Money to Study Sue Garrett Admissions and Student Funding Adviser.

Money to Study

Sue Garrett

Admissions and Student Funding Adviser

What are the main costs at University?

• Tuition fees• Books and course extras• Accommodation (rent and bills)• Food• Insurance • Travel• Social life • Clothes• Telephone

Specific Living Costs

These vary according to:

Where you studyLength and type of courseYear of studyType of accommodationPlacementsAny additional needs e.g.dyslexia software

Planning a budget

• Plan a budget for First and Insurance choice university

• Make use of University open days. Remember, wherever a student goes will be ‘home’ for 3-4 years or more. Visit more than once

• Check part time work opportunities

Work out the real costs

Research the costs in advance e.g. Accommodation - University and

Privately rentedCourse costs – ask at the department or

on open days for costs of course material, books, field trips etc

Check University web sites for their living cost guides

How much will I need?Rent – Academic Yr 2,964.00

Food @ £30 per week 1,140.00

Personal Toiletries @ £17 per month 153.00

Laundry & Housekeeping @ £21 per month 189.00

Clothes @ £30 per month * 270.00

Travel, local & outside of Bath 431.00

Leisure/Social/Sport @ £30 per week 1,140.00

TV licence 140.00

Telephone/mobile 431.00

Health Costs (e.g. Contact lenses, Dentist, Prescriptions) 125.00

Books, photocopying, materials & equipment ** 300.00

Contents Insurance (£3,000 belongings & £1,000 laptop) 105.00

Emergencies 100.00

Other ?

Total £7,488.00

Tuition Fees

• Most Universities are charging tuition fees of £3225 in 2009 (Scotland has lower fees but courses usually longer)

• Inflationary increase each year• Fees do not have to be paid upfront• All “home” UK students qualify for a Fee loan to

fully cover their full tuition fees regardless of family income

• The Student Loan Company pays the fee loan direct to the University

What funding is available?

2009 Government Student support includes:-• Fee loan

• Maintenance loan (usually up to £4745 )• Maintenance Grant of up to £2906 for students

from families on incomes of up to £60000• Students currently eligible for max EMA will be

guaranteed the max maintenance grant• Disabled Students Allowance DSA (up to

£20000 to cover extra costs) for students with dyslexia or a disability/chronic illness

Known as the Student loan• 75% non means-tested , so available to all• Higher rate loan for London - max £6643 • Lower rate for living at home - max £3673• Elsewhere living away - max £4745 (min £3559

non-means tested)• Paid directly to the student in three instalments

(along with any maintenance grant)

Maintenance Loan

Maintenance Grant

• 2009 Max Grant of £2906 in 2009 pa for students whose family income is less than £25000 Students eligible for max EMA will be guaranteed the max maintenance grant

• Partial Grant for students whose family income is less than around £60000e.g. Grant of around £1000 pa where family income is £40000

• Grant is intended for living costs not for fees, paid directly into students bank account

2009 Entitlement guideFamily Household Income

£25000 £30000 £40000 £50000 £61000

Maintenance Loan

Full year

(not London)

£3453 £3453 £3722 £4207 £4745

Maintenance Grant

£2906 £2053 £1023 £538 £0

Total £6359 £5506 £4745 £4745 £4745

Applying for Student Support

• From September prior to starting university in line with UCAS application

• Centralised On line application at Student Finance England (linked from UCAS) www.studentfinanceengland.co.uk

• Full info and links also at www.direct.gov.uk• For 2010 student entry joint UCAS and student

finance application planned• UCAS application information can be transferred

directly into your Student Finance application

My Fact Find

• New online joint UCAS and Student Finance search option

• Use My Fact Find when searching for courses • Gives full Government Financial Support quote

for each specific course, plus any University Bursaries

• Also has a budget planner• Can track this as you make choices and accept

an offer on My Application and My Offer

What you need to apply

National Insurance number essential

Proof of ID essential (e.g. passport)

Family income details if applying for means tested support (this will determine how much loan you receive and whether you also get a Maintenance grant)

Information collected/verified from central data bases (e.g. tax office, passport office)

Courses with additional funding

Social Work• Up to £4,575 or if London £4,975 (2007 rates)• Apply via http://www.ppa.org.uk/ppa/swb.htm

NHS courses• Must be accepted on a NHS funded place• Courses include Nursing, Physiotherapy, Radiography,

Dental Health• Students studying Medicine or Dentistry can receive

bursaries in their latter stages of their course• See www.nhsstudentgrants.co.uk

How do student loans work?

• Two loans – one for tuition fees and one for living costs

• NI number essential for loans to be paid• Interest charged is reviewed each year,

but is lower than commercial rates• Interest starts accruing as soon as the first

instalment is paid• Both loans are usually repaid through

salary – like a tax after

Repaying Student Loans• Repayments collected once a student is earning

more than £15,000 a year• Min repayments based on earnings not level of

loan e.g. earnings at £18,000 pay back £5.19 a week

• Payments stop if earnings stop or drop below £15,000

• New 5 year repayment holiday option from 2012• Can opt to repay more than the minimum or make

additional repayments

Repayment of loansGross salary Weekly

incomeWeekly repayments

£10,000 £192 £0.00

£15,000 £288 £0.00

£16,000 £308 £1.73

£17,000 £327 £3.46

£18,000 £346 £5.19

£19,000 £365 £6.92

£20,000 £385 £8.65

£25,000 £481 £17.31

£30,000 £577 £25.96

University Bursaries

• All universities must offer minimum £319 bursary to students from lowest income families ( many currently offer £1000 plus)

• Payable for all each year of study

• Although bursaries are income related some universities also offer enhanced levels of bursaries for local students

Bath Bursary 2008

Household Income Bath Bursary per year

£25,000 & below £1,200.00

£25,001 - £30,000 £900.00

£30,001 - £35,000 £600.00

£35,001 - £50,000 £300.00

Bursary search

• www.ucas.com

• My Fact Find facility by code or subject gives bursary and scholarship details

• Quick search for University bursaries use www.bursarymap.direct.gov.uk/

What is the difference between a Scholarship and a Bursary?

• Scholarships – usually awarded on academic merit but can also be for Sporting or Musical excellence

• Bursaries – more likely to be income related but may have additional criteria

• University funded awards are more likely to conform to these definitions

• Charitable Trust awards often have narrow and highly specific criteria

Student budget-boosters• Compare banks student account deals• Part time and vacation work see University web

pages orwww.justjobs4students.co.uk

• A University bursary or scholarship• Make the most of student discounts with NUS

card• Buy second hand books• Shop around for deals on mobiles phones• Find cheap supermarkets

Planning ahead

• Plan a university budget as a family before registration at University

• Set a budget and stick to it!

• Search for Scholarships and Bursaries

• You must have your own bank account and National Insurance number

• Apply for funding in good time

Good Luck!