Student finance
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Student finance
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Student finance
- 2. 2 Introduction • Tuition fee loan • Maintenance loan • Maintenance grant • Repayments • Bursaries and scholarships • Dos and don’ts
- 3. 3 Support Available • You’ll need money to support yourself at university, and there are many options to consider Help from the Government: Tuition Fee Loan Maintenance Loan Maintenance Grant Help from universities: Bursaries Scholarships
- 4. 4 Tuition fees (Home/EU Students) • You can apply for a Tuition Fee Loan through Student Finance England • This covers the whole cost of your course, and is not dependent on your household income • Paid directly to the university • Reassessed every year by Student Finance
- 5. 5 Maintenance loan • Means tested • Everyone is entitled to 65% of the Maintenance Loan • If you want to apply for the full loan then Student Finance England will assess your household income • Paid into your bank account at the start of each term
- 6. 6 Where you live and study Maximum Maintenance Loan You live at home £4,418 You live away from home and study outside London £5,555 You live away from home and study in London £7,751 You spend a year of a UK course studying overseas £6,600
- 7. 7 Maintenance grant • Government grant • Means tested • None Repayable • Households with incomes up to £42,620 per year qualify for the grant
- 8. 8 Household Income £ Maintenance Grant Maintenance Loan Total £25,000 and under £3,387 £3,862 £7,249 £30,000 £2,630 £4,240 £6,870 £35,000 £1,494 £4,524 £6,018 £40,000 £547 £4,998 £5,545 £42,611 £52 £5,529 £5,581 £42,875 £0 £5,555 £5,555 £50,000 £0 £4,836 £4,836 £60,000 £0 £3,826 £3,826 £62,125 and over £0 £3,610 £3,610
- 9. 9 Loan repayments • If you’ve taken out a Tuition Fee Loan and a Maintenance Loan to help with your living costs then you’ll need to pay this money back to the Government • How does this work?
- 10. 10 Case Study 1 •Andrew has just finished his Geography degree at Liverpool and now fancies a year out to travel across Southeast Asia •He has a part-time job in a bar and plans to leave at the end of the summer after his graduation •However, he’s worried about his student loan repayments while he’s away •Should Andrew…..
- 11. 11 Case Study 1 a) Lock away his iPad and Playstation 4 while on his travels in case the bailiffs come knocking b) Take out a credit card so he pays at least £100 a month to Student Finance England c) Relax. He’s not earning enough at the moment to start paying back his loan repayments d) Write to Student Finance England to let them know he is out of the country
- 12. 12 Loan repayments • You only start to pay back your loans when you are earning over £21,000 per year • This starts in the April after you graduate • Unless you are earning this amount you will not pay anything back
- 13. Case Study 2 •Jo has just landed a graduate job at Boots in the Marketing department •She’s started in the May after her graduation year •Earning an initial salary of £25,000, she’s concerned that she’s going to have to start paying a huge amount back on her student loans •How much will Jo have to pay? 13
- 14. 14 Case Study 2 a) £30 per month. About the same price as a mobile phone contract b) £5. Next to nothing – about the same, if not less than, a cinema ticket c) £60 per month. About the same as a gym membership d) £150 per month. The same as the credit installments for a new car
- 15. 15 Loan repayments • Repay 9% of income over £21,000 • Like a ‘graduate tax’ – deducted from pay packet • Loan is written off after 30 years
- 16. 16 Salary Amount of salary from which 9% will be deducted Monthly repayment £25,000 £4,000 £30.00 £30,000 £9,000 £67.50 £35,000 £14,000 £105.00 £40,000 £19,000 £142.50 £45,000 £24,000 £180.00 £50,000 £29,000 £217.50 £55,000 £34,000 £255.00 £60,000 £39,000 £292.50
- 17. 17 Interest • Interest is charged on student loans from receipt of first payment to paying off the full amount
- 18. 18 Your annual income Interest rate on your loan While you're studying and up to the point when you are liable to repay Rate of inflation plus 3 per cent After you are liable to repay and have income of £21,000 or less Rate of inflation After you are liable to repay and have income of £21,000 - £41,000 Varies between the rate of inflation and the rate of inflation plus 3 per cent, depending on your income After you are liable to repay and have income of £41,000 or more Rate of inflation plus 3 per cent
- 19. 19 Bursaries and scholarships • Many universities and colleges offer extra funding that you don’t have to pay back • The amounts vary by university and subject • Can view bursaries on the UCAS website and apply as part of online application to Student Finance England
- 20. Wednesday 16 October 2013 Campus Tour Day 20 www.nottingham.ac.uk/ugstudy
- 21. Wednesday 16 October 2013 Campus Tour Day 21 www.nottingham.ac.uk/ugstudy
- 22. 22 Bursaries at Nottingham • University Core Bursary - £750 to £3,000 available per year • Nottingham Potential Bursary – an extra £1,000 available • Subject specific bursaries • University of Nottingham Sports Bursary Scheme
- 23. 23 Additional help • Disabled students’ allowance • Parents’ learning allowance • Childcare grant • Adult dependent’s grant • NHS funding
- 24. 24 How to apply • Apply online in early 2015 at www.gov.uk/studentfinance • Missing the spring deadline may mean late payment • You can apply before you’ve chosen your University
- 25. 25 Higher education: an investment • Degree holders earned an average of £12,000 a year more than non-graduates over the last decade • Graduate earnings increased faster for each year of age and they also increased for longer
- 26. 26
- 27. 27 Conclusion • Don’t let financial worries get in the way of applying to university • Lots of support available, important to research thoroughly • No pressure to pay up front and you only pay when you’re earning after graduation • Great life experience – become money savvy from an early age
- 28. 28 Further information • www.gov.uk/studentfinance • Official information about student loans and grants and how to apply online • www.ucas.com • Search bursaries and scholarships for your university • www.nottingham.ac.uk/fees
- 29. 29
- 30. 30 Questions? Insert name, Insert job title Want to know what it’s like to be a student? Find out at http://blogs.nottingham.ac.uk/studentlife Not sure which university is for you? www.which.co.uk/university UoNapplicants The University of Nottingham UoNapplicants www.youtube.com/user/NottmUniversity
Notas del editor
- Introduction Introduce yourself Say you are from The University of Nottingham Check everyone can hear you/ see the screen. How long you will be talking for When they can ask questions - let them know if they will be receiving a handout or if they might want to make notes. SMILE
- Go through what you are going to cover in presentation – what they should know by the end.
