Student Debt and Sunderland University
For students considering studying at university, one common thing that will prey on the mind of anyone is debt. Many students struggle to control and manage their money as tuition fees, rent and general expenses can soon mount up.
Many Universities will have their own financial advisors who will do their best to advise how best to manager your money. Students are entitled to two different loans to help will finances whilst at university.
- Maintenance Loan
These are available to students under 60, the amount a student loan can offer depends on where you live,
Living away from home in London: £6,475
Living away from home elsewhere in the UK: £4,625
Living at home: £3,580
- Free Loan
These are available to all students and the student Loans Company will provide the loan and pay the University directly on behalf of the student.
The interest on the loan(s) will start straight away at the rate of inflation.
Repayments do not start until you are earning £15,000 per annum. They are taken directly from your salary in the same way tax and national insurance are deducted. If your salary drops below £15,000 per annum then the repayments will stop until you earn over this. If in 25 years you still owe money then the loan repayments are written off.
On an annual salary of £20,000, 9% of £5,000 would be paid back in that year = £8.65 a week.
If this were the case then you would pay the same amount regardless of how many loans you have to repay or how much they are worth.
For students that fall on particularly hard times there is The Access to Learning Fund (ALF) which can offer extra financial help for university students.
You can get a student loan from the government or from a particular university, but the details are the same for either when paying them back.
Every university in the country has a package of bursaries, scholarships and grants available. Each differs hugely from the next and all depend on a large amount of different circumstances.
University of Sunderland Bursary
2007/8 INTAKE - £525 to all eligible students with household incomes assessed at under £38,330 per year.
2008/9 INTAKE - £525 to all eligible students with household incomes assessed at under £39,305 per year.
University of Sunderland Success Scholarship
Everyone will be eligible for up to £965 paid across three years subject to progress.
Foundation Degree/Level 0 Scholarship
As well as the scholarships above foundation degree students will also get an extra scholarship of £525 per year. Students on Level 0 of a degree programme will also get the £525 extra scholarship for just that year.