Financing Higher Education 2012 Entry

Tuition Fees £Universities are charging between £6,000 to £9,000 per year tuition fees. £Students do not have to pay tuition fees ‘up front’. £Students can defer paying the tuition fees by taking a Tuition Fee Loan. £Loan is paid back once finished course, and earning over £21,000 pa.

What do students spend their money on?

Living Costs POTENTIAL EXPENDITURE - First Year: Average Costs (2011/12) Accommodation Books & Equipment Food and Drink Clubs, Societies & Sports Clothing TV licence Travel home Toiletries and haircuts Telephone and Internet Presents Social Life Housing/Damage Deposit for next year TOTAL

Living Costs POTENTIAL EXPENDITURE - First Year: Average Costs (2011/12) Accommodation (average~ £156 p/wk – 31 wks, catered) 4830 Books & Equipment300 Food and Drink (lunch etc at £20 p/wk – 31 wks) 620 Clubs, Societies & Sports275 Clothing270 TV licence145 Travel home 150 Toiletries and haircuts150 Telephone and Internet ( approx £100 internet in halls) 300 Social Life (approx. £35 per week) 1085 Housing/Damage Deposit for next year375 TOTAL £8,500

Student Support Living Cost Grant (non-repayable) Means tested on parental income Up to £3,250 for all new students from lower income households (under £25k full, under £42,600 partial grant). Living Cost Loan (repayable) Means tested on parental income Amount will depend on how much grant you get whether you live at home or not whether you study in London or not * Up to £5,500 living away from home, study outside London

Student Support Institutional – Bursaries (non-repayable) Depends on the University… Access to Exeter Bursary Household IncomeExeter Bursary Up to £25,000£1,500 £25,001 to £35,000£1,000 £35,001 to £42,600£500

Student Support Institutional –Fee Waivers National Scholarship Fee Waivers vary between institution * Full Fee Waiver for all years of study for Care leavers under the age of 25 University of Exeter *Partial Fee Waiver Below £16,000 £3,000k (£2K fee waiver/ £1k accommodation waiver £16,001 to £20,000£2,000 £35,001 to £42,600£500

Repaying loans Fee loan and maintenance loan When? - After leaving course & earning £21,000+ pa. How? - Deductions directly from wages, like tax & NI How much? - 9% of earnings over £21,000 pa. (£67.50 per £30,000) (£30 per £25,000) -Can pay more -If earnings fall, contributions fall -Outstanding debts written off after 30 years

How to make up the difference Vacation and term time earnings/savings Extra parental contribution Bank overdraft Scholarships/trusts/charities Additional support is also available for students with additional needs – e.g. students with disabilities or dependents Hardship funds

What is budgeting? The art of keeping control of your money and spending Recognising your spending patterns Identifying where & how you can make savings & find extra money Ideally INCOME = or > EXPENDITURE

Apportioning budget Income vs. Expenditure Priority vs. Non-Priority spending PRIORITY SPENDING: essentials (varies from person to person) In general: Housing, basic food, water, warmth, light and anything subject to potential loss of liberty NON-PRIORITY: non-essentials Including: Socialising, sports, hobbies and luxuries

Money saving tips Plan ahead Keep a record of what you spend and receipts Think carefully if things are essentials/priorities or luxuries Utilise offers – e.g. banks, student discounts, collect points Pay in cash – avoid cards (especially credit cards) Be wary of going overdrawn - authorised vs. unauthorised

Money saving tips Shop around for the best deals Buy in sales/offers Food & drink savings Economise and be ‘Green’ – travel, electricity etc Sharing Utility savings – inc. phones deals Travel – go for the cheapest means and plan ahead