student finance amy staniforth higher education adviser university of east anglia
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Student Finance
Amy Staniforth
Higher Education Adviser
University of East Anglia
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Introduction
Costs involved with Higher Education
Support/help available
Budgeting tips
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Tuition Fees
Tuition fees – up to £9,000 per year
No upfront cost
Teaching grants – cut by 80%
Universities charging £7,500 upwards to sustain income
Surplus money Reinvested into student experience Recruit expert staff Provide world class facilities
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Tuition Fee Loan
Available to all new undergraduate students – NHS EXCEPTIONS
Loan amount covers the full amount of the fees
Administered by Student Finance England online
Paid directly from the government to university
Can borrow all or part of fees if desired
Pay back after graduating – depending on earnings
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Living Cost Loans
Also known as ‘maintenance loans’ or ‘student loans’
Paid in 3 installments direct to student from government
65% loan for everyone (35% is means tested)
Maximum annual loan amount
Minimum annual loan amount
Living away from home, studying in London
£7,675 £4,988.75
Living away from home, studying outside London
£5,500 £3,575
Living at parent’s home £4,375 £2,843.75
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You have to pay your loan back! Repayments begin in April following graduation Must be earning over £21,000 per year One monthly repayment – deducted at source
Repayments are linked to what you earn not what you owe
Pay back 9% of anything earned in excess of £21,000 e.g. salary - £25,000
payback 9% of £4,000
monthly repayment of £30 per month
Repaying
Repayments are linked to what you earn not what you owe If you stop earning, you stop paying
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Interest rate Whilst studying – RPI + 3% After graduating earning below £21,000 – RPI After graduating earning £21,000 - £41,000 – RPI + 1% to 3% After graduating earning £41,000 or more – RPI + 3%
Interest Rates
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Student Finance Facts
Loan written off if not paid back 30 years after April after graduating
Administered by Student Finance England – online
Help available on the websitehttp://www.studentfinance.direct.gov.uk/
Dedicated team of Student Finance Advisers in call centre
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Non-repayable support
(money that’s yours to keep... forever!)
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Living Cost Grants
Non -repayable
Means tested – depending on household income**Household income = gross TAXABLE earnings within the students residential household (excluding siblings earnings)
Household Income Living Cost Grant Living Cost Loan Total
£25,000 or less £3,250 £3,875 £7,125
£30,000 £2,341 £4,330 £6,671
£35,000 £1,432 £4,784 £6,216
£40,000 £523 £5,239 £5,762
£45,000 £0 £5,288 £5,288
£50,000 £0 £4,788 £4,788
£55,000 £0 £4,288 £4,288
£60,000 £0 £3,788 £3,788
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Provision for NHS courses
NHS courses for up to 30 weeks
www.uea.ac.uk
Non means-tested Grant
Means-tested Bursary
Non means-tested Loan
London £1,000 £3,128 £3,263
Not London £1,000 £2,591 £2,324
With Parents £1,000 £2,163 £1,744
NHS courses for up to 45 weeks or more
Non means-tested Grant
Means-tested Bursary
Non means-tested Loan
London £1,000 £5,460 £3,263
Not London £1,000 £4,395 £2,324
With Parents £1,000 £3,351 £1,744
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Bursaries
Non – repayable! Amount and eligibility varies between institutions Fee waivers, lump sums, cash awards UEA – gives student 4 options of how to take the bursary
Criteria Support Duration
Household income < £16,000 £3,000 Per annum up to 4 years of undergraduate study
Household income £16,001 - £20,000
£2,000 Per annum up to 4 years of undergraduate study
Household income £20,001 - £30,000
£1,000 Per annum up to 4 years of undergraduate study
Science foundation year, household income < £42,600
£4,500 Foundation Year only
Care leaver £3,000 Per annum up to 4 years of undergraduate study
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Scholarships
Focus on academic merit Eligibility and amounts vary between institutions Automatically assessed Subject scholarships
UEA:Scholarship Criteria Value
Excellence Scholarship AAA at A level (or equivalent) £1,500 fee waiver – one off payment
Excellence Award Excellent academic achievement during undergraduate study. Based on end of year results
£1,000 one off payment
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Other Help
Disabled students allowance (DSA)
Hardship Funds
Access to Learning fund
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How to apply
Apply online – www.direct.gov.uk/studentfinance
Apply from January onwards
Only need passport number
Customer helpline 0845 300 5090
Open Mon-Fri: 8am – 8pm
Sat/Sun: 9am – 5:30pm
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Hints and Tips
Registrations stage – link to UCAS
Sponsors (parents) can input details at same time
‘Consent to share’ – 2 nominees per student
If no bank details / term time address – can add later
APPLY AS EARLY AS POSSIBLE…
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Facts
Tuition fees do not have to be paid up front to the university
There will be no penalty for paying off your student loan early
The Council for Mortage Lenders has said: ‘ A student loan is very unlikely to impact materially on an individuals ability to get a mortgage but the amount of mortgage available may depend on net income’.
Repayments under the new system will be lower per year
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Good News!
Employers want graduates with ‘transferable skills’.
Average graduate starting salary is £25,000 (AGR 2010)
By 2012 – 50% jobs will need a degree
Over 75% of these vacancies open to any discipline
On average over a lifetime a graduate earns £120,000 more than a
non graduate
UEA – Graduation
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Part-time jobs
Part time work – over 40% have term time jobs
Holiday work – 90% of students work in holidays
University job shops / careers centre
Work related to course/career
UEA – Students Union
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Student Bank Accounts
All the main high street banks offer student accounts
Find out which banks have a branch on campus
Most offer interest-free overdrafts that increase year on year
Freebies and Rail cards – useful
Student advisers – make use of them
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Budgeting Tips
Work out a weekly budget before you go
Don’t spend loan straight away
Make use of NUS discounts
Make use of free university resources i.e. internet in library
Don’t automatically buy all books on reading list
Food shop with friends
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Any questions ?
www.uea.ac.uk
Voted top English university Best accommodation and Student Union (Whatuni.com Student Choice Awards 2009)
World top 150, European top 100, UK top 20 (Guardian League Table)
Open Days 2012:
Saturday 23rd June 2012Saturday 7th July 2012