1. Aims of workshop 1.Deliver key finance/funding messages to young people 2.Consider the wider issues around student funding and budgeting 3.Understand some of the terminology 4.Consider the “What if scenarios” 5.Identify the help available so you can provide good IAG (Information, advice and guidance)

2. Finish Start Can you afford to go to University? Grants Government Scholarships/bursaries Disabled student allowances Student parents Loans TFL – Non means tested ML – Means tested Additional support Student Funding offices Access to learning fund Emergency loans Senior Tutors

3. Finish Start Can you afford not to think about going University? Opportunities Earnings Enrichment

4. Government Loans Tuition Fee Loan (TFL) Pay for tuition fees for 1 st Degree Non means-tested Paid direct to institution Apply each year Repayable – £21k pa Maintenance Loan (ML) Pay for associated living & learning costs (rent, food, bills, books, materials etc) 65% non-means tested 35% means tested household income Repayable - £21k pa Non-means tested – An award made without looking at household income Means-tested – An award made following assessment of household income Household income – The taxable income of the household in the 2013/14 tax year is used to determine how much financial support a student can receive. The figure is based on the financial information provided by a student’s sponsor (parent, husband, wife or civil partner).

5. Government Grants Maintenance Grant (MG) Help with living & learning costs 100% means-tested on household income Payable if household income is below £42,620 Maximum available £3,387 Non-repayable

6. Living cost support from government (Not London and not home) 2015/16 Income Maintenance Grant (MG) Maintenance Loan (ML) MG + ML £25,000 and below£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 £42,875£0£5,740 £45,000£0£5,519 £50,000£0£4,998 £55,000£0£4,476 £60,000£0£3,955 £62,143 and above£0£3,731

7. Other Support Special Support Grant (SSG) Means tested Replaces the Maintenance Grant for certain students who, as full-time students can claim income-related benefits. Disabled Students’ Allowance (DSAs) Non-means tested Available to students who have extra costs because of a disability, long-term health condition or specific learning difficult. Childcare Grant (CCG) Means tested Available for full-time students who have dependent children under 15 (under 17 if the child has special educational needs) in registered or approved childcare. Parents’ Learning Allowance (PLA) Means tested Available to help with course related costs if a student has dependent children. Adult Dependant’s Grant (ADG) Means tested Available to help students who have an adult who depends on them financially. Income related benefits – Income Support, income based Job Seekers Allowance, Income related Employment and Support Allowance, Housing Benefit, Council Tax Benefit, Pension Credit, Universal Credit

8. How do repayments work? In April after you have completed or left your studies When your are earning over £21,000 a year, £1,750 a month or £403 a week Loan balances are added together and repaid through your salary (Gross) Repay 9% of your income over the threshold You can make payments to your loan at any time If your income drops below the threshold your repayments stop After 30 years, your loan will be written off, regardless of how much you have repaid.

9. Will I be charged interest? Income under £21,000 RPI only Income between £21,000 and £41,000 RPI + Up to 3% Income above £41,000 RPI + 3% Interest accrues as soon as the instalments are paid Whilst you are studying the interest rate will be Retail Prices Index (RPI) +3%. This is currently 6.3%.

10. Example repayment figures Head Teacher£100,000£592.50 per month Deputy Head£57,500£273.75 per month Assistant Head£42,800£163.50 per month Faculty Head/Curriculum Lead £34,500£101.25 per month Qualified Teacher£25,000£30.00 per month Newly Qualified Teacher£21,800£6.00 per month Unqualified Teacher£18,000Nil

11. Applying for student finance Online application form You don’t need to have confirmed your place Applications open in New Year Apply online www.gov.uk/studentfinance

12. The Process Evidence of your identity (passport, birth or adoption certificate) Financial evidence of household income from prior tax year ending April 2013 (parent/carers NI numbers) Automatic ‘opt in’ to share information (helps with scholarship/bursary provision) Sign the declaration form and send back to the SLC Update your choice once confirmed if necessary Institution confirms your attendance at enrolment You will receive your maintenance loan and or grant to your bank account in 3 termly instalments.

13. What if? Our family income changes (loss of job, retirement, redundancy) I withdraw from university I want to have time out I want transfer university/course I’m a care leaver and have no-where to stay during vacation Inform Student Finance England of a Change of Circumstances (CoC) redundancy, withdrawal, suspend, repeat, change course – mid-year

14. Where to go for help Student Funding Office for additional funding – Access to Learning Fund (ALF) Fund of last resort – Emergency Loans (pay-back, no interest) Students Union – independent advice on student related issues (some offer debt advice) Student Support Services – Counselling – Study support – Senior Tutors (Some have access to small funds) Citizens Advice Bureau – independent advice – Debt advice

15. Living and learning on a budget

16. Living cost support from government (Not London and not home) 2015/16 IncomeGrantLoan Grant & loan Weekly (39 weeks) £25,000 and below£3,387£4,047£7,434£190 £30,000£2,441£4,520£6,961£178 £35,000£1,494£4,993£6,487£166 £40,000£547£5,467£6,014£154 £42,620£50£5,715£5,765£148 £42,875£0£5,740 £147 £45,000£0£5,519 £141 £50,000£0£4,998 £128 £55,000£0£4,476 £114 £60,000£0£3,955 £101 £62,143 and above£0£3,731 £95

17. Living costs Campus rent: £81-£160 a week Off campus rent: £80-£120 a week (but may not include bills) Food: £40-£50 a week Clothes: £10-£15 a week Laundry: £5 a week Books £15-£20 a week Leisure/ Sport /Entertainment: – £20-£25 a week Other: £5 a week

18. Course costs Placement transport costs Accommodation deposits Material costs - lab coats Field trip costs Professional fees Printing, binding, photocopying Exams – if repeating

20. Finish Start Money pressures in an academic year. Consider the impact of budgeting with only 3 pay days per year. Term 2 Term 1 Term 3

21. Living Costs Depend on lifestyle choices £176 to £280 a week for 39 week academic year (£6.5k to £10.5k)

22. Budget Planner Living cost loan Grant/bursary Parent/carers Part-time work = Income = Budget

23. Needs Wants

24. What would you do with an inheritance of £1000 pounds?

25. My money personality

26. BRANDED OWN BRAND Can you guess the price difference in the two baskets?