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Student Finance York St John University | www.yorksj.ac.uk.

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Presentation on theme: "Student Finance York St John University | www.yorksj.ac.uk."— Presentation transcript:

1 Student Finance York St John University |

2 You do not pay tuition fees up front You need to be earning at least £21,000 a year before you start paying back Repayments are from as little as £4.00 a month Graduate employment rates remain high (90% within six months of graduation) York St John University | Key Facts

3 Fees – Amount charged to study on the course. Generally apply to all undergraduate degrees with some exceptions for health courses. Paid per year of study Loans – Taken out to cover tuition fees and living costs. Need to be paid back gradually once earning a certain amount Grants – Money from the government which doesn’t have to be paid back. Amount received generally dependent upon income Living costs – Food, accommodation, bills, course costs etc. Interest – The fee charged to you for the use of borrowed money York St John University | Key words

4 Annual Tuition Fees for £6,000 - £9,000 York St John University tuition fees are £8,500 Accommodation - approx.. £3,500-£6,000 Pay termly, in advance, by cheque or direct debit Living Expenses - approx. £4,000 (but varies!) Food, books, course costs, clothes, laundry, entertainment, travel home York St John University | How much will it cost?

5 Tuition Fees Do not have to pay up front or whilst studying Tuition Fee Loan available from the Student Loans Company Loan also available for eligible part-time, first-degree students who complete minimum of 25% of full time course load p/a Some exemptions to fees– NHS courses e.g. Physiotherapy and Occupational Therapy York St John University | Financial help is available

6 York St John University | Financial help available from York St John Fee Waivers and Scholarships In 2012/13 YSJ will offer three different types of fee waivers to students who meet the required criterion. Residual annual family incomeFee Waiver per annum for 2012/2013 onwards Below £10,000£2,000 £10,000 - £19,999£1,250 £20,000 - £30,000£750 There will be an unlimited number of the first fee waiver to all students whose residual family income falls within the thresholds below.

7 York St John University | Financial help available from York St John There will be a second fee waiver of £3,000 for one year only offered via the National Scholarship Programme (NSP), this will be available to 96 students, English Domicile only, whose income falls below £25,000 along with a second criteria. The final fee waiver of £2,000 for one year only, income less than £10,000, will be offered to 25 students who a meet a list of specified criteria. As always we will also have a significant number of scholarships in form of a non-repayable award through our SPARK fund. The eligibility criteria and application procedures for all the scholarships will be published the York St John website at as full information becomes available.www.yorksj.ac.uk/finance2012

8 Living Cost Loan Available for all eligible full-time students Not available for part-time students All students are eligible for 65% of the loan, further 35% is means-tested on residual household income What is residual income? This is effectively the household income BEFORE tax and AFTER any pension contributions or allowances for dependant children. In 2012/13 the maximum annual loan available if you live with your parents will be £4,375, if you live away from home £5,500 (£7,675 in London). York St John University | Financial help is available

9 Living Cost Grant for full-time students : The amount of the grant is dependant on household income This help does not have to be repaid Up to £3,250 towards living costs Partial grant if family income is up to £42,000 York St John University | Financial help is available

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11 Tuition Fees for NHS Courses Students on NHS funded courses do not pay tuition fees. The NHS meet the full cost of tuition fees. Living Costs An income-assessed NHS bursary (extra weeks if eligible ) A non-income assessed £1,000 grant Reduced rate of student loan from Student Finance England (also non income-assessed). Additional allowances for eligible students (depending on your circumstances, income-assessed) York St John University | NHS Funding & Support On-line calculator-www.nhsbsa.nhs.ukwww.nhsbsa.nhs.uk

12 Extra help if you're leaving local authority care One-off bursary of £2,000 from your local authority /DG_181382)www.direct.gov.uk/en/YoungPeople/Housing Care Leaver and Foyer Allowance Available to students who have been in care or a Foyer Foundation for at least 3 months within 3 previous years before study. The awards will be granted on an individual basis and will be awarded at £1000. York St John University | Care leavers

13 Repayment starts once you leave university and are earning over £21,000 per annum Repayments are 9% of income above £21,000 Written off after 30 years York St John University | Repayment of loans

14 Unpaid balance written off after 30 years York St John University |

15 York St John University | Interest While at university if taking out Maintenance / Tuition Fee Loan (interest starts accruing as soon as loans are taken out) Retail Price Index + 3% Once in repayment system: not working or earning below £21,000 Retail Price Index Once in repayment system: earning £21,000 - £41,000 Retail Price Index + up to 3% (sliding scale) Once in repayment system: earning more than £41,000 Retail Price Index + 3%

16 York St John University | Budgeting

17 Will be your biggest spend Be realistic Do you NEED an en-suite Think before you buy non-essentials to fill your room! What is included? TV licence? Sharing your flat / sharing the cost Visit the accommodation Check contracts from private landlords York St John University | Accommodation

18 Where you live Essentials TV Licence Insurance Basic plates/pans/cutlery Cleaning products What you don’t need Plants Fancy stuff York St John University | Other spend

19 Open a student bank account What freebies do you get? Check for charges Overdraft o Amount the bank will let you spend without incurring a penalty over and above what you have in your account. May be £500- £2000 per year Interest o If you spend more money than is in your account you’ll be charged interest by the bank for going overdrawn Only buy with cash Store Cards/Credit Cards – NO o Keep away if possible o Check the interest rate o Keep up with repayments York St John University | Your money

20 Returned library books on time Be careful of what you print Bought second hand books or shared o Amazon marketplace, Oxfam Buy a bike – cars are bad for your pocket and the environment Equipment costs /extra course costs York St John University | University

21 Limit nights out - alternate with a night in Be creative – host x-factor nights, Karaoke to save money Watch out for discounts o NUS Card o Promotions Fresher's Fair Societies and Clubs cost money Buy your fancy dress now York St John University | Students Union

22 What if it doesn’t add up? Spend time making a budget planner – be realistic Part-time jobs o transfer employment o jobs at the university Work and save now Speak up! York St John University | Top Tips

23 Contacts Student Funding Advice Team /6939 Useful websites York St John University |

24 Graduation…in the stunning York Minster Any Questions?


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