Funding for your first year: what you need to know

Transcription

1 Funding for your first year: what you need to know 2016/17 Finance essentials Information for UK students and their parents or carers Inside about us financial support help with living costs cost of living top tips key dates 1

2 Contents Financial support... 3 Help with living costs... 4 University bursaries... 5 Additional support... 6 Cost of living... 7 Key dates... 8 Your say... 9 Top tips Useful contacts Here to help Thinking of going to university? Managing your money is an important part of university life. We understand that some students experience financial difficulties while they are at university and that is why we are here. The Student Finance Centre has a team of experienced, helpful staff who can offer you guidance on all money-related issues. We offer practical support and information to both current and prospective students on all aspects of student funding, including maintenance loans, grants, bursaries and tuition fee loans. We also have specialist advisers who can help with more complex cases that involve state benefits and tax credits. Contact us This guide aims to give you a head start on student finance, so you re financially prepared for the years ahead. If you have any queries or concerns, please don t hesitate to contact us. Our contact details and opening times are on the back of this booklet. If you want to come and see us you don t need to make an appointment just drop in. If you don t know Portsmouth yet, visit to find out where we are. 2

3 Tuition Fees The funding described over the next pages is for students from England. If you currently live outside of England (even if you intend to study in England), you should visit the following websites for information on what may be available to you: Wales or Scotland Northern Ireland EU If you are studying an NHS funded course see our NHS leaflet for details of the support available to you or visit ugfeesandfunding. Please note, if you already have a degree or equivalent qualification you may not be entitled to support for a new course. How much are tuition fees? University of Portsmouth tuition fees for full-time undergraduate UK or EU students starting in 2016 are 9,000. They may be subject to inflationary rises in subsequent years. If you do not already have a degree you can apply for a tuition fee loan to cover your fees. The loan does not depend on your household income and is paid directly to the University. If you prefer, you can arrange to pay your tuition fees without taking a loan, either in one payment before the start of term one, or via five monthly instalments. Alternatively, you can pay part of your fees and apply for a reduced loan to cover the remainder. Loan repayments Repayments of both the tuition fee loan and maintenance loan will start in the April after you finish your course, if your income is over 21,000 gross per year. Repayments will be set at nine per cent of income above this threshold. If your income falls below 21,000, repayments will stop until it exceeds the threshold again. After 30 years, any outstanding loan balance (except for arrears) is written off. Gross annual income 25, Monthly repayment 30, , While you are studying, and up to the April after you leave university, interest on your loan will be applied at inflation (RPI Retail Price Index) plus three per cent. From the April after you leave university, interest will be applied on a sliding scale depending on your income. Annual income Under 21,000 Between 21,000 41,000 Over 41,000 Interest charged RPI Between RPI and RPI plus three per cent RPI plus three per cent Full terms and conditions will be provided with your application and are also available at 3

4 Help with living costs All eligible full-time English undergraduate students are entitled to a maintenance loan towards their living costs. How is student finance calculated? The total amount of support you can receive towards your living costs is calculated on your household income. If you are under 25 this usually means your parents income if they live together. If you only live with one parent it will be that parent s income plus the income of any co-habiting partner they have. The tax year 2014/15 will be used for the assessment. If you meet one of the criteria below, you will be treated as independent from your parents and their income won t be counted. You: are over 25 (as of 1 September 2016) are married/in a civil partnership have a dependent child are, or have previously been, looked after by a local authority have fully supported yourself financially for three years prior to the start of your course are permanently estranged from your parents partner their income will be used to calculate your student finance entitlement. If you feel you should be treated as independent for other reasons or would like help with your application, contact us at the Centre to talk through your situation. You can use Student Finance England s calculator to work out what you may be entitled to at Maintenance loan The maintenance loan is available to all eligible full-time undergraduate students. The amount of loan you can receive depends on where you live whilst studying and your assessed household income (35 per cent of the loan is income assessed). The loan is paid directly into your bank account in three termly instalments, and the amount you can get depends on where you live during term time. Please note: reduced loan amounts are available during placement years. In all cases if you are treated as an independent student and you live with a Assessed household income Students living at home Students studying away from home (outside London) 25,000 or less 6,904 8,200 30,000 6,322 7,612 35,000 5,740 7,023 40,000 5,158 6,434 42,875 4,824 6,095 45,000 4,576 5,845 50,000 3,994 5,256 55,000 3,412 4,667 58,201 3,039 (+) 4,078 60,000 3,039 3,821 (+) Over 65,000 3,039 3,

