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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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Aims of workshop

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  1. 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)

  2. Finish Start 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

  3. Finish Start Enrichment Earnings Can you afford not to think about going University? Opportunities

  4. 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).

  5. Government Grants

  6. Living cost support from government(Not London and not home) 2015/16

  7. 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

  8. How do repayments work? After 30 years, your loan will be written off, regardless of how much you have repaid.

  9. 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%.

  10. Example repayment figures

  11. Applying for student finance Applications open in New Year Apply online www.gov.uk/studentfinance

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

  13. 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

  14. 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

  15. Living and learning on a budget

  16. Living cost support from government(Not London and not home) 2015/16

  17. 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

  18. Course costs • Placement transport costs • Accommodation deposits • Material costs - lab coats • Field trip costs • Professional fees • Printing, binding, photocopying • Exams – if repeating

  19. Finish Start Term 3 Term 1 Money pressures in an academic year. Consider the impact of budgeting with only 3 pay days per year. Term 2

  20. Living CostsDepend on lifestyle choices£176 to £280 a week for 39 week academic year (£6.5k to £10.5k)

  21. Budget Planner = =

  22. Needs Wants

  23. What would you do with an inheritance of £1000 pounds?

  24. My money personality

  25. Can you guess the price difference in the two baskets? OWN BRAND BRANDED

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