1. A Guide to Student Finance

2. A Guide to Student Finance What do I have to pay for? What help is available How to apply How to repay Budgeting and tips

3. Costs and benefits of Higher Education What is HE? Benefits of HE Costs of HE The right decision for you Further info & advice Why go to university?  Independence  Meet new people  Experience a different part of the country (or world!)  Personal interest in a subject  Gain a qualification  Career progression and earning potential  Develop transferable skills

4. What do I have to pay for? Tuition Fees Living Costs The amount you pay to study at your chosen university Everything Else! Accommodation, Food, Social life, Course materials, travel A Guide to Student Finance Living Costs

5. What do I have to pay for? Tuition Fees Living Costs A Guide to Student Finance Living Costs  Universities charge up to £9000 per year  No upfront payment required  Finance available for all UK students  Government provide Tuition Fee Loan The amount you pay to study at your chosen university

6. What do I have to pay for? Living Costs A Guide to Student Finance Living Costs  Average cost of student living £7000 per year  Includes accommodation, food, social life, course materials etc.  Government provides a Maintenance Loans and Maintenance Grants  Universities provide Scholarships and Bursaries Everything Else! accommodation, food, social life, course materials, travel

7. What help is available? Living Costs A Guide to Student Finance Living Costs Tuition Fee Loan  All UK students eligible to borrow up to £9000 per year of study  Paid directly from the Student Loans Company to the university  Apply online before starting university  Repayments deferred until after graduation Everything Else! Accommodation, Food, Social life, Course materials, travel

8. What help is available? Living Costs A Guide to Student Finance Living Costs Maintenance Loan  All UK students can borrow up to £5,555 per year (slightly more if living in London, slightly less if living with parents)  Actual amount is means tested – dependent on household income  Paid directly from Student Loans Company to the student  Apply online before starting university  Repayments deferred until after graduation

9. What help is available? Living Costs A Guide to Student Finance Living Costs Maintenance Grant  Available to students with household income under £42,620  Up to £3,387 available, paid directly to the student  Actual amount is means tested/on a sliding scale dependant on household income  Does not need to be repaid  Apply online before starting University  If you get the maintenance grant, the maintenance loan will be reduced…

10. What help is available? Living Costs A Guide to Student Finance Living Costs Household incomeMaintenance GrantMaintenance LoanTotal from SFE £25,000 or less£3,387£3,862£7,249 £30,000£2,441£4,335£6,776 £35,000£1,494£4,808£6,302 £40,000£547£5,282£5,829 £42,620£50£5,530£5,580 £45,000£0£5,341 £50,000£0£4,836 £60,000£0£3,826 Over £62,132£0£3,610 +++ Scholarships bursaries employment family savings

11. What help is available? Living Costs A Guide to Student Finance Living Costs www.gov.uk/student-finance-calculator

12. What help is available? Living Costs A Guide to Student Finance Living Costs Other sources of funding  Childcare Grant – can cover up to 85% of childcare costs  Parents’ Learning Allowance – help for course costs for students with children  Adult Dependents Grant – support for those who are carers  Child Tax Credits/Working Tax Credits  Disabled Students Allowance (DSA) See www.gov.uk for more informationwww.gov.uk

13. What help is available? Living Costs A Guide to Student Finance Living Costs NHS Courses  You may be eligible for an NHS bursary if you study: Medicine (from year 5), Dentistry (from year 5), Nursing, Midwifery, Dietetics, Occupational Therapy, Optometry, Physiotherapy, Prosthetics, Orthotics, Radiography, Operating Department Practitioner or Speech and Language Therapy  Tuition fees paid by the NHS in many cases  Bursaries and grants of around £5,000 per year available for living costs. Some of the usual funding streams also available through Student Finance England (partial maintenance loan)  See nhsbsa.nhs.uk/student for more information

14. What help is available? Living Costs A Guide to Student Finance Living Costs Scholarships and Bursaries  Universities offer scholarships and bursaries to help with both living costs and tuition fees  Usually given to:  Do your research when applying: www.thescholarshiphub.org.uk High academic achievers Students from low income families

15. How to apply Living Costs A Guide to Student Finance Living Costs  Apply in the Spring before you start university (use best case scenario)  Applications handled by Student Finance England  All done online – www.gov.uk/studentfinancewww.gov.uk/studentfinance  Apply for tuition fee loan, maintenance loan and maintenance grant in same application  Apply for scholarships and bursaries directly to universities  NHS courses – will receive details once holding offers  Top Tip – agree to share information with other institutions

16. How to apply Living Costs A Guide to Student Finance Living Costs What you need to complete the application:  Passport (having a valid passport number speeds up the process but isn’t essential)  University and course details  Bank account details  National insurance number  Sponsors’ contact details (usually parents/carers) – names and e-mails  About 30 minutes!

17. Repayment Living Costs A Guide to Student Finance  After graduation, tuition fee loan and maintenance loan are treated as one loan  Repayments start in the April after graduation once the graduate is earning over £21,000  Repayments are calculated according to the graduate’s earnings at a rate of 9% of the amount which is earned above the £21k threshold (income contingent)  Repayments are calculated by HMRC and the employer and deducted at source from the graduate’s wages

18. Repayment Living Costs A Guide to Student Finance SalaryAmount from which 9% is calculated Annual student loan repayment Monthly student loan repayment £20,000£0 £22,000£1,000£90£7.50 £24,000£3,000£270£22.50 £27,000£6,000£540£45.00 £30,000£9,000£810£67.50 £36,000£15,000£1,350£112.50

19. Repayment Living Costs A Guide to Student Finance FAQs – answered!  If the graduate’s salary drops below £21k at any point, repayment stops automatically  Student loans will be written off after 30 years  Student loans do not appear on credit files  Interest is charged on the loan at a rate of RPI plus up to 3% (dependent on earnings)  No penalty for making early repayments

20. Budgeting and Tips Living Costs A Guide to Student Finance Extra sources of income  Part-time job at university  Full-time job during the holidays  Internships and placements  Savings  Bank of mum and dad??

21. Top 10 money saving tips Living Costs A Guide to Student Finance Avoid Credit Cards Choose bank account wisely Bargain hunt Own Brands Best! Avoid Convenience stores Socialise during the week Pre-book trains and get a railcard! Don’t buy all of your books Do you need your car?

22. Top 10 money saving tips Living Costs A Guide to Student Finance Avoid Credit Cards Avoid Convenience stores Do you need your car? Use your Student Card!

23. Useful websites Living Costs A Guide to Student Finance Avoid Credit Cards Avoid Convenience stores Do you need your car? Martin Lewis’ Money Saving Expert www.moneysavingexpert.com/students Student Finance England www.studentfinanceengland.co.uk Official Student Finance Information www.gov.uk/browse/education www.gov.uk/student-finance-calculator

24. What is the personal statement? What to include Structure Examples and tips Further help and advice ? Any questions