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Student Finance 2011/12 Entry

Student Finance 2011/12 Entry. Contents. University – Main costs Funding – Income and support Student Accounts & Overdrafts Budgeting Overview Managing your money essentials. Main costs. Tuition Fees Up to £3,375 Cover cost of course Paid for each year of your course Living Costs

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Student Finance 2011/12 Entry

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  1. Student Finance 2011/12 Entry

  2. Contents • University – Main costs • Funding – Income and support • Student Accounts & Overdrafts • Budgeting Overview • Managing your money essentials

  3. Main costs • Tuition Fees • Up to £3,375 • Cover cost of course • Paid for each year of your course • Living Costs • Accommodation • Bills • Food • Telephone • Travel • Books & equipment • Fun

  4. Income and support Student Loans: Tuition Fees • Tuition fee loan for the full fee charged (up to £3,375) • Repayable AFTER graduation and ONLY if you are earning £15,000p.a. The Student Maintenance Loan • Major way of financing higher education • Up to £4,950 (more if you study in London) • Not obligatory • Low rate of interest • Repayments

  5. Repayments • You only pay loans back once you’ve finished university • You only pay back loans once you are earning over 15k a year • No pressure to pay back loans if you can’t or don’t get a job • If higher education has not be worth it for you, you don’t pay for it! • You pay it back in small increments depending on your salary • The repayments comes out of your wages like tax and national insurance • www.studentloanrepayment.co.uk for the most up to date information about interest rates.

  6. University and College Bursaries • Universities and colleges will offer additional bursaries to help you financially • Some universities offer more than others and offer other kinds of bursaries as well • Bursaries do not affect eligibility for government-funded support such as maintenance grants, and loans to repay tuition fees and living costs • To check what is on offer - www.offa.org.ukhttp://bursarymap.direct.gov.uk/ • NHS Grants information - www.nhsstudentgrants.co.uk • Approved Social Work Courses – www.nhsbsa.nhs.uk/Students

  7. Other financial support • Maintenance Grant up to £2,906 per year • Special Support Grant – replaces the Maintenance Grant for some people e.g. those receiving income related benefits. Does not reduce the amount of loan entitlement. • Gap year/Placement year • Employment – term time and/or holidays • Scholarships • Sponsorship • Access to Learning funds (primarily for careleavers) • Overdrafts • Other Bursaries

  8. Potential funding This table should only be used a guide only. Exact amounts may differ from what is on the table when you actually complete your application form.

  9. Student accounts and overdrafts • A current account specifically for students • Forget the freebies and go for the overdraft • Never go above the agreed limit without the bank’s permission • Never borrow more than you have to • Cash machine costs • Check out www.moneysavingexpert.com for the low down on the best student accounts

  10. Extra help for special circumstances • Disabled Students’ Allowances (DSAs) - non means tested, depends on needs of individual, could be up to £5,161 for equipment, £1724 for general allowance) • Two additional forms to complete from www.direct.gov.uk/sfforms10 • Childcare Grant - replaces working tax credits, 85% of childcare costs covered, up to £148 p/w. - Child must be under 15 when Parent starts the HE course - Complete Childcare Grant Application form (CCG1) and provide evidence of childcare costs. • Parents’ Learning Allowance • Parent has additional costs relating to the care of a child whilst they are studying (not child care) . (Max £1,508 min £50) • Adult Dependants’ Grant - Full-time students who has to care for an adult whilst studying. * For more detailed information about these grants and allowances, see the guide ‘Childcare Grant and other support for full-time students in higher education’ from the SLC website

  11. Student finance application processRegister &Apply online at: www.direct.gov.uk/studentfinance • Apply from 14th February 2011 • Register with Student Finance England prior to completing an application • Complete the online application form or request PN1 form • If you want to be assessed for the maximum loan/grant available to you, make sure you check the means tested section • Send off all the relevant financial information if required to do so

  12. Deadlines: • To make sure that you receive your first payment at the start of term, you should return your completed form or have completed the online application form by: • April 2011 (date tbc) for non means tested applications • June 2011 for (date tbc) means tested applications • If you miss these deadlines, your application will be processed as soon as possible, but your first payment may not be available at the start of term

  13. Extra help? • Call Student Finance England on: 0845 300 590 (8am – 8pm Mon- Fri, 9-5:30pm sat, sun) • Call 0800 731 9133 to order publications such as; • Student Finance in 3 easy steps • A guide to financial support for full time, or part time students • Repaying your student loan • Bridging the gap – guide to Disabled Students Allowances in HE • Child Care Grant and other support for parents in HE • Student Loans, A guide to terms and conditions. • Online Application demo: http://practitioners.studentfinanceengland.co.uk

  14. Student Finance Calculator • Compare the finance available for different courses/ Universities • Estimate projected costs such as accommodation, travel, books etc • Enter up to five course choices and save estimated funding

  15. Budgeting overview • Why budget? • How can you avoid going over your budget? • Save money • Avoid credit and store cards • Stop running up big debts • Pay for things on time and prioritise • Enjoy your spending

  16. How to budget • Add up all the money you have coming in • List your essential outgoings: bills, food, rent, fees • Take away the essential outgoings from your total income • Divide this by the number of weeks you will be at university • This should give you a weekly disposable budget

  17. Budget Planner http://www.ucas.com

  18. General Tips • Share course books with friends, then sell if no longer needed • Complete a HC1 form, which will give you free prescriptions whilst you’re studying • Use your NUS card • Apply for a student travel card • www.studentbeans.com for discount vouchers

  19. Any questions? ?

  20. Contact Details Schools, Colleges & Community Outreach Team 0115 848 6089 schoolscolleges@ntu.ac.uk www.ntu.ac.uk/community NTU Student Financial Support Service Tel: 0115 848 2494 email: financial.support@ntu.ac.uk NTU Disability Support Service Tel: 0115 848 2085 email: disability.support@ntu.ac.uk

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