5 Additional grants There is additional support for students with dependants or those with disabilities. Contact us for more details. University bursaries How and when should I apply for support? If you live in England and will be starting a full-time course in 2016, you can apply for all of the support outlined in this booklet online at from early A bursary is a non-repayable grant awarded to students to help with their living costs. The University of Portsmouth offers the non-repayable bursary below to eligible new full-time undergraduate students. University of Portsmouth Bursary* The University of Portsmouth offers this bursary (in addition to the government support described previously) to eligible students from England starting their studies in The bursary is paid in three instalments throughout the year. Assessed household income Bursary in first year Up to 25,000 1,500 1,000 25,001 to 32, Over 32, Bursary in later years In order to be eligible for the bursary students must be paying the full 9,000 fees, so it is not available to NHS funded or other sponsored students. Care Leavers and Foyer Residents Bursary This additional 1,650 annual bursary is paid to full-time UK undergraduate students who are, or have previously been, looked after by any local authority, or who are living or have previously lived in Foyer or sheltered accommodation (conditions apply). It is intended for students who have spent a significant time in care (some of which has been during their teens) who are currently leaving the care system, or students who are living or have previously lived in sheltered accommodation due to a breakdown in their family relationships. It is not income assessed and you should apply via the Student Finance Centre. The Centre will be able to advise you on the additional financial and practical support available to you. 5

6 Additional support If you encounter any financial difficulties while at University we are here to help. We administer various hardship funds and provide advice and guidance on any money issues you might have. University of Portsmouth Hardship Fund This is a University fund set up in order to assist UK students who are experiencing financial difficulties. Grants are awarded from the fund to help with basic living costs such as rent, food and bills and don t have to be paid back. All awards are means-tested and you will need to supply photocopied evidence of your income and expenditure. If you are eligible, awards range between 100 and 3,500 over the academic year and are paid directly into your bank account. You can apply for this fund once you have registered at the University of Portsmouth if you are experiencing financial difficulty. Emergency loans We have emergency funds offering short-term loans to students experiencing unforeseen difficulty. All loans are interest free. We can also provide you with information and application details for trust and charity funding. One-to-one guidance The Student Finance Centre can help you develop the financial know-how necessary to create and stick to a budget. Experienced staff are available to discuss any financial issues you have and can provide you with the skills you need to tackle your money worries. Look out for us around campus all year or pop in to the Nuffield Centre at any time. 6

7 Cost of living Whilst everyone is different, the following are average weekly outgoings for our students and should give you an idea of how much it will cost you to live in Portsmouth. Before you arrive Whether you are allocated a place in halls or you are looking for private rented accommodation there will be some upfront costs involved before the start of the academic year. If you are allocated a place in halls a 250 advance payment is needed to secure your room, in private rented accommodation you will usually need to find a deposit and a month s rent in advance. The first instalment of your student finance will not be paid until you have started your course so you will need to plan for these payments over the summer. Your income The first step is to work out your income. Use the following table as a guide to work out your weekly income. Alternatively, use our interactive budget planner at money. Maintenance loan University of Portsmouth Bursary Part-time earnings Other (savings or help from parents) Divided by 39 = per week Your outgoings If you multiply the following weekly costs by 39, it will give you a figure for the entire academic year including Christmas and Easter breaks. Remember, you will normally pay your rent monthly or termly so you ll need to budget for this. If you live in halls of residence Hall fees (payable for 38 weeks) Food/housekeeping (less if you are in a catered hall) Course materials 10 Travel 5 10 Phone 5 10 Contents insurance 2 3 TV licence 3 Social costs Total per week Total for the 6,778 9,654 academic year If you live in private rented accommodation Rent Bills (Gas/electricity/ water/internet) Food/housekeeping Course materials 10 Travel 5 10 Phone 5 10 Contents insurance 2 3 TV licence 3 Social costs Total per week Total for the 7,020 8,619 academic year 7

