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A GUIDE TO STUDENT FINANCE

A GUIDE TO STUDENT FINANCE. NAME , Outreach Officer. A Guide to Student F inance . What do I have to pay for? What help is available? How to apply? Repayment Budgeting and tips . What do I have to pay for? . The amount you pay to study at your chosen university . Tuition Fees .

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A GUIDE TO STUDENT FINANCE

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  1. A GUIDE TO STUDENT FINANCE NAME , Outreach Officer

  2. A Guide to Student Finance • What do I have to pay for? • What help is available? • How to apply? • Repayment • Budgeting and tips

  3. What do I have to pay for? The amount you pay to study at your chosen university Tuition Fees Everything Else!Accommodation,Food, Social life, Course materials, travel Living Costs

  4. What do I have to pay for? LivingCosts • The average cost of student living is £7,000 • This needs to cover food, accommodation, social life, transport • The government provide Maintenance loans and grants • Universities provide Scholarships and Bursaries Everything Else!

  5. What help is available? Tuition Fee Loan • All UK students can borrow up to £9,000 per year • Paid directly from the student loans company to the University • Apply online before starting the University • Repayments are deferred until after graduation

  6. What help is available? Maintenance Loan • All UK students can borrow up to £5,555 per year (slightly more if living in London, slightly less if living with parents) • Actual amount is means tested – dependent on the household income • Paid directly from the Student Loan Company to the student’s bank account in three instalments • Apply online before starting University • Payments deferred until after graduation

  7. What help is available? Maintenance Grants • Available to students with a household income of under£42,620 • Up to £3,387 available, paid directly to the student • Actual amount is means tested and on a sliding scale dependant upon the household income • Does not need to be repaid • If you get the maintenance grant, the maintenance loan will be reduced • Apply online before starting University

  8. What help is available? +++ Scholarships bursaries employment family savings

  9. What help is available? www.gov.uk/student-finance-calculator

  10. What help is available? Other Sources of Funding • Childcare Grant- can cover up to 85% of childcare costs • Parents’ Learning Allowance- can be up to £ 1,508 • Adult Dependants Grant- can be up to £ 2,642 • Child Tax credits or Working Tax Credits • Disabled students’ allowance See www.gov.uk for more information

  11. What help is available? NHS Courses See nhsbsa.nhs.uk/student for more information • You may be eligible for an NHS bursary if you study: Medicine, Dentistry, Nursing, Midwifery, Dietetics, Occupational Therapy, Optometry, Physiotherapy, Prosthetics, Orthotics, Radiography or Speech and Language Therapy • Tuition fees paid by the NHS in many cases • Bursaries of around £4,000 per year available for living costs. Some of the usual funding streams also available through Student Finance England

  12. What help is available? Scholarships and Bursaries Universities also give out Scholarships and Bursaries to help with living costs and tuition fees. These are usually given to: Students from low income families Students with special circumstances High academic achievers Do your research when applying at www.thescholarshiphub.org.uk

  13. How to Apply How to Apply? • Applications handled byStudent Finance England • Apply for tuition fee loan, maintenance loan and maintenance grantin the same application • Apply online in the Spring during year 13 at www.gov.uk/studentfinance • Complete with details of first choice course and university – ‘best case scenario’ • NHS courses – will receive details from universities after receiving offers • Apply for scholarships and bursaries directly to universities

  14. Repayment • After graduation, tuition fee loan and maintenance loan are treated as one loan • Repayments start in the April after graduation and only then if the graduate earns over £21,000 • Repayments are calculated according to the graduate’s earnings at a rate of 9% of the amount which is earned above the £21k threshold (income contingent) • Repayments are calculated by HMRC and the employer and deducted at source from the graduate’s wages

  15. Repayment

  16. Repayment FAQ’s Answered • If the graduate’s salary drops below £21,000 at any point, repayments automatically stop • Student loans will be written off after 30 years • Student loans do not appear on credit files • Interest is charged on the loans at rates of RPI plus up to 3% (dependent on earnings) • No penalty for making early repayments

  17. Budgeting and Tips Extra Sources of Income • Part-time job at university • Full-time job during the holidays • Internships/placements • Year out – paid work placements • Bank of mum and dad??

  18. Budgeting and Tips Avoid Credit Cards Top ten money saving tips Choose bank account wisely Pre-book trains and get a railcard! Socialise during the week Avoid Convenience stores Don’t buy all of your books Bargain hunt Own Brands Best! Do you need your car?

  19. Budgeting and Tips Top ten money saving tips Use your Student Card!

  20. Budgeting and Tips Useful Websites Martin Lewis’ Money Saving Expertwww.moneysavingexpert.com/students Student Finance England www.studentfinanceengland.co.uk Official Student Finance Information www.gov.uk/browse/education www.gov.uk/student-finance-calculator

  21. ? Any Questions

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