The Welsh Government has announced a new student finance package for students starting a first-time undergraduate course in 2018/19. It means you could be eligible for up to £11,250 per year through grants and loans, to help with your living costs.
Why has the Welsh Government offered this support?
The Welsh Government believes money shouldn’t be a barrier to going to university and that it should be an option for everyone, regardless of their household income. The new policy is designed to enable students to focus on their studies and spend less time worrying about making ends meet. By supporting living costs, it means students don’t have to work long hours to earn money alongside their studies to cover living expenses, freeing up time to concentrate on their studies.
Who is eligible?
All eligible first-time undergraduates who are starting a part or full-time course and are from Wales can apply, no matter where they plan to study in the UK.
How much can students get?
- Those studying full-time as an undergraduate could be eligible for up to £11,250 a year, through a mixture of grants and loans towards living costs, if they live away from home and study in London, and up to £9,000 per year if they live away from home and study anywhere in the rest of the UK.
- Those studying a full-time undergraduate course and living at home could be eligible for up to £7,650 a year.
- Grants will be means-tested to support those who need them most – those from a lower income household will receive the highest grant.
- Students can also take out a maintenance loan to top up what they get. The maximum loan amount will depend on how much grant they receive.
- Students can also get up to £1,500 towards reducing their maintenance loan when they make the first loan repayment under the Welsh Government partial cancellation scheme.
What about tuition fees?
- Students can apply for a separate loan to cover tuition fees. In Wales, tuition fees have been capped at £9,000 per year but in other parts of the UK they could be up to £9,250 per year for a full-time undergraduate course.
- Student Finance Wales provides a loan to cover tuition fees, which will have to be repaid once the student starts earning over £25,000. Loans to cover tuition fees are not means-tested.
How to apply:
Applying for student finance is done directly through the Student Finance Wales website. Full-time students can apply for this support from early spring.
Where can I find out more?
For more details on student finance including information on repayments and extra support, visit: http://www.studentfinancewales.co.uk/
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