Money Matters

1
Money Matters

• This talk is for students
• hoping to enter HE in 2009
• resident in England, Wales,
  and Northern Ireland

2
Content

• Applying for student support
• Whats available
• Other sources of income
• Student spending patterns
• Where to go for more advice

3
Applying for Student Support

• Eligibility for Student Support depends on
• whether or not you have received support in the
  past
• where you have been living
• - your age

4
Applying for Student Support

• Eligibility relating to where you live
• You must have lived in the UK for 3 years up to
  the start of the course
• - You must have settled status on this date

5
Applying for Student Support

• Eligibility relating to where you live
• EU national and living in UK for 3 years up to
  the start of the course? eligible for
  maintenance and tuition fee loans
• EU or UK national and living in EU for 3 years up
  to the start of the course? eligible to apply
  for tuition fee loan only

6
Applying for Student Support

• Complete the PN1 form
• available from
• Local Education Authority (LEA) or
• download from www.dfes.gov.uk/studentsupport
• -should be available March 2009 onwards
• -the current form is for 08-09 entrants

7
Applying for student support

• PN1 form indicates the level of support you may
  get based on family income
• The information you provide (PN1 form) is used
  to check your eligibility.
• Vital to read the accompanying guidance notes.
• If the forms are filled in incorrectly it may
  delay your application.
• Register for support even if you are R. Branson!

8
Whats available?

• Tuition fee loans
• The Higher Education Maintenance Grant
• The Government Student (maintenance) Loan. Which
  is
• 25 means-tested
• 75 non means-tested
• Help for certain students
• University of Leeds Scholarships

9
Tuition fee loans

• 2009/2010 the Univ. of Leeds charges 3,225
  fees.
• Apply for a loan up to 3,225 to pay for the
  fees.
• No longer a requirement to pay fees up-front
• But you must apply for the loan.

10
Loan Must be paid back Grant Does not need
to be paid back
11
Based upon 09/10
12
Support for Living Costs 09/10 rates

• Students cannot apply for Govt.
• grants and loans until the new
• year
• (final plans released).

13
The Higher Education Grant

• Full grant where family income is below 25,000
• Part grant where family income is between 25,005
  and 50,020
• This is a grant and does not have to be repaid.

14
The Means Test for Maintenance Loans

• Household income 55,000 no Maintenance
  Grant
• Eligible for Student Loan of 4,106
• Parents deemed to contribute 844

15
Loan Collection procedure

• HMRC deduct from income and repay SLC
• Interest rate is in line with inflation
• You repay nothing until earnings over 15,000
• e.g. graduate earning 16k 9 on 1,000
  7.50 per month
• e.g. graduate earning 20k 9 on 5,000
  37.50 per month
• Pay off loans quicker if you can afford it
• Written off after 25 years!

16
Help for certain students

• Disabled Student Allowance
• - help with disability-related costs of course
• - available to full and part-time students
• - not means- tested no need to repay
• - help with equipment, travel, helpers allowance.

17
Help for certain students

• Parents Learning Allowance
• Childcare Grant
• Child Tax Credit
• Adult dependant grant

18
Univ. of Leeds Bursaries Scholarships
Automatic Funding
Leeds Bursary Family income 25,600 or less?
1,540 p.a. Family income 36,600? 335 p.a.
19
Univ. of Leeds Bursaries Scholarships
Non-automatic Funding

• Scholarships and bursaries for targeted groups
• Need to apply
• No guarantee that you will receive anything
• Apply well in advance of starting your degree

20
Univ. of Leeds Scholarships BursariesTarget
Groups

• Low income background and
• First in the family to enter HE
• Achieving academic excellence
• Studying certain degrees
• From certain geographical areas
• Attending Certain Schools
• Talented athletes
• (Amounts vary)

21
Average Student spending pattern in the UK
Based on 08/09
22
Other sources of income

• Parental contribution
• Savings
• Access to Learning Fund
• Bank overdrafts
• Benefits (lone parents, disabled students)

23
Student Advice Centre

• LUU, PO Box 157,Leeds, LS1 1UH
• [phone]
• advice_at_luu.leeds.ac.uk
• Willing to assist prospective students

24
University of Leeds

• Scholarships Office
• Website
• www.leeds.ac.uk.students/fees
• Emailugscholarships_at_leeds.ac.uk
• Financial Aid
• Website
• www.leeds.ac.uk/students/office/financial.htm
• Emailr.mcdonald_at_adm.leeds.ac.uk

25
DFES

• For up to date information and to download the
  PN1
• www.direct.gov.uk/studentfinance/
• For detailed information on eligibility rules,
  look at the pages for HEI administrators, and LEAs

26
To recap Loan Must pay back Grant Dont pay
back Check for sources of funding
scholarships/bursaries Fill out the PN1 form as
soon as possible