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Www.le.ac.uk Student Finance 2012 Onwards Louise Carr School and College Services University of Leicester.

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Presentation on theme: "Www.le.ac.uk Student Finance 2012 Onwards Louise Carr School and College Services University of Leicester."— Presentation transcript:

1 Student Finance 2012 Onwards Louise Carr School and College Services University of Leicester

2 Student Finance How it works & what you can get Case studies Budgeting and money management

3 Funding Student Finance Tuition Fee Loan Maintenance Grant Maintenance Loan Additional Support University of Leicester Scholarships

4 How to apply Apply through Student Finance England online Means testing based on previous tax year (i.e. April April 2012) Can apply for Current Income Assessment if income changes (more than 15%) Link to UCAS application

5 Tuition Fees Will vary according to institution up to £9,000 per year Student Finance will provide full Tuition Fee Loans for eligible students Fees go directly to the university Students/parents do not pay fees – Graduates do

6 Tuition Fees at Leicester The standard tuition fee for all undergraduate courses at Leicester is £9,000 per year Foundation year - £6,000 Erasmus year - £1,250 Other year abroad - £1,000 Year in industry - £1,000 M Level degree final year - £7,000

7 Maintenance Support Maintenance loan and grant Paid by Student Finance England to the student Means-tested based on household income Influenced by where the student studies –London –Staying at home –Elsewhere

8 Maintenance Loans/Grants Household Income GrantLoanTOTAL £25,000 or less£3,250£3,875£7,125 £30,000£2,341£4,330£6,671 £35,000£1,432£4,784£6,216 £40,000£523£5,239£5,762 £45,000£0£5,288 £50,000£0£4,788 £55,000£0£4,288 £60,000£0£3,788 Over £62,500£0£3,575

9 Additional support Disabled Students Allowances –Additional grant Help for students with children –Childcare grant –Parents Learning Allowance Adult Dependants Grant Access to Learning Fund –Financial hardship

10 Recap on funding Student Finance Tuition Fee Loan Maintenance Grant Maintenance Loan Additional Support University of Leicester Scholarships

11 Scholarships at Leicester Chancellors Scholarship –£2,000 annual fee waiver –AAA at A-level (or equivalent) Departmental Scholarship –£1,250 annual fee waiver –Varying academic criteria

12 Scholarships at Leicester – cont. Leicester National Scholarship Programme –£2,000 annual fee waiver –£1,000 annual cash award Students who have academic ability and whose household income falls below £25,000 are eligible to apply Latest scholarship information:

13 Loan Repayments Eligible to start repaying the April after graduation No repayments until you are earning above £21,000 Repayment = 9% of income above £21,000 Any outstanding repayments will be written off after 30 years

14 Loan Repayments - Examples There will be no penalty fees for early repayment SalaryAmount above £21,000Monthly repayment £21,000£0 £22,000£1,000£7.50 £25,000£4,000£30.00 £30,000£9,000£67.50 £40,000£19,000£142.50

15

16 Case Study A: Anjali, Leicester Household income £25,000, away from home Tuition Fee Loan = £9,000 Maintenance Loan = £3,875 Maintenance Grant = £3,250 £182 per week for 39 weeks Earning £24,000 = repayments of £22.50 per month / £5.63 per week

17 Case Study B: Mark, Leicester Household income £62,500, away from home Tuition Fee Loan = £9,000 Maintenance Loan = £3,575 Maintenance Grant = £0 £91 per week for 39 weeks Earning £19,695* = repayments of £0 per month / £0 per week * Average Graduate wage (1st year after uni) – prospects.ac.uk

18 Impact on Families - Bank of Mum & Dad Structure of maintenance loans and grants places an expectation on wealthier families to contribute more towards living costs Parents/carers dont need to bankroll 3 years of full living expenses even if they can afford to! Parents/carers should feel comfortable for students to take out the loans and to encourage financial responsibility

19 Impact on Families - Paying up Front? Over 3-4 years of study, this could amount to a lump sum up to £36,000 Could this be invested in something else? Speak to financial advisers

20 Budgeting VariableFixed RENT/bills Academic Transport Food SOCIAL Clothing Toiletries Stuff

21 Budgeting

22 Will students have enough money? Part time job Full time job during the summer Parents/family/savings Student bank account Credit card?

23 Useful Websites University of Leicester funding & welfare pages: –www.le.ac.uk/fees NHS Bursaries: Student Finance England: Uni Aid (budgeting): Uni profiles + cost of living info: Martin Lewis: tuition-fees-changes tuition-fees-changes Careers advice and statistics:

24 Any questions?


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