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Student Finance 2012 Onwards

Student Finance 2012 Onwards. Louise Carr School and College Services University of Leicester. Student Finance. How it works & what you can get Case studies Budgeting and money management. University of Leicester. Funding. Scholarships. How to apply.

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Student Finance 2012 Onwards

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  1. Student Finance 2012 Onwards Louise Carr School and College Services University of Leicester

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

  3. University of Leicester Funding • Scholarships

  4. How to apply • Apply through Student Finance England online • Means testing based on previous tax year (i.e. April 2011 - April 2012) • Can apply for “Current Income Assessment” if income changes (more than 15%) • Link to UCAS application • www.direct.gov.uk/studentfinance

  5. Tuition Fees • Will vary according to institution up to £9,000 per year • Student Finance will provide full Tuition Fee Loans for eligible students • Fees go directly to the university • Students/parents do not pay fees – Graduates do

  6. Tuition Fees at Leicester • The standard tuition fee for all undergraduate courses at Leicester is £9,000 per year • Foundation year - £6,000 • Erasmus year - £1,250 • Other year abroad - £1,000 • Year in industry - £1,000 • M Level degree final year - £7,000

  7. Maintenance Support • Maintenance loan and grant • Paid by Student Finance England to the student • Means-tested based on household income • Influenced by where the student studies • London • Staying at home • Elsewhere

  8. Maintenance Loans/Grants

  9. 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

  10. University of Leicester Recap on funding • Scholarships

  11. Scholarships at Leicester • Chancellor’s Scholarship • £2,000 annual fee waiver • AAA at A-level (or equivalent) • Departmental Scholarship • £1,250 annual fee waiver • Varying academic criteria

  12. Scholarships at Leicester – cont. • Leicester National Scholarship Programme • £2,000 annual fee waiver • £1,000 annual cash award • Students who have academic ability and whose household income falls below £25,000 are eligible to apply Latest scholarship information: www.le.ac.uk/fees

  13. Loan Repayments • Eligible to start repaying the April after graduation • No repayments until you are earning above £21,000 • Repayment = 9% of income above £21,000 • Any outstanding repayments will be written off after 30 years

  14. Loan Repayments - Examples • There will be no penalty fees for early repayment

  15. Case Study A: Anjali, Leicester • Household income £25,000, away from home • Tuition Fee Loan = £9,000 • Maintenance Loan = £3,875 • Maintenance Grant = £3,250 • £182 per week for 39 weeks • Earning £24,000 = repayments of £22.50 per month / £5.63 per week

  16. Case Study B: Mark, Leicester • Household income £62,500, away from home • Tuition Fee Loan = £9,000 • Maintenance Loan = £3,575 • Maintenance Grant = £0 • £91 per week for 39 weeks • Earning £19,695* = repayments of £0 per month / £0 per week * Average Graduate wage (1st year after uni) – prospects.ac.uk

  17. Impact on Families - Bank of Mum & Dad™ • Structure of maintenance loans and grants places an expectation on wealthier families to contribute more towards living costs • Parents/carers don’t need to bankroll 3 years of full living expenses even if they can afford to! • Parents/carers should feel comfortable for students to take out the loans and to encourage financial responsibility

  18. Impact on Families - Paying up Front? • Over 3-4 years of study, this could amount to a lump sum up to £36,000 • Could this be invested in something else? • Speak to financial advisers

  19. Budgeting

  20. Budgeting

  21. Will students have enough money? • Part time job • Full time job during the summer • Parents/family/savings • Student bank account • Credit card?

  22. Useful Websites • University of Leicester funding & welfare pages: • www.le.ac.uk/feeswww.le.ac.uk/welfare • NHS Bursaries: www.nhsbsa.nhs.uk/students • Student Finance England: www.studentfinance.direct.gov.uk/ • Uni Aid (budgeting): http://www.brightsideuniaid.org/ • Uni profiles + cost of living info: www.push.co.uk • Martin Lewis: http://www.moneysavingexpert.com/family/student-loans-tuition-fees-changes • Careers advice and statistics: www.prospects.ac.uk

  23. Any questions?

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