1. Student Fees and Financial Support

2. Student Fees & Financial Support
Student fees and financial support can be broken down into three main areas:
Tuition fees
Living Cost Loans
Living Cost Grants

3. Tuition Fees
Nobody has to pay fees ‘up front’- fees are paid by a tuition loan
Universities will be able to charge a maximum of £9,000 a year – Huddersfield will charge £8,250 in 2014
Graduates begin loan repayments once earning over £21,000 (rising with inflation)
Interest on loans is charged at inflation plus 3% whilst studying. After graduation and once earning, rate of interest will be dependent upon earnings i.e. lower earners pay less interest.
There may be different fees for different courses, so check what the fee is for your specific course at your chosen institutions
Private providers are able to charge whatever fees they wish, but government support for tuition fee loans for students at private providers is given at a maximum of £6,000 per year.
Part-time students receive support to a maximum of £6,750 at a public university, or £4,500 at a private one.

4. Living Cost Loans Living away from home: maximum of £5,5055
Living at parental home: maximum of £4,418
It will be paid back after graduation, once you are earning over £21,000, rising with inflation (along with your tuition fee loan)
The amount you are entitled to is dependent on household income and how much non-repayable grant you are entitled to
London – maximum of £7,675
Abroad – maximum of £6,535

5. Repayment
You will repay once you have graduated and are earning £21,000 or over, starting in the April after graduation
Repayment levels rise with your earnings – you pay back 9% of anything you earn over £21,000
Deducted automatically from your salary through the tax system
If your income falls below £21,000, repayments will be suspended
As an example, if you earn £25,000, you will repay your loan at the rate of just £1 per day
You repay based on what you can afford, not on the total amount borrowed
All outstanding repayments will be written off after 30 years

6. Repayment Salary Amount of salary from which 9% will be deducted
Monthly repayment
£25,000
£4,000
£30
£30,000
£9,000
£67
£35,000
£14,000
£105
£40,000
£19,000
£142
£45,000
£24,000
£180
£50,000
£29,000
£217
£55,000
£34,000
£255
£60,000
£39,000
£292
Repayments are deducted from gross income.

7. Graduate on £25k

8. Living Cost Grants Non repayable Dependent on household income
Full grant is £3,387 for family incomes under £25,000
Family incomes up to £42,611 receive proportion of grant
Remember that the amount of grant you receive will affect the amount of living cost loan you are entitled to

9. NHS related degree courses
NHS courses are funded differently – you will not be required to pay tuition fees
There are grants and bursaries available some of which are means- tested.
Finance for grants and bursaries is applied for directly through the NHS. They will write to you once you have been offered a place.
Finance for the non means-tested loan is applied for through the Student Loans Company
See for detailed information

10. How does it all happen?
You can apply from February 2013 through the Student Finance England website at
You apply for second and third year support after Christmas in your first and second year
If you are having a gap year, you should apply for your course at the same time as your peers, for finance, apply 12 months later

12. Budgeting
It is likely that there will be a gap between the money you will receive in loans and grants and the money you need to live as a student
It is very important to work out a budget before you start university
Make sure you know how much money you have coming in, and how much you expect to have going out
Identify where the extra money might come from if there is a gap - before you get into any financial difficulties

13. Additional support: part-time work
Many students have a part-time job whilst they are at university
Most universities encourage part time work, often having ‘Jobshops’ located on campus advertising part-time student work
Part time work provides students with valuable experience as well as extra money (an average of £85 per 13 hour week*)
It is important not to let your part time job interfere with your studies – working no more than 15 hours a week is recommended
University of Huddersfield Careers Service
*From The Complete University Guide 2011

14. Additional support: banks
Interest free overdrafts
Credit cards
Look carefully at incentives offered
For independent advice and guidance on student bank accounts and budgeting look at

15. Sources of student finance
Loans, grants
Sponsorship
Scholarships
Gap year or part time work
Disabled Student
Allowance
Parents/
Carers

16. Tips for students Don’t blow all your cash at the beginning of term
Work out income and outgoings
Shop based on need, not impulse
Don’t blow all your cash at the beginning of term
Set up two bank accounts
If sharing a house, decide who is paying for basics

17. Tips for Parents Discuss budgeting before they start University
Cooking advice
Look into adding their contents insurance to your policy
Consider helping with their mobile phone
Vouchers from loyalty points/supermarket cards
Consider helping with books or food shopping
Discuss what you are/are not willing to help out with

18. Further information Careers adviser/tutor at school/college
Careers library
University of choice/local university
(lots of information about everything)

19. Final points to remember
Students or parents do not pay tuition fees up front
Keep to deadlines for application!
Loans are not negatively credit scored
If in doubt, ask!

20. Open Days Tuesday 24 June Wednesday 25 June Saturday 20 September Wednesday 29 October Thursday 30 October Friday 5 December 9.30am – 3.30pm