Parents & Carers - Financial Help
Click here for information on Funding in 2005 and 2006
Background information on student finance for parents and other advisors
We have included the following background information to help explain how the financial assessment will work and what you may be asked to contribute towards your child's costs. If you have any questions about your assessment or the amount you have been asked to contribute you should contact your LEA:
Surrey Education Services,
Student Support Service,
County Hall,
Penrhyn Road,
KINGSTON UPON THAMES,
KT1 2EX
020 8541 8800
Using the information you supply as part of the financial assessment process your LEA will work out the following;
1 - Any contribution you are expected to make towards the cost of tuition fees.
The Government subsidises the amount of tuition fees that most students are asked to pay. This means that the maximum amount that you or your child can be asked to pay towards the cost of fees in 2004/05 is £1,150 (which represents about a quarter of the average cost of tuition fees). Because the level of contribution asked for depends on household income, most students will pay less than this amount and in many cases nothing at all.
2 - The amount of loan your son or daughter can take out.
Loans are available to help students with their living costs. All eligible students can take out up to 75% of the maximum loan available. The remaining 25% of the loan is subject to income assessment. Your LEA will calculate how much of this remaining amount your son or daughter will be eligible to apply for. The maximum amount (i.e. 100%) of loan available for 2004/05 is;
| Maximum available | 75% not income assessed | 25% income assessed | |
| Courses in London | £5175 | £3880 | £1295 |
| Courses Elsewhere | £4195 | £3145 | £1050 |
| Living at Home with Parents | £3320 | £2490 | £830 |
These loans attract a rate of interest which is roughly equivalent to the rate of inflation. Details of how loans work and how they are repaid are contained in our guide 'Guidance on Terms and Conditions' which can be accessed on our Guides page. Day to day management of loan accounts is handled by the Student Loans Company (SLC). Their web site can be accessed at: http://www.slc.co.uk
3 - The amount of the new Higher Education Grant that your child may be eligible to receive.
From September 2004 (subject to Parliamentary scrutiny), new students from low income families will be eligible for extra help to meet the costs of living and studying at university. The grant is worth £1,000 a year for students with household incomes of £15,200 or less. Partial grants are available where household income is between £15,201 and around £21,000.
4 - Extra help that your son or daughter may be eligible for.
There is also a range of other help available through LEAs for students going into higher education. This includes help for;
- students with dependants
- students with children
- students with disabilities
- students in care
- students incurring extra travel costs
This extra help, and how to apply for it, is explained in section 2 of our guide: Financial Support for Higher Education Students in 2004/05 which can be accessed on our Guides page
In addition to the extra help listed above your son or daughter may also be eligible for the following help from their college;
Access to Learning funds are available through your college and provide help for students on low income who may need extra financial support for their course and to stay in higher education.
More specifically these funds:
- can meet particular costs which are not already being met from other grants;
- can help if students are in financial hardship;
- can provide emergency payments for unexpected financial crises;
- and can help students who may be considering giving up their course because of financial problems.
These funds are for full-time and part-time students (studying at least half of an equivalent full-time course - your college will be able to tell you if your course qualifies). Students will be assessed according to individual needs.
However, the following groups of students are a priority for help from the Access and Hardship Funds.
- Students with children, especially lone parents.
- Other mature students, especially those with existing financial commitments.
- Students from low-income families.
- Disabled students (if your disability prevents you from studying 50% of a full-time course, you will also be eligible for support from the funds, as long as you are studying at least 25% of a full-time course).
- Students who have been in care.
- Students from Foyers or who are homeless.
- Students in their final year.
Your college will decide whether you are able to get this help and if so, how much you can receive. This will depend on your own circumstances.
Payments are usually given as grants, and do not have to be repaid, although sometimes they can be given as short-term loans. The college will also decide whether to pay you in a lump sum or in installments.
Click here for information on Funding in 2005 and 2006
How To Apply
Further information available on how to apply for financial help is here.