A GUIDE TO STUDENT FINANCE NAME, Outreach Officer

A Guide to Student Finance  What do I have to pay for?  What help is available?  How to apply?  Repayment  Budgeting and tips

What do I have to pay for? Tuition Fees Living Costs The amount you pay to study at your chosen university Everything Else! Accommodation, Food, Social life, Course materials, travel

What do I have to pay for? Living Costs Everything Else!  The average cost of student living is £7,000  This needs to cover food, accommodation, social life, transport  The government provide Maintenance loans and grants  Universities provide Scholarships and Bursaries

What help is available? Tuition Fee Loan  All UK students can borrow up to £9,000 per year  Paid directly from the student loans company to the University  Apply online before starting the University  Repayments are deferred until after graduation

What help is available? Maintenance Loan  All UK students can borrow up to £5,555 per year (slightly more if living in London, slightly less if living with parents)  Actual amount is means tested – dependent on the household income  Paid directly from the Student Loan Company to the student’s bank account in three instalments  Apply online before starting University  Payments deferred until after graduation

What help is available? Maintenance Grants  Available to students with a household income of under £42,620  Up to £3,387 available, paid directly to the student  Actual amount is means tested and on a sliding scale dependant upon the household income  Does not need to be repaid  If you get the maintenance grant, the maintenance loan will be reduced  Apply online before starting University

What help is available? Household incomeMaintenance GrantMaintenance LoanTotal from SFE £25,000 or less£3,387£3,862£7,249 £30,000£2,441£4,335£6,776 £35,000£1,494£4,808£6,302 £40,000£547£5,282£5,829 £42,620£50£5,530£5,580 £45,000£0£5,341 £50,000£0£4,836 £60,000£0£3,826 Over £62,132£0£3, Scholarships bursaries employment family savings

What help is available?

What help is available? Other Sources of Funding  Childcare Grant - can cover up to 85% of childcare costs  Parents’ Learning Allowance - can be up to £ 1,508  Adult Dependants Grant - can be up to £ 2,642  Child Tax credits or Working Tax Credits  Disabled students’ allowance See for more information

What help is available? NHS Courses  You may be eligible for an NHS bursary if you study: Medicine, Dentistry, Nursing, Midwifery, Dietetics, Occupational Therapy, Optometry, Physiotherapy, Prosthetics, Orthotics, Radiography or Speech and Language Therapy  Tuition fees paid by the NHS in many cases  Bursaries of around £4,000 per year available for living costs. Some of the usual funding streams also available through Student Finance England See nhsbsa.nhs.uk/student for more information

What help is available? Universities also give out Scholarships and Bursaries to help with living costs and tuition fees. These are usually given to: Scholarships and Bursaries Students from low income families High academic achievers Students with special circumstances Do your research when applying at

How to Apply How to Apply?  Applications handled by Student Finance England  Apply for tuition fee loan, maintenance loan and maintenance grant in the same application  Apply online in the Spring during year 13 at  Complete with details of first choice course and university – ‘best case scenario’  NHS courses – will receive details from universities after receiving offers  Apply for scholarships and bursaries directly to universities

Repayment  After graduation, tuition fee loan and maintenance loan are treated as one loan  Repayments start in the April after graduation and only then if the graduate earns over £21,000  Repayments are calculated according to the graduate’s earnings at a rate of 9% of the amount which is earned above the £21k threshold (income contingent)  Repayments are calculated by HMRC and the employer and deducted at source from the graduate’s wages

Repayment SalaryAmount from which 9% is calculated Annual student loan repayment Monthly student loan repayment £20,000£0 £22,000£1,000£90£7.50 £24,000£3,000£270£22.50 £27,000£6,000£540£45.00 £30,000£9,000£810£67.50 £36,000£15,000£1,350£112.50

Repayment FAQ’s Answered  If the graduate’s salary drops below £21,000 at any point, repayments automatically stop  Student loans will be written off after 30 years  Student loans do not appear on credit files  Interest is charged on the loans at rates of RPI plus up to 3% (dependent on earnings)  No penalty for making early repayments

Budgeting and Tips Extra Sources of Income  Part-time job at university  Full-time job during the holidays  Internships/placements  Year out – paid work placements  Bank of mum and dad??

Budgeting and Tips Top ten money saving tips Avoid Credit Cards Choose bank account wisely Bargain hunt Own Brands Best! Avoid Convenience stores Socialise during the week Pre-book trains and get a railcard! Don’t buy all of your books Do you need your car?

Budgeting and Tips Top ten money saving tips Use your Student Card!

Budgeting and Tips Useful Websites Martin Lewis’ Money Saving Expert Student Finance England Official Student Finance Information

Any Questions