A Guide to Student Finance. A Guide to Student Finance What do I have to pay for? What help is available How to apply How to repay Budgeting and tips.

A Guide to Student Finance


What do I have to pay for?

What help is available

How to apply

How to repay

Budgeting and tips

Costs and benefits of Higher Education

What is HE?Benefits of

HECosts of

HE

The right decision for you

Further info & advice

Why go to university?

Independence

Meet new people

Experience a different part of the country (or world!)

Personal interest in a subject

Gain a qualification

Career progression and earning potential

Develop transferable skills


Tuition Fees

Living Costs

The amount you pay to study at your

chosen university

Everything Else!Accommodation,

Food, Social life, Course materials, travel


Living Costs


Tuition Fees

Living Costs


Living Costs

Universities charge up to £9000 per year

No upfront payment required

Finance available for all UK students

Government provide Tuition Fee Loan The amount you pay to study at your chosen

university


Living Costs

Living Costs


Living Costs

Average cost of student living £7000 per year Includes accommodation, food, social life, course materials etc. Government provides a Maintenance Loans and Maintenance Grants Universities provide Scholarships and Bursaries

Everything Else!accommodation,

food, social life, course materials, travel

What help is available?

Living Costs


Living Costs

Tuition Fee Loan

All UK students eligible to borrow up to £9000 per year of study

Paid directly from the Student Loans Company to the university

Apply online before starting university

Repayments deferred until after graduation

Everything Else!Accommodation,

Food, Social life, Course materials, travel

What help is available?Living Costs

Living Costs


Living Costs

Maintenance Loan

All UK students can borrow up to £5,555 per year (slightly more if living in

London, slightly less if living with parents)

Actual amount is means tested – dependent on household income

Paid directly from Student Loans Company to the student

Apply online before starting university

Repayments deferred until after graduation


Living Costs


Living Costs

Maintenance Grant Available to students with household income under £42,620

Up to £3,387 available, paid directly to the student

Actual amount is means tested/on a sliding scale dependant on household income

Does not need to be repaid

Apply online before starting University

If you get the maintenance grant, the maintenance loan will be reduced…


Living Costs


Living Costs

Household income Maintenance Grant Maintenance Loan Total from SFE

£25,000 or less £3,387 £3,862 £7,249

£30,000 £2,441 £4,335 £6,776

£35,000 £1,494 £4,808 £6,302

£40,000 £547 £5,282 £5,829

£42,620 £50 £5,530 £5,580

£45,000 £0 £5,341 £5,341

£50,000 £0 £4,836 £4,836

£60,000 £0 £3,826 £3,826

Over £62,132 £0 £3,610 £3,610

+++Scholarships

bursaries employment

family savings


Living Costs


Living Costs

www.gov.uk/student-finance-calculator


Living Costs


Living Costs

Other sources of funding Childcare Grant – can cover up to 85% of childcare costs

Parents’ Learning Allowance – help for course costs for students with children

Adult Dependents Grant – support for those who are carers

Child Tax Credits/Working Tax Credits

Disabled Students Allowance (DSA)

See www.gov.uk for more information

http://www.gov.uk/



Living Costs

NHS Courses You may be eligible for an NHS bursary if you study: Medicine (from year 5), Dentistry (from year 5), Nursing, Midwifery, Dietetics, Occupational Therapy, Optometry, Physiotherapy, Prosthetics, Orthotics, Radiography, Operating Department Practitioner or Speech and Language Therapy

Tuition fees paid by the NHS in many cases Bursaries and grants of around £5,000 per year available for living costs. Some of the usual funding streams also available through Student Finance England (partial maintenance loan) See nhsbsa.nhs.uk/student for more information



Living Costs

Scholarships and Bursaries

Universities offer scholarships and bursaries to help with both living costs and tuition fees

Usually given to:

Do your research when applying: www.thescholarshiphub.org.uk

High academic achievers

Students from low income families

Students from low income families

How to applyLiving Costs


Living Costs

Apply in the Spring before you start university (use best case scenario)

Applications handled by Student Finance England

All done online – www.gov.uk/studentfinance

Apply for tuition fee loan, maintenance loan and maintenance grant in same

application

Apply for scholarships and bursaries directly to universities

NHS courses – will receive details once holding offers

Top Tip – agree to share information with other institutions

http://www.gov.uk/studentfinance

How to applyLiving Costs


Living Costs

What you need to complete the application:

Passport (having a valid passport number speeds up the process but isn’t essential)

University and course details

Bank account details

National insurance number

Sponsors’ contact details (usually parents/carers) – names and e-mails

About 30 minutes!