- Even if you decide to live at home you’ll need to support yourself financially while you’re studying, and there’s loads of help out there to assist you in buying your books, paying your bills and enjoying socialising with your friends. The Government offers Maintenance, or Living Cost Loans and Grants which you can apply for along with your Tuition Fee Loan online or alternatively you get can help directly from your university of choice by applying for a bursary or through the National Scholarship Programme.
- The great news is that the Government is now happy to provide you with a loan to pay for your all of your tuition fees while you’re at university, with no down payment or complicated application process necessary. You just apply online through Student Finance England and the money will be paid directly to your university.
- Students are entitled to 65% of the full loan amount without having household income taken into account so they can apply without being means tested. To receive more than 65% of the loan they must apply to be means tested. Once the amount of loan you will receive is determined, Student Finance England will pay the funds into your bank account at the start at each term. N.B. assessment includes a student’s ‘unearned’ income only; not anything from part time work
- If you apply for a Maintenance Loan then this can be means tested, so your household income can be looked at before the loans company decide on how much you’re entitled to. The amount of loan you are eligible to receive goes up depending on whether you live away from home and whether you’ll be studying in London. You can also get cash for when you’re studying abroad on your placement year.
- Ok so now we’ve talked about money that you can borrow from the Government to pay for your university tuition fees and living costs. What about money that you don’t have to pay back? Student Finance England offers a non-repayable Maintenance Grant to students which is means tested.
- You may be wondering at this point it’s all fair and well that you’re being given all these loans by the Government but how will you be able to pay the money back while you’re a student at university? How much will you have to pay and have often? Can’t it wait until after you’ve finished your studies? Let’s have a look at a few true to life examples.
- *Activity*
- *Activity* If Andrew doesn’t come back to England but decides to stay long term in Thailand or anywhere else after his travels, he must then advise the Student Loans Company to arrange repayment in an alternative way, usually by direct debit.
- Andrew doesn’t need to worry while he’s surfing it up in Thailand. You only have to start repaying your student loans when you’re earning over £21,000 and this only happens in the April following graduation – so even if Andrew had been working a few part-time hours in a bar he wouldn’t be eligible. You do accrue a small amount of interest on your loans in the period between finishing university and starting your regular repayments which I’ll talk about in a moment, but the general rule is if you never went beyond earning £21,000 in the whole of your working life then you wouldn’t have to pay a penny back to the Government!
- *Activity*
- £30 a month, that’s all! Think of all the outgoings and direct debits you currently have – mobile phone contracts, lovefilm subscriptions, car insurance payments – are these not similar if not more than £30? It really is a manageable amount to pay for someone on a great starting wage of £25,000, and it’s certainly not going to break Jo’s budget every month.
- So imagine, like Jo, you are now in full-time work after university and are eligible to start making repayments for your student loans. How does this work? You actually only have to repay 9% of your income over £21,000, and depending on how much you’re earning this will increase. It’s like a ‘graduate tax’ – you’re being charged for the benefit of going to university, getting a great degree and landing a superb graduate job. The money is normally deducted form your pay packet automatically through the tax system in one simple monthly repayment, so the Tuition Fee Loan and Maintenance Loan are added together for you. There’s no charge for early repayment and if you want to pay a bit more than the minimum every month, you can do. For the majority of graduates it may not be in their best interest to pay any extra back. Have a look at: www.moneysavingexpert.com/students and use the calculator. This is a really good tool to show your audience how repaying student finance works. Crucially, if you still haven’t paid off all of your student loans after 30 years then the remainder will be written off. What other loan company could ever compete with that? It’s a fair, affordable and uncomplicated system.
