How does the Student Finance system work?
Our Student Financial Guidance team have put together plenty of information on our website to guide students through the student finance process, explain how much money is available and how it is repaid. This essential guide includes guidance about student loans for 2022/23, information for freshers, plus money management tips and our student budgeting tool – exclusive to University of Sunderland students.
Some students and their families have questions about how the loan repayment system works, and our team have explained this here.
The Student Financial Guidance team is one of the University's extensive on-campus student support services and is available to answer queries about any aspect of student finance or money matters. The service is free, confidential, impartial and non-judgemental.
While the team can't speak to you about a student's specific circumstances without the student's consent, they are always happy to offer general guidance. If you have any questions around any of the above, please call the team on 0191 515 2284 or email at email@example.com.
Eligibility for support from the Government
The majority of UK students, Irish nationals and those with EU settled/pre-settled status studying full-time undergraduate courses are funded by the Student Finance system. This provides assistance with paying tuition fees, plus additional support for those who are eligible, including a maintenance loan for living costs, alongside grants for students with dependants and extra support for disabled students. Whilst most students are eligible for some type of support, it’s always worth checking what a student is specifically eligible for before they apply.
How do they apply?
They apply on the gov.uk website via the Student Finance section, which will open for applications in February/March of Year 13. A student does not need to have a confirmed place on a course before applying for financial support from the Government. We recommend applying for financial support as early as possible to ensure your application is received and processed in good time.
How and when will they repay the loans?
A student will be expected to start repaying their loan when they are earning over £27,295, so you needn't worry about them being under pressure to pay the money back before they have good graduate job. The repayments are automatically taken from wages and are currently calculated at 9% of earnings over £27,295. This is quite modest and the payments automatically stop if earnings go below the £27,295 threshold.
Scholarships and bursaries
To help manage the cost of university, we offer a number of generous scholarships, bursaries and grants.
Through our scholarships, we recognise and reward the academic achievements of our students or the promise they show in a specific subject area. Some scholarships are linked to specific courses or philanthropic donors. Through our bursaries we support students from groups underrepresented in higher education, who we identify as being in most financial need. Our scholarships and bursaries are financial awards that do not have to be paid back.
There may be other funding sources available to help support a student at university:
• There are a large number of charities, trusts and other funding organisations in the UK that can offer financial support, usually on the basis of exceptional need or circumstances.
• Students on eligible healthcare courses may qualify for an NHS Students’ Bursary.
• There are a limited number of Social Work bursaries available from the NHS.
• If a student is undertaking teacher training, there may be funding available to support them. It depends on a few different things such as the type of training route/programme, the degree/teaching subject, where a student lives and their personal circumstances.
• The Ministry of Defence provides financial support to Armed Forces personnel (both serving and service leavers) to study a course at university through the Enhanced Learning Credits Scheme (ELCAS). Please check ELCAS list of eligible courses.
Support for international students
We are pleased to provide a range of support and discounts to students who live outside of the United Kingdom (UK) or Ireland, or who have EU settled or pre-settled status. You can find out more here.
How does the University support students in budgeting and managing money?
Our Student Financial Guidance team has put together a number of useful resources for this very purpose, which include guidance on keeping track of money, budgeting, saving money and part-time work. Learn more about keeping track.
Our team is always happy to speak to parents about Student Finance and funding – at Open Days, over the phone or by email. Feel free to get in touch and we’ll outline what financial support is available to students.”
Louise Burnip – Student Financial Consultant