Student Finance Amy Staniforth Higher Education Adviser University of East Anglia

Introduction  Costs involved with Higher Education  Support/help available  Budgeting tips

Tuition Fees  Tuition fees – up to £9,000 per year  No upfront cost  Teaching grants – cut by 80%  Universities charging £7,500 upwards to sustain income  Surplus money  Reinvested into student experience  Recruit expert staff  Provide world class facilities

Tuition Fee Loan  Available to all new undergraduate students – NHS EXCEPTIONS  Loan amount covers the full amount of the fees  Administered by Student Finance England online  Paid directly from the government to university  Can borrow all or part of fees if desired  Pay back after graduating – depending on earnings

Living Cost Loans  Also known as ‘maintenance loans’ or ‘student loans’  Paid in 3 installments direct to student from government  65% loan for everyone (35% is means tested) Maximum annual loan amount Minimum annual loan amount Living away from home, studying in London £7,675£4, Living away from home, studying outside London £5,500£3,575 Living at parent’s home£4,375£2,843.75

 You have to pay your loan back!  Repayments begin in April following graduation  Must be earning over £21,000 per year  One monthly repayment – deducted at source  Repayments are linked to what you earn not what you owe  Pay back 9% of anything earned in excess of £21,000  e.g. salary - £25,000 payback 9% of £4,000 monthly repayment of £30 per month Repaying  Repayments are linked to what you earn not what you owe  If you stop earning, you stop paying

 Interest rate  Whilst studying – RPI + 3%  After graduating earning below £21,000 – RPI  After graduating earning £21,000 - £41,000 – RPI + 1% to 3%  After graduating earning £41,000 or more – RPI + 3% Interest Rates

Student Finance Facts  Loan written off if not paid back 30 years after April after graduating  Administered by Student Finance England – online  Help available on the website   Dedicated team of Student Finance Advisers in call centre

Non-repayable support (money that’s yours to keep... forever!)

Living Cost Grants  Non -repayable  Means tested – depending on household income* *Household income = gross TAXABLE earnings within the students residential household (excluding siblings earnings) Household IncomeLiving Cost GrantLiving Cost LoanTotal £25,000 or less£3,250£3,875£7,125 £30,000£2,341£4,330£6,671 £35,000£1,432£4,784£6,216 £40,000£523£5,239£5,762 £45,000£0£5,288 £50,000£0£4,788 £55,000£0£4,288 £60,000£0£3,788

Provision for NHS courses NHS courses for up to 30 weeks Non means- tested Grant Means-tested Bursary Non means- tested Loan London£1,000£3,128£3,263 Not London£1,000£2,591£2,324 With Parents£1,000£2,163£1,744 NHS courses for up to 45 weeks or more Non means- tested Grant Means-tested Bursary Non means- tested Loan London£1,000£5,460£3,263 Not London£1,000£4,395£2,324 With Parents£1,000£3,351£1,744

Bursaries  Non – repayable!  Amount and eligibility varies between institutions  Fee waivers, lump sums, cash awards  UEA – gives student 4 options of how to take the bursary CriteriaSupportDuration Household income < £16,000£3,000Per annum up to 4 years of undergraduate study Household income £16,001 - £20,000 £2,000Per annum up to 4 years of undergraduate study Household income £20,001 - £30,000 £1,000Per annum up to 4 years of undergraduate study Science foundation year, household income < £42,600 £4,500Foundation Year only Care leaver£3,000Per annum up to 4 years of undergraduate study

Scholarships  Focus on academic merit  Eligibility and amounts vary between institutions  Automatically assessed  Subject scholarships  UEA: ScholarshipCriteriaValue Excellence ScholarshipAAA at A level (or equivalent)£1,500 fee waiver – one off payment Excellence AwardExcellent academic achievement during undergraduate study. Based on end of year results £1,000 one off payment

Other Help  Disabled students allowance (DSA)  Hardship Funds  Access to Learning fund

How to apply  Apply online –  Apply from January onwards  Only need passport number  Customer helpline Open Mon-Fri: 8am – 8pm Sat/Sun: 9am – 5:30pm

Hints and Tips  Registrations stage – link to UCAS  Sponsors (parents) can input details at same time  ‘Consent to share’ – 2 nominees per student  If no bank details / term time address – can add later  APPLY AS EARLY AS POSSIBLE…

Facts  Tuition fees do not have to be paid up front to the university  There will be no penalty for paying off your student loan early  The Council for Mortage Lenders has said: ‘ A student loan is very unlikely to impact materially on an individuals ability to get a mortgage but the amount of mortgage available may depend on net income’.  Repayments under the new system will be lower per year

Good News!  Employers want graduates with ‘transferable skills’.  Average graduate starting salary is £25,000 (AGR 2010)  By 2012 – 50% jobs will need a degree  Over 75% of these vacancies open to any discipline  On average over a lifetime a graduate earns £120,000 more than a non graduate UEA – Graduation

Part-time jobs  Part time work – over 40% have term time jobs  Holiday work – 90% of students work in holidays  University job shops / careers centre  Work related to course/career UEA – Students Union

Student Bank Accounts  All the main high street banks offer student accounts  Find out which banks have a branch on campus  Most offer interest-free overdrafts that increase year on year  Freebies and Rail cards – useful  Student advisers – make use of them

Budgeting Tips  Work out a weekly budget before you go  Don’t spend loan straight away  Make use of NUS discounts  Make use of free university resources i.e. internet in library  Don’t automatically buy all books on reading list  Food shop with friends

Any questions ? Voted top English university Best accommodation and Student Union (Whatuni.com Student Choice Awards 2009) World top 150, European top 100, UK top 20 (Guardian League Table) Open Days 2012: Saturday 23 rd June 2012 Saturday 7 th July 2012