Quick question about student finance

[SleepQuest33]

I have checked online and my understanding is that the student needs to apply for finance every year of the course. Is that right? So a fresh application each year?

DS is going into year 1 and I am planning to pay his tuition fees, but should anything change money wise in our household, would he be able to apply for tuition loan for subsequent years?

thank you!

Yes.

But read Martin Lewis first on why it makes no sense to pay for tuition fees up front.

Definitely have to apply every year for Scottish uni so I imagine it's the same everywhere as circumstances can change over time.

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Yes you need to apply each year, tuition and maintenance loan are separate so you can apply for one or both (or neither). Deadline for 1st year is next Friday, for subsequent applicants it tends to be later (3rd week June, I assume as you’re already in the system).

I don’t know anyone who’s paid tuition year 1 but not the subsequent years, but I can’t imagine it’s unknown for people who thought they could fund fees to have a change of circumstances. Someone else might come along who knows definitively, or ask the uni (just be mindful of deadlines if you do as it may be treated as 1st year, ie earlier).

I would say if you’re not sure you’d be able to pay all 3 years the advice is generally to take the loan. It will make little difference to them for many years, your paying 1 years tuition (as the repayment threshold and percentage are so low anyway, they’ll pay 9% of salary over the £24k threshold until the loan is repaid, whether they owe £20k or £40k).

The £10k would be better used as a house deposit or car for first job etc.

Hope that makes sense.

Yes, students have to re-apply each year. In England, and possibly Wales, etc, as well, they can also change their minds about the type of funding they've applied for during the year as well. E.g. if your DC applies for a 25/26 Maintenance Loan now, they can later request a 25/26 Tuition Fee Loan until the end of the academic year and the uni would refund you anything you've paid towards fees.

If you're planning on paying in instalments you should check with the first choice uni now because many will only spread the payments over 6 months rather than 12.

Thank you everyone!