Student finance made simple

Cost of living

Don’t let the thought of student debt put you off applying to university. We believe that everyone should have the opportunity to study a degree. Our easy guide can help you understand fees, loans, and funding options.

What is a student loan?

A student loan is made up of two parts:

  • A tuition fee loan, which the government pays directly to the university. This covers the costs of teaching and other services such as student support and the library.
  • Students can also apply for an optional maintenance loan to help with the everyday costs of student life. This includes accommodation, travel, shopping and socialising with friends. This will be paid directly into your bank account each term.

Your tuition fee loan will cover the tuition fees for your course. All UK students are entitled to this, regardless of household income.

The amount you receive for your maintenance loan will depend on your household income and other factors. When you apply for your student loan you’ll be asked to provide evidence of your parent or carers earnings.

Find out more about tuition fees
UK fees

How can I apply for a student loan?

You should apply for your student loan as soon as you've applied to study at university. The application process varies depending on where you live in the UK.

For full details and to submit an application visit the relevant website below:

EU and international tuition fees

Discover our competitive fees and inclusive services. Plus, find out if you qualify for our international scholarships and bursaries.

International fees

Living expenses at university

Financial support

There are a number of financial support options available at the University of Central Lancashire. We have a team of financial support staff who can help you to access the right support. This includes:

  • Support with external funding arrangements
  • Accessing monetary support from the university
  • Referrals to internal and external support services

How do repayments work?

You will only start paying back your student loan once you have started work and earn over a certain amount. This only starts in the April after you have finished your course. A small amount will be deducted from your salary every month.

Don’t be intimidated by the figures involved. The amount you repay is based on the salary you earn, not how much money you owe. Try to think of your outstanding student loan as a graduate tax, rather than a debt.

You can find out how much you'll repay on the Government website.

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Advice from our students

How to budget effectively at uni
Work opportunities at UCLan
Leah's top budgeting tips for managing your finances as a student

Some important things to note

  • The size of your student debt doesn’t affect how much you repay each month. The amount is determined by how much you earn.
  • If you become unemployed or your salary falls below the threshold, then your repayments will automatically stop. They will restart when you earn above the threshold again.
  • Your debt will be written off after 30 years, regardless of how much you owe. Economists have predicted that the majority of students will never pay back their entire student loan.
  • Student loans don’t affect your credit score. While lenders consider the repayments when assessing affordability, they won't prevent you from getting a mortgage.
  • The costs of any student loan is likely to be offset by increased employment opportunities. Research showed that graduates will earn on average 20% more than non-graduates during their working life (GOV.UK website, published 29 February 2020).