Student Fees and Financial Support

Slides:



Advertisements
Similar presentations
Can I afford to go to university in 2012? [See Power Point notes pages for more detail] 1.
Advertisements

Student Finance Explained Kevin Betts Student Recruitment Officer.
Student Finance Contents Finance overview Mechanics of the form Tuition fees 2012 Living cost grant Tuition fee loan Maintenance loan Repayments.
Overview Expenses and financial support whilst at university fall broadly into two categories: Tuition fees Living costs - maintenance grant - maintenance.
Student Fees and Financial Support. Student Fees & Financial Support Student fees and financial support can be broken down into three main areas: Tuition.
Student Finance 2011/12 Entry. 2 Contents University – Main costs Funding – Income and support Student Accounts & Overdrafts Budgeting Overview –Managing.
HE Context & Finance 2012 Vicki Carver
Student Finance in 2011/12. Browne Review into Student Finance Earliest introduction will be for new students from 2012 Students already in University.
Student Fees and Financial Support Vicki Carver
Quiz time! Q: How much does this textbook cost? A: £24.99 (Amazon)
Student Fees and Financial Support. Student Fees & Financial Support Student fees and financial support can be broken down into three main areas: Tuition.
Student Financial Support for 2011 higher education entrants Student finance is available so you can make the most of your time at university or college.
2015/16 STUDENT FINANCE MATTERS.
£ 12_ /13 Student Finance explained. 12_13 12/13 Financing your future Thinking about what you are going to study and how you are going to pay for.
STUDENT FINANCE Student Finance England provide financial support on behalf of the UK Government to students from England entering higher education in.
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.
13/14 STUDENT FINANCE 2013/14.
Student Finance for full time undergraduates starting BSc Social Work in September 2012 By Harj Singh Student Services.
Higher Education - Finance Megan Ette, Connexions Bucks.
Student Fees and Financial Support. Student Fees & Financial Support Student fees and financial support can be broken down into three main areas: Tuition.
2015/16 INTRODUCTION TO STUDENT FINANCE INFORMATION & ACTIVITES.
Student Fees and Financial Support Julie Pink Head, Schools and Colleges Liaison Service.
Your 13/14 student finance journey starts here STUDENT FINANCE 2013/14.
2015/16 INTRODUCTION TO STUDENT FINANCE INFORMATION FOR STUDENTS.
1.What are students eligible for? 2.How much does university really cost? 3.What is the application process? 4.How does repayment work? 5.Common myths.
Student Finance 2016/2017 Question: Should student loans be renamed graduate contributions?
Student Finance Llinos Angharad Williams Schools Liaison Officer.
2016/17 INTRODUCTION TO STUDENT FINANCE.
Tim Dhir Education Liaison Officer
Llinos Angharad Williams Schools Liaison Officer
Student Funding For Undergraduate, Full time Home (UK) Students
INTRODUCTION TO STUDENT FINANCE
Student Finance Liam Bunce Schools and Colleges
Higher Education STUDENT FINANCE Tour £ ?.
STUDENT FINANCE Nower Hill 6th Form
Student Funding Arrangements for September 2012 entrants
Year 13 Parents Higher Education Evening 2017
Student finance mythbusting
Penny Miller Schools and Colleges Liaison Officer
Q A Q A HOW MUCH DO YOU KNOW? STUDENT LOAN REPAYMENTS
University of Bradford
University of Bradford
for full time undergraduates, starting in September 2017
Elizabeth Fleming 12th July 2017
Supporting your student with finance
Student Finance /11/2018 © The University of Sheffield.
Introduction to Student Finance for Parents 2018/2019
Introduction to student finance
Student Finance.
Student Funding 2017 & Beyond
Student finance Liam Dowson 21 November 2018.
Dan and Sarah, School and College Liaison
Money Matters Financial Support Team.
Student Finance Saffron Mabbutt.
APPLYING TO HIGHER EDUCATION
Student Finance /12/2018 © The University of Sheffield.
STUDENT FINANCE EXPLAINED
Student Finance /01/2019 © The University of Sheffield.
Student Finance /02/2019 © The University of Sheffield.
Llinos Angharad Williams Schools Liaison Officer
This is a presentation on behalf of the Department for Education to talk to you about higher education student finance in England.  The main aim is to.
This is a presentation on behalf of the Department for Education to talk to you about higher education student finance in England.  The main aim is to.
Applying to university: the timescale
Richard Wiltshire Higher Education Adviser
Introduction to student finance 2019/20
Introduction to Student Finance for Parents 2019/20 Jane Murphy
Widening Participation Manager
Student Finance Liam Bunce Schools and Colleges
Introduction to student finance 2019/20
Parents’ Higher Education Evening
Presentation transcript:

Student Fees and Financial Support

Student Fees & Financial Support Student fees and financial support can be broken down into three main areas: Tuition fees Living Cost Loans Living Cost Grants

Tuition Fees Nobody has to pay fees ‘up front’- fees are paid by a tuition loan Universities will be able to charge a maximum of £9,000 a year – Huddersfield will charge £8,250 in 2014 Graduates begin loan repayments once earning over £21,000 (rising with inflation) Interest on loans is charged at inflation plus 3% whilst studying. After graduation and once earning, rate of interest will be dependent upon earnings i.e. lower earners pay less interest. There may be different fees for different courses, so check what the fee is for your specific course at your chosen institutions Private providers are able to charge whatever fees they wish, but government support for tuition fee loans for students at private providers is given at a maximum of £6,000 per year. Part-time students receive support to a maximum of £6,750 at a public university, or £4,500 at a private one.

