An introduction to Unit 2 Managing your Money 2017-18

Unit 2 CATs 2a Complete a personal budget planner using the template provided for a HE or work based route 2b Write an assignment that considers and evaluates the financial implications of continuing your education or starting a job or apprenticeship

Purpose of Unit 2 Gain a better understanding of student finance Information can support choosing the right path for you Understand what you are entitled to Develop your research and assignment writing skills Understand how to access/apply for funding

Purpose of session Enable students to accurately complete the Unit 2 budget planner (CAT 2a) How? Step by step guidance and instructions provided Why? The activity that most students get wrong Must know level of household income (but don't need to disclose this in assignments)

Tuition Fee Loans & Maintenance Loans Fee Loans: variable up to £9,250 per year, available to cover the costs of fees Maintenance Loans: dependent on household income & where you live Don’t confuse fee loans with maintenance loans Both deferred and repayable with interest over £21,000+ per year

Maintenance Loan thresholds Household Income Home Elsewhere London £25,000 & under £7,097 £8,430 £11,002 £30,000 £6,499 £7,825 £10,387 £35,000 £5,901 £7,220 £9,771 £40,000 £5,303 £6,615 £9,155 £45,000 £4,705 £6,009 £8,539 £50,000 £4,107 £5,404 £7,924 £55,000 £3,509 £4,799 £7,308 £60,000 £3,124 £4,193 £6,692 Maintenance Loan Threshold Table

Use the online calculator for an assessment of what you will be entitled to

Income from financial support (a) Scholarships and bursaries Scholarship - academic merit Bursary - financial need (household income) Non-repayable - can vary from £500-£3,000+ The offer from each university is different Check what you're entitled to - search fees & finance on each university website of choice

Income from part time employment (b) Majority of students have a part time job (some course exceptions) – see case study in Unit 2 booklet Minimum wage at 18 – £5.30 Up to 15 hours per week maximum Example: 10 hours per week = £53.00+

Parental contribution(c) Have you discussed finance with your parents? If yes, can they contribute? If you haven't, have the conversation

Weekly expenditure (d) Use websites of 2 Universities of choice – search accommodation pages Make the figures specific to YOU, don't copy from friends or Unit 2 booklet See Living Costs table on page 10 and Accommodation Table on page 11 of Unit 2 booklet as a guide to budgeting (but don’t just copy these figures)

Points to remember – budget planner Use Unit 2 booklet and Ten Step Guide on page 2-3 Use online calculator and loan Threshold table Complete all fields in budget planner Be realistic and accurate Final figures should be accurate and specific to you, not generic

Use the Unit 2 tab on PM web page as a research tool

Sources of information? Budget Planner template Unit 2 booklet – esp. pages 10/11 and 12 PM webpage = research tool Online calculator/ Threshold table to estimate

Points to remember – assignment 2b Use the writing frames, p.7/8 Unit 2 booklet as a guide/headings Refer to budget planner 2a in assignment Use relevant websites and articles to inform your assignment (use online resources and links) Write at least 500 words, add a bibliography (min 3 sources) and word count at end Don’t copy and paste info from the web – plagiarism

Open Days 2017 Wednesday 21 June Thursday 22 June Saturday 16 September Saturday 21 October Wednesday 8 November Friday 1 December 9.30am – 3.00pm http://www.hud.ac.uk/open-days/

Thank you for listening