2 Why go to university? Whole University experience Meeting people and making friends Different backgrounds and cultures Life skills- living independently. Best 3 or 4 years of your life!!! Many jobs now require a degree
3 Why go to university? Graduates earn higher salaries and are less likely to be unemployed People with degrees earned an average of 12,000 a year more than non-graduates over the past decade - office for national statistics Average lifetime earnings between 100, ,000 more than those without a degree (Research: University of Warwick)
4 What can you spend on?
5 A 9 year round the world cruise!
6 Two Ferraris!
7 Creme eggs!
8 What does it cost to go to university?
9 2 big costs Tuition fees 8,400 full-time 4,500 part-time time Living costs Accommodation, food, travel, course materials
10 What might it cost per year? Tuition Fees - 8,400 (Newman) Accommodation if living away from home - average 3,190 per year Day-to-day costs (food, books, travel, clothing and socialising) 90 per week (26 weeks= 2,340) Total cost = approx. 13,930 per year Should be seen as an Investment into your future
11 How do you pay for it?
12 Tuition fee loan repayable Tuition Fee Loan Covers all of your tuition fees ( ) Non-means tested & available to everyone Paid directly to the University by student loans company Not compulsory- can pay full/part of the tuition fee loan
13 Maintenance loan: repayable All eligible students are entitled to a Maintenance Loan, with 65% of the total loan amount being Non Means Tested (not based on household income) The amount of Maintenance Loan available will be linked to where a student lives and studies:
14 Maintenance loan: repayable A loan of up to 5,500 available if living away from home. (Higher if studying in London) A loan of up to 4,375 will be available if you decide to stay at home.
15 Maintenance grant: non repayable If your household income is below 25,000 you will be entitled to a full grant of 3,250. If your household income is between 25,000 and 42,600 you would be entitled to a grant of between 50 and 3,250 The Maintenance Grant is 100% means-tested
16 living costs
17 For living costs (London based) Household income Living cost grant Living cost loan Total 25,000 or less 3,250 6,050 9,300 30,000 2,341 6,505 8,846 35,000 1,432 6,959 8,391 40, ,414 7,937 45, ,463 7,463 50, ,963 6,963 55, ,463 6,463 60, ,963 5,963
18 Part time option Takes just one additional year Study alongside full-time students- 6 modules a year Study days per week 4,500 per year tuition fees (saving of over 7,200) Can access tuition fee loans, but not maintenance a loans/grants a Combine work with study
19 Other support available Disabled Students t Allowance Not means tested, dependent on needs Non-repayable Specialist equipment allowance Non medical helpers allowance General allowance Travel allowance Up to 5,161 for duration of course Up to 20,520 a year Up to 1,724 a year Reasonable spending on extra travel costs incurred by the student as a result of their condition to attend their HEI Forms DSA1F or DSASL (slimline)
20 Support available at University Access to Learning Fund (ALF) Dealt with on an individual basis against set criteria by the university Up to 3,500 Usually a non-repayable grant
21 When do I have to pay it back?
22 When do I pay student loans back? (full time) Repayable only when you are earning over 21,000 per year Repay 9% of income above 21,000 e.g. Bob earns 25,000 a year Re-pay 9% of 4000 = 360 per year, 30 per month Not until beginning of tax year (April 1 st ) after you graduate Any outstanding balance after 30 years is cleared
23 How much would I pay back per month?
24 Other support available Childcare Grant (CCG) Help with childcare costs Worth up to for parents with 1 child or up to 255 for 2 or more children Form CCG1 Parents Learning Allowance (PLA) Means tested based on household income and the income of any dependent children To help towards course-related costs (not for childcare) Worth up to 1,508 Form PN1 Adult Dependants Grant Means tested Those caring for an adult dependant who is not their adult child Worth up to 2,642
25 How will it impact on my finances Mortgage- banks interested in whether you can repay the loan total debt not the issue level of repayments is: Payment holidays Changes in income Early repayment
26 Rates of interest Whilst studying at University it -- Interest is the rate of inflation plus 3% If you earn less than 21,000 Interest is at the rate of inflation If you earn between 21,000-41,000 interest is at the rate of inflation plus up to 3% If you earn over 41,000 Interest at the rate of inflation plus 3%
27 Academic Achievement Scholarships 5000 available to those students who Choose Newman as their firm choice on their UCAS application & achieve A,A,B at A-level or D,D,D on the BTEC National Diploma (or equivalent) Be studying on a full-time course Classed at a Home student by the Student Loans Company - If successful: 2000 will be given during the first & second year of study & 1000 will be given in the third year.
28 National lshl Scholarships hi Programme 56 NSPs available for 2013 students Year 1: 1000 cash and 2000 in reduction in fees or accommodation costs (your choice) Years 2 & 3: 1500 reduction in tuition fees or accommodation costs (your choice) Eligible students must have a household income below 25,000 Priority given to: - Care leavers - Students who are a carer for a disabled parent, sibling or child - Students who went to schools where 45% of pupils achieved less than 5 A*-C at GCSE - Highest UCAS points -Lottery
29 Scholarship/Bursary Information A Z Search of National Scholarships offered by individual HEI s Course Finder includes: Information on fee levels and links to HEI bursary & scholarships
30 What do I do next? Decide whether you want to go to University. Application to your Universities through UCASwebsite: Applyfrom September 2012 for September 2013 courses Applyfor student finance by clickingon to the following website: Usually opens around January. All applications processed online.
31 Application Dates Dec/Jan 2012 New students will be able to apply for student finance from January 2012 Returning students can re-apply from Early 2012 The application deadline for new students is May 31st May Returning students should re-apply by 29 th June 2012
32 Student Application i Before starting the application process students might need - Passport (if the student has one) Details of the university or college and course Course start date Bank details National Insurance Number Information about current income (if applicable) The names and address of anyone who will be supporting the application, if appropriate p Remember to recheck details before submitting application.
33 Means Tested Applications If applying for financially assessed (means tested) student finance, parent(s) or partner will not be asked to submit any financial documentation in the majority of cases to support the student s application. On entering the necessary income information SLC will check and verify details with HMRC using their National Insurance Numbers. (VHI) In some cases Parents/sponsor will need to send Student Finance evidence of their income to verify details. The evidence they need to send* will depend on the source of their income during the prior tax year.
34 Student Application Given the increasing value of social media in communicating key information SFE has a presence on Facebook and Twitter, providing students various ways to interact with them. twitter.com/sf_england
35 Getting Paid!
36 Payment Process Core Student Finance is paid in 3 instalments. The 1 st instalment triggered by enrolment. The 2 nd & 3 rd instalments are automatically paid at the start of each subsequent term Maintenance Loan & Grant are paid directly into the student s bank account Tuition Fee Loans are paid directly to the HEI in separate instalments.
37 Consider A student bank account Getting a budget and sticking to it dull but practical! Using the budget calculator at: If you need financial support and advice once you are at university, staff there will be able to help, e.g. Student money advisors Student welfare team Student Union staff
38 Summary University continues to represent an excellent investment in your future Nobody has to pay fees up front Financial support in the form of loans is available to help cover costs - available to everyone Additional support based on household income (means tested) Scholarships available- do your research! Affordable repayments once you have graduated and are earning over p y y g g 21,000 per year
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