1. An introduction to Unit 2 Managing your Money 2017-18

2. 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

3. 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

4. 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)

5. 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

6. 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

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

8. 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

9. 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+

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

11. 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)

12. 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

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

14. 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

15. 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

16. Open Days Wednesday 21 June Thursday 22 June Saturday 16 September Saturday 21 October Wednesday 8 November Friday 1 December 9.30am – 3.00pm

17. Thank you for listening