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

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)

3. Student Finance

4. How much does it cost to attend University 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

5. How can you afford it?

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

7. 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 Tuition Fee Loan

8. How can I fund my living expenses? You need to apply for student finance before you start your course

9. Living Cost Loan 2014-15

10. 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

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

13. Chamberlain Awards

14. Other bursaries and scholarships • Subject-based scholarships • Music scholarships • Sport scholarships • Lloyds Scholars programme

15. Applying for financial support When and how to apply for loans and grants You should apply as soon as you've applied for your course Apply online atwww.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

16. Interest rates 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 • 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)

17. 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

18. Repayment Examples

19. What our students say … “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” “Parking on campus was a cost I hadn’t budgeted for. Also I didn’t realise how expensive TV Licenses were!”

20. What our students say … “Only eat out when there are deals on; buy one get one free or 20% off for students.” “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.” “Nights-out are a money-sink. Best way to cut the costs but still enjoy the fun that they bring is to throw house parties!”

21. 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.”

22. 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

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