STUDENT FINANCE £ ? Tour Higher Education WELCOME DEPARTMENT FOR BUSINESS. INNOVATION AND SKILLS TO TALK ABOUT STUDENT FINANCE IN ENGLAND KEY CHANGE IN THIS SUMMERS BUDGET – MAINTAINANCE LOANS REPLACE GRANTS I HAVE HAND OUTS- 1) KEY FACTS AND FIGURES 2) PART TIME QUESTIONS AT THE END BEFORE I GET STARTED EXPLAINING THE STUDENT FINANCE PACKAGE, ABOUT ME….. **CLICK** £ ?

Alex Jarvis MY NAME IS ALEX. I GREW UP IN RAMSGATE, KENT **CLICK**

FACTS MY STORY WHAT NEXT THE I WILL TELL YOU ABOUT MY UNIVERSITY EXPERIENCE NOONES STORY IS THE SAME (TAILOR IT TO THE AUDIENCE) **CLICK**

STORY MY Dane Court Grammar Royal Holloway Geography BA Hons I HAD SUPPORT FROM MY FAMILY-ENCOURAGEMENT FIRST PERSON FROM FAMILY TO GO TO A UNIVERSITY (NOT A COLLEGE) OPEN DAYS I DECIDED TO STUDY MY FAVOURITE SUBJECT AFTER HOURS OF RESEARCHING ONLINE, BUT PLANS CHANGED CLEARING @ DANE COURT - ROYAL HOLLOWAY (CAMPUS UNI), CHANGE TO GEOGRAPHY DEFERRED & GAP YEAR **CLICK** Geography BA Hons

Alex MY UNI I believe that attending university was one of the most important decisions which I made and one which developed my character, independence and decision making skills. Education, whether it is formal or informal, I believe is crucial for self development and making us well-rounded people. I have helped students in the UK, Sweden, Estonia and Ukraine learn about the different options available to them at university and beyond and I am passionate that everybody is empowered to make their own decisions for their future, whatever their background.  ADVICE? MAKE SURE THAT YOU TAKE A SUBJECT WHICH YOU ARE MOTIVATED BY AND WHICH HAS A PURPOSE TO YOU LIFE SKILLS BIG CHANGES HOUSING – 1ST YEAR DORMS, 2/3RD YEAR HOUSE WITH MATES SOCIETIES JOBS LIFE SKILLS – NETWORKING, RESPONSIBILITY, RESEARCH, MORE EMPLOYABLE

THE FACTS £ Tuition Fee Loan Maintenance Loan £9,000 £6,904 £8,200 2015/16 £ THE FACTS Tuition Fee Loan £9,000 Full Time Students Maintenance Loan £6,904 Live with parents £8,200 Live away (outside London) £10,702 Live away (in London) £9,391 Overseas part of course £6,750 Part Time Students MONEY IS A HUGE CONSIDERATION AND IT’S IMPORTANT TO UNDERSTAND THE COSTS INVOLVED ITS ULTIMATELY AN INVESTMENT WHICH SHOULD BE DECIDED BY YOU SHOULDN’T BE SEEN AS A BARRIER THERE ARE DIFFERENT PACKAGES AVAILABLE TO SUPPORT YOU TUITION FEE LOAN COVERS COST OF COURSE FEES MOST IMPORTANT INFO TO REMEMBER >>IF ELIGIBLE, YOU WONT HAVE TO PAY UPFRONT FOR COURSE FEES HOW MUCH DOES IT COST? FULL TIME – UPTO £9000 P/YEAR **CLICK** PART TIME – UPTO £6750 P/YEAR **CLICK** NOT ALL COURSES COST THAT MUCH, SO DO YOUR RESEARCH RANGE OF STUDY OPTIONS INCLUDING HIGHER EDUCATION AT COLLEGES AND DISTANCE LEARNING SMALLER NUMBER OF PRIVATE UNIS – LIST ON THE INTERNET (FULL TIME> £6000 P/A) (PART TIME > £4500 P/A) ^^MIGHT NOT COVER YOUR COST FEES – DO YOUR HOMEWORK! HOW DOES IT WORK?? 1)ONCE YOU’VE DECIDED YOU WANT TO STUDY A HIGHER EDUCATION COURSE, APPLY FOR TUITION FEE LOAN >>MAKE APP THROUGH STUDENT FINANCE ENGLAND >>MONEY PAID DIRECTLY TO UNI (EASIER FOR YOU) 2)NOTHING TO STOP YOU PAYING FEES UPFRONT, SHOULD YOU WISH 3) THE REPAYMENT SYSTEM DESIGNED TO BE FAIR REPAYMENTS BASED ON WHAT YOU EARN AFTER UNI IF YOU DON’T GO ONTO EARN A HIGHER SALARY, YOU MAY NOT HAVE TO PAY OFF THE LOAN IN FULL MAINTENANCE LOAN **CLICK** RENT, BOOKS, FOOD AND SOCIALISING ARE A BIG PART OF UNI LIFE > THE MAINTENANCE LOAN IS FOR THIS MOST FULL TIME STUDENTS CAN GET THIS FROM THE GOVERNMENT PAID IN 3 INSTALLMENTS – ONE AT THE START OF EVERY TERM M.L. ARE NOT AVAILABLE TO THOSE WHO STUDY PART TIME (CAN EARN) HOW MUCH YOU CAN BORROW DEPENDS ON YOUR CIRCUMSTANCES – INC. HOUSEHOLD INCOME & WHERE YOU LIVE AND STUDY *PREVIOUSLY STUDENTS FROM LOWER INCOME FAMILIES WERE ELIGIBLE FOR MEANS TESTED GRANTS NOW THESE REPLACED BY ADDITIONAL MAINTANENCE LOANS =MORE MONEY. SO FOR STUDENTS WHO WANT TO STUDY FROM SEP 2016 **CLICK** >£6904 – LIVING AT HOME **CLICK** >£8200 – LIVING AWAY + OUTSIDE LONDON **CLICK** >£10702 - LIVING AWAY FROM HOME + INSIDE LONDON **CLICK** MAX FOR STUDENTS LIVING OVERSEAS AS PART OF THE COURSE FEES £9391 **CLICK** **CLICK** NOW, LOANS MIGHT NOT BE THE ONLY SOURCE OF MONEY AVAILABLE, BUT FIRST LET ME TELL YOU ABOUT REPAYMENT **CLICK**

