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Penny Miller Schools and Colleges Liaison Officer

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Presentation on theme: "Penny Miller Schools and Colleges Liaison Officer"— Presentation transcript:

1 Penny Miller Schools and Colleges Liaison Officer
Student Finance 2017 Penny Miller Schools and Colleges Liaison Officer

2 What we will cover What we will cover UCAS timeline
What do you have to pay for? Available funding Earning extra cash How to apply Repaying your student loans Useful links

3 UCAS Process Timeline September (Year 13) UCAS opens for applications
15 October (Year 13) Deadline for Oxbridge, Medicine, Dentistry, Vet Science 15 January (Year 13) Main UCAS application deadline 24 March (Year 13) Deadline for some Art & Design courses 25 February (Year 13) UCAS Extra opens for applications Jan/Feb (Year 13) Student Finance England opens for applications 8 June (Year 13) Deadline for students to make Firm & Insurance choices Early June (Year 13) Deadline for Student Finance England to guarantee funding July/August Results Day Clearing Adjustment

4 ? What do you have to pay for at University? 1. Tuition Fees
People to teach me Facilities to be taught in Resources Up to £9,250 per year of study No up-front payment required Tuition Fee Loan for all UK students 2. Living Costs Everything else! Rent, bills, food, clothes, laundry, social life, transport… Average cost of student living £9,250 per year Maintenance Loan Scholarships and Bursaries

5 Available funding 1. Tuition Fees Up to £9,250 per year of study
Tuition Fee Loans available for all UK students Full or partial loans available Paid directly to the institution

6 Available funding 2. Living Costs Maintenance Loan Scholarships
Bursaries Additional support

7 Available funding Maintenance Loan All UK students entitled to a loan
The amount you get depends on: where you study where you live whilst studying your household income Apply online through Student Finance England Paid directly to your bank account

8 How much am I entitled to for 2017 entry?
100% Guaranteed amount Studying locally, living at home £7,097 £3,124 Studying away from home, outside London £8,430 £3,928 Studying away from home, in London £11,002 £5,479

9 Outgoing How much will I need? Accommodation
Accommodation £490 (includes bills en suite, leather sofa, TV and dishwasher) £430 (includes bills and en suite) £330 (off campus non University accommodation includes bills) Phone Bill £50 £35 £20 Food Bill £130 £75 £30 Toiletries £25 £10 Cleaning products £40 Travel costs £100 Restaurants £110 £60 Socialising £55 Additional Course Costs Internet Subscription £65 £45  Monthly Totals £1165 £805 £515 Academic Yearly Totals £10485 £7245 £4635

10 Additional funding Scholarships and Bursaries
Available from a range of sources Institution specific e.g. University of Lincoln Excellence Scholarship worth £1,000 Dependent on your circumstances Check application process Non-repayable Fee Waivers

11 Additional funding Additional support Disabled Students’ Allowance
Adult Dependents’ Grant Childcare Grant Parents’ Learning Allowance Social Work Bursary All of the above are non-repayable

12 Placement /Internship Student Bank Account Holiday Job Parents?
Extra Cash Part-time Job Placement /Internship Student Bank Account Holiday Job Parents? Reward schemes i.e. Tesco Clubcard

13 Funding re-cap Funding source Who is eligible? What’s it worth?
Repayable or non-repayable? How to apply? Tuition Fee Loan All UK students Up to £9,250 per year Repayable Online via SFE Maintenance Loan Up to £8,430 (outside London) Scholarships and Bursaries Various criteria Varies Non-repayable Direct to provider – check! Additional support Students with additional needs or circumstances Non- repayable

14 How to apply Apply for Student Finance online
Applications usually open end of January Fill in all your details and submit online form Household income assessed You don’t have to wait until you have a place before you can apply

15 How to apply

16 Top tips Make sure you send the correct evidence
Apply as early as possible Save up cash for first week or two Use Student Finance calculator to get a rough estimate Make sure all supporters of your application are aware of the process Start to plan a budget

17 Repaying your loan Repayment starts in the April after graduation
Tuition Fee Loan and Maintenance Loan added together Repay through the UK tax system, directly from your salary Self employed – calculated on your yearly accounts submission Repay once earning above £21,000 per year Repay at a rate of 9% of your earnings over £21,000

18 ? Repaying your loan £20,000 Nil £22,000 £1,000 £90 £7.50 £2700
Annual Salary Amount above £21,000 threshold Annual repayment amount Monthly repayment amount Payment over 30 years £20,000 Nil £22,000 £1,000 £90 £7.50 £2700 £25,000 £4,000 £360 £30 £10800 £30,000 £9,000 £810 £67.50 £24300 £40,000 £19,000 £1710 £142.50 Paid after 24 years if loan is £41000 ?

19 FAQ Quiz: Bigger borrowing means bigger repayments
If my salary drops below £21,000 repayments will automatically stop Student loans will be written off after 30 years Interest is charged on student loans Student Loans do appear on credit files Student Loans effect mortgage applications

20 FAQ Quiz:

21 Thanks for listening… Any questions? Open Days: Contact Us:
Saturday 24th September Saturday 8th October Wednesday 12th October Saturday 29th October Saturday 19th November Wednesday 30th November Contact Us: /UniversityofLincoln @UniLincoln Any questions?

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