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Student Finance

Student Finance. Amy Staniforth Higher Education Adviser University of East Anglia. Introduction. Costs involved with Higher Education Support/help available Budgeting tips. Tuition Fees. Tuition fees – up to £9,000 per year No upfront cost Teaching grants – cut by 80%

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Student Finance

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  1. Student Finance Amy Staniforth Higher Education Adviser University of East Anglia

  2. Introduction • Costs involved with Higher Education • Support/help available • Budgeting tips

  3. Tuition Fees • Tuition fees – up to £9,000 per year • No upfront cost • Teaching grants – cut by 80% • Universities charging £7,500 upwards to sustain income • Surplus money • Reinvested into student experience • Recruit expert staff • Provide world class facilities

  4. Tuition Fee Loan • Available to all new undergraduate students – NHS EXCEPTIONS • Loan amount covers the full amount of the fees • Administered by Student Finance England online • Paid directly from the government to university • Can borrow all or part of fees if desired • Pay back after graduating – depending on earnings

  5. Living Cost Loans • Also known as ‘maintenance loans’ or ‘student loans’ • Paid in 3 installments direct to student from government • 65% loan for everyone (35% is means tested)

  6. Repaying • You have to pay your loan back! • Repayments begin in April following graduation • Must be earning over £21,000 per year • One monthly repayment – deducted at source • Repayments are linked to what you earn not what you owe • Pay back 9% of anything earned in excess of £21,000 • e.g. salary - £25,000 • payback 9% of £4,000 • monthly repayment of £30 per month • Repayments are linked to what you earn not what you owe • If you stop earning, you stop paying

  7. Interest Rates • Interest rate • Whilst studying – RPI + 3% • After graduating earning below £21,000 – RPI • After graduating earning £21,000 - £41,000 – RPI + 1% to 3% • After graduating earning £41,000 or more – RPI + 3%

  8. Student Finance Facts • Loan written off if not paid back 30 years after April after graduating • Administered by Student Finance England – online • Help available on the website • http://www.studentfinance.direct.gov.uk/ • Dedicated team of Student Finance Advisers in call centre

  9. Non-repayable support (money that’s yours to keep... forever!)

  10. Living Cost Grants • Non -repayable • Means tested – depending on household income* • *Household income = gross TAXABLE earnings within the students residential household (excluding siblings earnings)

  11. Provision for NHS courses • NHS courses for up to 30 weeks • NHS courses for up to 45 weeks or more www.uea.ac.uk

  12. Bursaries • Non – repayable! • Amount and eligibility varies between institutions • Fee waivers, lump sums, cash awards • UEA – gives student 4 options of how to take the bursary

  13. Scholarships • Focus on academic merit • Eligibility and amounts vary between institutions • Automatically assessed • Subject scholarships • UEA:

  14. Other Help • Disabled students allowance (DSA) • Hardship Funds • Access to Learning fund

  15. How to apply • Apply online – www.direct.gov.uk/studentfinance • Apply from January onwards • Only need passport number • Customer helpline 0845 300 5090 Open Mon-Fri: 8am – 8pm Sat/Sun: 9am – 5:30pm

  16. Hints and Tips • Registrations stage – link to UCAS • Sponsors (parents) can input details at same time • ‘Consent to share’ – 2 nominees per student • If no bank details / term time address – can add later • APPLY AS EARLY AS POSSIBLE…

  17. Facts • Tuition fees do not have to be paid up front to the university • There will be no penalty for paying off your student loan early • The Council for Mortage Lenders has said: ‘ A student loan is very unlikely to impact materially on an individuals ability to get a mortgage but the amount of mortgage available may depend on net income’. • Repayments under the new system will be lower per year

  18. Good News! • Employers want graduates with ‘transferable skills’. • Average graduate starting salary is £25,000 (AGR 2010) • By 2012 – 50% jobs will need a degree • Over 75% of these vacancies open to any discipline • On average over a lifetime a graduate earns £120,000 more than a non graduate UEA – Graduation

  19. Part-time jobs • Part time work – over 40% have term time jobs • Holiday work – 90% of students work in holidays • University job shops / careers centre • Work related to course/career UEA – Students Union

  20. Student Bank Accounts • All the main high street banks offer student accounts • Find out which banks have a branch on campus • Most offer interest-free overdrafts that increase year on year • Freebies and Rail cards – useful • Student advisers – make use of them

  21. Budgeting Tips • Work out a weekly budget before you go • Don’t spend loan straight away • Make use of NUS discounts • Make use of free university resources i.e. internet in library • Don’t automatically buy all books on reading list • Food shop with friends

  22. Any questions ? Open Days 2012: Saturday 23rd June 2012 Saturday 7th July 2012 www.uea.ac.uk Voted top English university Best accommodation and Student Union (Whatuni.com Student Choice Awards 2009) World top 150, European top 100, UK top 20 (Guardian League Table)

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