Student finance Or How To Enjoy Beans Stephanie copsey Higher Education Adviser

BUT FIRST… Q. How much does this textbook cost? A. £34.99

BUT FIRST… Q. How much do these noodles cost? A. 20p

BUT FIRST… Q. How much is a pint of milk? A. 45p

Don’t confuse cost with the price tag £9250 Don’t confuse cost with the price tag

REPAYABLE LOANS Tuition fee loans Maintenance loans Money paid directly to the university to cover the cost of your course. Maintenance loans Money provided by the government to help with living costs whilst at university.

HOW MUCH? LIVING COST LOAN HOME ELSEWHERE LONDON £6,904 £8,200 £10,702 Variable according to students location – where they live and where they study. KEY MESSAGE!! Loan amounts are for 2016 entry. These are the maximum amounts available. HOME ELSEWHERE LONDON £6,904 £8,200 £10,702

MINIMUM AMOUNTS LIVING COST LOAN HOME ELSEWHERE LONDON £3,821 £3,039 Variable according to students location – where they live and where they study. KEY MESSAGE!! Loan amounts are for 2016 entry. These are the maximum amounts available. HOME ELSEWHERE LONDON £3,821 £3,039 £5,330

Sliding scale HOUSEHOLD INCOME LOAN AMOUNT (PER YEAR) £20,000 £8,200 £25,000 £30,000 £7,611 £35,000 £7,022 £40,000 £6,433 £45,000 £5,844 £50,000 £5,255 £55,000 £4,644 £60,000 £4,077 £62,177+ £3,821

INTEREST RATES While you are studying a flexible interest rate will be applied to your loan based upon the retail prices index (RPI) + 3% SALARY INTEREST APPLIED TO YOUR OWN <£21,000 RPI £21,000 - £41,000 Variable between RPI & up to RPI + 3% £41,000 RPI + 3%

FREE MONEY

BURSARIES CRITERIA AMOUNT PER YEAR (FOR UP TO 4 YEARS) Household income less than £16,000 £1,800 Household income between £16,001 and £20,000 £1,000 Care leaver £3,000

SCHOLARSHIPS SCHOLARSHIP CRITERIA AWARD Bright Spark Scholarship AAB at A Level plus A in EPQ (or equivalents) £1,000 payment in year 1, 2 and 3 of your studies Music Scholarship Grade 8 and above is a benchmark. Neither Grade 8 nor any other exam need either have been taken or passed. Sports Scholarship To qualify you must be currently ranked in the top 10 in your sport nationally or be part of your national squad within your chosen sport (UK home nations or EU countries).

applying www.gov.uk/student-finance

APPLY ONLINE Apply in the spring you go to university, before 31 May You’ll need: - course information - bank details - household income - national insurance number

FAQS How many years can I be funded for? You are funded for the length of your initial degree, plus one year. As an example, if you choose to do a 3-year course, but then change to a four-year course, that is fine as you use the extra year. What are the fees for a year abroad or a year in industry? Home/EU students spending the year abroad or a year in industry on the £9250 fee rate will be charged tuition fees at approximately 15% of the full-time rate: £1385. Are there any allowances if you have two children going to HE or currently in HE? Yes. In simple terms, children from the same household at uni concurrently get slightly more living cost support.

REPAYING LOANS

Stop earning? Stop repaying. Written off after 30 years. £21,000 Stop earning? Stop repaying. Written off after 30 years.

HOW IT WORKS One repayment for both loans Repayments start in April after you graduate Repayments linked to what you earn rather than what you owe Does not affect credit card applications INCOME EACH YEAR BEFORE TAX APPROXIMATE MONTHLY REPAYMENT £16,000 £0 £18,000 £21,000 £24,000 £23 £27,000 £45 £30,000 £68 £33,000 £90

UNI COSTS

ACCOMMODATION £131.88 £114.94 £102.83 £70.70 The essentials: EN-SUITE CAMPUS PER WEEK £131.88 EN-SUITE VILLAGE PER WEEK £114.94 The essentials: Safe, friendly, comfortable and fun places to live Fully furnished All bills are included Free internet 38 week license adjusted to course length STANDARD SINGLE ZIGGURAT PER WEEK £102.83 STANDARD TWIN ZIGGURAT PER WEEK £70.70

SUPPORT

HUGE SUPPORT NETWORK Dean of Students Counselling Academic advisers Nightline Multifaith centre Senior residents Students Union

#Askuea www.uea.ac.uk/ask

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