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Aims of workshop. Deliver key finance/funding messages to young people Consider the wider issues around student funding and budgeting Understand some of the terminology Consider the “What if scenarios” Identify the help available so you can provide good IAG (Information, advice and guidance).

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aims of workshop
Aims of workshop
  • Deliver key finance/funding messages to young people
  • Consider the wider issues around student funding and budgeting
  • Understand some of the terminology
  • Consider the “What if scenarios”
  • Identify the help available so you can provide good IAG (Information, advice and guidance)
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Additional support

Student Funding offices

Access to learning fund

Emergency loans

Senior Tutors

Loans

TFL – Non means tested

ML – Means tested

Can you afford to go to University?

Grants

Government

Scholarships/bursaries

Disabled student allowances

Student parents

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Enrichment

Earnings

Can you afford not to think about going University?

Opportunities

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Government Loans

Non-means tested – An award made without looking at household income

Means-tested – An award made following assessment of household income

Household income – The taxable income of the household in the 2013/14 tax year is used to determine how much financial support a student can receive. The figure is based on the financial information provided by a student’s sponsor (parent, husband, wife or civil partner).

other support
Other Support

Income related benefits – Income Support, income based Job Seekers Allowance, Income related Employment and Support Allowance, Housing Benefit, Council Tax Benefit, Pension Credit, Universal Credit

how do repayments work
How do repayments work?

After 30 years, your loan will be written off, regardless of how much you have repaid.

will i be charged interest
Will I be charged interest?
  • Interest accrues as soon as the instalments are paid
  • Whilst you are studying the interest rate will be Retail Prices Index (RPI) +3%. This is currently 6.3%.
applying for student finance
Applying for student finance

Applications open in New Year

Apply online www.gov.uk/studentfinance

the process
The Process

You will receive your maintenance loan and or grant to your bank account in 3 termly instalments.

what if
What if?
  • Our family income changes (loss of job, retirement, redundancy)
  • I withdraw from university
  • I want to have time out
  • I want transfer university/course
  • I’m a care leaver and have no-where to stay during vacation

Inform Student Finance England of a Change of Circumstances (CoC) redundancy, withdrawal, suspend, repeat, change course – mid-year

where to go for help
Where to go for help
  • Student Funding Office for additional funding
    • Access to Learning Fund (ALF) Fund of last resort
    • Emergency Loans (pay-back, no interest)
  • Students Union – independent advice on student related issues (some offer debt advice)
  • Student Support Services
    • Counselling
    • Study support
    • Senior Tutors (Some have access to small funds)
  • Citizens Advice Bureau – independent advice
    • Debt advice
living costs
Living costs
  • Campus rent: £81-£160 a week
  • Off campus rent: £80-£120 a week

(but may not include bills)

  • Food: £40-£50 a week
  • Clothes: £10-£15 a week
  • Laundry: £5 a week
  • Books £15-£20 a week
  • Leisure/ Sport /Entertainment:
    • £20-£25 a week
  • Other: £5 a week
course costs
Course costs
  • Placement transport costs
  • Accommodation deposits
  • Material costs - lab coats
  • Field trip costs
  • Professional fees
  • Printing, binding, photocopying
  • Exams – if repeating
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Term 3

Term 1

Money pressures in an academic year.

Consider the impact of budgeting with only 3 pay days per year.

Term 2

living costs depend on lifestyle choices 176 to 280 a week for 39 week academic year 6 5k to 10 5k
Living CostsDepend on lifestyle choices£176 to £280 a week for 39 week academic year (£6.5k to £10.5k)