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Student finance. Contents Financial overview Tuition fees 2010 Means-tested grant Tuition fee loan Bursaries Scholarships Student loans Budgeting Supplementary

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  • Student finance

  • Contents Financial overview

    Tuition fees 2010

    Means-tested grant

    Tuition fee loan

    Bursaries Scholarships

    Student loans

    Budgeting

    Supplementary income

    Useful contacts

  • Financial overview

  • Mechanics of the formAll financial support is initially applied for online

    Students will need to visit the Student Finance England website and register their details to begin an application

    The application will be live from November 2009

    You will need to provide either your passport number (which is input into your form) or an original copy of your birth certificate

    Any further forms that you may require will be sent to you after you have submitted your initial application, in many cases this is the only form that you will need to complete

  • Tuition feesUp to 3290 per year (2010 fees, this figure will rise each year with the rate of inflation)

    Fees may vary between courses and universities

    You can study now, pay later

    Majority of fees paid either by:Tuition fee loanMeans-tested grant.

  • Tuition fee loanAvailable to all applicants

    Non means-tested

    3290 available amount granted will be linked to your course cost

    Paid directly to the university by Student Finance England

    Repaid by the student after graduation

  • Means-tested grantUp to 2906 per year from Student Finance England

    Grant = non-repayable!

    Means-tested (based on household income)Less than 25,000 per year = full grant of 2906Between 25,000-50,020 per year = variable grant < 2906More than 50,020 per year = no grant entitlement

    Paid in three instalments (at the start of each term)

    Can spend on living costs/tuition fees

  • BursariesA bursary is non-repayable money that you qualify for

    Qualification criteria and amounts differ from university to university, but are often based on the amount of means-tested grant being received, your household income, or your home postcode

    Information about an individual universitys criteria and awards can be found on their website and in their prospectus

    Money can be spent on living costs/tuition fees

  • ScholarshipsA scholarship is non-repayable money that is awarded for achievement (usually academic)

    Qualification criteria and amounts will differ from university to university but can often be based on UCAS points, grades achieved or a specific skill, for example a musical or sporting achievement

    Information about an individual universitys criteria and awards can be found on their website and in their prospectus

    Money can be spent on living costs/tuition fees

  • Example of fundingBursaries- 400 bursary for all students receiving any amount of Maintenance Grant- 250 bursary for all students with a permanent home address within a 30 mile radius of the campus

    Scholarships - Academic scholarship worth 1000 for all students achieving 280 UCAS points- Creative Industries scholarship of 1500 for students applying for creative courses and achieving 300 UCAS points

    Some universities will award bursaries and scholarships for every year of a students study with them- Some universities will allow a student to qualify for multiple bursaries and scholarships- Check individual websites and prospectuses for application details

  • Student maintenance loanTo cover living and study costs

    72% non means-tested

    28% means-tested. What you get depends on:Household income*Where you live and what you studyThe year of the course that you are on.

    Paid in three instalments direct to the student

    * Household income is the gross income (before deductions of tax and NI contributions) of the parent(s) that you live with (including that of any partner or step parent who also lives with you). It may also include any income that you or a sibling earns on which they pay tax (a minimum salary of 6035 a year).

  • Maintenance loan figures 2009/10

    Maximum

    entitlement

    Minimum entitlement

    Final year

    maximum

    Final year

    minimum

    Living away from home in London

    6475

    4855

    5895

    4420

    Elsewhere

    4625

    3470

    4280

    3210

    Living at home

    3580

    2685

    3235

    2425

  • Repayments of tuition and/or maintenance loan Starts in the April after graduating

    Loan repayments linked to your salary: Less than 15,000 = no repayments 18,000 = 22.50 a month (5.19 a week) 20,200 = 37.50 a month (8.65 a week)

    Interest linked to the rate of inflation

    Repayments remain fixed regardless of amount borrowed

    Debt belongs to the student and not their parent(s)

    After 25 years, remaining debt is cleared by the government

  • A typical example of a weekly budget fixed costs

    Rent57Electricity/gas10Water rates2Contents insurance4Food and toiletries30Books and stationery5Travel11Laundry4TV License2Total125

  • A typical example of a weekly budget costs you control

    House phone3Mobile line rental7Clothes11Socialising30 plusTotal171

  • Supplementary income Part-time job

    Work during holidays

    Work placements (a chance to save)

    Banks overdrafts

    Parents

  • Useful contacts

    direct.gov.uk/studentfinance 0845 300 5090 8.00am-8.00pm Monday to Friday 9.00am-5.30pm Saturday and Sunday unimoney.direct.gov.uk studentbeans.com nus.org.uk uni4me.com merlinhelpsstudents.com

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