A Parents Guide to Student Finance. Kimberley Lloyd: Schools and Colleges Recruitment Assistant

Transcription

1 A Parents Guide to Kimberley Lloyd: Schools and Colleges Recruitment Assistant

2 Overview of Student Finance What help is available How to apply Repayments Useful Resources

3 Overview of Tuition Fees Tuition fee loan (repaid) Maintenance loan (repaid) What is the personal statement? What to include Maintenance grant (free) Structure Examples and tips Bursary from university (free) Further help and advice National Scholarship scheme (free) Supplementary income

4 Tuition Fee Loan Universities charge up to 9000 per year Finance available for all UK students No upfront payment required Apply through England Paid directly to your chosen university once you have registered at University. Tuition Fees The amount you pay to study at your chosen university

5 Maintenance Loan Apply through England Includes accommodation, food, social life, course materials etc Paid directly from Student Loans Company to the student Total entitlement is split into 3 payments made at the beginning Living of Costs each term Must apply for the loan each year Maintenance/ Loan Everything Else! accommodation, food, social life, course materials, travel

6 What help is available? Maintenance Loan All UK students can borrow up to 5,740 per year (slightly more if living in London, slightly less if living with parents) 65% non means tested 35% means tested and dependant on: Household Income Where you live and study The year of study you are in

7 Maintenance Loan Maximum Entitlement Minimum Entitlement Living away from home in London 8,009 5,038 Elsewhere 5,740 3,610 Living at home 4,465 2,871

8 What help is available? Maintenance Grant Available to students with household income under 42,620 Does not need to be repaid Up to 3,387 available, paid directly to the student Actual amount is means tested/on a sliding scale dependant on household income Apply online before starting University as part of the Application If you get the maintenance grant, the maintenance loan will be reduced

9 What help is available? Household income Maintenance Grant Maintenance Loan Total from SFE 25,000 or less 3,387 3,862 7,249 30,000 2,441 4,335 6,776 35,000 1,494 4,808 6,302 40, ,282 5,829 42, ,530 5,580 45, ,341 5,341 50, ,836 4,836 60, ,826 3,826 Over 62, ,610 3, Scholarships Bursaries Employment Family Savings

10 What help is available? Scholarships and Bursaries Universities offer scholarships and bursaries to help with both living costs and tuition fees Usually given to: High academic achievers National Scholarship Fund Access to Learning Fund Do your research when applying: And look on the specific universities website. Students from low income families Students with particular skills/talents

11 Supplementary Income Part-time job at university Full-time temp job during the holidays What to Internships and placements Structure include What is the personal statement? Savings Bank of mum and dad?! Examples and tips Further help and advice

12 What can I apply for? NHS Courses Tuition fees paid by the NHS in many cases Can apply for an NHS Bursary and NHS Grant Can also apply for a Maintenance Loan from Student finance England Eligibility for NHS students is based on: Household Income (Bursary Only) Where you live - linked to cost of living Your course Must result in a qualified profession Whether you re in the final year of your course (when you get less) Whether Living you have Costs already had funding See nhsbsa.nhs.uk/student for more information NHS

13 What can I apply for? NHS Courses If you study up to 45 weeks a year, you ll get: From the NHS NHS From Student Finance Where you study and live Grant Bursary Maintenance Loan In London 1,000 Up to 5,460 Up to 3,263 Everything Else! Accommodation, Food, Social life, Course materials, travel Outside London 1,000 Up to 4,395 Up to 2,324 With your parents 1,000 Up to 3,351 Up to 1,744

14 What help is available? Other sources of funding Childcare Grant can cover up to 85% of childcare costs Parents Learning Allowance help for course costs for students with children Adult Dependents Grant support for those who are carers Disabled Students Allowance (DSA) See for more information

15 calculator

16 Applying for University What is the personal statement? Tuition fee loan What to include Maintenance loan Maintanance grant Structure Bursary from university Examples and tips Further help and advice Scholarship from university National Scholarship scheme

17 How to apply Apply in the Spring before you start university (January 26 th onwards) Applications handled by England CRN Number. All done online Apply for tuition fee loan, maintenance loan and maintenance grant in same application Apply for scholarships and bursaries directly to universities OR search availability through UCAS NHS courses will receive details once holding offers

18 How to apply What you need to complete the application: Passport (having a valid passport number speeds up the process but isn t essential) University and course details Bank account details National Insurance number Sponsors contact details (usually parents/carers) Remember to keep your Customer Reference Number safe!

19 Repayment After graduation, tuition fee loan and maintenance loan are treated as one loan Repayments start in the April after graduation once the graduate is earning over 21,000 Repayments are calculated according to the graduate s earnings at a rate of 9% of the amount which is earned above the 21k threshold (income contingent) Repayments are calculated by HMRC and the employer and deducted at source from the graduate s wages

20 Repayment Salary Amount from which 9% is calculated Annual student loan repayment Monthly student loan repayment 20, ,000 1, ,000 3, ,000 6, ,000 9, ,000 15,000 1,

21 Repayment FAQs answered! If the graduate s salary drops below 21k at any point, repayment stops automatically Student loans will be written off after 30 years Student loans do not appear on credit files and will not impact on any future partners or children Interest is charged on the loan at a rate of RPI plus up to 3% No penalty for making early repayments

22 Graduate Starting Salaries Faculty Average graduate salary % in employment or further study 6 months after graduation Art & Design Average - 16,599 94% What to Examples What is the Business personal & Law Structure include Average - 28,898 and tips 95.9% statement? Health & Life Sciences Average - 23, % Humanities Average - 17, % Technology Average - 21, % Further help and advice

23 Useful Information Martin Lewis Money Saving Expert Official Information NHS Information Avoid Convenience stores Avoid Credit Cards To apply Do you need your car? Helpline

24 Any What is the personal statement? What to include Structure questions Examples and tips Further help and advice