Student finance - bitesize transcript
University might not be cheap, but it is affordable. There are two main costs: your tuition fees, which goes to paying your lecturers,
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buying cool new gadgets for you to play with, and supplying the staff canteen with beluga caviar; and your living costs,
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which goes on the roof over your head, the clothes on your back, and 800% of your daily allowance of supernoodles.
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If you're a UK student, you can get help with both of these. So there's no need to borrow money from your mates or sketchy lenders.
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Student Finance England – or the local regional equivalent – provides two low-interest loans: a tuition fee loan to cover your fees, and a maintenance loan to cover accommodation, food, Netflix subscriptions and other essentials.
Student Finance England logo is shown on screen. A person walks though field of barley. A person is counting coins. Someone is taking pictures of their food. A group of friends are laughing whilst watching TV.
You apply online every year from February and you don't need a confirmed course or university place to apply.
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The tuition fee loan goes directly to your university. Maintenance loans are paid to you in three timely instalments. How much you get depends on your circumstances.
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Additional financial help and support is also available, again depending on your circumstances. Disabled or disadvantaged students, those with dependents and various others can apply for extra help.
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And Solent also offers a range of bursaries and grants, from academic or sport scholarships to hardship grants or bursaries for those in care.
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Most of these you never need to pay back, unlike your tuition and maintenance loans, which you do – even if you leave the country. But even on the moon, you'll only start paying your loans back once you've graduated and the cash starts rolling in.
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Because payments aren't linked to the amount you owe, but instead how much you earn, from 2023, the threshold for repayment is £25,000 gross. Earn less than that and you repay nothing. Repayments come straight out of your paycheck, so it's pretty hassle free. You do pay interest on what you owe, but it's in line with inflation. And if there's anything left 40 years after entering repayment, the outstanding balance is written off entirely.
A young child looks excited with money. A man is looking at coins through a magnifying glass. Saplings grow. A person is looking at graphs through glasses. A person is meditating on the beach. A person is counting coins. A cake with candles. Then the candles are blown out.
So that's student finance; not a bad deal as deals go. If you've got any questions or want a bit more info, visit www.solent.ac.uk/finance or www.gov.uk/student-finance to find out more.
A man sighs a sense of relief. People hold up signs with a question mark on. Text appears on the screen: 'www.solent.ac.uk/finance'.
Upbeat music plays, then fades out. Cuts to graphic of animated colourful graphic, that fades down, and Solent University logo fades up as well as text, www.solent.ac.uk. [Video ends]