Student Finance · 2020-03-18 · Facts • Not like other loans. • Only pay when you earn....

Student Finance2020/21

1. Financial support.

2. Repayments.

3. Budgeting.

AIM OF TALK

£9,250

1.1 million

End of May

MYTHS &

MISCONCEPTIONS

MISCONCEPTION

! All eligible students

receive:

• Tuition fee loan

• Maintenance loan

! I can’t afford to go to

university.

MISCONCEPTION

! • No win no fee –

repayments only start

after you start earning

£26,575.

• Wiped after 30 years.

! The debt is unmanageable

and not worth the cost

!

! Cost vs how much you pay.

- Graduate Tax

! You don’t need the cash up

front.

It’s not like a typical loan.

MISCONCEPTION

• Student Welfare Officers

• Student Hardship Fund

• Additional support

services

! If something goes wrong you

are all on your own.

!

FINANCIAL

SUPPORT

Different kinds

of financial

support

Activity: Think of 5 different types of financial support available whilst at university.

Different kinds

of financial

support

Maintenance LoanTuition Fee Loan Scholarships

Bursaries DSA / Dependent GrantHardship Fund

Family supportPart-time job

Tuition

Fee

Loan

• Don’t have to pay up front

• Loan of up to £9,250 per

year

• Loan goes directly to

university

• Not dependent on

household income

• You repay the loan after you

graduate

• Money for living

costs

• Dependent on

Household Income

• Dependent on

where studying

• Paid Termly

Maintenance

Loan

Household

Income Home Elsewhere London

£25,000 & under £7,747 £9,203 £12,010

£30,000 £7,095 £8,543 £11,339

£40,000 £5,789 £7,223 £9,996

£50,000 £4,484 £5,901 £8,651

£60,000 £3,410 £4,581 £7,306

Amounts are calculated on a sliding scale. Specific amounts: www.gov.uk/student-finance-calculator

Scholarships at

Roehampton• Academic Excellence Scholarship

• Scholarship for E-Sporting

Excellence

• BA Primary Education Male Student

Scholarship

• £2,000 -£3,000 over the course of a degree.

• Depends on grades achieved at A Level / BTEC etc.

• £1,500 per year • Access to e-sports facilities.

• Demonstrate talent in E Sports.

• £1,000 per year for 3 years.

• Males studying full-time BA Primary Education.

Scholarships at

Roehampton• Scholarship for sporting excellence

• Roehampton Music Scholarship

• £500 - £1,500 per year• Access to sports facilities• Free gym pass• Demonstrate talent in sports

• Up to £1,200 to cover costs• Must promote music at

Roehampton.

Scholarships –

More Free Money

Search the below

websites to see which of

1000s of scholarships you

can apply for:

• Scholarship Hub

• Scholarship-Search

• University Website

£500 – The Vegetarian Charity• Be a vegetarian. • Under 26 years old• Support educational courses

£5,000 - £27,000 – Crowd Scholar• Aged 17-19 years • Eligible for free school meals.

Tuition Fees, Accommodation, Basic Living Allowance– British Council

• Students who wish to undertake a period of study in China.

Additional Support

• Disabled Student Allowances

(DSA)

• Dependent’s Grants

• Study Abroad Travel Grants

Additional Support-

Hardship Fund

• Applications open throughout year

• For students experiencing financial

difficulties

• Help is always available

REPAYMENTS

Repayment

Facts

• Not like other loans.

• Only pay when you earn.

(Graduate Tax)

• Start repayments the April after you

graduate.

• Only start repayments if you are

earning above £26,575 per year.

• Repay 9% of anything above

£26,575.

• Automatically taken from your pay

check (unless you live abroad).

• Wiped after 30 years.

Maths

Quiz

If you only repay 9% of anything earned above £26,575 and you earn £26,576 how much will you pay back over a year?

£26,576 - £26,575 = £1

9% of £1 = £0.09

Repay = 9p

Income each year before taxIncome from which

9% is deductedMonthly Repayment (Approx)

£26,575 £0 £0

£30,000 £3,425 £25

£35,000 £8,425 £63

£40,000 £13,425 £101

£45,000 £18,425 £138

£50,000 £23,425 £176

£60,000 £33,425 £251

Interest

Rates

During study

After studying,

Income: under £26,575 £After studying,

Income: £26,575 -£47,835£After studying,

Income: £47,835+£

RPI plus 3%

RPI only

RPI up to 3%

RPI plus 3%

Lose contact with SLC/

don’t provide info.£ RPI plus 3%

Applying

• Open in February

• Deadline in May

• Can apply without a confirmed place

Apply online:

www.gov.uk/apply-online-for-student-finance

BUDGETING

Outgoings

Rent

FoodUtilities

Internet

Course materials

Travel

Phone contract

Social life

Subscriptions

Gym Membership

Insurance

Outgoings

Rent

FoodUtilities

Internet

Course materials

Travel

Phone contract

Social life

Subscriptions

Gym Membership

Insurance

Income• Maintenance loan

• Scholarships

• Family Support

• Part time job

• Student bank account• Check for deals

• Cashback

• Overdraft

Additional Income

Top tips for

budgeting

• NUS Card

• Studentbeans

• Batch cooking

• Avoid branded items

• Research voucher codes

• Topcashback

• Travel cards

• Market Research

If you can’t afford it,

don’t buy it!

Activity –

Which is cheaper?

Which is

cheaper?

Stir fry: £3 Flat-bread Pizza: £4.66

Which is

cheaper?

Which is

cheaper?

Risotto: £4 Spaghetti Bolognese: £4.52

Which is

cheaper?

Which is

cheaper?

Vegetarian Thai Green Curry: £4.37Vegetarian Lasagne: £4.47

FAQ’s

• Who is eligible?• What counts as household income?• Should I repay early?

Quick Quiz

When is the Student Finance deadline date?

What percentage do you repay over £26,575?

After how many years is the debt wiped?

Quick Quiz

When is the Student Finance deadline date?

End of May

What percentage do you repay over £26,575?

9%

After how many years is the debt wiped?

30 Years