Higher Education Finance

2 Basic Questions What will a degree cost? How will it be paid for?

Over 3 Years Tuition Fees £ 27,000 Accommodation £ 11,500 Living Expenses £ 14,400 £ 52,900 What will a typical degree cost?

Tuition Fees Most universities will be charging £9,000 per year for tuition costs from 2016 For a 3 year course – Up to £27,000 What will a typical degree cost?

How will it be paid for? Tuition Fees Tuition fee loans are available, and are not dependent on household income – they will cover the full cost of these fees.

Over 3 Years Tuition Fees £ 27,000 Accommodation £ 11,500 Living Expenses £ 14,400 £ 52,900 What will a typical degree cost?

Accommodation If you decide to live away from Home 1 st Year - Halls E.g. Manchester University Ashburne Hall – From £5821* Hulme Hall – From £5,499 Catered* * Prices for 2016 What will a typical degree cost?

In 2 nd and 3 rd Years – Usually off Campus Typical rent – per year Manchester - £100pw = £4,300 Nottingham - £65pw = £2795 (Shared) Derby - £60pw = £2580 London - £150pw = £6450 (Based on 43 week year) Food and Utilities (gas, water, electricity, TV licence, broadband) What will a typical degree cost?

Over 3 Years Tuition Fees £ 27,000 Accommodation £ 11,500 Living Expenses £ 14,400 £ 52,900 What will a typical degree cost?

What does a typical student spend in a month? Books and Stationery Food Travel – To and from University in 2 nd and 3 rd Years Travel - Home at weekends and end of term Clothes Mobile Phone Utilities Car?? Entertainment! Then x12 At £400 per month £4800 per year £14,400 for 3 years

Over 3 Years Tuition Fees £ 27,000 Accommodation £ 11,500 Living Expenses £ 14,400 £ 52,900 What will a typical degree cost?

What will a degree cost? £52,900 How will it be paid for?

Tuition Fees Tuition fee loans are available, and are not dependent on household income – they will cover the full cost of these fees. How will it be paid for?

That still leaves… Accommodation £ 11,500 Living Expenses £ 14,400 £ 25,900

Maintenance Loans Maintenance Loans have to be repaid Maintenance Grants are no longer available Reminder – cheaper accommodation is approx. £3,800 per year Reminder – Living Costs approx £4,800 per Year About £8,600 per year The Amount of loan you can apply for depends on the household income

What is household income? This is the income earned by the household. This will include Stepmothers/Fathers if they live in the same house.

Household Income £ Living at home? Maintenance Loan £ Repayable 25,000 or less No8,200 31,000No7,494 35,000No7,023 40,000No6,434 50,000No5,256 25,000Yes6,904 40,000Yes5,158 Taken from direct.gov.uk – Student Finance Calculator All figures are for March 2016

You repay 9% of your income over £21,000. The exact amount depends on how much you are earning. For example… If you’re earning £25,000 you’ll only pay back £6.92 a week (which is £30 a month or £360 a year) However much you’ve repaid, the remainder of your loan is written off after 30 years Repayment of Loans

Your income per yearMonthly repayments £21,000 and under£0 £25,000£30 £30,000£67 £50,000£217 While you’re studying, interest is inflation plus 3%.

Other factors to consider when choosing a University Bursaries and scholarships

Examples of Bursaries Nottingham – Core Bursary – Dependant on household Income (For 2016) Household income (as calculated by Student Finance) Amount of bursary up to £15,000£2,000 £15,001 - £25,000£1,500 £25,001 - £35,000£1,000

Examples of Bursaries Manchester University (For 2016 Entry) Residual household incomeCash bursary Up to £25,000£2,500 Between £25,001 and £35,000£1,000

Example of A Scholarship Keele University Pays £2,000 per year if a student has obtained 3 Grade A’s at A’ Level. Pays £1,000 per year if a student has obtained 2 Grade A’s and 1 Grade B

The Coventry University Academic Excellence Scholarship It is worth £1,250 cash per year To apply for this scholarship, you must: select Coventry University as your firm choice; achieve at least BBB from three full A2 levels or equivalent qualifications

Find out what your household income is. Work out what can be expected in the way of a maintenance loan. Look at the universities – find out what bursaries/scholarships are available Is living at home an option? finance/overviewhttps:// finance/overview What do you need to do?