Student Finance

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Introduction• Tuition fee loan• Maintenance loan• Maintenance grant• Repayments• Bursaries and scholarships

• Dos and don’ts

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Support Available • You’ll need money to support

yourself at university, and there are many options to consider

Help from the Government:

Tuition Fee Loan

Maintenance Loan

Maintenance Grant

Help from universities:

Bursaries

Scholarships

• to consider

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Tuition fees (Home/EU Students)

• You can apply for a Tuition Fee Loan through Student Finance England

• This covers the whole cost of your course, and is not dependent on your household income

• Paid directly to the university• Reassessed every year by Student Finance

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Maintenance loan• Means tested• Everyone is entitled to 65% of

the Maintenance Loan • If you want to apply for the full

loan then Student Finance England will assess your household income

• Paid into your bank account at the start of each term

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Where you live and study Maximum Maintenance Loan

You live at home £4,418

You live away from home and study outside London

£5,555

You live away from home and study in London

£7,751

You spend a year of a UK course studying overseas

£6,600

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Maintenance grant• Government grant• Means tested• None Repayable • Households with incomes up to £42,620

per year qualify for the grant

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Household Income £

Maintenance Grant

Maintenance Loan

Total

£25,000 and under £3,387 £3,862 £7,249

£30,000 £2,630 £4,240 £6,870

£35,000 £1,494 £4,524 £6,018

£40,000 £547 £4,998 £5,545

£42,611 £52 £5,529 £5,581

£42,875 £0 £5,555 £5,555

£50,000 £0 £4,836 £4,836

£60,000 £0 £3,826 £3,826

£62,125 and over £0 £3,610 £3,610

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Loan repayments• If you’ve taken out a Tuition Fee Loan and a

Maintenance Loan to help with your living costs then you’ll need to pay this money back to the Government

• How does this work?

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Case Study 1

•Andrew has just finished his Geography degree at

Liverpool and now fancies a year out to travel across

Southeast Asia•He has a part-time job in a bar and plans to leave at the

end of the summer after his graduation•However, he’s worried about his student loan repayments

while he’s away•Should Andrew…..

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Case Study 1

a) Lock away his iPad and Playstation 4 while on his travels in case the bailiffs come knocking

b) Take out a credit card so he pays at least £100 a

month to Student Finance England

c) Relax. He’s not earning enough at the moment to start

paying back his loan repayments

d) Write to Student Finance England to let them

know he is out of the country

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Loan repayments• You only start to pay back your loans when

you are earning over £21,000 per year• This starts in the April after you graduate• Unless you are earning this amount you will

not pay anything back

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Case Study 2

•Jo has just landed a graduate job at Boots in the Marketing

department•She’s started in the May after her graduation year•Earning an initial salary of £25,000, she’s concerned that

she’s going to have to start paying a huge amount back on

her student loans•How much will Jo have to pay?

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Case Study 2

a) £30 per month. About the same price as

a mobile phone contract

b) £5. Next to nothing – about the same, if

not less than, a cinema ticket

c) £60 per month. About the same as a gym

membership

d) £150 per month. The same as the credit

installments for a new car

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Loan repayments• Repay 9% of income over £21,000• Like a ‘graduate tax’ – deducted from

pay packet• Loan is written off after 30 years

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Salary Amount of salary from which 9% will be deducted

Monthly repayment

£25,000 £4,000 £30.00

£30,000 £9,000 £67.50

£35,000 £14,000 £105.00

£40,000 £19,000 £142.50

£45,000 £24,000 £180.00

£50,000 £29,000 £217.50

£55,000 £34,000 £255.00

£60,000 £39,000 £292.50

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Interest• Interest is charged on student

loans from receipt of first payment to paying off the full amount

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Your annual income Interest rate on your loan

While you're studying and up to the point when you are liable to repay

Rate of inflation plus 3 per cent

After you are liable to repay and have income of £21,000 or less

Rate of inflation

After you are liable to repay and have income of £21,000 - £41,000

Varies between the rate of inflation and the rate of inflation plus 3 per cent, depending on

your income

After you are liable to repay and have income of £41,000 or more

Rate of inflation plus 3 per cent

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Bursaries and scholarships• Many universities and colleges offer

extra funding that you don’t have to

pay back

• The amounts vary by university and

subject

• Can view bursaries on the UCAS

website and apply as part of online

application to Student Finance

England

Campus Tour Daywww.nottingham.ac.uk/ugstudy

20Wednesday 16 October 2013

Campus Tour Daywww.nottingham.ac.uk/ugstudy

21Wednesday 16 October 2013

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Bursaries at Nottingham• University Core Bursary - £750

to £3,000 available per year• Nottingham Potential Bursary –

an extra £1,000 available• Subject specific bursaries• University of Nottingham Sports

Bursary Scheme

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Additional help• Disabled students’ allowance

• Parents’ learning allowance

• Childcare grant• Adult dependent’s grant

• NHS funding

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How to apply• Apply online in early 2015 at

www.gov.uk/studentfinance

• Missing the spring deadline may mean late payment

• You can apply before you’ve chosen your University

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Higher education: an investment• Degree holders earned an

average of £12,000 a year more than non-graduates over the last decade

• Graduate earnings increased faster for each year of age and they also increased for longer

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Conclusion• Don’t let financial worries get in the

way of applying to university• Lots of support available,

important to research thoroughly

• No pressure to pay up front and you only pay when you’re earning after graduation

• Great life experience – become money savvy from an early age

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Further information• www.gov.uk/studentfinance

• Official information about

student loans and grants and

how to apply online• www.ucas.com• Search bursaries and

scholarships for your university• www.nottingham.ac.uk/fees

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