Question re universities

[Metatron]

Ok, I am in my last year of high school, which in our country means having to pick a university. I live in Slovakia and I'd love to go to the UK, however, the prizes for a semester are up in the skies. Now, there is this offer, that let's me loan money from the UK government, which would cover my tuition fees and they would let me start paying the money back after I find a job and my yearly income goes beyond 15 000 pounds.

My question is... Is there a catch? lol It just seems to be too good to be true..

I know this is far from the US, but I hope someone has some experience with this and can answer me. Thanks.

[And?]

Originally Posted by Ryann

Now, there is this offer, that let's me loan money from the UK government, which would cover my tuition fees and they would let me start paying the money back after I find a job and my yearly income goes beyond 15 000 pounds.

My question is... Is there a catch? lol It just seems to be too good to be true..

I know this is far from the US, but I hope someone has some experience with this and can answer me. Thanks.

You're talking about The Student Loans Company; that's their main website, but you can learn more here.

Basically it's split up in a few different ways:

Tuition Fee Loan
You get £3,225 (roughly) to cover all your tuition fees. That is paid directly to the university, and so you never see it. You can re-apply for this every year that you study under-graduate, or if you go on to do an MA (masters).

Maintenance Loan
You also get around £3,600 in a 'standard loan' or 'maintenance loan' or 'cost of living loan'. This is to cover your:

• Accommodation (rent).
• Books/Equipment for your degree.
• Cost of living (food, socialising, etc.).

Context
So, just under £7k a year. Yes, it's good, sort of. The standard loan will not cover your cost of living, unless you don't EVER do anything, and eat very cheap food, and never drink. The loans also vary depending on which university you go to: The 'best two' (Oxford and Cambridge) charge more - but the amounts I have given you are rough estimates to how much you'd expect to pay.

Different applications
There are other factors which effect the amount of money you receive too. One method of application is 'means tested': This basically means that if your household income is under a certain amount (around £60,000) you will receive extra funding.

The other method is 'Non-means tested' and this means you just get the standard loan.

Grants
You can also get grants. There are different kinds of grants. Some you have to pay back, but some you don't!

Bursaries
If you qualify for any bursaries, you never have to pay those back.

You don't have to apply for both loans if you only want one for tuition, or something.

As soon as you earn over 15k you have to start paying back at 9%. That changes each year, obviously.

If you have any further questions, I should be able to help. I am at university myself .