Student loans and grants
Going to university will mean that you have two main costs to cover, tuition fees and living costs such as rent, bills, food and books. For this the Government is providing assistance to students through the tuition fee loan, and the maintenance loan and grant.
It is very important that you apply for your student funding now. You need to complete the application before 31 May 2012 to be sure that you have your money when you start your course. If you apply after this date you may not get all of your money on time. But Student Finance England will try to make sure that you will have some money as close to the start of your course as possible. You can apply for your funding on-line at www.direct.gov.uk/studentfinance|.
For 2012/2013 the university is offering two means-tested awards, the National Scholarship Programme and the DMU Bursary. Both of these awards are based on your household income as determined by Student Finance England, so it is even more important that you apply for your student funding now.
Tuition Fee Loan
The good news is the government provides tuition fee loans so you don't pay a penny until you have graduated and are earning more than £21,000. And even then, your monthly payment depends on the amount you earn.
Student loan repayment rates
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Repayments are 9% of the portion of your income that is over £21,000
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At £21,500
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9% of £500 = £4 per month
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At £24,000
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9% of £3,000 = £23 per month
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At £27,000
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9% of £6,000 = £45 per month
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At £30,000
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9% of £9,000 = £68 per month
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These repayments are very generous, as using the current system, someone earning our average graduate salary of £24,000 would pay back £67.50 per month on a loan of £9,000.
Interest on your loan will be charged at three per cent while studying, and at the rate of inflation once you've graduated. All outstanding repayments are written off after 30 years.
Maintenance Loan
This is based on your household income and is different to the fee loan. The maximum amount available for students starting in 2012/13 is:
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£5,500 if you live away from home
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£4,375 if you live at home
As with the fee loan, you will only start to repay the loan after you have graduated and are earning at least £21,000.
Maintenance Grant
You don't have to pay this grant back, and it is based on your household income.
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If your family income is less than £25,000 you will get a full grant of £3,250
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If your family income is between £25,000 and £42,600 you will get a partial grant on the following sliding scale
Maintenance grants
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Category
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Grant Loan
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Total
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£25,000 or less
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£3,250
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£3,875
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£7,125
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£30,000
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£2,341
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£4,330
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£6,671
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£35,000
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£1,432
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£4,784
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£6,216
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£40,000
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£523
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£5,239
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£5,762
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£45,000
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£0
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£5,288
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£5,288
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£50,000
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£0
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£4,788
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£4,788
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£55,000
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£0
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£4,288
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£4,288
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£60,000
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£0
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£3,788
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£3,788
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More than £62,500
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£0
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£3,575
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£3,575
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The maintenance loan and maintenance grant are paid directly into your account at the beginning of each term.
What am I eligible for?
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Student type
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Tuition Fee Loan
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Maintenance Loan
Living
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Maintenance Grant
Living
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Full-time UG
home student
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Y
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Y
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Y
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Part-time UG home student
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Y
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N
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N
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Foundation (HE level)
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Y
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Y
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Y
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Erasmus
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N
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Y
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Y
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ELQ
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N
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N
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N
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EU
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Y
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N
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N
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Post-grad
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N
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N
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N
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Overseas
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N
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N
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N
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De Montfort University (DMU) reserves the right to revise, review or withdraw any of the scholarships, bursaries and other funding listed at any time without prior notice.
All fee, scholarship and support package information is subject to OFFA approval and De Montfort University terms and conditions, which will be available shortly.
If you have a qualification at an equivalent or higher level than the one you want to study, you will not be eligible for Student Finance England funding. This means you will not receive a maintenance grant.