Parents new to Student Finance
All students can afford to go to university; there is support in place from various sources to ensure students have access to university and will only repay any loans when they are employed and can afford repayments.
Support from Student Finance covers two different areas; tuition fees and maintenance. A loan is available to cover students’ tuition fees and is non means-tested. This means that all eligible students are entitled to the full amount. This loan is paid directly to the university when the student enrols on their course. The maintenance loan is paid directly to the student to help them with their living costs.
A student loan is very different from most forms of debt. There are several ways a loan from Student Finance can be an advantage, here are some of the main ones:
- Students only repay their loan once they have graduated and are earning over £21,000, if their income drops below this amount, repayments automatically stop.
- Repayments are linked to earnings; students pay 9% of their earnings over £21,000, for example a graduate earning £22,000 would only pay 9% of the additional £1,000, roughly £7.50 per month, so that repayments are affordable.
- These loans do not affect a student’s credit score or their future borrowing (although repayments will need to be listed as an expenditure in mortgage applications).
- A student loan is the sole responsibility of the student, there are no guarantors and the Student Loans Company will never ask other people to repay on a student’s behalf.
- All student loans are written off 30 years after repayments begin; students will not need to pay off any balance outstanding at this point. At the time of writing it is estimated that the majority of students will not repay their full student loan.
Student Finance England have produced several resources for parents including Finance Explained and Parents' Frequently Asked Questions.
You can also estimate what support your child may be entitled to using the government's student finance calculator.
Applying for Student Finance
Student Finance is available to cover the tuition fees to the university and living costs while your son or daughter is at university. Student loans are not mandatory but many students prefer to pay their tuition fees using a Tuition Fee Loan from Student Finance England. You can also view the University’s guidance for students and applicants. This gives you information on the different loan and grant amounts as well as when and how students can expect to pay their loan back.
- Students can apply for Student Finance at the same time as they apply for university. The final date for applications to ensure funds arrive before a student starts their course is 31 May. Course and university details can be changed at any time so students don’t need to worry if they have not received their final grades or may change their mind over the summer.
- Course fees vary; you can find the current fees for your course of interest using our online course finder or by ordering a prospectus. If your son or daughter wishes to pay their tuition fees without a Tuition Fee Loan they can do so in person, by post, and, for certain credit and debit cards, by telephone or via our web e-payment gateway.
For more information, contact the Finance team on 024 7765 2277.
Support at Coventry
Coventry University are committed to making the cost of studying as clear and straightforward as possible. We have a policy called No Hidden Extras which means that, wherever possible, fees are inclusive of the mandatory course costs. The fee for most full-time students includes a No Hidden Extras package in each year of study which may cover copies of textbooks, course materials, lab equipment and printer credits as well as any mandatory UK field trips.
There are also a range of scholarships available to students who show merit in various areas. There are scholarships based on academic merit which can be renewed in later years and students can apply once they have made Coventry University their firm choice through UCAS. There are also scholarships for students who play sport at a high level to help them manage their academic and athletic commitments. Previous Sports Scholars have competed on the world stage in the Paralympics and Commonwealth Games.