Www.le.ac.uk Student Finance 2012 Onwards Louise Carr School and College Services University of...

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Student Finance 2012 Onwards

Louise Carr

School and College ServicesUniversity of Leicester

Student Finance

• How it works & what you can get

• Case studies

• Budgeting and money management

Funding

Student Finance

Tuition Fee Loan

Maintenance Grant

Maintenance Loan

Additional Support

University of Leicester

Scholarships

How to apply

• Apply through Student Finance England online

• Means testing based on previous tax year (i.e. April 2011 - April 2012)

• Can apply for “Current Income Assessment” if income changes (more than 15%)

• Link to UCAS application

www.direct.gov.uk/studentfinance

Tuition Fees

• Will vary according to institution up to £9,000 per year

• Student Finance will provide full Tuition Fee Loans for eligible students

• Fees go directly to the university

• Students/parents do not pay fees – Graduates do

Tuition Fees at Leicester

• The standard tuition fee for all undergraduate courses at Leicester is £9,000 per year

• Foundation year - £6,000

• Erasmus year - £1,250

• Other year abroad - £1,000

• Year in industry - £1,000

• M Level degree final year - £7,000

Maintenance Support

• Maintenance loan and grant

• Paid by Student Finance England to the student

• Means-tested based on household income

• Influenced by where the student studies–London–Staying at home–Elsewhere

Maintenance Loans/GrantsHousehold

Income Grant 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

Over £62,500 £0 £3,575 £3,575

Additional support

• Disabled Students’ Allowances– Additional grant

• Help for students with children– Childcare grant– Parents’ Learning Allowance

• Adult Dependants’ Grant

• Access to Learning Fund– Financial hardship

Recap on funding

Student Finance

Tuition Fee Loan

Maintenance Grant

Maintenance Loan

Additional Support

University of Leicester

Scholarships

Scholarships at Leicester

• Chancellor’s Scholarship– £2,000 annual fee waiver– AAA at A-level (or equivalent)

• Departmental Scholarship– £1,250 annual fee waiver– Varying academic criteria

Scholarships at Leicester – cont.

• Leicester National Scholarship Programme– £2,000 annual fee waiver– £1,000 annual cash award

• Students who have academic ability and whose household income falls below £25,000 are eligible to apply

Latest scholarship information: www.le.ac.uk/fees

Loan Repayments

• Eligible to start repaying the April after graduation

• No repayments until you are earning above £21,000

• Repayment = 9% of income above £21,000

• Any outstanding repayments will be written off after 30 years

Loan Repayments - Examples

• There will be no penalty fees for early repayment

Salary Amount above £21,000 Monthly repayment

£21,000 £0 £0

£22,000 £1,000 £7.50

£25,000 £4,000 £30.00

£30,000 £9,000 £67.50

£40,000 £19,000 £142.50

Case Study A: Anjali, Leicester

• Household income £25,000, away from home

• Tuition Fee Loan = £9,000

• Maintenance Loan = £3,875

• Maintenance Grant = £3,250

• £182 per week for 39 weeks

• Earning £24,000 = repayments of £22.50 per month / £5.63 per week

Case Study B: Mark, Leicester

• Household income £62,500, away from home

• Tuition Fee Loan = £9,000• Maintenance Loan = £3,575• Maintenance Grant = £0• £91 per week for 39 weeks• Earning £19,695* =

repayments of £0 per month / £0 per week

* Average Graduate wage (1st year after uni) – prospects.ac.uk

Impact on Families - Bank of Mum & Dad™• Structure of maintenance loans and grants

places an expectation on wealthier families to contribute more towards living costs

• Parents/carers don’t need to bankroll 3 years of full living expenses even if they can afford to!

• Parents/carers should feel comfortable for students to take out the loans and to encourage financial responsibility

Impact on Families - Paying up Front?• Over 3-4 years of study, this could amount

to a lump sum up to £36,000

• Could this be invested in something else?

• Speak to financial advisers

BudgetingVariabl

e Fixed

RENT/bills

Academic

Transport

FoodSOCIAL

Clothing

Toiletries

Stuff

Budgeting

Will students have enough money?

• Part time job• Full time job during the summer• Parents/family/savings• Student bank account• Credit card?

Useful Websites• University of Leicester funding & welfare pages:

– www.le.ac.uk/fees www.le.ac.uk/welfare

• NHS Bursaries: www.nhsbsa.nhs.uk/students• Student Finance England:

www.studentfinance.direct.gov.uk/ • Uni Aid (budgeting): http://www.brightsideuniaid.org/ • Uni profiles + cost of living info: www.push.co.uk • Martin Lewis:

http://www.moneysavingexpert.com/family/student-loans-tuition-fees-changes

• Careers advice and statistics: www.prospects.ac.uk

Any questions?