Student Finance 2012

Contents

• Finance overview

• Mechanics of the form

• Tuition fees 2012

• Living cost grant

• Tuition fee loan

• Maintenance loan

• Repayments

• Scholarships and bursaries

• Cost and budgeting

• Supplementary income

• Useful contacts

Finance overview

Tuition Fees Living Costs

Living cost grant (free)

Tuition fee loan(repaid)

Maintenance loan (repaid)

Bursary from university (free)

Scholarship from university (free)

Supplementary income

Mechanics of the form

• All financial support initially applied for online

• Students will need to visit the Student Finance England website and

register their details to begin an application

• The application form will be live in the Spring term

• You will need to provide either your passport number (which is input into

your form) or an original copy of your birth certificate

• Any further forms that you may require will be sent to you after you have

submitted your initial application, in many cases this will be the only form

that you need to complete

Tuition fees

• Between £6,000 and £9,000 per academic year

• You can study now, pay later

• Fees will vary between course and universities

• Fees paid either by:

- Living cost grant along with

- Tuition fee loan or

- Private Finance or

- Combination of the above

Tuition fee loan

• Available to all applicants

• Non-means tested

• £6,000 to £9,000 available per year - linked to course costs

• Paid direct to the university

• Repaid by student after graduation

• + Great for cash flow and takes pressure off parents

• - Is “borrowed” money so does need to be paid back

Living cost Grant

• Maximum Grant of £3,250 per academic year

• Non-repayable!

• Means-tested

- <£25,000 = Full Grant

- £25,000 – £42,600 = Variable Grant

• Paid in 3 instalments direct to the student

• Can spend on living costs/tuition fees

• + Great support to students from lower incomes

• -Household income may mean you don’t qualify

The Maintenance Loan: the facts

•To cover living and study costs

•72% non means-tested

•28% means-tested; What you get depends on:- Household Income- Where you live and study- The year of course you’re on- Step parents’ income

•Paid in 3 instalments direct to student

The Maintenance Loan 2012 (for living costs)

Maximum Entitlement

Minimum Entitlement

Living away from home in London

£7,675 £4,855

Elsewhere £5,550 £3,470

Living at home £4,375 £2,685

Repayments

• Starts in April after graduating

• Loan repayments linked to your salary:

<£21,000 – no payments

£25,000 = £30.00 per month

£30,000 = £67.50 per month

£40,000 = £142.50 per month

• Interest is initially linked to RPI + 3%

• Repayments remain fixed regardless of total amount borrowed

Bursaries

• A bursary is a non-repayable money that you qualify for

• Qualification criteria and amounts differ from university to university, but are often based on the amount of living cost grant received, your household income or your home postcode

• Information about individual university's criteria and awards can be found on their website and in their prospectus

• Money can be spent on living costs/ tuition fees

Scholarships

• A scholarship is non-repayable money that is awarded for achievement (usually academic)

• Qualification criteria and amounts will differ from university to university but can often be based on UCAS points, grades achieved or a specific skill, for example a musical or sporting achievement

• Information about an individual university’s criteria and awards can be found on their website and in their prospectus

• Money can be spent on living costs/ tuition fees

Example of funding

• Bursaries- £1,000 for all students with a household income of £25,000 or less

• Scholarships- Academic scholarship of £1,000 for all students achieving 340 UCAS

points

• Some universities will award bursaries and scholarships for every year of a student’s study with them

• Some universities will allow a student to qualify for multiple bursaries and scholarships

Costs and Budgeting

Weekly Costs

Rent £57

Electricity/ Gas £10

Water Rates £2

Insurance £4

Food & Toiletries £30

Books & Stationery £5

Travel £11

Laundry £4

TV Licence £2

TOTAL= £125

Additional costs

Weekly Costs

House phone/ Broadband £3

Mobile phone £7

Clothes £11

Socialising £30+

TOTAL OUTGOINGS = £171

Supplementary income

• Part-time job

• Work during holidays

• Work placements (a chance to save)

• Banks – overdrafts

• NHS bursaries

• Parents

Useful contacts

• Direct.gov.uk/studentfinance

• 0845 300 5090 8.00am – 8.00pm Monday to Friday

9.00am – 5.30pm Saturday and

Sunday

• unimoney.direct.gov.uk

• Studentbeans.com

• nus.org.uk

• Uni4me.com