Maintenance Loan 2024/25 for EU Students
Learn how Maintenance Loans can financially support European Students throughout their Undergraduate Studies in 2024/25.
If you plan to start an undergraduate course in the UK, you may want to apply for a Maintenance Loan and get additional funding from Student Finance England.
After 1 August 2021, all European students who are non-residents in the UK and not registered under the EU Settlement Scheme require a study visa to study in the UK, and cannot request funding from Student Finance.
EU students registered under the EU Settlement Scheme with a Settled or Pre-settled Status are still considered home students and can request financial support from Student Finance.
So, who can apply for a Maintenance Loan? Is it enough to sustain students’ expenses? And how will you pay the money back? Keep reading to find out.
Click here, for more information about Student Finance and financial help for EU students.
What is a Maintenance Loan?
European nationals, living in the United Kingdom with Settled or Pre-settled Status can receive the Maintenance Loan. However, Student Finance will use several criteria to accept your application for this loan.
First, the Student Finance application must fall under one of the following categories: EU Student and European Economic Area (EEA) Migrant Worker.
To apply as an EU Student, you have to:
- be an EU national
- have applied for a study course that qualifies for Student Finance
- have lived in the UK for 5 years before the start of your course
To apply as an EEA Migrant Worker you must:
- have lived in Europe in the last 3 years before the start of your course.
- have applied for a study course that qualifies for Student Finance.
- live and work, or be self-employed in the UK, from the first day of the first year of your course.
- earn enough to support your main living costs.
Whether you are going to apply as an EU Student or as an EEA Migrant Worker, other criteria required for Maintenance Loans include:
- University or college: must be recognised as a Higher Education institution in the UK
- Study course: the course must be eligible for Student Finance England
- Previous Studies: You are eligible if you are applying for your first undergraduate qualification
- Age: there is no age limit, but the amount of Maintenance Loan for students aged 60 or over at the beginning of the first year of their course, will depend only on their household income.
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How much Maintenance Loan can I get?
The average Maintenance Loan is around £6,800 per year. However, a student can receive a minimum of £3,893 up to a maximum of £11,200 a year.
The amount varies and mostly comes down to several factors:
- Course start date
- University location
- Home location
- Living situation
For example, an undergraduate student in London may be entitled to get a higher Maintenance Loan, given the city’s higher living costs, such as rent or transport.
Personal living circumstances will also influence the loan a student may be eligible to borrow. How much a student will receive will vary based on income, marital status, and other personal circumstances.
When am I going to be paid?
Once Student Finance accept your application they will send you an entitlement letter with details about the amount of funds you will get and payment dates.
The funds are paid by Student Finance England directly to your bank account, usually at the start of each term.
Maintenance Loan 2024/25: Important Dates
The payment dates of the Maintenance Loan in the academic year 2024/25 are:
- In England, Northern Ireland and Wales – September 2024, January 2025 and April 2025.
- In Scotland – on the 7th of each month.
Students in England, Northern Ireland and Wales receive Maintenance funds in 3 different instalments: 25% of the funds in the 1st term, 25% in the 2nd term and 50% in the last term.
Maintenance Loan repayment terms and conditions
No matter how much you have borrowed, when and how much you pay back to Student Finance will depend only on your income. Remember that you will only be accountable for repayments, after the conclusion of your studies.
And, more specifically:
- You won’t be charged for repayments until April after the end or termination of your course
- You will automatically be charged once your income is over the repayment threshold set by Student Finance of £25.000 a year, and you will stop paying whenever your income drops below the repayment threshold.
- Each year you will repay 9% of your income above the £25,000 threshold. For example, if, after your studies, you earn £31,000 a year, the total repayment for that year would be 9% of £6.000 (i.e. £30 per month).
- Your debt will automatically be extinguished after 30 years, whether you have finished your repayments or not.
For more info about Student Finance repayments read our complete guide: Student Finance: Financial Help for EU Students.
On top of the Maintenance Loan, students are charged an interest rate from the beginning of their course. The interest rate is based on the UK Retail Price Index (RPI), which constantly varies, and it also depends on students’ circumstances.
During your studies, you will be charged a 5.4% interest rate, which will drop to 2.4% if you earn below the repayment threshold of £26,575. If your income rises above £46,305 you may again be charged the 5.4% interest rate.
How to apply for a Maintenance Loan
To apply for a Maintenance Loan, you first need to set up an account with Student Finance. Once registered, you will be assigned a Customer Reference Number (CRN), which will then be included in your Student Finance application.
At that point, complete the application form for Student Finance and send it with proof of identity (Passport or ID card). If requested by Student Finance, you may be required to send further evidence.
Click here to learn more about Student Finance England, Tuition fees and more student support.
To Recap:
If you apply for a Maintenance Loan, this will support you in paying for part of your living costs. For EU students to be eligible for this loan, they must have Settled or Pre-settled status and apply for Student Finance as EU Students or as EEA Migrant Workers.
How much Maintenance funds you get will depend on specific criteria, such as residence, income, the study course, and the course start date. The loan is paid in 3 instalments, which will be sent to the student’s bank account.
Students will start repaying the loan after their studies are completed, and only if earning over the repayment threshold set by Student Finance.
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