Student Finance Dr Morag McIvor, School and College Services, University of Leicester

Student Finance Tuition fees Maintenance loans & grants Making your money stretch… Why go to University?

The Price is Right! Self-catered en-suite accommodation (39 weeks) 3kg of Fusilli pasta Tuition Fees at the University of Leicester (per year) Maximum Maintenance Grant (per year) Burger and Chips at the Students’ Union Early Bird tickets to the Summer Ball Chancellors’ Scholarship (per year) A loaf of bread and pint of milk £ £6, £2.87 £9, £3, £4.95 £24.00 £1, £1.84 £4.95£1,000.00£2.87£ £6, £3,387.00£9,000.00£24.00£1.84

Tuition Fees Universities can charge up to £9,000 per year for tuition fees Government will provide full Tuition Fee Loans for eligible students Students/parents do not pay fees – Graduates do

Maintenance Loans/Grants Student Finance England provide financial support for students towards cost of living Maintenance Loan – to be paid back Maintenance Grant – FREE Loan and grant are linked, and calculated via means testing Also depend upon where you live and study

Maintenance Loans/Grants Household Income GrantLoanTOTAL £25,000 or less£3,387£4,047£7,434 £30,000£2,441£4,520£6,961 £35,000£1,494£4,993£6,487 £40,000£547£5,467£6,014 £42,620£50£5,715£5,765 £45,000£0£5,519 £50,000£0£4,998 £55,000£0£4,476 £60,000£0£3,955 Over £62,141£0£3,731

Maintenance Loans/Grants Living Arrangement Total Support (min – max) Living at home£2,967 - £6,259 Away from home, outside London£3,731 - £7,434 Away from home, in London£5,702 - £9,703

Loan Repayments No repayments until you are earning above £21,000 Repayment = 9% of income above £21,000 All outstanding repayments will be written off after 30 years Not a commercial loan, no impact on credit rating

Loan Repayments - Examples No penalty on early repayment SalaryAmount above £21,000Monthly repayment £21,000£0 £22,000£1,000£7.50 £25,000£4,000£30.00 £30,000£9,000£67.50 £40,000£19,000£142.50

Loan Interest Rate whilst studying = RPI + 3% Graduate Earnings (per annum)Rate of Interest Below £21,000RPI Between £21,000 - approx £41,000Between RPI and RPI + 3% Above £41,000RPI + 3%

Additional support Disabled Students’ Allowances –Additional grant Help for students with children –Childcare grant –Parents’ Learning Allowance Adult Dependants’ Grant Access to Learning Fund –Genuine financial hardship

How to apply Apply through Student Finance England online Means testing based on previous tax year (i.e. April 2013 – April 2014) Can apply for “Current Income Assessment” if income changes (more than 15%) Link to UCAS application Deadline – End of May

University funding Student Finance Tuition Fee Loan Maintenance Grant Maintenance Loan Additional Support Universities Bursaries and Scholarships

Bursaries & Scholarships Money given to you by universities Non repayable – FREE!! Universities are changing their offers of bursaries and scholarships as fees change –Do your research; speak to the university –Different bursaries and scholarships from each university

Scholarships at Leicester Chancellor’s Scholarship –£1,000 annual fee waiver –Academic scholarship –AAB at A-level (or equivalent) –Automatically awarded

Scholarships at Leicester – cont. University of Leicester Scholarship –£1,000 annual cash award –For students whose household income is below £25,000 –Once you have chosen Leicester, information about how to apply will be sent to you Latest scholarship information:

Weird and wonderful grants… Vegetarian Charity Grant: Maximum Award: £500 The Vegetarian Charity will provide a one-off award of up to £500 for a student in financial need, as long as they promise not to eat any meat. As part of the grant application, the Trustees will "look to see a clear commitment by applicants to a vegetarian or vegan diet". Leverhulme Trust Undergraduate Bursary: Maximum Award: £9,000 The Leverhulme Trade Charities Trust offers bursaries of up to £3,000 a year to UK students who are the son, daughter, spouse, widow or widower of a grocer – or indeed a chemist or travelling salesman – and are in need of financial support. Desmond Tutu Scholarship: Maximum Award: £24,000 Number Available: 5 The Desmond Tutu Scholarship offers up to £8,000 per year for students in financial need who are committed to helping the developing world. Applicants must submit a statement showing their proven dedication and "a strong desire to develop skills that, on graduation, they can apply in practical ways to build better futures for disadvantaged peoples around the world".

Will I have enough money…? Part-time job Full time job during the summer Parents/family/savings Student bank account Credit card?

Tips from our students Make a rough estimate on your weekly spend –Stick to it! Don’t make too many sporadic purchases –If you don’t need it, don’t buy it! Make your own lunches Cheaper brands are your friend!

Budgeting VariableFixed RENT/bills Academic Transport Food SOCIAL Clothing Toiletries Stuff

Graduate Earnings Graduates earn on average £12,000 more per year than non-graduates* Average starting graduate salary £21,702** Graduates likely to earn 43% more over their lifetime than non-graduates with A-Levels or equivalents * Office for National Statistics ** Complete University Guide

Graduate Labour Market – HESCU findings More than a quarter of jobs are only available to graduates Of the 2009 graduates only 8.9% were unemployed after 6 months, and 3.4% after 3.5 years. HECSU – Higher Education Careers Service Unit

In Summary: Tuition fee loan – graduates pay, not students or parents Grants, loans and additional support are available to help with living costs Apply early Getting a degree is definitely worth it!

Thank you for listening Any questions?