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Student Finance

Student Finance. York St John University | www.yorksj.ac.uk. Key Facts. You do not pay tuition fees up front You need to be earning at least £21,000 a year before you start paying back Repayments are from as little as £4.00 a month

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Student Finance

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  1. Student Finance York St John University |www.yorksj.ac.uk

  2. Key Facts • You do not pay tuition fees up front • You need to be earning at least £21,000 a year before you start paying back • Repayments are from as little as £4.00 a month • Graduate employment rates remain high (90% within six months of graduation) York St John University |www.yorksj.ac.uk

  3. Key words Fees – Amount charged to study on the course. Generally apply to all undergraduate degrees with some exceptions for health courses. Paid per year of studyLoans – Taken out to cover tuition fees and living costs. Need to be paid back gradually once earning a certain amountGrants – Money from the government which doesn’t have to be paid back. Amount received generally dependent upon incomeLiving costs – Food, accommodation, bills, course costs etc.Interest – The fee charged to you for the use of borrowed money York St John University |www.yorksj.ac.uk

  4. How much will it cost to go to university? • Annual Tuition Fees for2012 - £8,500 per year • Accommodation - approx £3,500-£6,000 Pay termly, in advance, by cheque or direct debit • • Living Expenses - approx £4,000 (but varies!)Food , books, course costs, clothes, laundry, entertainment, travel home York St John University |www.yorksj.ac.uk

  5. Financial help available from York St John To support the commitment to widening access the University has developed a range of fee waivers, bursaries, and scholarships. Fee waivers Fee waivers will be awarded against a single criterion based on residual family income provided at the following levels: York St John University |www.yorksj.ac.uk

  6. Financial help available from York St John • Scholarships and Bursaries • Further details on bursaries and scholarships will be available from October onwards (subject to approval) via the York St John website at www.yorksj.ac.uk/finance2012 • We cannot at this stage provide any information regarding the allocation or process of applying for York St John University scholarships, bursaries and fee waivers York St John University |www.yorksj.ac.uk

  7. Financial help is available • Tuition Fees • Do not have to pay up front or whilst studying • Tuition Fee Loan available from the Student Loans Company • Loan also available for eligible part-time, first-degree students who complete minimum of 25% of full time course load p/a • Some exemptions to fees– NHS courses e.g. Physiotherapy and Occupational Therapy York St John University |www.yorksj.ac.uk

  8. Financial help is available Living Cost Loan • Available for all eligible full-time students • Not available for part-time students • All students are eligible for 65% of the loan, further 35% is means-tested on residual household income • What is residual income? This is effectively the household income BEFORE tax and AFTER any pension contributions or allowances for dependant children. • In 2012/13 the maximum annual loan available if you live with your parents will be £4,375, if you live away from home £5,500 (£7,675 in London). • New £150m National Scholarships Programme for students from lower income families. Details yet to be finalised. York St John University |www.yorksj.ac.uk

  9. Financial help is available Living Cost Grant for full-time students: • The amount of the grant isdependant on household income • This help does not have to be repaid • Up to £3,250 towards living costs • Partial grant if family income is up to £42,000 York St John University |www.yorksj.ac.uk

  10. Repayment of loans • Repayment starts once you leave university and are earning over £21,000 per annum • Repayments are 9% of income above £21,000 • Written off after 30 years York St John University |www.yorksj.ac.uk

  11. http://yourfuture.direct.gov.uk/calculate Unpaid balance written off after 30 years York St John University |www.yorksj.ac.uk

  12. Interest • Interest charged at inflation (RPI) plus 3% whilst you are studying • If after graduating you earn less than £21,000 interest is charged at rate of inflation • If earning between £21,000 and £41,000 interest charged on sliding scale up to max of inflation plus 3% • If earning above £41,000 interest is inflation plus 3% York St John University |www.yorksj.ac.uk

  13. Budgeting York St John University |www.yorksj.ac.uk

  14. Accommodation • Will be your biggest spend • Be realistic • Do you NEED an en-suite • Think before you buy non-essentials to fill your room! • What is included? • TV licence? • Sharing your flat / sharing the cost • Visit the accommodation • Check contracts from private landlords York St John University |www.yorksj.ac.uk

  15. Your money • Open a student bank account • What freebies do you get? • Check for charges • Overdraft • Amount the bank will let you spend without incurring a penalty over and above what you have in your account. May be £500- £2000 per year • Interest • If you spend more money than is in your account you’ll be charged interest by the bank for going overdrawn • Only buy with cash • Store Cards/Credit Cards – NO • Keep away if possible • Check the interest rate • Keep up with repayments York St John University |www.yorksj.ac.uk

  16. University • Returned library books on time • Be careful of what you print • Bought second hand books or shared • Amazon marketplace, Oxfam • Buy a bike – cars are bad for your pocket and the • environment • Equipment costs /extra course costs York St John University |www.yorksj.ac.uk

  17. Students Union • Limit nights out - alternate with a night in • Be creative – host x-factor nights, Karaoke to save money • Watch out for discounts • NUS Card • Promotions • Fresher's Fair • Societies and Clubs cost money • Buy your fancy dress now York St John University |www.yorksj.ac.uk

  18. Top Tips • What if it doesn’t add up? • Spend time making a budget planner – be realistic • Part-time jobs • transfer employment • jobs at the university • Work and save now • Speak up! York St John University |www.yorksj.ac.uk

  19. Contacts • •Student Funding Advice Team • 01904 876536/6939 • money@yorksj.ac.uk • Useful websites • www.yorksj.ac.uk • www.studentfinanceengland.co.uk • www.direct.gov.uk • www.nhsstudentgrants.co.uk York St John University |www.yorksj.ac.uk

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