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Financing Higher Education

Financing Higher Education. 2012 Entry. Tuition Fees. Universities are charging between £6,000 to £9,000 per year tuition fees. Students do not have to pay tuition fees ‘up front’. Students can defer paying the tuition fees by taking a Tuition Fee Loan.

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Financing Higher Education

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  1. Financing Higher Education 2012 Entry

  2. Tuition Fees • Universities are charging between £6,000 to £9,000 per year tuition fees. • Students do not have to pay tuition fees ‘up front’. • Students can defer paying the tuition fees by taking a Tuition Fee Loan. • Loan is paid back once finished course,and earning over £21,000 pa.

  3. What do students spendtheir money on?

  4. Living Costs POTENTIAL EXPENDITURE - First Year: Average Costs (2011/12) Accommodation Books & Equipment Food and Drink Clubs, Societies & Sports Clothing TV licence Travel home Toiletries and haircuts Telephone and Internet Presents Social Life Housing/Damage Deposit for next year TOTAL

  5. Living Costs POTENTIAL EXPENDITURE - First Year: Average Costs (2011/12) Accommodation (average~ £156 p/wk – 31 wks, catered) 4830 Books & Equipment 300 Food and Drink (lunch etc at £20 p/wk – 31 wks)620 Clubs, Societies & Sports 275 Clothing 270 TV licence 145 Travel home 150 Toiletries and haircuts 150 Telephone and Internet (approx £100 internet in halls) 300 Social Life (approx. £35 per week) 1085 Housing/Damage Deposit for next year 375 TOTAL £8,500

  6. Student Support • Living Cost Grant (non-repayable) • Means tested on parental income • Up to £3,250 for all new students from lower income households • (under £25k full grant, under £42,600 partial grant). • Living Cost Loan (repayable) • Means tested on parental income • Amount will depend on • how much grant you get • whether you live at home or not • whether you study in London or not • * Up to £5,500 living away from home, study outside London

  7. Student Support Institutional – Bursaries (non-repayable) Depends on the University… Access to Exeter Bursary - 2012

  8. Student Support Institutional –Fee Waivers National Scholarship Fee Waivers vary between institution * Full Fee Waiver for all years of study for Care leavers under the age of 25

  9. Repaying loans • Fee loan and maintenance loan • When? - After leaving course & earning £21,000+ pa • How? - Deductions directly from wages, like tax & NI  • How much? - 9% of earnings over £21,000 pa • e.g.(£67.50 per month @ £30,000) • (£30.00 per month @ £25,000) • (£7.50 per month @ £22,000) • Can pay more • If earnings fall, contributions fall • Outstanding debts written off after 30 years

  10. How to make up the difference • Vacation and term time earnings/savings • Scholarships/trusts/charities • Bank overdraft • Extra parental contribution • Additional support is also available for students with additional needs – e.g. students with disabilities or dependents • Hardship funds

  11. How and when to apply How – www.direct.gov.uk/studentfinance download or print off form When – in the early spring in the year of entry

  12. Any Questions?

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