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Where Next?

Preparing for Higher Education

Parents Information Evening

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Thinkfutures.net

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Big Decisions

Many people spend more time planning their

holidays than planning their future.....but our

students will spend more of their awake

hours in work for the next 40 years at least

So our students will need to use all the tools

at their disposal to help them make their big

decisions

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Planning the Journey:

Why and How Much?

Why go to

university?

How much will it

cost?

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Why should your child go to university

Education enhances life chances

Qualifications lead to better and

more opportunities:BA Hons, BSc Hons, BA, BSc,HND, DipHE, Foundation Degree

Between 2-5 years

Vocational & Academic Courses

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Graduates....

Lower unemployment rates (less than 50%than that of non graduates)

A wider choice of role in their chosen career

More opportunities for work experience Gain independence, life and social skills

Broadened horizons

Enjoy university experience Greater support networks, professionally,

socially and academically

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Graduates....

The Graduate Premium An average of 12,000 salary per year

more than non graduates

Over a life time an average of 500,000

more salary than non graduates

Women graduates earn avg 52% more

over their working life

Men graduates earn 30% more

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BUT

Success is NOT guaranteed

Not all students complete the course

Getting a good university place is very

competitive

Graduates do not always get graduate jobs

Higher education incurs costs Forgoes earnings for a minimum of 2 years

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But

Success is NOT guaranteed

1 in 14 undergraduates quit after less than 12

months

1 in 10 fail to complete the course

Getting a good university place is very

competitive

Graduates do not always get graduate jobs

Forgoes earnings for a minimum of 2 years

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The Average Costs of Going to

University: 22,000pa

TUITION

Course Fees 9000

Equipment & Books 1000

Total 10000

MAINTENANCE

Rent 5000

Food 2000

Travel 1500

Leisure 1500

Personal Expenses 2000

Total 12000

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How can we afford it?

BORROWINGSTUDENT LOAN COMPANY Tuition Fees

Maintenance Loans

BORROWINGCOMMERCIAL LENDERS Overdrafts Short Term Loans

FREE MONEY

Grants Bursaries

Scholarships

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Student Loans

http://www.bournemouth.ac.uk/futurestuden

ts/microsites/facts_about_fees/index.html

http://www.bournemouth.ac.uk/futurestudents/microsites/facts_about_fees/index.htmlhttp://www.bournemouth.ac.uk/futurestudents/microsites/facts_about_fees/index.htmlhttp://www.bournemouth.ac.uk/futurestudents/microsites/facts_about_fees/index.htmlhttp://www.bournemouth.ac.uk/futurestudents/microsites/facts_about_fees/index.html

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Student Loans

Currently 85% of students take out a loan

The debt belongs to the student

Tuition Fees Course costs payable directly to the university by

the Student Loans Company

Living Costs

Paid into the students bank account at the start of

each term

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Student Loans

Tuition Fee Loan Maximum of 9000 per

year

Maintenance Loan Maximum 5555 if live away from

home outside London

Maximum 7751 if live away from

home in London Maximum 4418 if you live at home

while studying

Accrue interest at 3% + rate of inflation (6.3% for 2013/14)

Repayable on graduation, once earning 21000 a year or more

Repayments are 9% of any income over 21000, so at 25000

36 repayment per month

After 30 years any outstanding amount is written off

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On line Resources

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Grants

Non Repayable

Maximum 3387

Directly linked to household income If less than 25000full grant

If more than 42620nothing

Paid into student bank account at the start ofeach term

Annual application

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On line Resources

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Bursaries & Scholarships

Financial support from universities and otherorganisations to selected students

Need basedless well off families

Merit basedmeet specified criteria Career specificfor different courses

Cash payments for living costs/ equipment

Varying amounts 200- 5000

Non Repayable

Annual application

MUCH UNCLAIMED

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How to find it:

The Scholarship Grid

Lists of scholarships byuniversity/ course

300m in bursaries

allocated toundergraduates eachyear from universities toincrease access

Local benefactors: Mirfield philanthropists

Small Family Trusts

Big corporations

Armed Forces

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Not a financial adviser

Do the research

Complete all the application administrationbefore the deadlines

If you are going to need to borrowborrowfrom the Student Loan Company

Apply for all the available bursaries/

scholarships If you are going to repay early, pay off

everything else first

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Help and Support

Sixth Form Team

Form Tutors

Learning Mentors Careers Advice & Guidance Officer

ThinkFutures.net