Living Cost Loans Living away from home: maximum of £5,5055 Living at parental home: maximum of £4,418 It will be paid back after graduation, once you are earning over £21,000, rising with inflation (along with your tuition fee loan) The amount you are entitled to is dependent on household income and how much non-repayable grant you are entitled to London – maximum of £7,675 Abroad – maximum of £6,535

Repayment You will repay once you have graduated and are earning £21,000 or over, starting in the April after graduation Repayment levels rise with your earnings – you pay back 9% of anything you earn over £21,000 Deducted automatically from your salary through the tax system If your income falls below £21,000, repayments will be suspended As an example, if you earn £25,000, you will repay your loan at the rate of just £1 per day You repay based on what you can afford, not on the total amount borrowed All outstanding repayments will be written off after 30 years

Repayment Salary Amount of salary from which 9% will be deducted Monthly repayment £25,000 £4,000 £30 £30,000 £9,000 £67 £35,000 £14,000 £105 £40,000 £19,000 £142 £45,000 £24,000 £180 £50,000 £29,000 £217 £55,000 £34,000 £255 £60,000 £39,000 £292 Repayments are deducted from gross income.

Graduate on £25k

Living Cost Grants Non repayable Dependent on household income Full grant is £3,387 for family incomes under £25,000 Family incomes up to £42,611 receive proportion of grant Remember that the amount of grant you receive will affect the amount of living cost loan you are entitled to

NHS related degree courses NHS courses are funded differently – you will not be required to pay tuition fees There are grants and bursaries available some of which are means- tested. Finance for grants and bursaries is applied for directly through the NHS. They will write to you once you have been offered a place. Finance for the non means-tested loan is applied for through the Student Loans Company See www.nhsbsa.nhs.uk/students for detailed information

How does it all happen? You can apply from February 2013 through the Student Finance England website at http://www.sfengland.slc.co.uk/ You apply for second and third year support after Christmas in your first and second year If you are having a gap year, you should apply for your course at the same time as your peers, for finance, apply 12 months later

Budgeting It is likely that there will be a gap between the money you will receive in loans and grants and the money you need to live as a student It is very important to work out a budget before you start university Make sure you know how much money you have coming in, and how much you expect to have going out Identify where the extra money might come from if there is a gap - before you get into any financial difficulties

Additional support: part-time work Many students have a part-time job whilst they are at university Most universities encourage part time work, often having ‘Jobshops’ located on campus advertising part-time student work Part time work provides students with valuable experience as well as extra money (an average of £85 per 13 hour week*) It is important not to let your part time job interfere with your studies – working no more than 15 hours a week is recommended University of Huddersfield Careers Service *From The Complete University Guide 2011

Additional support: banks Interest free overdrafts Credit cards Look carefully at incentives offered For independent advice and guidance on student bank accounts and budgeting look at www.moneysavingexpert.com

Sources of student finance Loans, grants Sponsorship Scholarships Gap year or part time work Disabled Student Allowance Parents/ Carers

Tips for students Don’t blow all your cash at the beginning of term Work out income and outgoings Shop based on need, not impulse Don’t blow all your cash at the beginning of term Set up two bank accounts If sharing a house, decide who is paying for basics

Tips for Parents Discuss budgeting before they start University Cooking advice Look into adding their contents insurance to your policy Consider helping with their mobile phone Vouchers from loyalty points/supermarket cards Consider helping with books or food shopping Discuss what you are/are not willing to help out with

Further information Careers adviser/tutor at school/college Careers library University of choice/local university www.ucas.com (lots of information about everything) www.gov.uk/student-finance www.studentcalculator.org.uk www.moneysavingexpert.com/students www.thebrightsidetrust.org www.which.co.uk/money/bank-accounts/guides/going-to-university-guide www.nus.org.uk www.scholarship-search.org.uk www.nhsbsa.nhs.uk/816.aspx www.nhsbsa.nhs.uk/825.aspx

Final points to remember Students or parents do not pay tuition fees up front Keep to deadlines for application! Loans are not negatively credit scored If in doubt, ask!

Open Days 2014 Tuesday 24 June Wednesday 25 June Saturday 20 September Wednesday 29 October Thursday 30 October Friday 5 December 9.30am – 3.30pm