will be deducted from your salary by your employer. If you are self-employed, HM Revenue and Customs will work out your repayments from your tax return.  Your tuition fee loan and maintenance loan will be added together and paid back in the same way. You can pay back all or some of your loans at any point without having to pay an early repayment charge. Any amount outstanding after 30 years will be written off.

Example Repayments

Annual income
Amount of salary 
from which 9% will
be deducted
Monthly repayment
£25,725 or less        
No repayments
No repayments
£27000
£1,275
£9.56
£30,000
£3,725
£32.06
£35,000
£8,725
£69.56
£40,000
£13,725
£107.06
£45,000
£18,725
£144.56

If your income drops below the threshold (currently £25,725*), all repayments will stop automatically.

For more information on repaying, read Repayment Quick Start Guide.

Interest

Students are charged interest on their loan from the time they receive their first payment until the time the loans are repaid in full or cancelled.

Graduates earning between £25,725 and £46,305 will be charged (RPI) on a sliding scale up to a maximum of inflation plus up to 3% depending on your income.

Graduates earning above £46,305 will be charged interest at the full rate of inflation plus 3%. For more information on repayment, please see Repaying your student loan at www.gov.uk/repaying-your-student-loan

NB: the UK Retail Price Index (RPI) - currently at 2.4%
*Figures correct at 12th February 2020
Source: www.gov.uk/repaying-your-student-loan

Changes to student finance

For students entering higher education in September 2016 or thereafter:

Key facts

  • From 2016/17 all means tested student maintenance grants will be replaced with loans. This will not impact students who commenced their studies on or before 2015/16 academic year.
  • Maintenance support available in loans will increase to cover the difference
  • Tuition fee loans remain the same
  • Targeted grants such as Disabled Students' Allowance, Childcare Grant, Parents Learning Allowance and Adult Dependants' Grant will still be available for students who are carers, disabled or have dependants
  • University will remain free at the point of entry – no one has to pay up front
  • Repayments will remain tied to earnings
  • From 2017/18 institutions offering high quality teaching will be allowed to increase tuition fees in line with inflation
  • EU The UK Government has now confirmed that EU students who begin their degrees in or before the academic year 2019-20 will still be eligible for home student fees and financial support throughout their full degree. In Scotland and England, this will continue for undergraduate and postgraduate students starting degrees in 2020/21. This will apply regardless of the outcome of Brexit, which is currently expected to happen by 31st October 2019. Announced May 2019. For in depth information please read latest guidance for students on post-Brexit rules and entitlements and FAQs for EU students and EEA/ Swiss students.

    In future, the Government will provide sufficient notice for prospective EU students on fee arrangements ahead of the 2021/2022 academic year and subsequent years. These fees are not decided as yet.

Further information

UK students 

UK undergraduate students can apply for tuition fees loan and maintenance costs / living costs loan

If you want help with paying your fees and living costs you should apply to the following

For information please see How to determine whether you will pay tuition fees at the home or overseas rate.

EU students 

The UK Government has now confirmed that EU students who begin their degrees in or before the academic year 2019-20 will still be eligible for home student fees and financial support throughout their full degree. In Scotland and England, this will continue for undergraduate and postgraduate students starting degrees in 2020/21. This will apply regardless of the outcome of Brexit, which is currently expected to happen by 31st October 2019. Announced May 2019. For in depth information please read latest guidance for students on post-Brexit rules and entitlements and FAQs for EU students and EEA/ Swiss students.

In future, the Government will provide sufficient notice for prospective EU students on fee arrangements ahead of the 2021/2022 academic year and subsequent years. These fees are not decided as yet.

Other useful links 

Points to note

  • As is the case currently, tuition fees will not have to be paid up front.
  • Financial support will be available for UK students from a low income background.
  • Student loans (to cover fees and maintenance) will be available for all students, regardless of family income.
  • Student loans will continue to be available for all students.
  • Graduates will only start to pay the loan back after graduation and once they are earning over the threshold (currently £25,725).
  • Any amount outstanding after 30 years will be written off.

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