- *Look through salary scales and repayments*
- It’s always important to consider interest rates when looking at loans, so let’s see how this applies to student loans. In a nutshell, your loans will accrue interest from the moment the first tuition fee instalment is paid to the university and the first Maintenance Loan payment is sent to your bank account, and while you’re studying at university this will be at the rate of inflation plus 3 per cent. Once you’ve finished your studies and it’s past the April after graduation then one of a number of things may happen. If you’re earning below £21,000 then the interest rate on your loans will revert to the rate of inflation only, so this is ideal if you’re planning to take a gap year or waiting for a graduate job opening to come up and don’t want to worry about any extra interest on your loans. If you are earning between £21,000 and £41,000 then you will be charged the rate of inflation and up to 3 per cent on top, depending on how high your income is. And anyone earning over £41,000 after this time, which would be pretty impressive for a first job, would have to pay the rate of inflation plus 3 per cent. Again, the more that you earn after university, and the more you have benefitted from your degree in your working life, the more you will have to pay – which is a fair way of doing things.
- Bursaries and scholarships are additional sources of funding offered by a University or other organisation, depending on certain eligibility criteria. It’s really worth putting in the effort to research them as much as possible before applying to university as they could genuinely save you thousands of pounds if you are eligible.
- *Click on ‘Fees & finances’
- *Bursaries for the Geography course at The University of Nottingham shown*
- As an example, at The University of Nottingham we offer a good range of bursaries for our undergraduate students. Our University Core Bursary is a cash payment of anywhere between £750 and £3000 on a sliding scale for students with a residual household income of up to £42,600, provided they have enrolled on a full-time course and are liable for the full £9,000 fee. This is paid directly into the student’s bank account. The Nottingham Potential Bursary provides an extra £1000 for students with Access or vocational qualifications, students with financially dependent children or adults, younger students who have been in public care and certain students who have participated in the University’s widening participation outreach activities. There are subject-specific bursaries too, so the John Lane Scholarship offers Pharmacy students £5000 to be paid over the course of their degree provided they are a full-time home students and have a residual household income of below £36,100 as assessed by Student Finance England. The Chaplin Law Scholarships, which run until 2016, offer one student every year a cash donation of £10,000 who is enrolled on a Law with Modern Languages course and again has a residual household income of below £35,000. Finally if you’re a keen sportsman or woman then you could rewarded for your ability at the University of Nottingham. The Sports Bursary Scheme awards around 20 talented athletes every year around £2,000 including a personal mentor, free access to the University’s sports facilities, money off your equipment and free physiotherapy. To be eligible you must be of regional, national or international standard in your chosen sport, fulfil the usual entry requirements for your course and be prepared to get involved the Athletic Union and represent the University wherever possible.
- More help is available for those in special circumstances and advice can be found on the direct.gov.uk website. Also bear in mind that there are new NHS bursaries for courses such as Nursing, Midwifery, Physiotherapy and Dietetics for students starting after September 2012. Please note that the NHS have not yet announced funding for Sept 2013 entrants and it is likely that it will change from what 2012 entrants are going to receive.
- Getting in an early application reduces stress and any complications with getting your money on time. Don’t worry if your academic situation changes later in the year too – if you change course or go into clearing then Student Finance England can easily update your records without this affecting your loan payments. Students have to update their SFE account with any change of course/Uni. Information you will need for your application includes: NI number (yours and your parents’ or partners’) Passport details Income details for student and household Student’s bank account details Medical evidence of a disability, if applicable Exact dates are yet to be released, so advise audience to keep checking student finance website for further details.
- You might be thinking at this point there’s an awful lot to take in and start researching about student finance, but in the end is it all going to be worth it once you go to university and finish your degree? The answer is absolutely yes. Higher Education is an investment in your future, and over the past decade degree holders have earned an average of £12,000 a year more than non-graduates – with earnings increasing faster for each year of age and for longer. The work you can do now to secure funding for your time at university, be it through Government loans and grants, bursaries or scholarships, will more than pay off in that not only will you be financially stable while you’re a student but you will also be able to start your exciting career without the stress of an unreasonable and unmanageable repayment system.
- Explain the graph. Study conducted over the last decade by the Labour Force Survey.
- In conclusion, I hope today’s session has been useful in showing you that there’s loads of financial support out there for students like you thinking of applying to university for 2013 and it really isn’t something that should put you off investing in your future. Now’s the time to be researching what financial help is available to you, no matter what course, university and individual circumstances apply, so you can get the most benefit while you’re studying. After all, once you’re enrolled on your course the last thing you’ll be wanting to worry about is finance – you’ll be busy enough with your coursework, sports clubs and hectic social life! It’s all great life experience being money aware from an early age, as sorting your finances when you’re at university and spending responsibly will benefit you in later life. From my own experience I learnt to budget my money much better after starting university and think more carefully about where my money was coming in and going out, which is pretty crucial now considering all the outgoings I have!
- *Explain what further information is available online*
- Offer the chance for people to ask questions. Draw student’s attention to the UoN applicants facebook and twitter pages and encourage them to join. Also, insert any social media channels that you run in your School and draw attention to them.