8 Key dates 2016 January/February Apply for your funding as soon as possible! If you miss the deadline, your support may be delayed. Apply online at Don t wait until you ve decided on your first choice of university; you can apply now and change your course details later. Check out our Interactive Timeline tool for support and advice throughout the application process at studentfinance.port.ac.uk. April Visit to estimate your financial support. This will help you to budget for your living costs. May The recommended deadline for applications for funding is the end of May. If you ve missed this deadline you can still apply, but you need to do so as soon as possible. July After your exams are over, you could look for a summer job the extra money is a great way to boost your student income. Open a student bank account. Once you have your new bank account details, you might want to change your bank details on your student finance application, so your loan is paid into your student account. If you haven t secured a place in halls, look for housing at August A Level and AS Level results are in! UCAS will contact you about what to do next. UCAS Clearing starts, giving you a chance to apply for a course if you haven t already done so. If your university choice has changed, make sure you update your student finance application you can do this through your online account with Student Finance England. September Get ready for uni! Bring enough money with you to cover the first week s food, socialising and course costs. Get insured halls of residence fees include basic insurance, but check if more expensive items are covered. For private accommodation this is essential. Your parents may be able to add you to their home insurance policy. If your parents are dropping you off, they can attend our parents welcome event to answer any questions they have about Portsmouth. Induction Week your loan will be paid into your bank account three to five working days after you officially register at the University. Freshers Fayre get involved in some clubs or societies. 8

9 October If you re in private accommodation, set up direct debits to pay your bills it s more convenient and you can save some money. If you are in shared accommodation, make sure everyone s names are on the contract and the bills, so you don t get burdened with the cost if someone leaves. Sign up for an NUS Extra card to make the most of student discounts. Don t blow your budget straight away remember, your next loan and/or grant instalments won t come until January. November If you are paying your fees yourself instead of applying for a tuition fee loan, the first of the five equal instalments is paid in November. Visit tuitionfees for ways to pay. What our students have to say about our Student Finance Centre They are always happy to help. I genuinely don t know how I would have completed my studies without them. The staff were all extremely supportive and understanding of my situation. I think people should use it more, the advice is excellent. The staff have a great approach and I in no way felt embarrassed or judged when sharing my situation. 9

10 Top tips You can buy a Railcard for 30 and save a third on fares across the UK. A discount card is also available from National Express. The Young Persons Coachcard, for year-olds, costs 10 and offers up to 30 per cent off coach travel. When food shopping, make a list and stick to it to help avoid impulse buys. Shop weekly at a supermarket instead of paying inflated prices at local corner shops. Shop for food on a full stomach you re much less likely to buy things you don t need, just because you re hungry. If you have a TV in your room, or you watch TV on a computer or tablet, you will need your own TV licence. A colour TV licence costs You may be able to claim a refund for the summer months, if you move back to the family home. Useful websites Martin Lewis Money Saving Expert Student Recipes cheap healthy food ideas for students Set your computer to print on draft quality and save paper by printing double sided. Good copies are only needed for assessed work. You don t need to buy all the books on your reading lists. Make the most of the University Library, student noticeboards, local bookshops and rental websites for cheaper second-hand books. Make sure you re on the best mobile phone deal. Pay-as-you-go phones are easier to budget for but if you use your phone a lot you might want a contract with inclusive minutes and data. Check your bank statements regularly. Online banking will help you track your spending and check for any errors. If you have an overdraft, know your limit and the charges that apply if you go over it. Remember you will need to reapply for funding every year. National Express Coachcard ioweyou online calculator for expenses sharing Railcard The University of Portsmouth is not responsible for the content of these sites. Brightside helping students with finance

11 Useful contacts Student Finance England T: W: University of Portsmouth Student Housing Office T: W: University of Portsmouth Finance Department (for queries about paying your tuition fees) T: W: University of Portsmouth Academic Registry (for queries about your bursary payment) T: /3451 W: Our commitment It is our aim to provide comprehensive support to current and prospective students (and parents) in the form of information, advice and guidance, and additional funds where appropriate. In doing this, we hope to enable the successful completion of their studies, improve their financial capability and literacy, and enhance the quality of their student experience. We provide a wide range of services and offer free, non-judgemental and confidential guidance on money-related issues. If this document is in a format not accessible to you, please [email protected]. Information correct at time of print (September 2015). 11

12 University of Portsmouth Student Finance Centre Nuffield Centre St Michael s Road Portsmouth PO1 2ED T: T: (Fees and bursary helpline) F: E: [email protected] W: Opening times Monday, Wednesday and Thursday: 8.25am 5pm Tuesday: 9.30am 5pm Friday: 8.25am 4pm MD