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Student Finance

Student Finance. Sarah Fullwood Schools and Colleges Liaison (Sixth Form Enrichment). What does it cost to go to university?. Two main costs…. Tuition Fees -> Covers the cost of your Studies £9,000 Full Time Degrees (£7,500 - £9,000) Living Costs -> Covers the cost of living

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Student Finance

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  1. Student Finance Sarah Fullwood Schools and Colleges Liaison (Sixth Form Enrichment)

  2. What does it cost to go to university? • Two main costs… • Tuition Fees -> Covers the cost of your Studies • £9,000 Full Time Degrees • (£7,500 - £9,000) • Living Costs -> Covers the cost of living • Accommodation • Food • Social activities • Travel

  3. How finance might affect your course/university? • Cost of accommodation varies across the UK • En-suite or shared bathroom? • Catered or self Catered? • Living at home vs moving away? • Travel expenses • Studying in London • Sandwich Courses, Industrial Placements, Summer Placements • Additional costs of your course e.g. books/material/trips

  4. Average Weekly Cost for an Aston Student in 2013/14(Living away from home) Per academic year £7,486 £10,678

  5. Don’t panic…lots of financial support is available to help you throughout university • What funding is available to help • When repayments need to be made • How to apply for financial support

  6. Tuition Fee Loan - Repayable • Tuition Fee Loan covers your tuition fees (£6000-£9000) • Non-means tested & available to everyone • It’s not compulsory - can pay full/part of the tuition fee if you wish £1 - £9,000 • Paid directly to the University by the Student Loans Company • Placement year/year abroad tuition fees will be vastly reduced (£1,000 at Aston) • No penalties for early repayment

  7. Maintenance Loan – Repayable • All eligible students are entitled to a Maintenance Loan, with 65% of the total loan being Non Means Tested (not based on household income). 35% of the rest of the loan will depend on your household income • The amount of maintenance loan available will be linked to where a student lives and studies while in higher education

  8. Maintenance Loan for September 2014 • All ‘home’ students are eligible for Maintenance Loan • Like the Tuition Fee Loan, this money has to be repaid • Living away from home (outside of London) max loan is £5,555 • Living in London, max loan is £7,751 • Living at home, max loan is £4,418 • 65% of the loan is non means tested • 35% depends on household income

  9. Maintenance Grant – Non Repayable • The Maintenance Grant is 100% means-tested and measured on a sliding scale depending on your household income • If your household income is below £25,000 you will be entitled to a full grant of £3,387. • If your household income is between £25,000 and £42,611 you would be entitled to a grant of between £50 and £3,387 • Grants are payable in 3 installments

  10. Combined Maintenance Support Living away from home, outside London Students can get a quick estimate of their student finance entitlement using the calculator on gov.uk/studentfinance

  11. Scholarshipsand Bursaries…FREE MONEY • Vary by institution • Depend on circumstances and are often linked to household income • Certain courses qualify for bursaries such as NHS courses as well as some Sport and Music courses • Scholarships are also rewarded for a students academic achievements • Scholarships can be rewarded in various ways depending on individual institutions

  12. Scholarships at Aston University, 2014 UK students • £1,000 placement year/year abroad Tuition Fee (£1,000 discount Scholarship for most students at Aston) • Scholarships focused on household incomes of under £18,000 but also available for those on £42,000 or less • Scholarships based on achievement of AAB at A 'Level or BTEC equivalent • Aston Scholarships offer a choice of tuition fee discounts, • accommodation discounts or cash awards to reduce study/living costs.

  13. Payment Process Tuition Fee Loans: Are paid directly to the institution in separate instalments. Maintenance Loan & Grant: Are paid directly into the student’s designated bank account Core Student Finance is paid in 3 instalments. • The 1st instalment triggered by enrolment. • The 2nd & 3rd instalments are automatically paid at the start of each subsequent term * The Payment Process for Bursaries, Scholarships and Grants will differ according to each individual University

  14. Additional Support whilst at university Access to Learning Fund (ALF) • Dealt with on an individual basis against set criteria by the university • Up to £3,500 available • Usually a non-repayable grant • They do ask for evidence • *You can also speak to your student support team in the Student Union

  15. Additional Sources of Income Start saving whilst in school/college....even if it’s only £10 a week Part time work in term time and/or vacations (not more than around 15 hours a week!) Consider a paid placement year as past of your degree • Financial help from family members • Efficient food shopping • Young person’s railcard • Student bank accounts • NUS Card and discounts • The importance of budgeting

  16. The Importance of Budgeting Money Pressures in an academic year Only 3 “Pay days” a year 3rd Semester 1st Semester 2nd Semester

  17. When do I have to pay it back?Repayments Graduates pay back Student Loans NOT Students • Repayable only when you are earning over £21,000 per year • Repay 9% of income above£21,000 e.g. You earn £25,000 a year Re-pay 9% of £4000 =£360 per year, £30 per month • Not until beginning of tax year (April 1st) after you graduate • Any outstanding balance after 30 years is cleared • Good Debt VS Bad Debt • Focus on what you earn not what you owe

  18. STUDENT LOAN REPAYMENT – THE FIGURES Any outstanding loan balance will be cleared 30 years after entering repayment !

  19. Repayments Graduate Tax

  20. What should students do next?Applying for Student Finance • Applications should be made to SFE as soon as possible to ensure payments are made at the start of the academic year. • Usually open late Jan/early Feb (2015) • Apply online www.gov.uk/studentfinance • Deadline for new applications is the end of May (2015) • No need to wait for a confirmed offer • All personal and course data can be transferred from UCAS application • Tick share details (UCAS/Universities)

  21. Family Income on which student finance assessment is based • Household/family income is called ‘Residual Income’ • Need to provide evidence of earned income and unearned income from savings and investments. (Usually only need to provide National Insurance number in the application as evidence of income.) • Based on the previous tax year • If circumstances change inform SFE and amendments can be made • If parents have separated or are divorcedfamily income is assessed with the parent whom you normally live. • www.gov.uk/student-finance • Student Finance England Telephone – 0845 300 50 90

  22. Summary and Top Tips • Make the right choice university and course choice based on full range of factors, not fear of debt • Graduates pay back student loans based on what they earn not what they owe • Do your research into bursaries and scholarships • Inform SFE of any changes in circumstances • Contact SFE on social media channels…quicker responses

  23. Websites and Contact Information • www.gov.uk/student-finance Includes online application, finance calculator and lots of other information • Student Finance England Telephone: 0845 300 50 90Textphone: 0845 604 44 34 Monday to Friday, 8am to 8pm Saturday and Sunday, 9am to 5:30pm • www.moneysavingexpert.com • www.thestudentroom.co.uk • www.thestudentworld.com

  24. Any Questions s.fullwood@aston.ac.uk

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