Tim Dhir Education Liaison Officer Student Finance Tim Dhir Education Liaison Officer

Is university worth it?

1. “University isn’t worth the money” Increased career prospects- especially in London Increased earning potential Extra-curricular opportunities & personal gain

2. “Graduates are either unemployed or in low-skilled jobs” Much less likely to be unemployed than non-graduates 6 months vs. 3.5 years after graduating

3. “There are other, better routes than university” Apprenticeship? Employment (with/without training)?

Student Finance

All figures apply to… Courses starting in September 2017 Full time (and first-time!) undergraduate students UK national/settled status and resident in England for 3 years prior to start of course

1. Tuition Fees 2. Living Costs The cost of university 1. Tuition Fees 2. Living Costs

1. Tuition Fees The maximum “cost” per year is £9,250* Students or parents will not have to pay any tuition fees upfront! Both full and part-time students can have their fees covered by a tuition fee loan Students do not see this money!

1. Tuition Fees- NHS Courses Tuition fees are no longer paid by the NHS for nursing, midwifery and Allied Health Professions Medicine and Dentistry tuition fees will still be paid from the 5th year of study Students studying healthcare courses on the same finance system as other students

1. Tuition Fees 2. Living Costs The cost of university 1. Tuition Fees 2. Living Costs

2. Living Costs What do students spend their money on? £7974 PER YEAR* £735 PER MONTH £6615 PER YEAR* 2,820 students surveyed nationally Savethestudent.org National Student Money Survey (2015) *9 months

2. Living Costs – Maintenance Loan All full time students can apply for a loan to cover living costs. Paid at the start of every term direct into student’s bank account. Part of the loan is means-tested based on household income Students living away from home and students studying in London receive more.

Living Costs – Maintenance Loan Student is living.... At home: £7,097 Outside Greater London: £8,430 Away from home: Inside Greater London: £11,002

Living Costs – Maintenance Loan

Tuition Fee Loan Maintenance Loan Student Loan

Repayment of Loans Students only start repaying their student loan: The April after you graduate When you are earning over £21,000. Repayments are always dependent on income and are deducted automatically from your pay through the tax system.

Repayment of Loans - Examples Monthly repayments amounts are not affected by the amount borrowed. Repayment rate is 9% of earnings above £21,000 £21,500: £4.00 per month £25,000: £30.00 per month £30,000: £67.50 per month £40,000: £142.50 per month Interest rate varies but never more than rate of inflation + 3%

Student Finance- Next Steps… Student Finance England - www.gov.uk/student-finance Apply by 30th May to guarantee your funding is ready for the start of your course For specific university bursaries, apply directly to the respective university and deadlines will vary.

Questions?