Student finance refers to the financial support provided by the government to help make university more affordable. There are two main types of loans available: the Tuition Fee Loan and the Maintenance Loan. The Tuition Fee Loan covers your tuition fees in full and is paid directly to the university. The Maintenance Loan, which is based on your household income, provides funding to help with living costs. You can use an online calculator to estimate how much you’ll receive each year. The Maintenance Loan is paid directly into your bank account in three equal instalments, one at the start of each term.

Hull College fees are set according to your mode of study and the programme, these charges can be found in our academic fees schedule. These can be viewed here and please ensure you select the correct year.

How much does university cost?

Tuition fees for an undergraduate full-time degree are£6,950 per year. If you take out a Tuition Fee Loan, this cost is fully covered, so there’s nothing to pay upfront.

Your main expense will be your travel and living costs. Accommodation will likely be your biggest expense. Beyond rent, you’ll also need to budget for food, travel, your phone bill, clothing, course materials, hobbies, and entertainment.

To help manage your money, consider using a budgeting tool like Blackbullion (you’ll need to create an account), or other budget calculators. Enter your expected income and expenses to see if your budget balances. While it’s hard to predict your exact spending on things like food and socializing, resources like Save the Student’s National Student Money Survey and the NatWest Student Living Index provide insights from thousands of students on average costs for rent, food, and other expenses. These can give you a general idea, but remember to consider your own unique spending habits, especially if you have hobbies that require additional funds.

For a more accurate picture, you might want to start tracking your spending now to see how much you typically spend. Small purchases, like coffee or in-app purchases, can add up quickly, so make sure to account for those. There are several apps available to help you track your spending, such as Emma and Yolt, or you can simply keep a note of all your purchases manually.

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How do I apply for student finance?

Most students apply online, but you can also apply using a paper form if preferred.

When do I apply for student finance?

If you’re starting an undergraduate course in September 2024, you can apply online now. For courses starting in September 2025, applications for student finance will open in early 2025.

How much will I get to live on as a student?

The Maintenance Loan is means-tested, meaning the amount you receive depends on your household income and where you plan to live while studying. You can use a calculator to find out how much you’ll receive each year.

The maximum loan for students living away from home is £10,227, and for those living at home with parents, it’s £8,610. The loan is paid in three equal instalments, with a third of the amount given at the start of each term.

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How do I repay my loans?

You’ll start repaying your loans once you leave university and earn above the repayment threshold. You’ll pay back 9% of any earnings above this threshold, and if you work in the UK, repayments will be automatically deducted from your salary. For students starting their degree in September 2024, the repayment threshold is £25,000.

Below is a table showing example salaries and the corresponding monthly repayment amounts:

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Any remaining loan balance will be written off after 40 years if it hasn’t been repaid in full.

What if my student finance doesn’t cover all of my living costs?

You might find that your Maintenance Loan doesn’t fully cover your living expenses. If your household income is above £25,000, you won’t be eligible for the maximum Maintenance Loan, as the government assumes that your parents will contribute to your support while you’re at university—something many parents aren’t aware of. Martin Lewis from Money Saving Expert highlights this expectation, so it can be helpful to discuss this with your family/friends.

However, this isn’t possible for everyone. Many students choose to work part-time during their studies, with plenty of job opportunities available on campus or in nearby student areas.

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Our fees for part-time higher education students are a maximum of £5,250 per year. The cost of the programme you study will be the full-time equivalent of £7,500, with the fee distributed across your part-time mode of study. To find out more, please visit: www.gov.uk/student-finance/part-time-students.

Student Loans

Student loans are available to cover the cost of tuition fees from Student Finance England for both full and part-time study. Again, you'll only start making repayments when your income is over the UK Repayment Threshold. For details of this and more, take a look at the Student Finance Guide via the following link: https://media.slc.co.uk/sfe/quickstartfinanceguide/ 

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HIGHLY SKILLED OPPORTUNITIES BURSARY

£500 bursary for students to improve their positive progression into employment.

The aim of this bursary is to increase positive destinations for students that are in an awarding year of their degree. This is targeted towards underrepresented students from Mature, Disabled and Quintile 1 (IMD) groups in the final year of a programme to support opportunities into highly skilled employment,

WILBERFORCE BURSARY

£1,000 per year for a maximum of two years of continuous study.

The aim of this bursary is to increase the number of students who disclose that they are care leavers so that additional support can be provided. All applicants and students who provide evidence of being a care leaver will be eligible for this bursary. Eligible students will receive this bursary each year for a maximum of two years of continuous study.

PROGRESSION BURSARY

£500 per year for a maximum of two years of continuous study

Providing progression bursaries for students progressing onto our Foundation Degree programmes from further education. Eligibility for this will be for students from Deprivation IMD (2015) Quintiles 1 & 2. Eligible students will receive this bursary each year for a maximum of two years of continuous study.

MATURE STUDENT'S BURSARY

£1000 per year for a maximum of two years of continuous study

To be eligible, students should be above the age of 21 and be from Quintile 1 (Deprivation-IMD). Eligible students will receive this bursary per year for a maximum of two years of continuous study. This includes support for postgraduate opportunities.

Students who are eligible for any of the above bursaries will be identified based upon the details provided at enrolment. Students will only be eligible for one award and this shall be the higher amount.

Students will be contacted from October requesting bank details in order to make payments which will be in three instalments.

What if I run out of money?

We hope it doesn’t get to this point, but if it does, we have a team who can get you back on your feet. They can advise you on budgeting, and if you’re really stuck they’ll help you to apply for a grant or loan through our Hardship Support Fund. The college follows the best practice guidelines as set out by the National Association of Student Money Advisors.

For more information please see the  Higher Education Hardship Fund policy document or speak to the HE success coach contacted through HERegistry@hull-college.ac.uk

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