Student Finance

Amy Staniforth

Higher Education Adviser

University of East Anglia

Introduction

Costs involved with Higher Education

Support/help available

Budgeting tips

Tuition Fees

Tuition fees – up to £9,000 per year

No upfront cost

Teaching grants – cut by 80%

Universities charging £7,500 upwards to sustain income

Surplus money Reinvested into student experience Recruit expert staff Provide world class facilities

Tuition Fee Loan

Available to all new undergraduate students – NHS EXCEPTIONS

Loan amount covers the full amount of the fees

Administered by Student Finance England online

Paid directly from the government to university

Can borrow all or part of fees if desired

Pay back after graduating – depending on earnings

Living Cost Loans

Also known as ‘maintenance loans’ or ‘student loans’

Paid in 3 installments direct to student from government

65% loan for everyone (35% is means tested)

Maximum annual loan amount

Minimum annual loan amount

Living away from home, studying in London

£7,675 £4,988.75

Living away from home, studying outside London

£5,500 £3,575

Living at parent’s home £4,375 £2,843.75

You have to pay your loan back! Repayments begin in April following graduation Must be earning over £21,000 per year One monthly repayment – deducted at source

Repayments are linked to what you earn not what you owe

Pay back 9% of anything earned in excess of £21,000 e.g. salary - £25,000

payback 9% of £4,000

monthly repayment of £30 per month

Repaying

Repayments are linked to what you earn not what you owe If you stop earning, you stop paying

Interest rate Whilst studying – RPI + 3% After graduating earning below £21,000 – RPI After graduating earning £21,000 - £41,000 – RPI + 1% to 3% After graduating earning £41,000 or more – RPI + 3%

Interest Rates

Student Finance Facts

Loan written off if not paid back 30 years after April after graduating

Administered by Student Finance England – online

Help available on the websitehttp://www.studentfinance.direct.gov.uk/

Dedicated team of Student Finance Advisers in call centre

Non-repayable support

(money that’s yours to keep... forever!)

Living Cost Grants

Non -repayable

Means tested – depending on household income**Household income = gross TAXABLE earnings within the students residential household (excluding siblings earnings)

Household Income Living Cost Grant Living Cost 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

Provision for NHS courses

NHS courses for up to 30 weeks

www.uea.ac.uk

Non means-tested Grant

Means-tested Bursary

Non means-tested Loan

London £1,000 £3,128 £3,263

Not London £1,000 £2,591 £2,324

With Parents £1,000 £2,163 £1,744

NHS courses for up to 45 weeks or more

Non means-tested Grant

Means-tested Bursary

Non means-tested Loan

London £1,000 £5,460 £3,263

Not London £1,000 £4,395 £2,324

With Parents £1,000 £3,351 £1,744

Bursaries

Non – repayable! Amount and eligibility varies between institutions Fee waivers, lump sums, cash awards UEA – gives student 4 options of how to take the bursary

Criteria Support Duration

Household income < £16,000 £3,000 Per annum up to 4 years of undergraduate study

Household income £16,001 - £20,000

£2,000 Per annum up to 4 years of undergraduate study

Household income £20,001 - £30,000

£1,000 Per annum up to 4 years of undergraduate study

Science foundation year, household income < £42,600

£4,500 Foundation Year only

Care leaver £3,000 Per annum up to 4 years of undergraduate study

Scholarships

Focus on academic merit Eligibility and amounts vary between institutions Automatically assessed Subject scholarships

UEA:Scholarship Criteria Value

Excellence Scholarship AAA at A level (or equivalent) £1,500 fee waiver – one off payment

Excellence Award Excellent academic achievement during undergraduate study. Based on end of year results

£1,000 one off payment

Other Help

Disabled students allowance (DSA)

Hardship Funds

Access to Learning fund

How to apply

Apply online – www.direct.gov.uk/studentfinance

Apply from January onwards

Only need passport number

Customer helpline 0845 300 5090

Open Mon-Fri: 8am – 8pm

Sat/Sun: 9am – 5:30pm

Hints and Tips

Registrations stage – link to UCAS

Sponsors (parents) can input details at same time

‘Consent to share’ – 2 nominees per student

If no bank details / term time address – can add later

APPLY AS EARLY AS POSSIBLE…

Facts

Tuition fees do not have to be paid up front to the university

There will be no penalty for paying off your student loan early

The Council for Mortage Lenders has said: ‘ A student loan is very unlikely to impact materially on an individuals ability to get a mortgage but the amount of mortgage available may depend on net income’.

Repayments under the new system will be lower per year

Good News!

Employers want graduates with ‘transferable skills’.

Average graduate starting salary is £25,000 (AGR 2010)

By 2012 – 50% jobs will need a degree

Over 75% of these vacancies open to any discipline

On average over a lifetime a graduate earns £120,000 more than a

non graduate

UEA – Graduation

Part-time jobs

Part time work – over 40% have term time jobs

Holiday work – 90% of students work in holidays

University job shops / careers centre

Work related to course/career

UEA – Students Union

Student Bank Accounts

All the main high street banks offer student accounts

Find out which banks have a branch on campus

Most offer interest-free overdrafts that increase year on year

Freebies and Rail cards – useful

Student advisers – make use of them

Budgeting Tips

Work out a weekly budget before you go

Don’t spend loan straight away

Make use of NUS discounts

Make use of free university resources i.e. internet in library

Don’t automatically buy all books on reading list

Food shop with friends

Any questions ?

www.uea.ac.uk

Voted top English university Best accommodation and Student Union (Whatuni.com Student Choice Awards 2009)

World top 150, European top 100, UK top 20 (Guardian League Table)

Open Days 2012:

Saturday 23rd June 2012Saturday 7th July 2012