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University Finance Student Finance. True/False: Tuition Fees are the same for all universities in the UK Everyone is entitled to a student grant The money.

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Presentation on theme: "University Finance Student Finance. True/False: Tuition Fees are the same for all universities in the UK Everyone is entitled to a student grant The money."— Presentation transcript:

1 University Finance Student Finance

2 True/False: Tuition Fees are the same for all universities in the UK Everyone is entitled to a student grant The money for student loans comes from the Government Students have to pay back 9% of their income once they have graduated to pay of their tuition fee loan You pay back student loans for a period of 30 years Universities give help and support to students with lower household incomes Student Finance

3 The Costs of Higher Education Tuition Fees Tuition fees are the amount universities or colleges will charge you each year to study. They vary depending on where you study and what you study. If you’re a full-time student studying on your first higher education course, you can get a government loan for your tuition fees. This loan is not means tested and does not depend on household income. Tuition fee loans are paid back when you are earning over £21,000 a year. Student Finance

4 Tuition Fees Tuition fees are the amount that universities or colleges charge you each year to study. From September 2012, UK universities have been able to charge up to £9,000 per year. Example Costs Leeds Metropolitan University: £8,750 University of Leeds: £9,000 University of Huddersfield: £ 7,950 Student Finance

5 The Costs of Higher Education Living Costs Living costs cover things like accommodation, food and travel costs. This will vary depending on where you study. If you’re studying full-time, loans, grants and scholarships are available to help you with your living costs. What you’ll receive will depend on your personal circumstances. Student Finance

6 Living Cost Loan (also known as Maintenance Loan) The maximum living cost loan for new students starting university in September 2013 is: £5,555 if you live away from home and study at a university or college outside London £4,418 if you live at home Living Cost Grant (also known as Maintenance Grant) If your household income is less than £42,600, you may be entitled to a non-repayable living cost grant: a full Maintenance Grant of £3,387 if your household income is £25,000 or under a partial Maintenance Grant if your household income is between £25,000 and £42,600 Student Finance

7 Budget Planner Exercise

8 Choosing the Right Course Key Facts: Most English students studying won’t have to pay up front for tuition Students who start their courses after 1 Sept 2012 can apply for a Tuition Fee Loan of up to £9,000 Full time students can also get a Maintenance Loan to help with living costs from the government Tuition Fee Loans and Maintenance Loans are rolled into one for repayment purposes. You only pay back your loan once you’ve left university and are earning over £21,000 Student Finance

9 Choosing the Right Course Your monthly repayment will be based on how much you earn, not how much you borrowed. You will repay 9p for every pound you earn over the £21,000 threshold If your salary is £25,000 a year, you repay 9% of £4,000, which works out at £30 a month Government grants, which you don’t have to pay back, are also available to help with living costs, though these depend on our household income Student Finance

10 Choosing the Right Course You don’t have to repay your tuition fee loan and your living cost loan until you are earning over £21,000* a year. You repay your loans at a rate of 9% of your income over £21,000. So if your salary is £25,000 a year, you pay nine per cent Student Finance Repaying your Student Loan Annual EarningsAnnual Repayment Monthly equivalent Weekly equivalent £21,000£0 £22,000£90£7.50£1.73 £25,000£360£30£6.92 £30,000£810£67.50£15.58 £35,000£1,260£105£24.23 £40,000£1,710£142.5£32.88

11 Choosing a University (or college) It’s not all bad news….. Higher tuition fees do not mean higher monthly payments All graduates will pay back less per month under the new system than the old system Any outstanding balance after 30 years is written off Many graduates will pay back less overall under the new system than under the old system Student Finance

12 Additional Financial Support: Task Many universities and colleges offer financial support to their students through bursaries and scholarships Bursaries: Linked to personal circumstances and often, household income Awards can include fee waivers or cash Scholarships: Can be linked to academic results or outstanding ability in an area such as sport, music or art Can be subject specific and are limited in numbers Student Finance

13 Assessment Task Extra money or support may be available to students if they: Have children or adults dependent on them Have a disability, long-term health condition, mental-health condition or specific learning difficulty Are studying an NHS or Social Work course NHS courses include: Nursing, midwifery, physiotherapy, chiropody, dietetics, radiography, occupational therapy, the later stages of medicine and dentistry Student Finance

14 Assessment Task Apply online at gov.uk/studentfinance as soon as possible to make sure your student finance is in place for the start of your course Register on UCAS and we can let you know when it’s time to apply You don’t need a confirmed place at university or college to apply for student finance Make a note of your account log-in details & keep them safe You can change your details online before starting your course Agree to share information from your application, this helps apply for many bursaries and some scholarships Student Finance

15 So is it worth the investment Consider university as a long-term investment: Enhanced career prospects Increased earning potential Entry to the professions Opportunities to travel Transferable skills Student experience

16 The Progression Module Discussion: Is University a good investment? What are the alternatives to University? How could you help to keep costs down at University? Is living at home a good option? Should the tuition fee influence your choice of course or institution?

17 Finance Cartoon NI NI


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