Financial Support
There is a range of financial support available to help you whilst you are studying.
If you have found the perfect course for you, but the cost of returning to education is holding you back then we may be able to help. As an adult learner, there is lots of financial support available to help you return to study. The type and level of support/funding available to you will depend on your individual circumstances, such as your age, your prior education, your level of study and your financial situation.
Options may include:
Advanced Learner Loan
Adult learners can pay for their Level 3 and above course with an Advanced Learner Loan. You’ll only repay when your income is over £480 per week, £2083 per month or £25,000 per year before tax and other deductions. The loan is not means tested and is not subject to any other credit checks – click here for more information.
Tuition Fee & Living Cost Loans (Level 4+ courses only)
Tuition fee and living cost loans are available if you study a full-time course and tuition fee loans cover course fees if you study part-time. What’s more you pay nothing back until you are earning more than £25,000. Find out more information below.
Apprenticeships
Higher Apprenticeships and Degree Apprenticeships do not charge a tuition fee as this is met by the government and your employer. You study whilst working. As an apprentice, you will be earning money while you learn and will graduate debt free.
The following options may also be available:
- FREE Level 3 courses – if you are 19-23 and studying your first full Level 3 course you may be entitled to your course for free. If you are claiming benefits or earning less than £25,000 get in touch for further information
- Bursary (College Maintenance) payments
- Discretionary Childcare Funding
Get in touch for further information: info@sotsiot.ac.uk.
Financial Support for University Students
Tuition fee loans
Tuition fee loans are available to help full-time and part-time students pay the cost of your tuition fees. They are paid directly to the University/College by the Government.
What you have to pay back:
You’ll have to repay anything you borrow, but it works a bit differently than you might expect. How much you repay each month depends on your income, not how much you borrowed.
You won’t have to repay anything until you’re earning over a certain amount, which is currently £25,000 a year for 2024 applicants. If you earn less than that, you won’t have to repay anything. If you’re earning more than that, we’ll work out your repayments at 9% of your income over that amount.
By the time you start repaying, the amounts will be different. Have a look at the table to see some examples of what you might repay based on the current threshold of £25,000 a year.
If your income changes for any reason, your repayments will change automatically. And if you haven’t finished repaying after 40 years, your loan balance will be cancelled – so your loan won’t be with you forever.
Maintenance Loans (Living Cost)
Students can apply for a maintenance loan to help with living costs as long as the student AND the course is eligible for it. Maintenance Loans are paid into your bank account at the start of each term.
The following table shows the maximum amount you can get based on where you live while studying. How much you get depends on your household income.
| Full Year Student | Non-Income Assessed | Income Assessed | Maximum Loan |
|---|---|---|---|
| Parental Home | £3,790 | £4,820 | £8,610 |
| Elsewhere | £4,467 | £5,460 | £10,227 |
Forget money worries and get the financial support you need
Tuition fee and living cost loans are available if you study a full-time course, and tuition loans cover course fees if you study part-time. What's even better, you pay nothing back until you are earning over £25,000 per year.