George Osborne has announced in the Budget (8/7/15) that maintenance grants (which are non-repayable) are to be replaced with a repayable maintenance loan from the 2016/17 academic year.
The current maintenance grant (which has a value of up to £3,387) had been accused by the chancellor of being unfair, stating
“there’s a basic unfairness in asking taxpayers to pay for grants for those who are likely to earn more than them”
To replace the grant system will be an extension of the maintenance loan, up to the value of £8200, up from the value of £5,555 for those studying in a university outside of London.
The repayment terms are expected to be broadly similar to the current repayment arrangements for existing student finance – so you would only pay back this loan after you’ve earned £21,000.
More reaction to the 2015 budget, and what it means for students, will be on the Wessex Scene website.