From April after study – interest will vary depending on salary MORE FACTS Repayment Interest Rates £21,000 Inflation +3% (Retail Prices Index) whilst studying 9% REPAYMENT SYSTEM IS DESIGNED TO BE SIMPLE AND MANAGEABLE BOTH TUITION FEE LOAN + MAINTENANCE LOAN ARE COMBINED ONLY PAY BACK >£21000 **CLICK** MONTHLY REPAYMENT BASED ON HOW MUCH YOU ARE EARNING, NOT HOW MUCH YOU HAVE BORROWED ONLY PAY AFTER £21000 P/A **CLICK** 9% ON ANYTHING ABOVE £21000 EG.. IF SALARY IS £25000 **CLICK** , YOU PAY 9% OF £4000 **CLICK** THAT WORKS OUT AT UNDER £7 A WEEK OR **CLICK** £30 A MONTH (MOBILE PHONE CONTRACT) THIS IS NOT TO MINIMISE THE BURDEN OF PAYING BACK, BUT TO UNDERSTAND THAT ITS MANAGEABLE IF SALARY <£21,000, REPAYMENTS STOP INC. CAREER BREAKS IF NOT PAID OFF AFTER 30 YEARS, ITS CANCELLED, PROVIDING YOU HAVENT DEFAULTED ON THE PAYMENTS OR IF YOU WANT TO PAY OFF QUICKLY, YOU CAN FOR THOSE WHO DECIDE THEIR COURSE ISNT FOR THEM AND END COURSE EARLY, ONLY REPAYMENTS ON WHAT THEY’VE BORROWED NEED TO BE MADE A FEW COMMON THINGS RE: REPAYMENTS MOVE IF ABROAD OR LOOSE CONTACT WITH THE STUDENT LOANS COMPANY, YOU STILL HAVE TO PAY ITS YOU’RE RESPONSIBILITY TO MAKE ARRANGEMENTS TO CONTINUE PAYMENTS OR COULD FACE PENALTY FINE STUDENT LOAN IS SOLE REPONSIBILIT OF STUDENT – CAN’T BE PASSED ONTO PARENTS OR ANYONE ELSE STUDENT LOAN IS SOLE RESPONSIBILITY OF STUDENTS – CAN’T BE PASSED ONTO PARENTS OR ANYONE ELSE STUDENT LOAN DATA NOT SHARED WITH CREDIT REF. AGENCIES & WONT AFFECT MORTGAGE APPLICATIONS OR OTHER LOANS. THE AMOUNT LOANED DEPENDS ON THE LENDER & WILL DEPEND ON NET INCOME. IN SEP/OCT AFTER YOU’VE FINISHED COURSE, WILL RECEIVE A LETTER FROM STUDENT FINANCE ENGLAND DETAILING LOAN BALANCE. THIS WILL INC. INTEREST INTEREST RATES **CLICK** I WILL KEEP THIS AS SIMPLE AS POSSIBLE YOU HAVE TO PAY INTEREST ON THE MONEY YOU BORROW INTEREST WILL BE RATE OF INFLATION (RPI) + 3% THIS IS WHILST YOU ARE STUDYING AND UP UNTIL THE APRIL AFTER YOU HAVE LEFT FROM THE APRIL AFTER YOU HAVE LEFT YOUR COURSE, THE RATE OF INTEREST WILL VARY ACCORDING TO THE AMOUNT YOU EARN **CLICK** MAIN POINT ABOUT REPAYMENTS THEY WILL RISE + FALL WITH WHAT YOU EARN – YOU SHOULD FIND THEY WILL ALWAYS BE MANAGEABLE. EXAMPLE £25,000 9% of £4,000 = £30 Per Month From April after study – interest will vary depending on salary

