Financial Services > Student Loans > Student Finance Scotland > Student Loans and Bursaries
From 2008-09, students seeking financial help towards their university living costs along with other expenses will be able to apply for a maximum loan of £4,510, providing they are living away from home (in a hall of residence or lodgings). This amount comprises of £890 which is not income assessed and £3,620 which is income assessed.
For those planning on living in their parents’ home, the maximum loan available to them is £3,570 comprising of £590 which is not income assessed and £2,980 which is income assessed. If a student is eligible for the Young Students’ Bursary, SAAS will reduce the maximum loan amount available to the student by the amount of bursary paid to them.
Young Students’ Bursaries, which are not repayable, are available for some students for living cost support. For 2008-09 the maximum Young Students’ Bursary is £2,575 awarded if students’ parental income is less than £21,210 per annum. The bursary will go down to zero for a family income that is in excess of £33,330.
Repayments on a student loan start in the April of the year after the course has been finished, but only if a student is earning above £15,000 a year. The mandatory repayment amount is 9% of income above £15,000 per annum. The interest payable on the student loan is linked to inflation so the amount repaid will be worth the same amount in real terms, as was borrowed.