A GUIDE TO STUDENT FINANCENAME , Outreach Officer

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

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

What do I have to pay for? Living Costs

Everything Else!

The average cost of student living is £7,000

This needs to cover food, accommodation, social life, transport

The government provide Maintenance loans and grants

Universities provide Scholarships and Bursaries

What help is available? Tuition Fee Loan All UK students can borrow up to £9,000 per year Paid directly from the student loans company to the

University Apply online before starting the University Repayments are deferred until after graduation

What help is available?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 the household

income Paid directly from the Student Loan Company to the student’s

bank account in three instalments Apply online before starting University Payments deferred until after graduation

What help is available?Maintenance Grants Available to students with a household income of under £42,620 Up to £3,387 available, paid directly to the student Actual amount is means tested and on a sliding scale dependant

upon the household income Does not need to be repaid If you get the maintenance grant, the maintenance loan will be

reduced Apply online before starting University

What help is available? Household income Maintenance Grant Maintenance Loan Total 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 £5,341

£50,000 £0 £4,836 £4,836

£60,000 £0 £3,826 £3,826

Over £62,132 £0 £3,610 £3,610

+++Scholarships

bursaries employment

family savings

What help is available?www.gov.uk/student-finance-calculator

What help is available?Other Sources of Funding Childcare Grant

- can cover up to 85% of childcare costs

Parents’ Learning Allowance

- can be up to £ 1,508

Adult Dependants Grant

- can be up to £ 2,642

Child Tax credits or Working Tax Credits

Disabled students’ allowance

See www.gov.uk for more information

What help is available?NHS Courses

You may be eligible for an NHS bursary if you study: Medicine, Dentistry, Nursing, Midwifery, Dietetics, Occupational Therapy, Optometry, Physiotherapy, Prosthetics, Orthotics, Radiography or Speech and Language Therapy

Tuition fees paid by the NHS in many cases

Bursaries of around £4,000 per year available for living costs. Some of the usual funding streams also available through Student Finance England

See nhsbsa.nhs.uk/student for more information

What help is available?Universities also give out Scholarships and Bursaries to help with living costs and tuition fees.

These are usually given to:

Scholarships and Bursaries

Students from low income families

High academic achievers

Students with special circumstances

Do your research when applying at www.thescholarshiphub.org.uk

How to Apply How to Apply?

Applications handled by Student Finance England

Apply for tuition fee loan, maintenance loan and maintenance grant in the same application

Apply online in the Spring during year 13 at www.gov.uk/studentfinance

Complete with details of first choice course and university – ‘best case scenario’

NHS courses – will receive details from universities after receiving offers

Apply for scholarships and bursaries directly to universities

Repayment After graduation, tuition fee loan and maintenance loan are treated as one

loan Repayments start in the April after graduation and only then if the graduate

earns 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

Repayment Salary Amount from which 9% is

calculatedAnnual student loan

repaymentMonthly student loan

repayment

£20,000 £0 £0 £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

Repayment FAQ’s Answered If the graduate’s salary drops below £21,000 at any point, repayments

automatically stop Student loans will be written off after 30 years Student loans do not appear on credit files Interest is charged on the loans at rates of RPI plus up to 3% (dependent on

earnings) No penalty for making early repayments

Budgeting and Tips Extra Sources of Income Part-time job at university Full-time job during the holidays Internships/placements Year out – paid work placements Bank of mum and dad??

Budgeting and TipsTop ten money saving tips

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?

Budgeting and TipsTop ten money saving tips

Use your Student Card!

Budgeting and Tips Useful Websites 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

?Any Questions