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Student Finance 2011/12 Entry. 2 Contents University – Main costs Funding – Income and support Student Accounts & Overdrafts Budgeting Overview –Managing.

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Presentation on theme: "Student Finance 2011/12 Entry. 2 Contents University – Main costs Funding – Income and support Student Accounts & Overdrafts Budgeting Overview –Managing."— Presentation transcript:

1 Student Finance 2011/12 Entry

2 2 Contents University – Main costs Funding – Income and support Student Accounts & Overdrafts Budgeting Overview –Managing your money essentials

3 3 Main costs Tuition Fees Up to £3,375 Cover cost of course Paid for each year of your course Living Costs Accommodation Bills Food Telephone Travel Books & equipment Fun

4 4 Income and support Student Loans: Tuition Fees Tuition fee loan for the full fee charged (up to £3,375) Repayable AFTER graduation and ONLY if you are earning £15,000p.a. The Student Maintenance Loan Major way of financing higher education Up to £4,950 (more if you study in London) Not obligatory Low rate of interest Repayments

5 5 You only pay loans back once you’ve finished university You only pay back loans once you are earning over 15k a year No pressure to pay back loans if you can’t or don’t get a job If higher education has not be worth it for you, you don’t pay for it! You pay it back in small increments depending on your salary The repayments comes out of your wages like tax and national insurance for the most up to date information about interest rates.www.studentloanrepayment.co.uk

6 6 University and College Bursaries Universities and colleges will offer additional bursaries to help you financially Some universities offer more than others and offer other kinds of bursaries as well Bursaries do not affect eligibility for government-funded support such as maintenance grants, and loans to repay tuition fees and living costs To check what is on offer - NHS Grants information - Approved Social Work Courses –

7 7 Other financial support Maintenance Grant up to £2,906 per year Special Support Grant – replaces the Maintenance Grant for some people e.g. those receiving income related benefits. Does not reduce the amount of loan entitlement. Gap year/Placement year Employment – term time and/or holidays Scholarships Sponsorship Access to Learning funds (primarily for careleavers) Overdrafts Other Bursaries

8 8 Potential funding Household Income Tuition Fee Loan (everyone’s entitled) Maintenance Grant Maintenance Loan University Bursary (E.g. NTU) Total Up to £25,000 £3,375£2,906£3,4971,095£10,788 £30,000£3,375£1,906£3,997£675£9,868 £34,000£3,375£1,106£4,397£525£9,318 £40,000£3,375£711£4,595£0£8,597 £40,000 - £45,000 £3,375£381£4,790£0£8,461 £45,000 - £50,020 £3,375£50£4,925£0£8,265 £55,000£3,375£0£4,106£0£7,396 £60,000£3,375£0£3,564£0£6,854 This table should only be used a guide only. Exact amounts may differ from what is on the table when you actually complete your application form.

9 9 Student accounts and overdrafts A current account specifically for students Forget the freebies and go for the overdraft Never go above the agreed limit without the bank’s permission Never borrow more than you have to Cash machine costs Check out for the low down on the best student accountswww.moneysavingexpert.com

10 10 Disabled Students’ Allowances (DSAs) - non means tested, depends on needs of individual, could be up to £5,161 for equipment, £1724 for general allowance) –Two additional forms to complete from Childcare Grant - replaces working tax credits, 85% of childcare costs covered, up to £148 p/w. - Child must be under 15 when Parent starts the HE course - Complete Childcare Grant Application form (CCG1) and provide evidence of childcare costs. Parents’ Learning Allowance -Parent has additional costs relating to the care of a child whilst they are studying (not child care). (Max £1,508 min £50) Adult Dependants’ Grant -Full-time students who has to care for an adult whilst studying. * For more detailed information about these grants and allowances, see the guide ‘Childcare Grant and other support for full-time students in higher education’ from the SLC website Extra help for special circumstances

11 11 Student finance application process Register & Apply online at: Apply from 14 th February 2011 Register with Student Finance England prior to completing an application Complete the online application form or request PN1 form If you want to be assessed for the maximum loan/grant available to you, make sure you check the means tested section Send off all the relevant financial information if required to do so

12 12 Deadlines: To make sure that you receive your first payment at the start of term, you should return your completed form or have completed the online application form by:  April 2011 (date tbc) for non means tested applications  June 2011 for (date tbc) means tested applications If you miss these deadlines, your application will be processed as soon as possible, but your first payment may not be available at the start of term

13 13 Extra help? Call Student Finance England on: (8am – 8pm Mon- Fri, 9-5:30pm sat, sun) Call to order publications such as; -Student Finance in 3 easy steps -A guide to financial support for full time, or part time students -Repaying your student loan -Bridging the gap – guide to Disabled Students Allowances in HE -Child Care Grant and other support for parents in HE -Student Loans, A guide to terms and conditions. Online Application demo:

14 14 Student Finance Calculator Compare the finance available for different courses/ Universities Estimate projected costs such as accommodation, travel, books etc Enter up to five course choices and save estimated funding

15 15 Budgeting overview Avoid credit and store cards Why budget? How can you avoid going over your budget? Save money Stop running up big debts Pay for things on time and prioritise Enjoy your spending

16 16 How to budget Add up all the money you have coming in List your essential outgoings: bills, food, rent, fees Take away the essential outgoings from your total income Divide this by the number of weeks you will be at university This should give you a weekly disposable budget

17 17 Budget Planner

18 18 General Tips Share course books with friends, then sell if no longer needed Complete a HC1 form, which will give you free prescriptions whilst you’re studying Use your NUS card Apply for a student travel card for discount voucherswww.studentbeans.com

19 19 Any questions?

20 20 Contact Details Schools, Colleges & Community Outreach Team NTU Student Financial Support Service Tel: NTU Disability Support Service Tel:


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