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Nick Cave, University of Leicester
Student Finance Nick Cave, University of Leicester
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Student Finance How the system works How much money you will get
Budgeting and money management
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Tuition Fees Universities in the UK can charge up to £9,250 per year for tuition Government will provide full Tuition Fee Loans for eligible students Students/parents do not have to pay tuition fees – Graduates do
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Maintenance Loans Student Finance England (or Wales/NI/Scotland) provide financial support for students towards cost of living This is called the maintenance loan The amount you receive partially depends upon household income – means testing
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Maintenance Loans Living Arrangement Total Support (min – max)
Living at home £3, £7,097 Away from home, outside London £3, £8,430 Away from home, in London £5, £11,002
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Maintenance Loans Maintenance Loan 2017 £25,000 or less £8,430 £30,000
Household Income Maintenance Loan 2017 £25,000 or less £8,430 £30,000 £7,825 £35,000 £7,220 £40,000 £6,615 £45,000 £6,009 £50,000 £5,404 £55,000 £4,799 £60,000 £4,193 Over £62,141 £3,934
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Loan Repayments No repayments until you are earning above £21,000
Repayment = 9% of income above £21,000 All outstanding repayments will be written off after 30 years Does it impact your credit rating?
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Loan Repayments - examples
No penalty on early repayment or overpayments Salary Amount above £21,000 Monthly repayment £21,000 £0 £22,000 £1,000 £7.50 £25,000 £4,000 £30.00 £30,000 £9,000 £67.50 £40,000 £19,000 £142.50
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Loan Interest Rate whilst studying: RPI + 3%
Graduate Earnings (per annum) Rate of Interest Below £21,000 RPI Between £21,000 - approx £41,000 Between RPI and RPI + 3% Above £41,000 RPI + 3%
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Graduate Earnings Graduates likely to earn 43% more over their lifetime than non-graduates with A-Levels or equivalents Average starting salary for graduates in the UK is £25,000 - £30,000 Graduates earn on average £12,000 more per year than non-graduates
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Additional Support Disabled Students’ Allowances
Additional grant Help for students with children Childcare grant Parents’ Learning Allowance Adult Dependants’ Grant Included in the student finance calculator
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Recap on Funding Student Finance England Tuition Fee Loan
Maintenance Loan Additional Support Universities Bursaries & Scholarships
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Bursaries & Scholarships
Money given to you by universities Non repayable – FREE!! Universities will have different offerings Do your research; speak to the university Different scholarships from each university Different eligibility criteria from each university
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Weird and wonderful grants…
Vegetarian Charity Grant: Maximum Award: £500 The Vegetarian Charity will provide a one-off award of up to £500 for a student in financial need, as long as they promise not to eat any meat. As part of the grant application, the Trustees will "look to see a clear commitment by applicants to a vegetarian or vegan diet". Leverhulme Trust Undergraduate Bursary: Maximum Award: £9,000 The Leverhulme Trade Charities Trust offers bursaries of up to £3,000 a year to UK students who are the son, daughter, spouse, widow or widower of a grocer – or indeed a chemist or travelling salesman – and are in need of financial support. Desmond Tutu Scholarship: Maximum Award: £24,000 Number Available: The Desmond Tutu Scholarship offers up to £8,000 per year for students in financial need who are committed to helping the developing world. Applicants must submit a statement showing their proven dedication and "a strong desire to develop skills that, on graduation, they can apply in practical ways to build better futures for disadvantaged peoples around the world".
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How to Apply Apply online www.gov.uk/student-finance
Means testing based on previous tax year (i.e. April April 2017) Can apply for “Current Income Assessment” if income changes Link to UCAS application
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Will I Have Enough Money?
Part time job Full time job during the summer Parents/family/savings Student bank account Credit card?
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Budgeting Stuff Food Toiletries Transport Clothing Academic SOCIAL
Variable Fixed RENT/bills Academic Transport Food SOCIAL Clothing Toiletries Stuff
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In Summary Tuition fee loan - Graduates Pay, not Students or Parents
There are maintenance loans, additional support and scholarships available to help with living costs Think about supplementing your income Apply early Getting a degree is definitely worth it!
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Thank You For Listening - Any Questions?
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