UCAS: NEXT STEPS

UCAS: Next Steps & Student Finance UCAS PROCESS Post-application outcomes:  Unconditional offer  Conditional offer  No offers

UCAS: Next Steps & Student Finance UNCONDITIONAL OFFER Need to sign-in to UCAS and reply to offers

UCAS: Next Steps & Student Finance CONDITIONAL OFFER Need to sign-in to UCAS and reply to offers May accept 1 firm and 1 insurance space After exam results  Results sufficient:  Place confirmed: Applicant accepted  Opportunity to use ADJUSTMENT if you did better then your firm offer  Results insufficient:  EXTRA or CLEARING

UCAS: Next Steps & Student Finance NO OFFERS Opportunity to use UCAS EXTRA  Can apply again making 1 more choice  Can use extra as many times as needed until clearing starts (bear in mind it will take up to 21 days each time) Opportunity to use UCAS CLEARING  16 August after results – COME IN EARLY ON RESULTS DAY  For those who applied late or did not secure the grades necessary to get into their original choices

STUDENT FINANCE KEY FACTS

UCAS: Next Steps & Student Finance NO CASH IS REQUIRED UPFRONT Student Finance (England) will pay fees to universities on your behalf Student Loans Company will pay you money to cover living costs -These loans are received in 3 instalments -Most universities will take payment of accommodation and other key fees in 3 chunks

UCAS: Next Steps & Student Finance REPAY ONCE FINISHED AND EARNING ENOUGH Only repay on salary over £21,000 If you never earn above this you will never pay anything

UCAS: Next Steps & Student Finance LOANS Tuition Fee Loans -Available to all. Paid direct to university Maintenance Loans -Cover cost of living -3 instalments direct to bank account -Amount depends on whether you live at home or not -Max loan: £4,375 (living with parents), £5,500 (away from home), £7675 (London) -65% guaranteed. 35% parental income assessed

UCAS: Next Steps & Student Finance GRANTS If your household income is LESS than £42,600 You can get a non-repayable grant as well

UCAS: Next Steps & Student Finance EXAMPLE: LIVING AWAY FROM HOME Household Income Non-repayable grant Maintenance Loan TOTAL < £25,001£3,250£3,875£7,125 < £30,001£2,341£4,330£6,671 < £35,001£1,432£4,784£6,216 < £40,001£523£5,239£5,762 < £45,001£0£5,288 < £50,001£0£4,788 < £55,001£0£4,288 < £60,001£0£3,788 > £62,500£0£3,575

UCAS: Next Steps & Student Finance UNIVERSITY SUPPORT Universities pay Bursaries and Fee Waivers for students where tuition fees are greater than £6,000. These are linked to INCOME except for SCHOLARSHIPS which while similar to a bursary depend on academic ability. Bursary -Immediate money Fee Waiver -Reduces your overall debt Generally Bursary is the better option

UCAS: Next Steps & Student Finance PAY UPFRONT You are entitled to pay upfront if you want/can: -£9000 per year = £27,000 for a 3 year course Pros: -No debt and repayments Cons: - You might not have to repay so much depending on the salary you earn after graduation

UCAS: Next Steps & Student Finance EXTRA HELP IF… -You care for adults or children -Disabled students’ allowance (can include mental health) -Leaving care -Please see Mr Wheatley if you think any of these may apply – application and assessment can take time

REPAYMENT: KEY FACTS

UCAS: Next Steps & Student Finance YOU REPAY 9% OF WHATEVER YOU EARN OVER £21,000 SO IF YOU EARN £22,000 EACH YEAR YOU WILL REPAY 9% of £1,000 = £90 (£7.50 a month) IF YOU ARE AN EMPLOYEE THIS IS DEDUCTED AUTOMATICALLY FROM YOUR SALARY

UCAS: Next Steps & Student Finance EARN UNDER £21,000 AND YOU NEVER REPAY AFTER 30 YEARS ANY REMAINING AMOUNT IS WRITTEN OFF

UCAS: Next Steps & Student Finance INTEREST Interest is charged on your loan -While you earn under £21,000 this interest equals the inflation rate (i.e. your loan is no more expensive in real terms) -Over £21,000 you start to pay up to 3% more than inflation rate

UCAS: Next Steps & Student Finance SO WHAT DOES IT MEAN FOR ME: You will repay £540 a year LESS than current graduates For most there is NO DIFFERENCE between fees of £6,000 and £9,000 as you would not repay £6,000 in full in 30 years let alone the £9,000

UCAS: Next Steps & Student Finance EARNINGS CURRENT ANNUAL REPAYMENT CURRENT MONTHLY PAYMENT NEW ANNUAL REPAYMENT NEW MONTHLY REPAYMENT £15, £16,000£975p-- £21,000£540£45-- £22,000£630£52.50£90£7.50 £30,000£1,350£112.50£810£67.50 £40,000£2,250£187.50£1,710£ £50,000£3,150£262.50£2,610£217.50

UCAS: Next Steps & Student Finance IT ALSO MEANS You will owe money for longer and under certain circumstances pay more Eg. Total borrowing of £14,500 (£9000 fees and £5,500 loan): Starting salaryAmount repaidAll paid off in 30 years? £10,000-No £20,000£7,000No £30,000£43,000No £40,000£77,000No £50,000£68,000Yes - 21 years

UCAS: Next Steps & Student Finance APPLY NOW…. BECAUSE -All Uni details are pulled through automatically in the summer once you have accepted – 1 less thing to worry about -Student Finance get busy later in the year and can’t always process applications in time for you to get the money at the start of term -APPLY TODAY! -31 MAY DEADLINE TO GUARANTEE FUNDS FOR SEPTEMBER

UCAS: Next Steps & Student Finance