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Student Finance 2012. Contents Finance overview Mechanics of the form Tuition fees 2012 Living cost grant Tuition fee loan Maintenance loan Repayments.

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Presentation on theme: "Student Finance 2012. Contents Finance overview Mechanics of the form Tuition fees 2012 Living cost grant Tuition fee loan Maintenance loan Repayments."— Presentation transcript:

1 Student Finance 2012

2 Contents Finance overview Mechanics of the form Tuition fees 2012 Living cost grant Tuition fee loan Maintenance loan Repayments Scholarships and bursaries Cost and budgeting Supplementary income Useful contacts

3 Finance overview Tuition FeesLiving Costs Living cost grant (free) Tuition fee loan (repaid) Maintenance loan (repaid) Bursary from university (free) Scholarship from university (free) Supplementary income

4 Mechanics of the form All financial support initially applied for online Students will need to visit the Student Finance England website and register their details to begin an application The application form will be live in the Spring term You will need to provide either your passport number (which is input into your form) or an original copy of your birth certificate Any further forms that you may require will be sent to you after you have submitted your initial application, in many cases this will be the only form that you need to complete

5 Tuition fees Between £6,000 and £9,000 per academic year You can study now, pay later Fees will vary between course and universities Fees paid either by: - Living cost grant along with - Tuition fee loan or - Private Finance or - Combination of the above

6 Tuition fee loan Available to all applicants Non-means tested £6,000 to £9,000 available per year - linked to course costs Paid direct to the university Repaid by student after graduation + Great for cash flow and takes pressure off parents - Is “borrowed” money so does need to be paid back

7 Living cost Grant Maximum Grant of £3,250 per academic year Non-repayable! Means-tested - <£25,000 = Full Grant - £25,000 – £42,600 = Variable Grant Paid in 3 instalments direct to the student Can spend on living costs/tuition fees + Great support to students from lower incomes -Household income may mean you don’t qualify

8 The Maintenance Loan: the facts To cover living and study costs 72% non means-tested 28% means-tested; What you get depends on: - Household Income - Where you live and study - The year of course you’re on - Step parents’ income Paid in 3 instalments direct to student

9 The Maintenance Loan 2012 (for living costs) Maximum Entitlement Minimum Entitlement Living away from home in London £7,675£4,855 Elsewhere£5,550£3,470 Living at home£4,375£2,685

10 Repayments Starts in April after graduating Loan repayments linked to your salary: <£21,000 – no payments £25,000 = £30.00 per month £30,000 = £67.50 per month £40,000 = £ per month Interest is initially linked to RPI + 3% Repayments remain fixed regardless of total amount borrowed

11 Bursaries A bursary is a non-repayable money that you qualify for Qualification criteria and amounts differ from university to university, but are often based on the amount of living cost grant received, your household income or your home postcode Information about individual university's criteria and awards can be found on their website and in their prospectus Money can be spent on living costs/ tuition fees

12 Scholarships A scholarship is non-repayable money that is awarded for achievement (usually academic) Qualification criteria and amounts will differ from university to university but can often be based on UCAS points, grades achieved or a specific skill, for example a musical or sporting achievement Information about an individual university’s criteria and awards can be found on their website and in their prospectus Money can be spent on living costs/ tuition fees

13 Example of funding Bursaries -£1,000 for all students with a household income of £25,000 or less Scholarships -Academic scholarship of £1,000 for all students achieving 340 UCAS points Some universities will award bursaries and scholarships for every year of a student’s study with them Some universities will allow a student to qualify for multiple bursaries and scholarships

14 Costs and Budgeting Weekly Costs Rent£57 Electricity/ Gas£10 Water Rates£2 Insurance£4 Food & Toiletries£30 Books & Stationery£5 Travel£11 Laundry£4 TV Licence£2 TOTAL= £125

15 Additional costs Weekly Costs House phone/ Broadband£3 Mobile phone£7 Clothes£11 Socialising£30+ TOTAL OUTGOINGS = £171

16 Supplementary income Part-time job Work during holidays Work placements (a chance to save) Banks – overdrafts NHS bursaries Parents

17 Useful contacts Direct.gov.uk/studentfinance am – 8.00pm Monday to Friday 9.00am – 5.30pm Saturday and Sunday unimoney.direct.gov.uk Studentbeans.com nus.org.uk Uni4me.com

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