1. A Guide to Student Finance – 2014/15 Catherine McNicholl, Outreach Officer

2. Aim: At the end of this session, you will have a better understanding of the funding options available to enter higher education (except courses in Nursing, Physiotherapy and Dental Hygiene and Therapy) Main costs  Tuition fees  Living expenses Financial support Non-repayable  Grants  Scholarships  Bursaries Repayable with interest  Loans

3. Student Finance

4. Tuition Fees – UK/EU The tuition fee for all our full-time undergraduate courses is £9,000 9,000 Living costs  Accommodation/rent  Travel  Study materials  Food/clothes/socialising etc How much does it cost to attend University

5. How can you afford it? Tuition Fee Loan Loan to pay for your University fees Living Cost Loan Loan to pay for living costs Living Cost Grant Free money that you don’t have to pay back Bursaries & Scholarships Help from universities – free money

6. students / parents DO NOT have to pay any fees up front

7. Tuition Fee Loan Universities can charge up to a maximum of £9000 per year for a full time degree programme. The Tuition Fee Loan is NOT means tested Student Finance England University Student

8. How can I pay my tuition fees? Loans available from the government (Student Finance England) Tuition loan (UK/EU only)  You can borrow the full cost of tuition  The loan is paid directly to the University  Repayments do not start until you have left University, are in work and earning more than £21,000 per year Other payment methods offered by the University Full payment  Online Credit and Debit Card/PayPal  Cheque or draft  Direct bank transfer Instalment Plans  Monthly Direct Debit  Termly Direct Debit

9. How can I fund my living expenses? Loans are available from the government (Student Finance England) Maintenance loan (UK only) 65% is non-means tested  The amount you can borrow is determined by your household income and where you choose to study  The loan is paid directly to you in three instalments  Up to £5,555 if living away from home & outside London  Up to £4,418 if living at home Other ways to manage your living costs Part-time job  Supplement your income and help you to gain valuable work experience  No more than 15 hours a week during term time You need to apply for student finance before you start your course

10. Living at home (£58,195) Living away from home (£62,125) Living in London (£69,745) Maximum per year £4,418£5,555£7,751 65% guaranteed £2,871£3,610£5,038 35% means tested £1,547£1,945£2,713 Living Cost Loan 2014-15

11. Is there any additional support? There are a number of non-repayable allowances available to students from lower-income backgrounds to help with their living expenses Grants available from the government (Student Finance England) Maintenance grant (UK only)  The amount you receive is determined by your household income  The grant is paid directly to you in three instalments  £3,387 for household incomes up to £25,000  Between £50 and £3,354 for household incomes above £25,001 up to £42,620 Extra help for those with special circumstances  If you have children or adult dependants, a disability, mental health condition or specific learning difficulty there may be additional support available.  There are also NHS-funded bursaries available to students studying Medicine or Dentistry (and potentially Social Work) in the latter years of their degree.

12. Full-time student – household income Grant for courses from September 2014 £25,000 or less£3,387 £30,000£2,441 £35,000£1,494 £40,000£547 £42,620£50 Above £42,620No grant

13. The University offers a range of awards to undergraduates depending upon your income background, accommodation choice, academic performance and course. Extra help from the University

14. Chamberlain Awards Household incomeValue of award Less than £25,000£2,000 Between £25,001 and £36,000£1,000 Chamberlain Awards are paid as a cash bursary in two instalments. If you are registered on a teacher training or NHS funded programme; progressing from a foundation degree; transferring from another institution or studying for a 2 nd degree, you will not qualify for a Chamberlain Award.  Graduate entry medical students may qualify in year 1 only  Medical and dental students on standard programmes may qualify in years 1 – 4 only  Social work students may qualify in year 1 only

15.  Subject-based scholarships  Music scholarships  Sport scholarships  Lloyds Scholars programme Other bursaries and scholarships

16. When and how to apply for loans and grants You should apply as soon as you've applied for your course Apply online at www.direct.gov.uk/studentfinance Student Finance England (or relevant SLC agency) will confirm if you qualify for a loan or grant once you have completed your application Applying for financial support

17. Interest is charged at the rate of inflation plus 3% from the date the loan is paid out until the April after you have left University Interest rates From this date you will be charged:  rate of inflation (if earning up to £21K)  rate of inflation plus up to 3% (if earning between £21,001 and £41,000)  rate of inflation plus 3% (if earning above £41,000)

18. Loan repayment You will only start to repay your student loans (tuition and living costs) in the April after you have left University and are earning more than £21,000 per year  Loans are repaid at a rate of 9% for incomes above this threshold  If your income drops below £21K repayments are suspended  Repayments are calculated on a sliding scale and will be deducted automatically from your pay packet  All outstanding amounts are written off after 30 years  No charge is made for an early repayment

19. Repayment Examples SALARY Amount of salary from which 9% will be deducted Monthly Repayment £25,000£4,000£30.00 £30,000£9,000£67.50 £35,000£14,000£105.00 £40,000£19,000£142.50 £45,000£24,000£180.00 £50,000£29,000£217.50 £55,000£34,000£255.00 £60,000£39,000£292.50

20. What our students say … “Parking on campus was a cost I hadn’t budgeted for. Also I didn’t realise how expensive TV Licenses were!” “If you're doing an art and design course, costs can quickly build up. In my case, we had to pay a £75 school levy [for materials] and during my first week we were told that we should buy a £50 tool kit for the workshops. Adding the cost of printing, my extra expenses reached about £450 in my first year”

21. What our students say … “Don't buy what you don't need. Also remember that you're only in one room for 9 months of the year and anything you put in the room has to be moved out again at the end of the academic year. The more you buy now, the more hassle it is at the end shifting it back home.” “Only eat out when there are deals on; buy one get one free or 20% off for students.” “ N i g h t s - o u t a r e a m o n e y - s i n k. B e s t w a y t o c u t t h e c o s t s b u t s t i l l e n j o y t h e f u n t h a t t h e y b r i n g i s t o t h r o w h o u s e p a r t i e s ! ”

22. What our students say … “At the end of first year, it was quite a shock to find out how much I had spent throughout the year on living expenses, something you don't really appreciate until you leave home!” “Temptation is always round the corner but a good way to catalogue your spending is by keeping receipts and writing down your overall weekly spending so later on you'll know what to rule out and what to go for.”

23. Key points and Contacts  Education is still free at the point of entry  Graduates (not students) repay loans  Repayment is based on earnings not the amount of loan taken  After 30 years the debt is written off  www.birmingham.ac.uk/ugfunding  https://www.gov.uk/student-finance  www.studentfinancecalc.com

24.  Quiz-based interactive game  Helps to improve your knowledge of finance at University and beyond  Play the game at www.birmingham.ac.uk/cashclever www.birmingham.ac.uk/cashclever