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Higher Education - Finance

Higher Education - Finance. Megan Ette, Connexions Bucks. Higher Education - Finance. How much is it going to cost? What financial support is available? What do I have to repay? How do I apply?. Tuition Fees & Loans.

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Higher Education - Finance

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  1. Higher Education - Finance Megan Ette, Connexions Bucks

  2. Higher Education - Finance • How much is it going to cost? • What financial support is available? • What do I have to repay? • How do I apply?

  3. Tuition Fees & Loans • From September 2012 universities and other institutions providing higher education will be charging up to £9,000 a year for their courses • Tuition fees do not have to be paid ‘up front’ at the start of the course • The Tuition Fee Loan is paid directly to your university or college by Student Loan company

  4. Tuition Loans

  5. Living Costs – Maintenance Loan • Helps with living costs e.g. food, accommodation, books and travel • The amount you can borrow depends on where you live and study and your household income • Paid in 3 instalments during the academic year

  6. Maintenance Grant • If household income is less than: £25,000 = £3,387 £30,000 = £2,441 £35,000 = £1,494 £40,000 = £547 £42,620 = £50 Over £42,620 = no grant If you get a Maintenance Grant your Maintenance loan will be reduced

  7. Additional Support – Bursaries & Scholarships • You may be able to get a bursary, scholarship or award directly from your university. The National Scholarship Programme helps students with a family income of £25,000 • Could be related to your academic studies • Could be related to an interest e.g. sport ot music • Commercial organisations

  8. Other Sources of Finance • NHS Bursaries for courses such as Speech & Language Therapy, Physiotherapy, Nursing & Midwifery • Disabled Student Allowance

  9. Repayments • Tuition Loan Yes • Maintenance Loan Yes • Maintenance Grant No • Bursaries No • Scholarships No

  10. Repayments • If income falls below £21,000 your repayments stop e.g. career break or period of unemployment • You repay 9% of your income • Repayments are dependent on income, not how much you have borrowed • Any outstanding balance is written off after 30 years

  11. Repayments

  12. Repayments • What interest will I pay on the loan? While you are studying = Retail Price Index (RPI) plus 3% If you finish your course before April 2016 = RPI plus 3% until the April after you leave your course and then RPI From April 2016 – Interest is based on income £21,000 or less = RPI £21,000 to £41,000 = RPI plus up to 3%, depending on income £41,001 and over = RPI plus 3%

  13. How do I Apply? • Apply on-line at www.gov.uk/studentfinance • Link on UCAS • Apply early – you don’t need a confirmed offer • It will take 6-8 weeks to process your application • Applications can be managed on-line

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