MORE FACTS OTHER SUPPORT DEPENDANTS GRANT DSA BURSARIES SCHOLARSHIPS BURSARIES, SCHOLARSHIPS AND OTHER SUPPORT **CLICK** THERE IS OTHER FINANCIAL SUPPORT AVAILABLE FROM THE GOVERNMENT AND/OR THE UNIVERSITY OR COLLEGE A) EG. IF YOU HAVE A DISABILITY, YOU MAY BE ENTITLED TO DISABLED STUDENTS ALLOWANCE **CLICK** IF HAVE A CHILD OR ADULT WHO IS FINANCIALLY DEPENDANT ON YOU > DEPENDANTS GRANT **CLICK** B) MOST UNIS OFFER OWN BURSARIES AND SCHOLARSHIPS **CLICK** **CLICK** -YOU MAY QUALIFY IF YOU MEET THE CRITERIA E.G. LOW OR MIDDLE INCOME HOUSEHOLD ACHIEVEMENT IN A CERTAIN SUBJECT THEY CAN BE PAID IN REDUCED FEES, SUBSIDISED ACCOMODATION OR CASH THEY DON’T HAVE TO BE PAID BACK! DO YOUR RESEARCH! SOME ARE NOT WIDELY ADVERTISED TAKE AWAY POINT FOR TODAY – TO LOOK AT ALL THE FUNDING OPTIONS OUT THERE. THERE MAY BE MORE THAN YOU THINK **CLICK** BURSARIES SCHOLARSHIPS

BUDGETING BUDGETING **CLICK** HOW I MANAGED MY MONEY AT UNIVERSITY? ANY HELP FROM MYSELF? WHAT I DID WELL – GAP YEAR, PART TIME JOBS, CAREFUL SHOPPING WHAT I COULD HAVE DONE BETTER LOOKING FOR SCHOLARSHIPS IN ADVANCE SPENDING SO MUCH ON SOCIALISING TAKING GREATER ADVANTAGE OF STUDENT OFFERS =LEARNING CURVE – BOX TICKED REASSURANCE HOPE THEY HAVE BETTER UNDERSTANDING I HOPE YOU UNDERSTAND THAT H. EDUCATION IS POSSIBLE FOR EVERYONE AND IS AFFORDABLE DEBT IS A COMMON WORD WHICH WORRIES PEOPLE. BUT TRY TO THINK OF IT AS AN INVESTMENT AND ONE WHICH IS MANAGEABLE NOT ONE WHICH IF YOU ARE JOBLESS YOU HAVE TO PAY **CLICK**

? 0300 100 0607 www.slc.co.uk University websites FURTHER INFO DO YOUR RESEARCH! EVERY COURSE + INSTITUTION IS DIFFERENT – QUALITY OF TEACHING AND OPPORTUNITIES IT’S A BIG LIFE CHANGING DECISION. NOT JUST FOR THE NEXT 3 YEARS IF YOU WANT MORE INFO GOV UK WEBSITE SHOULD BE YOUR FIRST PORT OF CALL **CLICK** IT HAS THE KEY INFO FROM TODAY, INFO ABOUT NHS BURSARIES AND PART TIME STUDY HAS A CALCULATOR FOR INDICATING HOW MUCH MONEY YOU’RE ELIGIBLE FOR UNISTATS WEBSITE (UNISTATS.DIRECT.GOV.UK) FOR COURSES INFO ON UNI STATS SATISFACTION GRADUATE SALARIES ACCOMODATION COSTS THE STUDENT ROOM LOTS OF FINANCIAL INFO AND TIPS NATIONAL CAREERS SERVICE ONCE YOU’VE DECIDED MAKE LOAN APP ASAP AFTER DECIDING TO GO TO UNI OR COLLEGE STUDENT FINANCE ENGLAND > INFO SETUP A STUDENT FINANCE ACCOUNT SO YOU CAN COMPLETE THE APP FORM MY ADVICE - APPLY EARLY FOR FINANCE (LOAN) – YOU CAN ALWAYS CANCEL YOUR APP IF YOU DECIDE NOT TO GO CLOSING YOUR DECISION SEEK ADVICE FROM INFORMED PEOPLE AROUND YOU, INCLUDING TEACHERS AND CAREERS SERVICE VISIT AS MANY UNI OPEN DAYS AS POSSIBLE GET YOUR APP IN EARLY IF YOU WANT YOUR LOAN TO BE PAID AT THE START OF YOUR COURSE (REITERATE INVALUABLE EXPERIENCE) **CLICK** University websites www.gov.uk/unimoney www.unistats.direct.gov.uk www.studentroom.co.uk www.nationalcareersservice.direct.gov.uk

THANK YOU THANK QUESTIONNAIRES!!