RepaymentLiving Costs


After graduation, tuition fee loan and maintenance loan are treated as one loan

Repayments start in the April after graduation once the graduate is earning over £21,000

Repayments are calculated according to the graduate’s earnings at a rate of 9% of the amount which is earned above the £21k threshold (income contingent)

Repayments are calculated by HMRC and the employer and deducted at source from the graduate’s wages



Salary Amount from which 9% is calculated

Annual student loan repayment

Monthly student loan repayment

£20,000 £0 £0 £0

£22,000 £1,000 £90 £7.50

£24,000 £3,000 £270 £22.50

£27,000 £6,000 £540 £45.00

£30,000 £9,000 £810 £67.50

£36,000 £15,000 £1,350 £112.50



FAQs – answered! If the graduate’s salary drops below £21k at any point, repayment

stops automatically Student loans will be written off after 30 years Student loans do not appear on credit files Interest is charged on the loan at a rate of RPI plus up to 3%

(dependent on earnings) No penalty for making early repayments

Budgeting and TipsLiving Costs


Extra sources of income

Part-time job at university Full-time job during the holidays Internships and placements Savings Bank of mum and dad??

http://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=S05DLClNJaYFiM&tbnid=a8mXcpKXVAo7JM:&ved=0CAUQjRw&url=http://www.largerfamilylife.com/special-offers-and-discount-codes/&ei=jV8KUfHlOamp0QWsuYGgBQ&bvm=bv.41642243,d.d2k&psig=AFQjCNGTBNpEakDHTjohsyxQgd00w8NCpQ&ust=1359720666446806

Top 10 money saving tipsLiving Costs


Avoid Credit Cards

Choose bank

account wisely

Bargain hunt Own

Brands Best!

Avoid Convenience

stores

Socialise during

the week

Pre-book trains and

get a railcard!

Don’t buy all of your books

Do you need your car?




Top 10 money saving tipsLiving Costs


Avoid Credit Cards

Avoid Convenience

stores


Use your Student Card!

http://www.google.co.uk/url?sa=i&rct=j&q=student+card&source=images&cd=&cad=rja&docid=BIS4PDX_4GhoLM&tbnid=DTE71qjqqWk2ZM:&ved=0CAUQjRw&url=http://help.mywisenet.com.au/Students_:_Student_Cards&ei=TmPdUa-AB4j40gWJ5IDQAg&bvm=bv.48705608,d.d2k&psig=AFQjCNGWLGVU1dp2URBMZiNpWFCizAu1WA&ust=1373549722888821

Useful websitesLiving Costs


Avoid Credit Cards

Avoid Convenience

stores


Martin Lewis’ Money Saving Expertwww.moneysavingexpert.com/students

Student Finance England

www.studentfinanceengland.co.uk

Official Student Finance Information

www.gov.uk/browse/education

www.gov.uk/student-finance-calculator

http://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=kWTaoMPop5EuvM&tbnid=yPQvaiinLz3hBM:&ved=0CAUQjRw&url=http://webarchive.nationalarchives.gov.uk/20100202100434/direct.gov.uk/en/educationandlearning/universityandhighereducation/studentfinance/dg_171622&ei=NnkKUeOrDoWm0QWSj4GIDg&bvm=bv.41642243,d.d2k&psig=AFQjCNGe6d-E57NBnZfmdjN9kwxhDTtteA&ust=1359727283735031

http://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=j_iC5BrBrMe6GM&tbnid=8FgWQ3xjEb-KxM:&ved=0CAUQjRw&url=http://www.workformums.co.uk/1815/moneysavingexpert-com/&ei=aHoKUYzGCo-00QW3sIGIAg&bvm=bv.41642243,d.d2k&psig=AFQjCNHOxN81QgANcA6gTo52HvRhmXxavg&ust=1359727548477211

http://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=jB0c5Mv8khHIFM&tbnid=FtK9TBZdMGGMoM:&ved=0CAUQjRw&url=http://www.cheshireeast.gov.uk/&ei=InoKUcyZHcbM0AX09oGoDg&bvm=bv.41642243,d.d2k&psig=AFQjCNGpwf7whIyv-rKkgvl29HAgG0fZYQ&ust=1359727387927833

What is the personal

statement?

What to include Structure

Examples and tips

Further help and

advice?Any questions

A Guide to Student Finance. A Guide to Student Finance What do I have to pay for? What help is available How to apply How to repay Budgeting and tips.

Documents

student finance slide

finance available

costs universities

costs maintenance loan

student actual

costs tuition fee

travel slide

chosen university slide