Full-time undergraduates and part-time undergraduates can apply for a Maintenance Loan to help cover their living costs. These will be issued at the start of each term and will be paid directly into your bank account for those that are eligible.
Those that can apply are:
- Home students who meet the residency requirements may apply for the loan.
- EU students who have been granted settled status under the EU Settlement Scheme and meet the residency requirements may apply for the loan.
- Some EEA/Swiss students with pre-settled status who are migrant workers and meet the residency requirements may be able to apply for the loan.
Check out gov.uk for more information or email our Finance team finance@icmp.ac.uk
Information for Full-time Students
The amount you can borrow depends on a number of factors, please visit the Student Loans website for full information.
It is possible to apply for some of the loan without being means-tested; in this case, you could apply without your household income being taken into consideration. If you would like the full loan you will need to submit details of your household income to Student Finance England.
Information for Part-time students
New part-time students may be able to receive a Maintenance Loan.
The amount of loan you can receive will depend on your intensity of study. If you study 25% of a full-time course, you will receive at most 25% of the maximum Full-time Maintenance Loan rate. If you study 50% of a full-time course, you will receive at most 50% of the maximum Full-time Maintenance Loan rate. If you study 7% of a full-time course, you will receive at most 75% of the maximum Full-time Maintenance Loan rate.
If you are aged 60 or over on the first day of the first academic year of your course you will not be eligible for the Part-time Maintenance Loan.
Have you previously studied for a degree?
If you have previously studied at degree level anywhere in the world you may find that you are not entitled to the Tuition Fee Loan. If you already hold a degree you may find that may not be entitled to receive any funding at all for your course. If you are not eligible for any funding you will need to pay the tuition fees yourself.
Repaying student loans
The full-time Tuition Fee Loan and Maintenance Loan do not need to be repaid until you have finished your course and are earning more than £27,295 per year.
The earliest you'll start to repay your loans as a full-time student is the April after you have left your course. As a part-time student, you may start making repayments while you're still studying (from April four years after the start of your course), provided your earnings at that point are more than £27,295 per year.
You will pay 9% of your annual income over the repayment threshold of £27,295. If your income falls below £27,295 your repayments will stop.
The interest on the loans is calculated at the rate of inflation plus 3% whilst you study, then at the rate of inflation plus 0%–3% depending on your earnings.