Charlene Alloway College Engagement Officer. A guide to student Finance

Transcription

1 Charlene Alloway College Engagement Officer A guide to student Finance

2 The cost of tuition: tuition fees All universities charge tuition fees. The University of Chichester charges 9,000 to UK and EU students on full time undergraduate programmes. Our undergraduate part time fees are 1,125 per module. The cost of a sandwich year is 1,800.

3 Tuition fee loans Available to all Home & EU students without previous HE study. Not means tested. Paid directly to the University from the Student Loans Company. Available for the full fee charged by the university.

4 The cost of living Accommodation/Rent Electricity/gas/water Mobile/internet Insurance Food and drink Toiletries Laundry Books and stationery Clothes and shoes Travel and transport Going out Home entertainment Sports and leisure Holidays and presents Emergencies

5 The cost of living: prices At Chichester rooms are let for the academic year start of term in September until the following May/June. Weekly fees range from for standard self-catered to for en-suite catered rooms. Prices are indicative and based on 2014/15

6 How students fund their study Government support: Tuition Fee Loan Maintenance Loan Maintenance Grant University financial support: University Bursary related to household income. Other methods: Part-time work Parental Contribution Access to Learning Fund or Hardship Awards - means tested and administered via the University.

7 Our financial support package If the income of your household is below 42,000 you will be eligible for our support package. All cash payments will be paid to the student in three instalments during the year. If you are a care leaver you will receive an additional 1,000 each year. Year Cash Bursary 1 1, , ,000

8 Maintenance loans To help all students with their study and living costs. 65% of the maximum amount is non-means tested. Paid directly to the student after registering in three instalments: September, January and April.

9 2015/16 Maintenance loan rates Standard entitlement Maximum entitlement Living away from home in London 5,205 8,009 Living away from home outside London 3,731 5,740 Living at home 2,967 4,565

10 Maintenance grant 2015/16 Up to 3,387 per year available. Non-repayable Means tested based on assessment of household income Paid in 3 instalments. The more grant you receive, the lower your maintenance loan will be.

11 Assessment of household income Entitlement to Grants and Bursaries is assessed by the SLC based on information provided in the support application form. It includes the gross taxable income of those in the household responsible for the student (this includes parents/step-parents/parent s partner, student s partner). Income reduced by 1,130 for each additional dependent (including those also at university).

12 Total Student Finance England support in 2015/16 Household Income Maintenance Grant Maintenance Loan Total up to 25,000 3,387 4,047 7,434 30,000 2,441 4,520 6,961 35,000 1,494 4,993 6,487 40, ,467 6,014 50, ,998 4,998 60, ,955 3,955 62, ,731 3,731

13 Budgeting: an important skill Set aside accommodation fees separately as these are often paid in lump sums and are a necessity, not a luxury. To work out an overall weekly amount of income for living costs: divide student funding by 39 weeks for standard length courses add weekly amounts of income from work/parents/benefits/ etc Add up estimated weekly expenses to check your income will cover these. Aim to work within this budget & review your budget & spending often. Seek advice from our Student Money Adviser.

14 You start to repay when you are earning over 21,000pa. You only repay 9% of the portion of your salary that is over 21,000pa. Examples: Study first, then repay Earning 25,000pa you pay back approx 7.50pw around the same as a mobile phone contract. Earning 40,000pa you pay back approx 35.00pw

15 How repayment works Loan payments will be automatically deducted from your salary. Your loan will be eligible for interest, and therefore you will pay back more than you have borrowed. If your income drops below 21,000pa your repayments will stop. Any unpaid loan will be written-off after 30 years.

16 Applying for Student Finance Visit the website of Student Finance webiste at All of the support, including the University s Support Package, is accessed as a result of the application form on this website. Please make sure that you give consent to share your information. By doing this we become aware of your circumstances and can process any university support you may be entitled to receive.

17 Useful finance websites Student Finance Calculator: Other sources of useful information: Queries to:

18 Insight Days Friday 12 th June, Social Work and Early Childhood Studies Thursday 18 th June, Theatre Tuesday 23 rd June, National Sports Roadshow Thursday 2 nd July, Teaching Open Days Saturday 13 th June Saturday 3 rd October Saturday 17 th October Thursday 29 th October (Half Term)