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Student Finance 2014-15 Nick Cave Student Recruitment Officer University of Leicester

Division of Marketing and Communications. Student Finance 2014-15 Nick Cave Student Recruitment Officer University of Leicester. www.le.ac.uk. Student Finance. How it works & what you can get Budgeting and money management. Tuition Fees.

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Student Finance 2014-15 Nick Cave Student Recruitment Officer University of Leicester

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  1. Division of Marketing and Communications Student Finance 2014-15Nick CaveStudent Recruitment OfficerUniversity of Leicester www.le.ac.uk

  2. Student Finance • How it works & what you can get • Budgeting and money management

  3. Tuition Fees • Universities in the UK can charge up to £9,000 per year for tuition • Government will provide full Tuition Fee Loans for eligible students • Students/parents do not pay tuition fees – Graduates do

  4. Maintenance Loans/Grants • Student Finance England provide financial support for students towards cost of living • Maintenance Loan – to be paid back • Maintenance Grant – FREE • Loan and grant are linked, and calculated via means testing – Household’s annual income from the previous tax year • Also depends upon where you study i.e. London

  5. Maintenance Loans/Grants

  6. Loan Repayments • No repayments until you are earning above £21,000 • Repayment = 9% of income above £21,000 • All outstanding repayments will be written off after 30 years • Doesn’t affect your credit rating

  7. Loan Repayments - Examples

  8. Loan Interest • Rate whilst studying = RPI + 3%

  9. Graduate earnings • Graduates likely to earn 43% more over their lifetime than non-graduates with A-Levels or equivalents • Average starting salary for graduates in the UK is £25,500 • Graduates earn on average £12,000 more per year than non-graduates

  10. Additional support • Disabled Students’ Allowances • Additional grant • Help for students with children • Childcare grant • Parents’ Learning Allowance • Adult Dependants’ Grant • Access to Learning Fund • Financial hardship

  11. Universities Recap on funding • Scholarships

  12. Bursaries & Scholarships • Money given to you by universities • Non repayable – FREE!! • Universities are changing their offers of scholarships as fees change • Do your research; speak to the university • Different scholarships from each university • Information about this can be located on UCAS – do your research

  13. How to apply • Apply through Student Finance England online • Means testing based on previous tax year (i.e. April 2012 - April 2013) • Can apply for “Current Income Assessment” if income changes (more than 15%) • Link to UCAS application • New website… • www.gov.uk/student-finance

  14. Will I have enough money whilst I am studying? • Part time job • Full time job during the summer • Parents/family/savings • Student bank account • Do not get a credit card

  15. Budgeting

  16. In Summary • Tuition fee loan - Graduates Pay, not Students or Parents • There are Grants, Loans and additional support available to help with living costs • Think about supplementing your income • Apply early to Student Finance England – Get your finance application in by the start of May. Submission after this month may result in your money not being on hand when you start your course! • Getting a degree is definitely worth it!

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