Many students are worried about the increased cost of undertaking a degree. However, completing a higher education course will contribute to brighter employment prospects, as well as helping you to gain the confidence and transferable skills needed for today’s world of work. Riverside College supports students to access quality, local higher education in the most affordable way.
There is student financial support available for Higher Education students. There are loans which do have to be paid back, and for some full-time courses there are bursaries which do not need to be paid back.
Tuition fee loans and bursaries all make gaining a higher education qualification much more affordable than you may think.
How Loan Repayments are Calculated
You’ll have money taken off your salary if your income, before tax, is over the UK threshold. The current thresholds for a repayment are £404 a week, £1,750 a month or £21,000 a year.
A student loan deduction will be made even if you don’t earn £21,000 a year but exceed the weekly or monthly threshold at any point in the year, for example if you work overtime or get a bonus.
You pay 9% of your income over the threshold. For example, if you’re paid monthly and earn £2,250 before tax you’ll repay 9% of the difference between what you earn and what the threshold is:
£2,250 – £1,750 = £500
9% of £500 = £45
So your student loan repayment would be £45 in that month.
If your income changes, either rising or falling, your repayment amounts will automatically change to reflect this.
The table below demonstrates the amount you would be paying per month:
|Income Each Year Before Tax||Monthly Salary||Approximate Monthly Repayment|
Other Financial Support
There are many other opportunities to gain help with your finances. For further information on those listed below, please go to the Student Finance website, www.gov.uk/student-finance.
Just a few of these are listed here:
- Maintenance loans
- Disabled Students Allowance
- Parents Learning Allowance / Childcare Grant
- The Adults Dependants Grants
£1,000 bursary for students on some full time courses.
To find out what support you could be eligible for, please call our Admissions Team on 0151 257 2053.
How to Apply
For more information on Higher Education courses at Riverside College and student finance, please call our Higher Education Admissions Team on 0151 257 2053. You can apply through the college application form by clicking here. You do not need to apply though the UCAS system. Please ensure that on your application form within the course section you indicate that you are applying for a Higher Education course.