What is the difference between SLC and Student Finance England?
The Difference Between Student Finance England and The Student Loans Company. Student Finance England (SFE) deal with the allocation of loans and your application. The Student Loans Company (SLC) deal with the repayments when you graduate. It's important to remember these differences as it can get confusing!
Student Loans Company (SLC) is a not-for-profit, government-owned, organisation set up in 1989 to provide loans and grants to students in universities and colleges in the UK. SLC works with the following to provide student support in the UK: Student Finance England (SFE) Student Finance Wales (SFW)
Welsh students need to apply through Student Finance Wales for their student finance, regardless of where they're studying in the UK. The financial help available to them differs from Student Finance England. As well as a Tuition Fee Loan, they can also apply for a Fee Grant.
You may be able to borrow money to help pay for university or college tuition fees and to help with living costs. You might get extra money on top of this, for example if you're on a low income, are disabled or have children. You may be able to get student finance even if you're not from the UK.
Student Loans Company Limited ("Student Loans Company" and/or "SLC")
You can usually only get student finance for your first higher education course. If you've already studied a higher education course, you might not get help for a second course. You can only have a maximum of 16 years of part-time funding. You will have to self-fund anything over this amount.
Student finance usually consists of a Tuition Fee Loan and a Maintenance Loan to cover – or at least partially help with – your university costs.
Student Finance Wales is a service which is run in partnership with the Student Loans Company (SLC) and the Welsh Government.
Older loans (from England or Wales) and loans taken out in Northern Ireland, are called plan 1 loans. Loans taken out in Scotland are called plan 4 loans. There is a newer type of student loan, called plan 5, which includes most loans taken out in England from August 2023 onwards.
You'll make a repayment if your income goes over the weekly or monthly threshold for your plan (for example, if you're paid a bonus or overtime). You can ask for a refund at the end of the tax year if your annual income was less than the yearly threshold for your plan.
What is the 3 year residency rule in UK student finance?
You must have been living in the UK, the EU , Iceland, Liechtenstein, Norway or Switzerland for 3 years in a row before the first day of the first academic year of your course.
Your university or college sets your tuition fee, and the loan is paid directly to them. You have to pay it back. If you're a full-time student, you can get up to £9,250. If you're studying an accelerated degree course, you could get up to £11,100.
The Department for Education (DfE) is responsible for deciding all matters of student finance policy within their remit for England. SLC administers the student finance schemes for students from England and EU students studying in England under their direction.
SLC stands for the Student Loans Company. They are a non-profit making government-owned organisation that administers loans and grants to students in the UK.
Student finance
If you are an international non-EU student, it's unlikely you will be able to get a student loan from the UK Government. Some universities will create their own student loan schemes for talented students from low-income backgrounds, including non-EU students.
Unlike tuition loans, the amount of money students get for living costs will depend on: Household income – the higher the earnings, the smaller the loan. Where you are studying – if your university is in London, you will be entitled to a larger loan.
A tuition fee loan goes towards the cost of your course, up to a maximum of £9,250 per year – which is the full cost of tuition in most cases – and is paid directly to your university or college. A maintenance loan helps with the everyday costs of being a student like accommodation, food and transport.
By law, you must repay your loan in line with the loan contract and regulations. If you don't make repayments, SLC have the right to take legal action to recover your debt. This means SLC can get a court order to make you repay the total debt plus interest and penalties in a single payment.
Similar to the other plans, you only start repaying your Student Loan once you've left your course and are earning above a certain threshold. The repayment threshold for Plan 5 loans is currently £25,000/year (£2,083/month or £480/week) before tax. Once you earn more than the threshold, you start repaying.
Ineligibility reasons. The learner is not living in the UK on the first day of their learning aim and throughout their studies. The learner is not 19 or over on the start date of their learning aim. The learner does not have the right residency to get a loan.
What is the lowest student finance amount in England?
What are the minimum and maximum Maintenance Loans in England? The minimum Maintenance Loan on offer for students from England is £3,790. This is paid to students with a household income of £58,307 or more who will live at home during their time at uni. The maximum Maintenance Loan is £13,348.
Yes, you can pay off your child's student loans. But, depending on the amount, there may be tax implications.
Studying for a full degree at an overseas university
If you'll be studying a full degree at a university outside the UK, you won't be able to get any support from Student Finance England.
The University of Utah is known to students as the U of U or simply The U. Its campus is located in the state capital, Salt Lake City.
University of Utah (UU, U of U, or simply Utah) is a public research university in Salt Lake City, Utah.
