Student loans in the United Kingdom

Student loans and grants in the United Kingdom are primarily provided by the government through the Student Loans Company (SLC), a non-departmental public body. The Student Loans Company is itself divided into Student Finance England, Student Finance Wales and Student Finance NI. The Student Awards Agency for Scotland assesses applications in Scotland. Most undergraduate university students resident in the United Kingdom are eligible for student loans. In addition, some students on teacher training courses may also apply for loans.

The Student Loans Company

The Student Loans Company (SLC) was founded for the 1990/91 academic year to provide students with additional help towards living costs in the form of low-interest loans. In its first year, the SLC gave loans to 180,200 students This represented a take up rate of 28% of eligible students, with an average loan of £390.

Maintenance loan
All eligible students are also entitled to a maintenance loan, which is designed to help pay for living costs whilst at university. All students are entitled to a set amount, with those living at home entitled to less and those living at universities in London entitled to more. For the 2009/2010 academic year, the maintenance loan was set at £2,763 for students living at home; £4,998 for students living in London; and £3,564 for students living at universities elsewhere in the UK.

Students from low-income households may apply for their loan to be increased. For the 2009/2010 academic year, students living at home were entitled to an extra £1,075 (bringing the total loan to £3,838); students living in London were entitled to an extra £1,940 (bringing the total loan to £6,928); and students living elsewhere in the UK were entitled to an extra £1,386 (bringing the total loan to £4,950). The precise threshold for qualifying as a low-income household varies depending on which country of the UK the student resides in, and is set between two bands, with very poor students receiving the full extra money and less-poor students receiving only a partial extra amount.

Maintenance grant
As well as being entitled to an increased loan, students from low-income households are also entitled to a maintenance grant, which does not have to be repaid. Like the extra maintenance loan, the precise threshold for qualifying as a low-income household varies depending on which country of the UK the student resides in, and is set between two bands, with very poor students receiving the full grant and less-poor students receiving only a partial grant. For the 2009/2010 academic year, students from England and Wales were entitled to a grant of up to £2,906; students from Scotland £2,105; and students from Northern Ireland £3,406.

Other grants
The Student Loans Company provides other grants, such as the Special Support Grant which is available for students on benefits. However, the tuition fee loan, maintenance loan and maintenance grant are by far the most common assistance that the Student Loans Company provides.
Universities themselves are legally obliged to give a non-repayable bursary to students in receipt of a full maintenance grant.

Info by Wikipedia