Mar 12, 2015— read in full
Student finance for Scottish students
Who counts as a Scottish student?
For student finance purposes, what matters is where you live. That means that if you grew up in Scotland but have moved elsewhere, the information in this article won't apply to you. If you moved to Scotland from elsewhere in the UK, it will.
However, you're not allowed to move to Scotland just to change your student finance entitlement.
Studying in Scotland
If you're staying in Scotland for university and you don't have a degree already, you won't be charged any tuition fees.
Studying elsewhere in the UK
If you're studying outside Scotland, you will be charged tuition fees, but you don’t have to pay these up front. Instead, you'll be given a loan which covers the cost of your fees in full. This loan doesn't have to be paid back until you have graduated and you are earning over £17,775 a year.
Loans and grants
The maximum loan for living costs is £5,750 for students under 25 and £6,750 for independent students. If your household income is £34,000 or more, you will get £4,750.
If your household income is below £34,000, you could get extra support. You'll receive a bursary which replaces part of the loan so you won't have to pay as much back. This is up to £1,875 for most students under 25 (the Young Students' Bursary), or up to £875 if you're over 25 (the Independent Students' Bursary).
Paying back your loan
Wherever you studied, you'll pay back your loan in the same way. You don't start repaying until you have graduated and you are earning more than £17,775 a year. You'll then pay 9% of anything you earn over that amount. So if you earn £18,775 in a year, you'll pay £90 towards your loan repayments.
Your repayments depend only on how much you earn, not on how much you owe, so a bigger debt will mean that you make repayments for longer rather than paying back more each month.
After 35 years, any amount of the loan that you haven't yet paid back will be written off.