ucas: next steps. ucas: next steps & student finance ucas process post-application outcomes: ...

UCAS: NEXT STEPS

UCAS: Next Steps & Student Finance

UCAS PROCESS

Post-application outcomes:

Unconditional offerConditional offerNo offers


UNCONDITIONAL OFFER

Need to sign-in to UCAS and reply to offers


CONDITIONAL OFFER

Need to sign-in to UCAS and reply to offers

May accept 1 firm and 1 insurance space

After exam results Results sufficient:

Place confirmed: Applicant accepted Opportunity to use ADJUSTMENT if you did better then your firm

offer

Results insufficient: EXTRA or CLEARING


NO OFFERS

Opportunity to use UCAS EXTRA Can apply again making 1 more choice Can use extra as many times as needed until clearing starts

(bear in mind it will take up to 21 days each time)

Opportunity to use UCAS CLEARING 16 August after results – COME IN EARLY ON RESULTS DAY For those who applied late or did not secure the grades necessary to get into

their original choices

STUDEN

T

FINANCE

KEY FA

CTS


NO CASH IS REQUIRED UPFRONT

Student Finance (England) will pay fees to universities on your behalf

Student Loans Company will pay you money to cover living costs

-These loans are received in 3 instalments

-Most universities will take payment of accommodation and other key fees in 3 chunks


REPAY ONCE FINISHED AND EARNING ENOUGH

Only repay on salary over £21,000

If you never earn above this you will never pay anything


LOANSTuition Fee Loans

-Available to all. Paid direct to university

Maintenance Loans

-Cover cost of living

-3 instalments direct to bank account

-Amount depends on whether you live at home or not

-Max loan: £4,375 (living with parents), £5,500 (away from home), £7675 (London)

-65% guaranteed. 35% parental income assessed


GRANTS

If your household income is LESS than £42,600

You can get a non-repayable grant as well


EXAMPLE: LIVING AWAY FROM HOME

Household Income

Non-repayable grant

Maintenance Loan

TOTAL

< £25,001 £3,250 £3,875 £7,125

< £30,001 £2,341 £4,330 £6,671

< £35,001 £1,432 £4,784 £6,216

< £40,001 £523 £5,239 £5,762

< £45,001 £0 £5,288 £5,288

< £50,001 £0 £4,788 £4,788

< £55,001 £0 £4,288 £4,288

< £60,001 £0 £3,788 £3,788

> £62,500 £0 £3,575 £3,575


UNIVERSITY SUPPORT

Universities pay Bursaries and Fee Waivers for students where tuition fees are greater than £6,000. These are linked to INCOME except for SCHOLARSHIPS which while similar to a bursary depend on academic ability.

Bursary

-Immediate money

Fee Waiver

-Reduces your overall debt

Generally Bursary is the better option


PAY UPFRONT

You are entitled to pay upfront if you want/can:

- £9000 per year = £27,000 for a 3 year course

Pros:

- No debt and repayments

Cons:

- You might not have to repay so much depending on the salary you earn after graduation


EXTRA HELP IF…

- You care for adults or children

- Disabled students’ allowance (can include mental health)

- Leaving care

- Please see Mr Wheatley if you think any of these may apply – application and assessment can take time

REPAYM

ENT: KEY

FACTS


YOU REPAY 9% OF WHATEVER YOU EARN OVER £21,000

SO IF YOU EARN £22,000 EACH YEAR YOU WILL REPAY 9% of £1,000 = £90

(£7.50 a month)

IF YOU ARE AN EMPLOYEE THIS IS DEDUCTED AUTOMATICALLY FROM YOUR SALARY


EARN UNDER £21,000 AND YOU NEVER REPAY

AFTER 30 YEARS ANY REMAINING AMOUNT IS

WRITTEN OFF


INTEREST

Interest is charged on your loan- While you earn under £21,000

this interest equals the inflation rate (i.e. your loan is no more expensive in real terms)

- Over £21,000 you start to pay up to 3% more than inflation rate


SO WHAT DOES IT MEAN FOR ME:

You will repay £540 a year LESS than current graduates

For most there is NO DIFFERENCE between fees of £6,000 and £9,000 as you would not repay £6,000 in full in 30 years let alone the £9,000


EARNINGS

CURRENT ANNUAL REPAYMENT

CURRENT MONTHLY PAYMENT

NEW ANNUAL REPAYMENT

NEW MONTHLY REPAYMENT

£15,000 - - - -

£16,000 £9 75p - -

£21,000 £540 £45 - -

£22,000 £630 £52.50 £90 £7.50

£30,000 £1,350 £112.50 £810 £67.50

£40,000 £2,250 £187.50 £1,710 £142.50

£50,000 £3,150 £262.50 £2,610 £217.50


IT ALSO MEANS

You will owe money for longer and under certain circumstances pay more

Eg. Total borrowing of £14,500 (£9000 fees and £5,500 loan):

Starting salary

Amount repaid

All paid off in 30 years?

£10,000 - No

£20,000 £7,000 No

£30,000 £43,000 No

£40,000 £77,000 No

£50,000 £68,000 Yes - 21 years


APPLY NOW…. BECAUSE- All Uni details are pulled through automatically in the summer once

you have accepted – 1 less thing to worry about

- Student Finance get busy later in the year and can’t always process applications in time for you to get the money at the start of term

- APPLY TODAY!

- 31 MAY DEADLINE TO GUARANTEE FUNDS FOR SEPTEMBER

ucas: next steps. ucas: next steps & student finance ucas process post-application outcomes: ...

Documents

steps student financegrantsif

steps student financerepay

steps student financeexample

steps student financeyou

steps student financeno

ucas clearing16

ucas extracan

key fees