Undergraduate Student Finance

Loughborough University currently sets its fees at £9,250 per year for UK/EU students. The tuition fees for 2023-24 and 2024-25 are confirmed at £9,250. Fees may increase for subsequent years of study. If you normally live in England you can apply to Student Finance England for a tuition fee loan up to a maximum of £9,250 regardless of household income and this money is paid directly to the University. You need to re-apply each year for the tuition fee loan.

https://www.practitioners.slc.co.uk/products/full-time-undergraduate-education/full-time-tuition-fee-loan/

Student Finance England also offer a maintenance loan towards living costs. It is normally paid at the beginning of each term. The amount available depends on the household income and an assessment is carried out using the income for the tax year before the academic year being funding. It is important to remember to apply each year.

SFE maintenance loan information -  https://www.practitioners.slc.co.uk/products/full-time-undergraduate-education/full-time-maintenance-loan/

Student Finance England Maintenance Loan Rates 2023/24

These figures will apply whichever university you attend (EXCEPT London universities). These rates are for non-final year and non-placement year students.

Student living at Loughborough (‘elsewhere’ rate)

Student living at home

Students will qualify for the maximum loan where their household income is £25,000 or less.

Home Rate of loan: Students with household incomes above £25,000 lose £1 of loan for every complete £7.01 of income above

£25,000 until the amount they receive reaches 44% of the maximum amount (indicated at (+) in the table above), at which point there is no further reduction. This threshold will vary according to how many higher education students are in the household.

Elsewhere Rate of loan: Students with household incomes above £25,000 lose £1 of loan for every complete £7.08 of income above £25,000 until the amount they receive reaches 46.6% of the maximum amount (indicated at (+) in the table above), at which point there is no further reduction. This threshold will vary according to how many higher education students are in the household.

Separate tuition fee loan of up to £9,250 is available regardless of income. Tuition fees may rise in future years.

Wales, Scotland and Northern Ireland students receive different funding.

All Student Finance loans are subject to eligibility and other terms and conditions. For more details including how to apply see: https://www.gov.uk/apply-for-student-finance

A current year income assessment can be carried out by SFE if it is anticipated that the current household income will be at least 15% lower than in the tax year used for a standard assessment. For 23/24 academic year the standard assessment uses household income figures from 21/22 tax year. Reassessment has the potential to increase your maintenance funding but is subject to finalisation at the end of the tax year when you will have to provide evidence confirming the actual income received.

It is also important to be aware that some lump sum payments including those from a redundancy or pension will be treated as taxable income so will have the effect of increasing rather than decreasing the household income, when being assessed on Current Year Income. We recommend that you contact us for advice on Current Year Income before you apply. If you choose to be assessed on current year then Student Finance do not permit you to revert to the standard prior year assessment if your income is higher using the current year figures.

For more details see  https://www.gov.uk/support-child-or-partners-student-finance-application/current-year-income

If you are going to study abroad in one of Loughborough’s exchange partner universities or on an official Turing exchange, the statutory funding you will be eligible for is explained on the University webpage below. You may also be eligible for a mobility grant or a widening participation grant.

https://www.lboro.ac.uk/study/overseas-exchange/outgoing/before-you-leave/finance/

You can find more information on financial matters related to study abroad and Turing year here.

If you are going on an official placement year your funding is likely to be different to funding for study years.

For placements or study abroad in 23/24 academic year see click here.

EU nationals who started their degree before 31/12/20 may be eligible to apply for a tuition fee loan to cover the cost of their tuition fees. If you are an EU student with Settled Status, Pre-settled Status or an EU national who has lived in the UK for more than 5 years before the first day of the first academic year of your course you may also be eligible for financial help with living costs.

https://www.gov.uk/student-finance/eu-students

EU/EEA nationals who started their degree before 31/12/20 and who came to the UK exercising their right to work and their family members, who undertake a higher education course can receive financial help with living costs and tuition fees without having been in the UK for 5 years. If you provide satisfactory evidence to SFE that you are in the UK as a Migrant Worker or their family member, you may apply for student finance to cover both fee and living cost support. We suggest you seek our advice if you are in this situation.

If you have been awarded a fee loan as an EU national, then you can expect to remain eligible for a fee loan for the duration of your current course.  It is important to remember to reapply for a fee loan for each year of study. https://www.ukcisa.org.uk/Information--Advice/Fees-and-Money/Government-Student-Support#layer-6245

For EU students also see https://www.gov.uk/government/publications/student-finance-eligibility-2021-to-2022-academic-year.

Under certain circumstances, including having refugee status or long residence in the UK, student finance might treat you as a home student meaning you are eligible for fee and living cost support. Further information can be found on the UKCISA website and detailed advice available from SASS.

https://www.ukcisa.org.uk/Information--Advice/Fees-and-Money/Government-Student-Support#layer-6193

You will begin to repay your tuition fee loan and maintenance loan from the April after you graduate or stop studying if your income is over the threshold set by Student Loans Company. Further information on repaying your student loan can be found below.

https://www.gov.uk/repaying-your-student-loan

https://www.moneysavingexpert.com/students/repay-post-2012-student-loan/

The University has its own scholarship scheme called the Loughborough University Bursary.

This is awarded to all UK (apart from Wales, the Channel Islands and the Isle of Man) and EU undergraduate students whose household income has been assessed as £25,000 or below by Student Finance. UK students will receive a bursary and/or fee waiver. EU students receive only a fee waiver, for certain years of their degree programme.

Unless you or your parents have opted not to share your income information, you will be automatically awarded the bursary if your income is £25,000 or below.  You and your parents can phone Student Finance (telephone 0300 1000607) to agree/amend sharing permission for the purpose of the bursary award, if it has been omitted in error. The bursary will be paid in three instalments, one each term, during the academic year.

If you believe you should be entitled to the bursary but have not received confirmation of this from the University, then you should contact Student Enquiries in the Rutland building.

You can find more information about the Loughborough university Bursary here: Bursaries and Scholarships | Student Handbook | Loughborough University (lboro.ac.uk)

For students who intend to undertake an unpaid placement year, there is the possibility of applying for the Loughborough Bursary for Unpaid Placements (LBUP).

This bursary is open to UK undergraduates only and is assessed on household income. To qualify for the limited bursaries available, your household income should be £25,000 or below. Confirmation of this will be based on information the University receives from SFE (as long as you and your parents give consent).

https://www.lboro.ac.uk/services/careers/students-and-graduates/placements/looking/#

For a detailed list of scholarship/bursary opportunities, please see the University's webpage: https://www.lboro.ac.uk/study/undergraduate/fees-funding/scholarships/

If you are a student with caring responsibilities, you may qualify for extra financial support. SFE offers a Childcare Grant, Parents' Learning Allowance, and an Adult Dependants' Grant for full-time students, subject to income assessment.

Some students don’t receive as much financial, practical and emotional support from family as others. Students who fall into certain categories may be eligible for additional financial support. More details can be found on our webpages:

• Care experienced students
• Student Carers
• Students lacking family support