And this is before the axing of Student Grants which will impact those starting courses in September of this year (2016).

Those who graduated from English universities last year, the first to do so having paid £9,000 a year in tuition, left with an average of £44,000 of debt.

That compares to an average of between£20,500 and £29,000 for those in American university (depending on public or private institutions) and £15,000 in Canada.

Average Student Debt

UK – £44,000
US £20,500-£29,000
New Zealand – £23,000
Australia – £20,900
Canada – £15,000

The numbers will only get worse in future with students beginning study in 2016 having no access to student grants, which have been replaced with bigger loans.

It means those graduating from 2019 will leave owing more than £50,000.

Sir Peter Lampl, chairman of the Sutton Trust and Education Endowment Foundation who carried out the research, said the figures could effect students for the rest of their lives.

“They impact on the ability of graduates to go to graduate schools, to afford a mortgage, the timing of having children and other major life decisions,” he explained.

And sir Peter suggested: “The cost of going to university has become so expensive that more young people should seriously consider higher level apprenticeships, preferably to degree level.

“By choosing this route they will earn while they learn, incur less debt, and develop skills which are greatly valued in the workplace.”

Photo by REX Features.

The applications for Student Finance for 2016 opened in February with deadlines in May and June. Do it early and save the stress! You don’t need to know which University you’re going to go but you’ll probably need some weeks to dig out all the documents needed to apply anyway.

What is the Student Finance deadline for 2016?

The 2016 Student Finance deadline will depend on whether you’re beginning a new course or continuing a course.

For new students in 2016…

New students must get their applications completed by the deadline which for 2016 is 27 May. Note that this is the deadline for you to file your application online, not for you to have your application assessed.

For returning students in 2016…

Returning students tend to have just under a month longer with the deadline for 2016 on 24 June.

Student Finance 2016 changes

Remember it’s all change this year. If you’re starting a course (i.e. A new student going to University from September 2016) you’ll be caught up in it all: Grants are no more and have instead been merged into the maintenance loan.

If you’re a continuing student however you don’t need to worry, you’ll still be able to apply for a grant as in previous years.

Do it all online

New or continuing student, you can apply and re-apply for Student Finance 2016 via the Student Finance England website available from gov.uk.

Missed the deadline?

If you’ve missed either the above deadlines don’t worry just yet. Those deadlines are only the dates for guaranteeing that you’ll get your application sorted in time for the start of your studies.

The ultimate deadline for applying is 9 months AFTER the start of the academic year, although of course you’ll have to pay your own way until you application is assessed and sorted.

Available from a variety of sources, from the Student Loans Company to your University directly, these funds are paid without any requirement to pay them back in future, as opposed to your tuition loan and maintenance loan (if applicable).

As one might imagine, the Student Finance 2014 grants are typically reserved to those on lower family incomes or who might otherwise be unable to attend University due to the costs involved.

The Maintenance Grant

The bread and butter of the grants, the Maintenance Grant from the Student Loans Company is applied for alongside your main tuition loan.

The amount paid is on a sliding scale based on your household income, with the full amount (around £3,000) for those with an income under £25,000 up to nothing beyond an income of £42,000. Paid in three separate instalments, the Maintenance Grant is sent directly into your bank account.

Other than the household income restrictions, the Maintenance grant is only available for British citizen’s who have lived in the UK for the last three years.

Special Support Grant

The special support grant is issued to students with ‘unusual’ personal circumstances, as far as students go.

The grant is available to those who – for example – are on benefits, single parents, carers or aged over 60.

Applied online through the the Student Loans company, the amount will vary depending on your household income much like the Maintenance grant, up to a maximum of around £3,500.

Disabled Students Allowance

The Disabled Students Allowance is a grant that will provide help for the costs of any extra support you need throughout your degree as a direct result of your disability. The exact amount will vary depending on your personal circumstances, but the grant will help for things such as specialist equipment, non-medical helpers, extra travel costs and any other expenses.

However, the grant can not be used to pay for anything that any other student will have to, such as books or stationary.

To apply, fill out the forms on gov.uk.

Access to Learning fund

The Access to Learning fund is available to students studying or about to start studying at both Universities and Colleges in England only.

Intended to help those who find themselves in financial hardship or difficulty, the Access to Learning fund can help students with young children, mature students, disabled students, student carers and students who find themselves homeless.

You apply via your own University or College, who will also decide how much to award you and the terms: While generally given as grants which do not need to be paid back, the Access to Learning fund may also issue loans which will need to be repaid.

And what’s best is you don’t even need to know many details, just plug in your annual household income and details about your course and living arrangements to see how much you can get in loans and grants.

All students are eligible for a tuition loan of up to £9,000, which is paid straight to your University.

As well as that, a Maintenance Loan – the amount of which depends on whether or not you’re based in London – is also available to all students.

Depending on your household income, your Student Finance application may also entitle you to an extra Maintenance grant, which doesn’t have to be paid back.

This official government Student Finance Calculator will also check if you’re eligible for extra grants given out to those who may have children, studying certain courses or have disabilities.

> Start the Student Finance Calculator

Remember, this isn’t an application for Student Finance, just a guide to show how much you can get.

Be sure to apply for Student Finance online before the deadlines!