SLC stands for Student Loans Company. It is funded by the UK Government and is responsible for both providing loans to students from across the UK and collecting loan repayments alongside HM Revenue and Customs. 

SFNI stands for Student Finance Northern Ireland. This is the organisation which assesses and manages student finance applications on behalf of SLC for students from Northern Ireland. 

It is a loan to help with the cost of your tuition fees and paid to your university on your behalf. You will have to repay this after graduation in installments, after you earn above the specified threshold. 

No! The Student Finance system is designed to provide greater financial support to those students from lower income households. 

SFNI will need to see supporting statements from an independent party, such as a social worker or school, as evidence to confirm your family estrangement.  If SFNI is satisfied you are irreconcilably estranged from your parents, you will be assessed as an ‘independent student’ and not required to submit parental income details. This can be a difficult process for some; so, please do not hesitate to seek advice from Advice SU. 

Student loan repayments are taken automatically from your salary each month, but only after you are earning more than the monthly 'income threshold'. (Currently £19,380 per year or £1,615 per month or £372 per week.). The threshold amounts change on 6 April every year.

You will repay 9% of anything you earn over the income threshold. For example: if your monthly income is £2,000, which is over the monthly threshold of £1,615.  Your income is £385 over the threshold (£2,000 minus £1,615). £34.65 will automatically be deducted from you salary (9% of £385) by your employer and paid to your student loan account.

Students from Northern Ireland are on SLC Repayment Plan 1. You can find further information here.

As soon as applications open. This is usually around the April before starting university in September.

Try not to think of the student loan as a debt. It is probably better to think of it as an ‘education tax’.  If you do not earn over the annual income threshold there is no requirement to make any repayments to your student loan. The amount you pay back will be determined by the amount you earn after graduation, not necessarily the amount you owe.  If, after 25 years, you still owe money to your student loan the balance will be written off.  There is interest added to your loan, but this is currently only 1.1%. Of course, if you want to pay your loan off quicker, or in full, you are free to do so! 

No, the monthly repayments are linked to the size of your monthly income not to the size of your student loan.

Part-time students may get a tuition fee loan and, depending upon the household income, may also qualify for a course grant to help with course costs.

No, the part-time income of the student does not affect student finance.

If you go overseas for more than three months, you must let the Student Loan Company know. If you are earning an income overseas your income threshold will be determined according to comparison calculations between the cost of living in the UK and the other country.

No, you can apply for student finance any time up to 9 months after the start of the academic year.

This is not a problem. You can update your course details through your online account, or contact SFNI by email or phone to inform them of the change. 

Student nurses and midwives studying in Northern Ireland are paid a monthly bursary by the Department of Health. They do not have to pay tuition fees, but cannot get any other loans or grants from SFNI.

Loans have to be repaid after graduation. Grants and bursaries do not have to be repaid.

This is funding to help pay for the everyday costs of being a student, such as food and rent, and is paid directly to you. A grant does not have to be repaid, but a loan does. 

Undertaking an undergraduate degree at a UK university or college, are from the UK/EU and normally live in the UK.

Grants are usually only available for first degrees and the household income is below £41,540 per year.

Students will receive a basic rate of student finance without providing any household income information. However, if you provide this information you receive additional ‘means tested’ student finance, depending upon the household income level.

For students under 25, this is usually the income of either their parents, parent and their partner, or the person who has parental responsibility.

A Special Support Grant may be available if your household income is below £41,540 and you are eligible for certain social security benefits.

Contact SFNI and they will let you know if the change affects your student finance. Alternatively, you can get advice from Advice SU.

Yes, it is important that you seek advice from Advice SU if you are claiming or want to claim any social security benefits. Being a full time student can affect entitlement to some benefits, even if you do not have any student finance in payment.

You may be eligible to receive Disabled Students Allowance (DSA). SFNI will decide if a person is eligible to receive this additional support. You will normally be asked to attend a needs assessment at the University to determine what help is required. The award is normally used to pay a supplier directly for equipment and specialist support you have been assessed as requiring.

You can find out more about the disability support the University provides here.

