Student Finance

Funding for university can be a concern for some students thinking about progressing to higher education. We want to ensure that students are well informed about how student finance works, what support they could receive and understand that funding should not be a barrier to attending university. 

Teacher Resources

this one-page help guide provides key information on fees, loans, bursaries and guidance on what students should consider when budgeting at university. this includes a chart to help students assess incoming budget and outgoings, plus advice on how to manage their loans effectively. 

Download our student finance help guide - accessible PDF.

Rob Fowler, Manager of our Student Money Advice and Rights Team (SMART), gives an overview of the funding available for most full-time undergraduate UK students. This video covers loans, repayments, bursaries and essential tips to help students receive the funding they are entitled to.

View our Student Finance video

Our SMART team are here to support students, from pre-application through to completing their studies. If your students have any questions for our SMART team, they can get in touch on: 

Email: smart@derby.ac.uk

Phone: +44 (0)1332 592000 (1-2pm)

this presentation informs students about the student loan system, repayments, scholarships and bursary options and provides hints and tips for budgeting whilst at university.

Download our student finance presentation.

The University of Derby offers a range of bursaries and scholarships to support students who are eligible. This includes our:

To view all of our scholarships and bursaries, and to see whether your students are eligible, visit our webpage

To help students understand how to budget before they head to university, we have created a quiz based on the average household income in the UK. This will give them an idea of how much money they could have to spend per week whilst at university.

Take the quiz

This brochure explains the student funding thresholds for students starting university in 2020. It also explains how and when students can apply, and the scholarships available at the University of Derby.

Download our student funding threshold brochure

Tuition Fees at Derby*

Our annual tuition fees are £9,250 per year for students starting in September 2020. These fees are regulated by the UK Government and may change each year in line with Government policy but should stay the same for the duration of your degree. Depending on your course you may have to pay for extra materials and trips.

Loans

Bursaries and Grants

You may be eligible for a grant or additional financial support if you have a disability, long-term health condition, mental health condition, specific learning difference or if you have children or adults in your care. To find out about Disabled Students’ Allowances, Childcare Grants and the Parents’ Learning Allowance visit the government website.

Universities may offer different bursaries depending on various criteria, which might include: the course you take, where you live and your household income. Do your research into what different universities have on offer, as there is no limit to how many you can access.

Student withdrawing money from a cash machine
A female student working on a computer

Before university

You can find out what money you could be eligible for by visiting www.gov.uk/student-finance-calculator. This will estimate how much maintenance loan you could receive and if you are eligible for any extra funding, such as if you are disabled or have care responsibilities.

How to apply?

You don’t have to wait until you have a place at university confirmed to apply for student finance – simply apply using your first choice university information. If your details then change (e.g. your place of study/family circumstances) then you can change your application online.

• Applications open in February and you will need to apply before the end of May to make sure that you get your first loan instalment when you start university in September

• Have your personal details, bank details, National Insurance number and household income information handy for when you complete your application. Don’t worry - you don’t have to complete it all in one go, you can save and come back to it later.

• After you have submitted your application, there will be a six week turn-around to confirm entitlement. It is important that you remember to sign and send the financial entitlement letter back to Student Finance England. Apply online at www.gov.uk/studentfinance.

At university

You will need to enrol at university before you receive your first payment. You will receive your payments in three instalments, in September, January and April. As your loan is expected to last for three to four months at a time, it is really important that you budget.

You will need to reapply for student finance each year whilst you are studying.

Additional Income

Part-time work - A lot of students have a part-time job while they are studying. Students can look for part-time work opportunities at the university or students’ union.

Holiday job - Some students will have a job over the summer months where they can save up as much as possible so that they don’t have to work during term-time.

Parental contribution - We know not everyone has a family that can support them at university, but students should sit down and have that conversation with their parents or guardians so that everyone is clear about any expectations of support. A lot of parents cannot support students financially at university but they might be able to offer something else e.g. rent-free living at home; occasional food shops; train tickets home etc.

Overdraft - A helpful safety net but not something to be reliant upon. Students should check all of the terms and conditions because they may be charged lots of interest once they’re no longer a student.

Budgeting hints and tips - Budgeting isn’t the most exciting part of going to university, but it is important and for most students this is the first time they will have access to a large sum of money. The first thing to do is to calculate how much money you will be receiving, then to calculate all of your outgoing costs.

After university

How do I pay back my loan?*

You will start to repay your loan the April after you leave university and are earning over £26,575 per year. All repayments are automatic – they come straight out of your payroll. You pay back just 9% of everything you earn over the £26,575 threshold, and these payments stop if you ever drop back under that threshold. After 30 years, your loan will be cancelled.

Example:

If you are earning £30,000 a year, you’re earning £3,425 over the threshold. 9% of £3,425  = £25 per month.

You will still need to make your payments if you are self-employed or move abroad, failure to do so can result in a penalty fine.

*All fees quoted for the 2020/21 academic year. Please check our website for the most up-to-date information.