1. University Choices Student Finance

2. University choices You should be in the process of receiving offer from universities you have applied to A few of you will have had replies from all of your universities Most of you will still be waiting You will eventually have to make a firm choice and an insurance choice (if you wish)

3. University choices When you have received decisions from all your universities, Track will alert you and give you a deadline date for making your firm and insurance choices. http://www.ucas.com/how-it-all- works/undergraduate/tracking-your- application/replying-your-offers

4. University choices Visit universities Firm choice is a firm commitment Little point in having an insurance choice higher than your firm choice Monitor Track Follow the instructions See me, Michelle or Rebecca for advice

5. University Finance Tuition Fees Loans Grants Repayment of loans Additional finance including Student Bursaries, Fee Discounts, Scholarships and Hardship Funds

6. What support can students get?

7. University Finance ExpenseHow much Help available When paid back Tuition feesUp to £9000 Tuition Fee Loan for full amount. Available to all students At end of course when earning over £21,000

8. University Finance ExpenseHow much Help available When paid back Living costsEstimated £8000 per year Student Maintenance Loan Grants Bursaries Repayable from end of course when earning over £21,000 Grants and bursaries do not have to be paid back

9. University Finance Student Maintenance Loans Maximum (amount depends on family income and grant) Minimum (Family Income over £62132) Living away from home Up to £5740£3610 Living at homeUp to £4565£2871 Living in LondonUp to £8009£5038

10. University Finance Student Maintenance Grants You may be eligible for a maintenance grant from the government which does not have to be paid back. The grant is means- tested, which means that the amount you receive depends on family household income

11. University Finance Student Maintenance Grants The maximum grant for 2015 – 2016 is £3387 Annual Household Income Grant Amount £25,000 or less£3387 Between £25,001 and £42,620 £3387 to £50

12. University Finance But you must note: The amount of maintenance loan available is reduced by £0.50 for every £1 of maintenance grant to which students are entitled

13. University Finance Here is an example: Your family household income is £25,000 You are entitled to the full maintenance grant of £3387 You will also receive the maintenance loan of £5740 less £1694 (£3387/2) = £4046 So your total maintenance entitlement will be £7433

14. University Finance Getting complicated? Go to https://www.gov.uk/student-finance-calculator for a very useful student calculator which allows you to put in financial circumstances and then tells you how much you are entitled to

15. Household Income Maintenance Grant Paid in three instalments – one at the start of each term Maintenance Loan Paid in three instalments – one at the start of each term Total for living costs Max Tuition Fee Loan Note: not all courses will cost £9,000 Max amount borrowed Excluding interest University or college Scholarship, Bursary, Fee Waiver etc. £25,000 & under£3,387£4,047£7,434£9,000£13,047 Ask university or college £30,000£2,441£4,520£6,961£9,000£13,520 £35,000£1,494£4,993£6,487£9,000£13,993 £40,000£547£5,467£6,014£9,000£14,467 £42,620£50£5,715£5,765£9,000£14,715 £42,875£0£5,740 £9,000£14,740 £50,000£0£4,998 £9,000£13,998 £62,143 & over£0£3,731 £9,000£12,731

16. What about repayment? Loans are eligible for repayment the April after students graduate Repayments are collected by HMRC Students don’t start repaying anything until they earn over £21,000 pa gross They repay 9% of what they earn above £21,000

17. University Finance SalaryMonthly repayment Yearly repayment £21,000£0 £24,000£22£264 £27,000£45£540 £30,000£67£804

18. University Finance – Loan Interest Rates of interest Interest on your loan will be applied at the rate of inflation plus three per cent while you are studying and up until the April after you leave university or college From the April after you leave your course, interest will be applied at: – the rate of inflation if you are earning below £21,000 – the rate of inflation and up to + three per cent on a gradual scale if you earn between £21,000 and £41,000 – the rate of inflation + three per cent if you earn over £41,000

19. Additional University Finance Additional finance may be available to you but this will depend on the individual universities 1.Student Bursaries 2.Fee Discounts 3.Scholarship 4.Hardship Funds Also there is extra funding for: medical students social work students teacher training students students in special circumstances eg if you have children, are disabled, have a specific learning need

20. University Finance Bursaries and Scholarships don’t have to be repaid. Availability can be based on a range of factors – household income your A level grades the subjects you studied where you live achievement at university Depends on individual university

22. Hardship Funds Very important for students who get into financial difficulties at university Almost all universities have them in some form

23. University Finance www.gov.uk/studentfinance is where you apply for student finance and has all the government information on student finance http://www.ncl.ac.uk/media/sites/centralsite/underg raduate/documents/GSF%202014- 15%20Entry%20(web).pdf is a useful guide to student finance produced by Newcastle University