1. www.le.ac.uk Student Finance Jonathan Tinnacher University of Leicester

2. Student Finance and Budgeting Financial support available for UK and eligible EU students for 2016/17 Preparing a budget and managing money

3. Financial Support - Tuition Fees Tuition fee loan Will cover the full cost of tuition (up to £9,000 per year – less for year abroad/in industry) Paid from Student Finance England directly to the university Nothing to be paid up front

4. Financial Support - Living costs Maintenance loan Means-tested based on household income Paid by Student Finance England to the student Larger loans for studying in London Smaller loans for living at home whilst studying

5. Financial Support - Living costs London Live away from home & study in London Up to £10,702 £ Elsewhere Live away from home & study outside London Up to £8,200 £ Parental Home Live at home while they study Up to £6,904 £

6. Financial Support - Living costs Household IncomeMaintenance Loan £25,000 & under£8,200 £30,000£7,612 £35,000£7,023 £40,000£6,434 £45,000£5,845 £50,000£5,256 £55,000£4,667 £60,000£4,078 £62,178 & over£3,821

7. Loan Repayments No repayments until you are earning above £21,000 Repayment = 9% of income above £21,000 All outstanding repayments written off after 30 years Complex variable rate of interest

8. Financial Support - University Bursaries & Scholarships Money for eligible students direct from universities Non-repayable Individual schemes for each university Critical for students to research this

9. Financial Support – University of Leicester Chancellor’s Scholarship –£1,000 cash-card (accommodation, sport, catering, books etc.) –AAB at A-level or equivalent (not Medicine) University of Leicester Scholarship –£1,000 cash for each year of study –Family income below £25K

10. What does it mean for you? First time receiving a sizeable income Being responsible for your own money Moving away from home and learning about life’s hidden costs (rent, food, bills, insurance…) Learning to budget

11. What does it mean for your son/daughter? First time receiving a sizeable income Being responsible for their own money Moving away from home and learning about life’s hidden costs (rent, food, bills, insurance…) Learning to budget

12. Possible budget Typical living costs for a single studentAnnualWeekly Rent (including bills)£4,000-5,000£100-125 Food£1,400£35 Toiletries£400£10 Telephone£200£5 Books and stationary£600£15 Clothes£800£20 Social£1,600£40 Total estimated living costs£9,000-10,000£225-250

13. Supplementing your income Part-time job Full-time job during the summer Parents/family/savings Bank account - overdraft Credit card?

14. Summary No up-front fees Living cost loans means tested on family income Loan repayments are affordable Budgeting - start to plan now for independence

15. Further information:

16. Any questions?