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A Guide to Student Finance
A Guide to Student Finance
What do I have to pay for?
What help is available
How to apply
How to repay
Budgeting and tips
Costs and benefits of Higher Education
What is HE?Benefits of
HECosts of
HE
The right decision for you
Further info & advice
Why go to university?
Independence
Meet new people
Experience a different part of the country (or world!)
Personal interest in a subject
Gain a qualification
Career progression and earning potential
Develop transferable skills
What do I have to pay for?
Tuition Fees
Living Costs
The amount you pay to study at your
chosen university
Everything Else!Accommodation,
Food, Social life, Course materials, travel
A Guide to Student Finance
Living Costs
What do I have to pay for?
Tuition Fees
Living Costs
A Guide to Student Finance
Living Costs
Universities charge up to £9000 per year
No upfront payment required
Finance available for all UK students
Government provide Tuition Fee Loan The amount you pay to study at your chosen
university
What do I have to pay for?
Living Costs
Living Costs
A Guide to Student Finance
Living Costs
Average cost of student living £7000 per year Includes accommodation, food, social life, course materials etc. Government provides a Maintenance Loans and Maintenance Grants Universities provide Scholarships and Bursaries
Everything Else!accommodation,
food, social life, course materials, travel
What help is available?
Living Costs
A Guide to Student Finance
Living Costs
Tuition Fee Loan
All UK students eligible to borrow up to £9000 per year of study
Paid directly from the Student Loans Company to the university
Apply online before starting university
Repayments deferred until after graduation
Everything Else!Accommodation,
Food, Social life, Course materials, travel
What help is available?Living Costs
Living Costs
A Guide to Student Finance
Living Costs
Maintenance Loan
All UK students can borrow up to £5,555 per year (slightly more if living in
London, slightly less if living with parents)
Actual amount is means tested – dependent on household income
Paid directly from Student Loans Company to the student
Apply online before starting university
Repayments deferred until after graduation
What help is available?Living Costs
Living Costs
A Guide to Student Finance
Living Costs
Maintenance Grant Available to students with household income under £42,620
Up to £3,387 available, paid directly to the student
Actual amount is means tested/on a sliding scale dependant on household income
Does not need to be repaid
Apply online before starting University
If you get the maintenance grant, the maintenance loan will be reduced…
What help is available?Living Costs
Living Costs
A Guide to Student Finance
Living Costs
Household income Maintenance Grant Maintenance Loan Total from SFE
£25,000 or less £3,387 £3,862 £7,249
£30,000 £2,441 £4,335 £6,776
£35,000 £1,494 £4,808 £6,302
£40,000 £547 £5,282 £5,829
£42,620 £50 £5,530 £5,580
£45,000 £0 £5,341 £5,341
£50,000 £0 £4,836 £4,836
£60,000 £0 £3,826 £3,826
Over £62,132 £0 £3,610 £3,610
+++Scholarships
bursaries employment
family savings
What help is available?Living Costs
Living Costs
A Guide to Student Finance
Living Costs
www.gov.uk/student-finance-calculator
What help is available?Living Costs
Living Costs
A Guide to Student Finance
Living Costs
Other sources of funding Childcare Grant – can cover up to 85% of childcare costs
Parents’ Learning Allowance – help for course costs for students with children
Adult Dependents Grant – support for those who are carers
Child Tax Credits/Working Tax Credits
Disabled Students Allowance (DSA)
See www.gov.uk for more information
What help is available?Living Costs
A Guide to Student Finance
Living Costs
NHS Courses You may be eligible for an NHS bursary if you study: Medicine (from year 5), Dentistry (from year 5), Nursing, Midwifery, Dietetics, Occupational Therapy, Optometry, Physiotherapy, Prosthetics, Orthotics, Radiography, Operating Department Practitioner or Speech and Language Therapy
Tuition fees paid by the NHS in many cases Bursaries and grants of around £5,000 per year available for living costs. Some of the usual funding streams also available through Student Finance England (partial maintenance loan) See nhsbsa.nhs.uk/student for more information
What help is available?Living Costs
A Guide to Student Finance
Living Costs
Scholarships and Bursaries
Universities offer scholarships and bursaries to help with both living costs and tuition fees
Usually given to:
Do your research when applying: www.thescholarshiphub.org.uk
High academic achievers
Students from low income families
Students from low income families
How to applyLiving Costs
A Guide to Student Finance
Living Costs
Apply in the Spring before you start university (use best case scenario)
Applications handled by Student Finance England
All done online – www.gov.uk/studentfinance
Apply for tuition fee loan, maintenance loan and maintenance grant in same
application
Apply for scholarships and bursaries directly to universities
NHS courses – will receive details once holding offers
Top Tip – agree to share information with other institutions
How to applyLiving Costs
A Guide to Student Finance
Living Costs
What you need to complete the application:
Passport (having a valid passport number speeds up the process but isn’t essential)
University and course details
Bank account details
National insurance number
Sponsors’ contact details (usually parents/carers) – names and e-mails
About 30 minutes!
RepaymentLiving Costs
A Guide to Student Finance
After graduation, tuition fee loan and maintenance loan are treated as one loan
Repayments start in the April after graduation once the graduate is earning over £21,000
Repayments are calculated according to the graduate’s earnings at a rate of 9% of the amount which is earned above the £21k threshold (income contingent)
Repayments are calculated by HMRC and the employer and deducted at source from the graduate’s wages
RepaymentLiving Costs
A Guide to Student Finance
Salary Amount from which 9% is calculated
Annual student loan repayment
Monthly student loan repayment
£20,000 £0 £0 £0
£22,000 £1,000 £90 £7.50
£24,000 £3,000 £270 £22.50
£27,000 £6,000 £540 £45.00
£30,000 £9,000 £810 £67.50
£36,000 £15,000 £1,350 £112.50
RepaymentLiving Costs
A Guide to Student Finance
FAQs – answered! If the graduate’s salary drops below £21k at any point, repayment
stops automatically Student loans will be written off after 30 years Student loans do not appear on credit files Interest is charged on the loan at a rate of RPI plus up to 3%
(dependent on earnings) No penalty for making early repayments
Budgeting and TipsLiving Costs
A Guide to Student Finance
Extra sources of income
Part-time job at university Full-time job during the holidays Internships and placements Savings Bank of mum and dad??
Top 10 money saving tipsLiving Costs
A Guide to Student Finance
Avoid Credit Cards
Choose bank
account wisely
Bargain hunt Own
Brands Best!
Avoid Convenience
stores
Socialise during
the week
Pre-book trains and
get a railcard!
Don’t buy all of your books
Do you need your car?
Top 10 money saving tipsLiving Costs
A Guide to Student Finance
Avoid Credit Cards
Avoid Convenience
stores
Do you need your car?
Use your Student Card!
Useful websitesLiving Costs
A Guide to Student Finance
Avoid Credit Cards
Avoid Convenience
stores
Do you need your car?
Martin Lewis’ Money Saving Expertwww.moneysavingexpert.com/students
Student Finance England
www.studentfinanceengland.co.uk
Official Student Finance Information
www.gov.uk/browse/education
www.gov.uk/student-finance-calculator
What is the personal
statement?
What to include Structure
Examples and tips
Further help and
advice?Any questions
