For students to be eligible for SLC funding, they must be studying on a course designated each year by Department for Education. All BTEC Higher National Diploma courses at ICON College have been designated for the 2016-17 academic year. Our designation for 2017-18 is subject to a satisfactory outcome at our QAA HER (AP) review visit due in July 2017.
Further information on student loans visit
http://www.hefce.ac.uk/reg/desig/cdforstudents for more information.
UK and EU students may be entitled to
a student loan from the Student Loans Company to cover
the cost of their tuition fees. UK and EU students may
also be eligible for a student loan or grant to cover
their maintenance cost whilst studying.
Funding from the Student Loans Company is dependent upon
meeting the eligibility criteria for public funding. Please see the details for eligibility at https://www.gov.uk/student-finance/who-qualifies
2. Tuition Fee Loans
The Tuition Fee Loan covers the fees
you're charged each year of your course. It's paid directly
to the college. Your Tuition Fee Loan covers all of your
fees for the following two year full-time courses. Below are the tuition fee loans for the academic year 2016/17.
|Tuition Fee Loan (per year)
|HND in Business
|HND in Computing
|HND in Engineering (Electrical & Electronic)
|HND in Travel and Tourism Management
|HND in Hospitality Management
|HND in Health and Social Care
*ICON college reserves the right to alter course fees without prior notice.
3. Maintenance Loans for living costs
The exact amount full-time students
can borrow depends on: your family's income; where you
live; what year of study you're in etc. Further information is available at https://www.gov.uk/student-finance
Maximum Maintenance Loan rates for full-time students at ICON College
All the maximum amount stated below are per academic year of study. The loan is paid directly into your bank account at the start of term. You have to pay the loan back
Full Time student
|Loan for the 2016 to 2017 academic year
||Loan for the 2017 to 2018 academic year
|Living at home and study at ICON
||Up to £6,904.00
||Up to £7,097.00
|Living away from home, in London and study at ICON
||Up to £10,702.00
||Up to £11,002.00
*Above figures are subject to change depending on government policy, for the current information please see at https://www.gov.uk/student-finance/new-fulltime-students
4. Repaying Your Student Loan
Full-time students begin paying back their student loan once they finish their course and earn more than £21,000 per year. However, if your income falls below £21,000 a year, your repayments stop.
Your employer will automatically take repayments from your salary if your income, before tax, is over the UK threshold. The current thresholds for repayment are £21,000 a year, £1,750 a month or £404 a week. You pay 9% of your income over the threshold. For example, if you're paid monthly and earn £2,250 before tax you'll repay 9% of the difference between what you earn and what the threshold is. Your payslips will show how much has been deducted
If you're self-employed you'll pay through self-assessment.
The following table gives some examples of what your repayments might be:
|Income each year before tax
||Approximate monthly repayment
|Up to £21,000
||Up to £1,750