The Parent Student Finance Talk* *this presentation uses figures for 2016 entry as 2017 figures have not yet been released.

Transcription

1 The Parent Student Finance Talk* *this presentation uses figures for 2016 entry as 2017 figures have not yet been released.

2 What we will cover NHS Student Finance Funding - information Key messages and Fees for 2017/18 Repayments Additional Support Available Our Top Tips

3 Changes to NHS funding From 1 August 2017, new nursing, midwifery and allied health students will no longer receive NHS bursaries. Instead, they will have access to the same student loans system as other students.

4 Key Messages

5 HOW MUCH DEBT DO YOU THINK THE AVERAGE STUDENT NOW LEAVES WITH?

6 44,035

7 WELL YES! The average university graduate will earn an estimated 200k in additional income vs. non-graduates.

8 THE TWO TYPES OF LOAN. TUITION FEES ( 9k per year) MAINTENANCE LOAN (up to 8200 per year, more for London)

9 TUITION FEES. Tuition Fees are a virtual loan. Everything we do at Staffs is built around the needs and ambitions of our students, so we have developed a fair fees structure that reflects the teaching and support costs of delivering a top-class uncompromising, educational experience for everyone

10 TUITION FEES 2016 F T UG PROGRAMMES. Two Year Degree 9000 PGCE 9000 Fast Track/Foundation Degree 9000 All other Undergraduate Degrees 9000 Sandwich Placement Courses 1200 Partner Colleges 6990 (up to a maximum, check individual web sites for details) *delivered on campus at Staffordshire University

11 WHAT ARE TUITION FEES FOR? Professional Fees Compulsory course field trips Laboratory consumables Professional Body Examination Fees (first attempt only) Support for FACT final year design show costs

12 MAINTENANCE LOAN.

13 LONG COURSES LOANS.

14 BURSARIES & SCHOLARSHIPS. Do not have to be paid back Differ at different universities so make sure you do your homework Can be linked to income or academic excellence

15 INCOME ASSESSMENT. Uses gross taxable household income (includes step parents/ partners) and siblings income disregarded Assessed on financial year ending April 16 (for entry in 2017) If income has dropped by more than 15% you can ask for a current year assessment Deductions made for pension contributions Household income split where 2 or more children in the same household are at university

16 PAYING YOUR LOAN BACK.

17 REPAYMENT. Repayments don t have to be repaid until the following conditions are met. Year after you have graduated from your course You are in full time employment Earning over 21,000 or more Only ever at 9% of your total salary

18 INTEREST PAYMENTS During your study and up until April after graduation the amount borrowed will incur the RPI + 3% After that, a variable rate of interest will be applied dependent on earnings SALARY < 21,000 interest will be RPI SALARY < 21,000-41,000 will be RPI + X% SALARY < 41,000 interest will be RPI + 3%

19 REPAYMENT.

20 DISABLED STUDENTS ALLOWANCE.

21 EXTRA FINANCIAL HELP. PARENTS LEARNING ALLOWANCE This is income assessed however is nonrepayable for those with children. Amount will vary if you are a nursing student. CHILDCARE GRANT For people with children using registered or accredited childcare- can assist with up to 85% of childcare costs which is higher than tax credits system (income assessed but not repayable).

22 ADDITIONAL SUPPORT AVAILABLE. ADULT DEPENDANT GRANT The value you are eligible for will differ depending on if you are a nursing student. Income assessed, but not repayable for students who have an adult who is mainly financially dependent upon them.

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24 Budgeting Some student comments My friend had to turn vegetarian because she can t afford to buy meat any more It s not difficult to live within your means, some people just don t know what their means are Students are given a lot of money in loans, but rent and living costs are simply too much

25 however

26 We should have been given finance lessons when coming to university, most students have never had to budget before. I came from earning 200 a month in a part-time job at Halfords to being given 1,750 in my first month at university. I spent the lot in the first two weeks and survived on pasta and lentils for the next two months! With careful planning of money it s easy to make it stretch further and not have to worry about it

27 Where does their money go? Rent 85 Food Social 15 Bills Travel 10 Books 5.50 Clothes 5.50 Mobile Phone 5.50 Other 7 TOTAL Source: -

28 MAKE THE MOST OF STUDENT DISCOUNTS.

29 TYPES OF WORK AT STAFFS. Student Ambassador Scheme Staffordshire Students Union Uni Temps Casual Work Various Retail Work 7.85/ 8.36 Per Hour 7.12 Per Hour 7.12 Per Hour 6.96 Per Hour

30 SUMMARY. Apply online from Spring 2017

31 APPLICATION INFORMATION. Student Finance England via Please note applications for 2017/2018 entry will be open in Spring 2017

32 HELPFUL WEBSITES

33 FIND OUT MORE