Student finance explained: loans, maintenance and repayments
What you can borrow, how maintenance support is calculated, when money arrives, what changes for students starting from January 2027, and how repayments actually work once you leave university.
First, work out which student finance system applies to you
The funding body normally depends on where you are ordinarily resident, not simply where the university is. England also changes system for courses starting from January 2027.
Use the current Student Finance England system
Eligible full-time undergraduates can apply for a Tuition Fee Loan and Maintenance Loan using the 2026/27 annual rates below. Applications are open now and you do not need a confirmed university place before applying.
Go to Student Finance England →The Lifelong Learning Entitlement applies
England moves to the LLE for courses starting from January 2027. Funding is structured around course credits, with Tuition Fee Loans available up to a current overall entitlement of £39,160 and up to £9,790 per 120 credits, subject to course and provider rules.
Check the LLE rules →Student Finance England rates for 2026/27
These standard Maintenance Loan maximums apply to full-time undergraduates not receiving the higher benefits rate. Your actual amount depends on household income and where you live while studying.
Paid directly to the university. The cap can differ for some providers, foundation years and accelerated courses.
For eligible 2026/27 students living at home while studying.
The standard maximum for students living away from parents outside London.
The standard maximum for students living away from parents and studying in London.
For an eligible year spent studying overseas as part of a UK course.
From 2026/27, eligible care leavers can choose to borrow the maximum Maintenance Loan without household income being used in the calculation.
Rates checked against GOV.UK undergraduate student finance and the Department for Education's 2026/27 living-cost support rates.
worried about finances before starting university
326 of 500 respondents in the Unifresher Student Experience Survey 2026 selected finances as a pre-university worry.
Plan 5 repayments: what actually comes out of your pay?
Students funded by Student Finance England who started undergraduate courses from August 2023 are generally on Plan 5. Repayments are based on income, not on how large the outstanding balance is.
Current Plan 5 threshold and repayment rate checked against GOV.UK repayment guidance.
Student finance is different across the UK
Apply through the funding body for the nation where you are normally resident. The system can differ even if two students attend the same university.
Student Finance England
For courses starting August to December 2026, standard tuition and maintenance loans use the 2026/27 annual system. Courses starting from January 2027 move to the LLE.
Official England guidance →SAAS
Eligible Scottish-domiciled students studying in Scotland can have tuition fees paid by SAAS. Current undergraduate living support combines loans and, for some students, bursaries.
Official SAAS guidance →Student Finance Wales
Welsh-domiciled students can receive a Tuition Fee Loan and a living-cost package combining Maintenance Loan and Welsh Government Learning Grant. For 2026/27 the Tuition Fee Loan can be up to £9,790.
Official Wales guidance →Student Finance NI
For 2026/27, NI-domiciled students can borrow up to £4,985 in Tuition Fee Loan when studying in Northern Ireland or up to £9,790 elsewhere in the UK. Maintenance Grants remain available for eligible lower-income students.
Official NI guidance →Northern Ireland 2026/27 maintenance support can include a Maintenance Loan of up to £6,471 living with parents, £8,352 away outside London or £11,699 in London, plus a Maintenance Grant of up to £3,569 for eligible students. Exact awards depend on circumstances.
How to apply for student finance
Apply as early as you can. For the current England system, you do not need a confirmed university place and can update the course later if your plans change.
Look beyond the standard loans
A Maintenance Loan is not the only source of student funding. Check non-repayable support before assuming the gap has to be filled with work or an overdraft.
University bursaries
Universities set their own bursary and scholarship schemes. Some are automatic, others require an application, and eligibility can depend on household income, background, course or achievement.
Hardship funds
If you face unexpected financial difficulty while studying, contact your university student-support or money-advice team early. The eligibility rules and available amounts vary by institution.
Targeted support
Disabled Students' Allowance, childcare support, dependants' grants, NHS course funding and other targeted schemes can sit alongside core student finance where eligibility rules are met.
The Maintenance Loan is term money, not spare money
The amount lands in relatively large instalments, but rent and living costs keep arriving every week. Build the budget before the instalment starts disappearing.
When the payment lands
- Protect rent and essential fixed costs first
- Divide what remains by the number of weeks it needs to cover
- Keep a buffer for travel, deposits, course costs and unexpected expenses
- Check whether the next instalment is larger or smaller before planning the whole year
If there is a shortfall
- Check bursaries, scholarships and university hardship support
- Review whether household-income information is complete and current
- Look for realistic part-time work that fits around study
- Use an interest-free student overdraft carefully rather than treating it as extra income
Student finance FAQs
Quick answers to the questions that most often cause confusion.
Do I need a confirmed university place before I apply for student finance?
For the current Student Finance England system, no. You can apply using your most likely course and update the details later. Students starting courses from January 2027 should follow the separate LLE application guidance.
What is the maximum Maintenance Loan in England for 2026/27?
For standard full-time students not on the higher benefits rate, the maximum is £9,118 living with parents, £10,830 living away outside London and £14,135 living away in London. Your actual amount depends on household income and circumstances.
When do I start repaying an England Plan 5 loan?
You repay when you are due to enter repayment and your income is above the Plan 5 threshold. The current annual threshold is £25,000 and repayments are 9% of income above it. If your pay drops below the relevant threshold, deductions stop.
Does the size of my student loan balance change my monthly repayment?
No. For income-contingent student loans, the required repayment is based on income and your repayment plan, not the size of the outstanding balance.
What changes for students starting in September 2027?
In England, a September 2027 course starts after 1 January 2027, so the Lifelong Learning Entitlement rules apply. Check the dedicated GOV.UK LLE guidance rather than assuming the older 2026/27 annual system applies.
Do I have to reapply every year?
Under the current annual Student Finance England system you normally reapply for each academic year. The LLE changes the structure for courses starting from January 2027, so follow the instructions for your start date.
Can I get help if my Maintenance Loan does not cover my costs?
Potentially. Check university bursaries, scholarships, hardship funds and targeted government support. If you are already struggling, contact your university money-advice or student-support service early rather than waiting until funds run out.
Student finance makes more sense when you separate the three questions.
What can you get now? What does it need to cover while you study? What would you repay later? Use the official funding rules for the first question, then use Unifresher to plan the real student budget around the answer.