Student finance

1
Student finance
2
Contents

• Scholarships
• Student loans
• Budgeting
• Supplementary income
• Useful contacts

• Financial overview
• Tuition fees 2010
• Means-tested grant
• Tuition fee loan
• Bursaries

3
Financial overview
4
Mechanics of the form

• All financial support is initially applied for
  online
• Students will need to visit the Student Finance
  England website and register their details to
  begin an application
• The application will be live from November 2009
• You will need to provide either your passport
  number (which is input into your form) or an
  original copy of your birth certificate
• Any further forms that you may require will be
  sent to you after you have submitted your initial
  application, in many cases this is the only form
  that you will need to complete

5
Tuition fees

• Up to 3290 per year (2010 fees, this figure
  will rise each year with the rate of inflation)
• Fees may vary between courses and universities
• You can study now, pay later
• Majority of fees paid either by
• Tuition fee loan
• Means-tested grant.

6
Tuition fee loan

• Available to all applicants
• Non means-tested
• 3290 available amount granted will be linked
  to your course cost
• Paid directly to the university by Student
  Finance England
• Repaid by the student after graduation

7
Means-tested grant

• Up to 2906 per year from Student Finance England
• Grant non-repayable!
• Means-tested (based on household income)
• Less than 25,000 per year full grant of 2906
• Between 25,000-50,020 per year variable grant
  lt 2906
• More than 50,020 per year no grant entitlement
• Paid in three instalments (at the start of each
  term)
• Can spend on living costs/tuition fees

8
Bursaries

• A bursary is non-repayable money that you qualify
  for
• Qualification criteria and amounts differ from
  university to university, but are often based on
  the amount of means-tested grant being received,
  your household income, or your home postcode
• Information about an individual universitys
  criteria and awards can be found on their website
  and in their prospectus
• Money can be spent on living costs/tuition fees

9
Scholarships

• A scholarship is non-repayable money that is
  awarded for achievement (usually academic)
• Qualification criteria and amounts will differ
  from university to university but can often be
  based on UCAS points, grades achieved or a
  specific skill, for example a musical or sporting
  achievement
• Information about an individual universitys
  criteria and awards can be found on their website
  and in their prospectus
• Money can be spent on living costs/tuition fees

10
Example of funding

• Bursaries
• - 400 bursary for all students receiving any
  amount of Maintenance Grant
• - 250 bursary for all students with a permanent
  home address within a 30 mile radius of the
  campus
• Scholarships
• - Academic scholarship worth 1000 for all
  students achieving 280 UCAS points
• - Creative Industries scholarship of 1500 for
  students applying for creative courses and
  achieving 300 UCAS points
• Some universities will award bursaries and
  scholarships for every year of a students study
  with them
• - Some universities will allow a student to
  qualify for multiple bursaries and scholarships
• - Check individual websites and prospectuses
  for application details

11
Student maintenance loan

• To cover living and study costs
• 72 non means-tested
• 28 means-tested. What you get depends on
• Household income
• Where you live and what you study
• The year of the course that you are on.
• Paid in three instalments direct to the student
• Household income is the gross income (before
  deductions of tax and NI contributions) of the
  parent(s) that you live with (including that of
  any partner or step parent who also lives with
  you). It may also include any income that you or
  a sibling earns on which they pay tax (a minimum
  salary of 6035 a year).

12
Maintenance loan figures 2009/10
13
Repayments of tuition and/or maintenance loan

• Starts in the April after graduating
• Loan repayments linked to your salary
• Less than 15,000 no repayments
• 18,000 22.50 a month (5.19 a week)
• 20,200 37.50 a month (8.65 a week)
• Interest linked to the rate of inflation
• Repayments remain fixed regardless of amount
  borrowed
• Debt belongs to the student and not their
  parent(s)
• After 25 years, remaining debt is cleared by
  the government

14
A typical example of a weekly budget fixed costs
15
A typical example of a weekly budget costs you
control
16
Supplementary income

• Part-time job
• Work during holidays
• Work placements (a chance to save)
• Banks overdrafts
• Parents

17
Useful contacts

• direct.gov.uk/studentfinance
• 0845 300 5090 8.00am-8.00pm Monday to Friday
• 9.00am-5.30pm Saturday and Sunday
• unimoney.direct.gov.uk
• studentbeans.com
• nus.org.uk
• uni4me.com
• merlinhelpsstudents.com