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Lancaster University Year Abroad 2013/2014 Student Funding Service Colleges and Student Life Student Based Services Diane ShipperdLaura DaviesStudent Funding.

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Presentation on theme: "Lancaster University Year Abroad 2013/2014 Student Funding Service Colleges and Student Life Student Based Services Diane ShipperdLaura DaviesStudent Funding."— Presentation transcript:

1 Lancaster University Year Abroad 2013/2014 Student Funding Service Colleges and Student Life Student Based Services Diane ShipperdLaura DaviesStudent Funding Adviser

2 Applying for Student Finance Funding Support - Loans and Grants Tuition Fees Lancaster University Awards Discretionary Funding (ALF) General advice/Budgeting

3 Application deadlines:  Student Finance England – 28 th June 2013  Student Finance Wales – 31 st May 2013  Student Finance N.Ireland – 14 th June 2013 Applications made after the deadlines dates may result in your funding being delayed Log into Student Finance Online https://www.gov.uk/browse/education/student-finance Applying for Student Finance

4 Choose to be income assessed or non- income assessed Tick the box where you will be spending most of year, for example – Abroad Tick the box if you are an ERASMUS student Add placement name if known Paid or unpaid?

5 Student Registry will inform Student Finance of your earlier start date First instalment is generally paid in early August Don’t forget to re-apply for the 2013/2014 academic year whilst you are abroad (you should do this online from February 2014)

6 Non-Erasmus Students Reduced Overseas rate of Non-Income Assessed Maintenance Loan only - £2780 No Maintenance Grant entitlement Income assessed this year and received a Lancaster Bursary? – complete all sections of PR1 FUNDING SUPPORT (Paid or Unpaid Employment placement)

7 Erasmus Students Entitled to full government income assessed support May receive a small Erasmus non- repayable grant. Additional money to be treated as an “extra” for emergencies FUNDING SUPPORT (Study/Employment placement)

8 Maintenance Loan Maintenance Grant and Loan Max amount of main maintenance loan will be reduced by £0.50 for every £1 of maintenance grant received Household income above £50,778 – contribution of £1 for each additional £5 of household income until 72% of full maintenance loan remains (£60,000) Max amount of main maintenance loan will be reduced by £0.50 for every £1 of maintenance grant received Household income above £50,778 – contribution of £1 for each additional £5 of household income until 72% of full maintenance loan remains (£60,000) FUNDING SUPPORT (Study/Employment placement - Erasmus) Main Rate (100%) Non-Income Assessed (72%) Income Assessed (28%) £5,895£4,244£1,651 IncomeGrantLoan £25,000£3,080£4,355 £30,000£2,050£4,870 £34,264£1,170£5,310 £40,000£780£5,505 £45,000£439£5,675 £50,706£50£5,870 £50,778£0£5,895

9 Usually, no need to re-apply for funding Automatically assessed and sent a Notification of Entitlement letter at end February Check details are correct - Log into Student Finance Online https://www.gov.uk/browse/education/student-finance Make any amendments if necessary Non-income assessed this year?

10 Income assessed and non-repayable Up to 3 return flights Necessary daily travel costs Mandatory medical tests (where condition of entry) Medical insurance Disregard of £303 (you pay first £303 of expenses) All are subject to being “reasonable” You must supply receipts and details of travel Reimbursements paid into your bank account Travel Grant

11 UK/EU Students Study Placement (non Erasmus) £1,725 Study Placement (Erasmus) £0 Employment Placement (full year) (non Erasmus) £750 Employment Placement (full year) (Erasmus) £0 Islands students – rates TBC in Spring 2013 TUITION FEES

12 Overseas Students Study Placement (Band 1) £6,320 Study Placement (Band 2) £7,340 Study Placement (Band 3) £7,925 Employment Placement (Band 1) TBC Employment Placement (Band 2) TBC Employment Placement (Band 3) TBC TUITION FEES

13 LU Awards – assessed and awarded automatically, no need to apply LU Bursary - £500, £1,000, £1,005 or £1,315 – based on household income and year of entry Consent to share LU Scholarship – based on A-level entry or equivalent and continued academic progress (2011 cohort receive Scholarship in first year only) LANCASTER UNIVERSITY AWARDS

14 Access to Learning Fund You must have taken out full loan entitlement Your income will be means tested (not your parents) Funding Notification Letter, Rent Contract and 3 months bank statements Form available at:- Additional Discretionary University Funds

15 Things to consider: Larger loan, but it has to last longer. Does your host institution have an obligatory meal plan? Do you have to pay in advance? Do you have to pay for obligatory health insurance through your host institution? Does your host institution allow payment of rent by instalments? Do you have to pay a deposit? Keep all your detailed receipts to give to: SFE/SFW/SFNI/SAAS. Re-imbursement of costs will not be made without receipts. General Advice/Budgeting

16 Insurance/Medical Matters  make sure it covers all your needs  SFE/SFW/SFNI/SAAS will usually cover 40% of standard premium  arrange vaccinations in good time  have a dental check up before you go  have your eyes tested before you go  if you wear contact lenses see if supplies can be posted out to you by the optician or family  take any doctor or optician prescriptions with you in case of emergencies  if you are on long term medication see if you are allowed to take enough supplies to last the year, or perhaps family could post them to you  Check to see if you have to take out an obligatory health insurance plan with your host institution

17 Money see if your bank charges for using ATM machines abroad, most do if your bank does charge for ATM use, try to take cash out just once a week (also helps with budgeting!) keep an eye on the exchange rate consider on-line banking to enable you to keep track of your spending Make sure you have told your bank you are going abroad You may find living costs are cheaper in the country you are studying in so your money may go further Check moneysaving expert

18 Rates of Exchange (as at ) Argentina1 GBP = 7.80 Argentinian pesos (ARS) Australia1 GBP = 1.51 Australian dollars (AUD) Canada 1 GBP = 1.56 Canadian dollars (CAD) Europe1 GBP = 1.15 European Euros (EUR) Hong Kong1 GBP = Hong Kong dollars (HKD) Mexico1 GBP = Mexican peso (MXD) New Zealand1 GBP = 1.85 New Zealand dollars (NZD) Singapore1 GBP = 1.94 Singapore dollars (SDG) USA 1 GBP = 1.57 US dollars (USD) Ref:

19 USEFUL WEBSITES Student Finance England Student Finance Northern Ireland Student Finance Wales Student Awards Agency for Scotland

20 Currency converter LU - tuition fees Budgets LU – Access to Learning Fund LU – Bursaries and Scholarships awards LU – funding database LU Student Based Services Finance General LU information for outgoing students Erasmus Grant abroad/outgoing/erasmus-outgoing/http://www.lancs.ac.uk/study/international-students/study- abroad/outgoing/erasmus-outgoing/

21 Information, Advice and Guidance Website:www.lancs.ac.uk/sbs/fundingwww.lancs.ac.uk/sbs/funding Helpline:01524 (5)94848 Student Funding Service


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