Finances are often one of the biggest concerns when a teenager heads off to University. With no fees to pay up front for eligible UK or EU undergraduates, a university education can be affordable for all.
The principal cost of going to university is the fee for tuition, which covers your son or daughter’s teaching, academic facilities and may cover some costs associated with their course.
Most UK and EU students cover the cost of full-time fees by applying for a Tuition Fee Loan. Students apply online to Student Finance England at www.gov.uk/student-finance.
If they meet the eligibility requirements the loan is paid directly to the university to cover their tuition fees.
Your son or daughter will only start to make repayments against this loan once they finish their studies and are earning at least £25,000 a year. Repayments are made at the rate of 9% of income above £25,000. For example, a graduate earning £29,000 a year would repay less than £7.50 a week. Fees and repayment terms may be subject to change in line with Government Policy.
Circumstances are different for part-time and international students.
A Maintenance Loan can help towards your son or daughter’s living costs, such as food, rent and books. The amount that can be borrowed depends on the course your son or daughter chooses, where they will be living and on your household income.
After your son or daughter has applied you will be sent an email asking you to confirm your income, which can be done online. If you expect there to be changes to your income of 15 per cent or more you can also send Student Finance England a current year income assessment form.
Student Finance England may ask for further details or evidence of your income or circumstances. More information can be found at www.gov.uk/apply-for-student-finance.
The University of Lincoln offers a variety of merit-based and subject-specific bursaries and scholarships. Please see our scholarships and bursaries page for up-to-date information.
Studying for an undergraduate degree is a big commitment on your son or daughter’s time but many students find they are able to balance their study with part-time work. The Job Shop, jointly run by the University’s Careers and Employability Service and the Students’ Union, offers dedicated support for students who are looking for part-time employment while they study.
More information about undergraduate fees and funding can be found on our dedicated fees and funding pages.