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Crossley Heath School HE finance talk to parents

Crossley Heath School HE finance talk to parents. Sophie Craven s.craven@hud.ac.uk. UCAS: What is it and how much?. What is it? Universities and Colleges Admissions Service Central agency which deals with nearly every application into HE

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Crossley Heath School HE finance talk to parents

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  1. Crossley Heath SchoolHE finance talk to parents Sophie Cravens.craven@hud.ac.uk

  2. UCAS: What is it and how much? What is it? • Universities and Colleges Admissions Service • Central agency which deals with nearly every application into HE • Sends your (one) application to all your choices for you How much does it cost? • £21 for all 5 choices (5 choices not HEIs) • £11 for a single choice • Visit www.ucas.co.uk

  3. Timeline for 2010 entry

  4. Student Fees & Financial Support Student fees and financial support can be broken down into three main areas: • Tuition fees • Maintenance Loans • Maintenance Grants

  5. Tuition fees and tuition fee loans Nobody has to pay fees ‘up front’ (although you can, if you want to). • For 2010/11 entry the fees will be up to £3290 per year – depending on the university you choose and the level of course you are on • Interest is charged on this and the maintenance support loan as soon as the student receives it, in line with inflation • Pay this back after you have your degree and are earning £15,000+

  6. Sample student expenditure (weekly)(Source: The Complete University Guide 2009) Rent Utilities Mobile/Internet Insurance Food & Toiletries Laundry £65 £6.50 £10 £2.60 £46 £3.95 Books/equipment Clothes Travel & Transport Social/Leisure Other Total for year £15 £12 £11 £30 £13 £8172

  7. Maintenance Support Loans • Maximum loan for 2010/11 is £4,950 per year • £6,928 for attending university in London, £3,838 for living at home • Everyone is entitled to 72% of loan, the rest is dependent on household income, (lower threshold £25,000 upper threshold £57,708) • Amount of loan you can apply for depends on the amount of maintenance grant you receive • Pay it back after you have your degree and are earning £15,000+

  8. Paying back loans (fee and maintenance) Annual income Monthly repayment % of income Up to £15,000 0 0 £18,000 £22.50 1.5 £25,000 £75 3.6 £30,000 £112.50 4.5 £40,000 £187.50 5.6

  9. Maintenance Grants • Non repayable • Dependent on household income • Full grant is £2,906 for incomes under £25,000 • Incomes up to £50,000 proportion of grant

  10. Total support available • Figures in bold are non-repayable • NB: Figures are approximate and based on living ‘elsewhere’. Figures will vary for living at home or in London • Support is on a sliding scale for income in between levels shown

  11. NHS related courses NB this does not apply to Medicine or Dentistry

  12. How does it all happen? • Through the Student Finance England website at www.studentfinance.direct.gov.uk, you can apply from January onwards • Student Finance England online calculator • You apply for second and third year support after Christmas in your first and second year • If you are having a gap year, you should apply for your course at the same time as your peers, for finance, apply 12 months later

  13. direct.gov.uk website

  14. Bursaries • Universities charging the full tuition fee of £3,290 will have to offer a bursary (non-repayable grant) to students who meet certain criteria • The University of Huddersfield is proposing a bursary of £500 (called the Huddersfield Grant) to all applicants eligible for the full government grant • Each university will be different – make sure you know what they are offering you • Information on bursaries can be found on university websites and at www.direct.gov.uk

  15. Sources of student finance

  16. Tips for parents • Talk to student about budgeting • Teach them to cook • Make sure they are insured • Consider helping with a mobile phone • Vouchers from loyalty points • Don’t bail them out at the first sign of trouble • Give help in form of course books or food shopping

  17. Further information • Careers advisor/tutor at school/college • Careers library • Connexions staff • Universities of choice/local university • www.ucas.com (lots of information about everything) • www.slc.co.uk (student loans) • www.studentfinance.direct.gov.uk (financial support for HE students – Student Finance England) • www.uniaid.org.uk (a student charity helping you with student finance) • http://www.funderfinder.org.uk/ (sponsorship)

  18. Final points to remember • Students or parents do not pay fees up front • Students from lower income families will be better off financially while they study • Loans don’t count as bad debt - not negatively credit scored

  19. Open Days Wednesday 27 October Thursday 28 October Wednesday 15 June 2011 We offer a lively environment for study with excellent and distinctive degrees Over 22,000 students study with us, on over 400 courses www.hud.ac.uk

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