If you have a child who lives with you, your parent’s income will not be counted when assessing your student finance. If you are living with a partner their income may be considered. Student parents may be eligible for a Child Care Grant and Parents Learning Allowance.

Student parents may be eligible to apply for some social security benefits such as Universal Credit. Contact Advice SU for more information

Advice SU has a specialist Money Adviser who can talk to you confidentially about your concerns. They can check you are receiving everything you are entitled to and help you create a realistic budget.  Contact Advice SU for an appointment.

 The University Support Fund may be able to provide discretionary financial assistance to students who are struggling financially. Advice SU can provide further information about applying for this assistance  

Students who live away from the family home may get more than those who live with their family. However, the amount will depend on household income.

• Check with Advice SU that you are getting all the student finance you may be entitled to
• Make an application to the University Support Fund.
• Look for part time work – no more than 15 hours a week
• Consider if living at home with family would financially a better option
• Check out the Scholarship Hub to search for scholarships and bursaries.

Everything you expect to have to pay for over the full academic year, including those one off payments such as a TV Licence and any non-essentials such as nights out and holidays.

Make a budget and stick to it. The following websites provide great budget calculators and student budgeting advice:

Which

Save the Student

Money Advice Service

The Consumer Council

Check if your parent’s contents insurance covers term time accommodation. If not, make sure you get insurance if it is not included in your accommodation fees.

Make use of student discount and student deal sites

Do price comparisons for broadband and other household utility providers. Check out how to do this in the Consumer Council’s Student Guide  

These are bank accounts are specifically for students which usually offer certain benefits, such as an interest-free overdraft facility. 

Essentially, an overdraft is when a bank allows you to spend more money that you have in your account, up to an agreed amount. Providing that you do not exceed the overdraft then you will not be charged for using your overdraft. 

If your bank allows, you can increase the maximum overdraft limit. Some banks will usually consider this at the end of each academic year. Some will expect you to apply for an increase, some will offer it automatically. Much will depend upon how you have managed your overdraft limit, i.e. stayed within the current overdraft limit. 

A credit card is way to buy things now and pay later. You can run up a bill to an agreed limit and either pay it off full at the next monthly statement, or repay over time as long as you make at least the minimum payment each month. If you don't pay back the full amount there's usually hefty interest on the money you've borrowed. The rate of interest is called APR (annual percentage rate). Think carefully before getting a credit card. 

A credit score is used by lenders to help determine whether you qualify for a particular credit card, loan, mortgage or financial service using information held on your credit report. This information is used to determine how well you are likely to manage repayments. The better your score the more likely you are to get credit at a lower interest rate.  You can keep a check on your credit score for free through Credit Karma

No. However, things like having an overdraft and a mobile phone contract can. Missed payments or exceeding the agreed overdraft limit negatively impacts upon your score. Making payments on time and staying within overdraft limits have a positive impact. 

Contact SFNI and they will let you know if the change affects your student finance. Alternatively, you can get advice from Advice SU.

Yes, it is important that you seek advice from Advice SU if you are claiming or want to claim any social security benefits. Being a full time student can affect entitlement to some benefits, even if you do not have any student finance in payment.

You may be eligible to receive Disabled Students Allowance (DSA). SFNI will decide if a person is eligible to receive this additional support. You will normally be asked to attend a needs assessment at the University to determine what help is required. The award is normally used to pay a supplier directly for equipment and specialist support you have been assessed as requiring.

You can find out more about the disability support the University provides here.

If you have a child who lives with you, your parent’s income will not be counted when assessing your student finance. If you are living with a partner their income may be considered. Student parents may be eligible for a Child Care Grant and Parents Learning Allowance.

Student parents may be eligible to apply for some social security benefits such as Universal Credit. Contact Advice SU for more information

Advice SU has a specialist Money Adviser who can talk to you confidentially about your concerns. They can check you are receiving everything you are entitled to and help you create a realistic budget.  Contact Advice SU for an appointment.

 The University Support Fund may be able to provide discretionary financial assistance to students who are struggling financially. Advice SU can provide further information about applying for this assistance