university choices student finance. university choices you should be in the process of receiving...
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University Choices
Student Finance
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University choices
• You should be in the process of receiving offer from universities you have applied to
• A few of you will have had replies from all of your universities
• Most of you will still be waiting• You will eventually have to make a firm
choice and an insurance choice (if you wish)
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University choices
When you have received decisions from all your universities, Track will alert you and give you a deadline date for making your firm and insurance choices.
http://www.ucas.com/how-it-all-works/undergraduate/tracking-your-application/replying-your-offers
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University choices
• Visit universities• Firm choice is a firm commitment• Little point in having an insurance choice
higher than your firm choice• Monitor Track• Follow the instructions• See me, Michelle or Rebecca for advice
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University Finance
• Tuition Fees• Loans• Grants• Repayment of loans• Additional finance including Student
Bursaries, Fee Discounts, Scholarships and Hardship Funds
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Tuition Fee Loan
Living cost loan/grant
Additional Support
What support can students get?
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University Finance
Expense How much
Help available
When paid back
Tuition fees Up to £9000
Tuition Fee Loan for full amount. Available to all students
At end of course when earning over £21,000
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University FinanceExpense How
muchHelp available
When paid back
Living costs Estimated£8000 per year
Student Maintenance Loan
Grants
Bursaries
Repayable from end of course when earning over £21,000Grants and bursaries do not have to be paid back
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University FinanceStudent Maintenance Loans
Maximum (amount depends on family income and grant)
Minimum (Family Income over £62132)
Living away from home
Up to £5740 £3610
Living at home Up to £4565 £2871
Living in London Up to £8009 £5038
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University Finance
• Student Maintenance Grants
You may be eligible for a maintenance grant from the government which does not have to be paid back. The grant is means-tested, which means that the amount you receive depends on family household income
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University Finance• Student Maintenance Grants
The maximum grant for 2015 – 2016 is
£3387
Annual Household Income
Grant Amount
£25,000 or less £3387
Between £25,001 and £42,620
£3387 to £50
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University Finance
But you must note:
The amount of maintenance loan available
is reduced by £0.50 for every £1 of
maintenance grant to which students are
entitled
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University Finance
• Here is an example:• Your family household income is £25,000• You are entitled to the full maintenance
grant of £3387• You will also receive the maintenance loan
of £5740 less £1694 (£3387/2) = £4046• So your total maintenance entitlement will
be £7433
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University Finance
Getting complicated? Go to
https://www.gov.uk/student-finance-calculator
for a very useful student calculator
which allows you to put in financial
circumstances and then tells you how much
you are entitled to
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Household Income Maintenance Grant
Paid in three instalments –
one at the start of each term
Maintenance Loan
Paid in three instalments –
one at the start of each term
Totalfor living
costs
Max Tuition Fee Loan
Note: not all courses will cost £9,000
Max amount borrowedExcluding interest
University or college
Scholarship, Bursary, Fee Waiver etc.
£25,000 & under £3,387 £4,047 £7,434 £9,000 £13,047
Ask university or college
£30,000 £2,441 £4,520 £6,961 £9,000 £13,520
£35,000 £1,494 £4,993 £6,487 £9,000 £13,993
£40,000 £547 £5,467 £6,014 £9,000 £14,467
£42,620 £50 £5,715 £5,765 £9,000 £14,715
£42,875 £0 £5,740 £5,740 £9,000 £14,740
£50,000 £0 £4,998 £4,998 £9,000 £13,998
£62,143 & over £0 £3,731 £3,731 £9,000 £12,731
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What about repayment?
• Loans are eligible for repayment the April after students graduate
• Repayments are collected by HMRC
• Students don’t start repaying anything until they earn over £21,000 pa gross
• They repay 9% of what they earn above £21,000
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University FinanceSalary Monthly
repayment Yearly repayment
£21,000 £0 £0
£24,000 £22 £264
£27,000 £45 £540
£30,000 £67 £804
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University Finance – Loan Interest
Rates of interest• Interest on your loan will be applied at the rate of
inflation plus three per cent while you are studying and up until the April after you leave university or college
• From the April after you leave your course, interest will be applied at:
– the rate of inflation if you are earning below £21,000– the rate of inflation and up to + three per cent on a
gradual scale if you earn between £21,000 and £41,000– the rate of inflation + three per cent if you earn over
£41,000
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Additional University FinanceAdditional finance may be available to you but this will depend on the individual universities1. Student Bursaries2. Fee Discounts3. Scholarship4. Hardship FundsAlso there is extra funding for: • medical students • social work students • teacher training students • students in special circumstances eg if you have
children, are disabled, have a specific learning need
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University FinanceBursaries and Scholarships don’t have to be
repaid.
Availability can be based on a range of factors – • household income• your A level grades• the subjects you studied• where you live • achievement at university
Depends on individual university
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Hardship Funds
• Very important for students who get into financial difficulties at university
• Almost all universities have them in some form
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University Finance
www.gov.uk/studentfinance
is where you apply for student finance and has all
the government information on student finance
http://www.ncl.ac.uk/media/sites/centralsite/undergraduate/documents/GSF%202014-15%20Entry%20(web).pdf
is a useful guide to student finance
produced by Newcastle University