Higher Education - Finance Chris Oakley, Connexions Bucks

Higher Education - Finance How much is it going to cost? What financial support is available? What do I have to repay? How do I apply?

Studying Overseas No Loans if study full degree overseas Many UK degrees offer Time Abroad for work or study Erasmus student-programmes.htmhttp:// student-programmes.htm Studying Abroad Study in USA -

Tuition Fees & Loans From September 2012 universities and other institutions providing higher education will be charging up to £9,000 a year for their courses Tuition fees do not have to be paid ‘up front’ at the start of the course The Tuition Fee Loan is paid directly to your university or college by Student Loan company

All eligible students can apply for this Depending on household income you could also get Max Loan Living in parent’s home £2,843£1,532£4,375 Study outside of London & not living with parents £3,575£1,925£5,500 Studying in London and not living with parents £4,988£2,687£7,675 Living and studying abroad for at least one academic term £4,247£2,288£6,535 Maintenance Loans

Living Costs – Maintenance Loan Helps with living costs e.g. food, accommodation, books and travel The amount you can borrow depends on where you live and study and your household income Paid in 3 instalments during the academic year Use Student Finance Calculator on

Maintenance Grant If household income is less than: £25,000 = £3,354 £30,000 = £2,416 £35,000 = £1,478 £40,000 = £540 £42,611 = £50 Over £42,611 = no grant If you get a Maintenance Grant your Maintenance loan will be reduced

Additional Support – Bursaries & Scholarships You may be able to get a bursary, scholarship or award directly from your university. The National Scholarship Programme helps students with a family income of £25,000 Could be related to your academic studies Could be related to an interest e.g. sport ot music Commercial organisations

Other Sources of Finance NHS Bursaries for courses for a range of Health Care Professions such as Speech & Language Therapy, Physiotherapy, Nursing & Midwifery See NHS Bursaries on Social Work Bursaries – for fees and maintenance Disabled Student Allowance

Repayments Tuition LoanYes Maintenance LoanYes Maintenance GrantNo BursariesNo ScholarshipsNo

Repayments If income falls below £21,000 your repayments stop e.g. career break or period of unemployment You repay 9% of your income in excess of £21,000 Repayments are dependent on income, not how much you have borrowed Any outstanding balance is written off after 30 years

Income each year before tax Monthly salary before tax Approximate monthly repayment Up to £21,000Below £1,750£0 £24,000£2,000£23.00 £27,000£2,250£45.00 £30,000£2,500£67.00 £33,000£2,750£90.00 £36,000£3,000£ £40,000£3,333£ Repayments

What interest will I pay on the loan? While you are studying = Retail Price Index (RPI) plus 3% If you finish your course before April 2016 = RPI plus 3% until the April after you leave your course and then RPI From April 2016 – Interest is based on income £21,000 or less = RPI £21,000 to £41,000 = RPI plus up to 3%, depending on income £41,001 and over = RPI plus 3%

How do I Apply? Apply on-line at Link on UCAS Apply early – you don’t need a confirmed offer It will take 6-8 weeks to process your application Apply before end of May of year you are starting to guarantee money in place for start of term Applications can be managed on-line

Further Help/Information Student Finance England Helpline Student is responsible for loan and will have to give permission for parents/carers to discuss details Need to re-apply each year Any change in family circumstances inform Student Finance England straight away