Transcript Student Finance Talk (Adapted for Queensbury)

Student Finance
University Finance
Student Finance
True/False:
• Tuition Fees are the same for all universities in the UK
• Everyone is entitled to a student grant
• The money for student loans comes from the Government
• Students have to pay back 9% of their income once they
have graduated to pay of their tuition fee loan
• You pay back student loans for a period of 30 years
• Universities give help and support to students with lower
household incomes
Student Finance
The Costs of Higher Education
Tuition Fees
• Tuition fees are the amount universities or colleges will charge you each
year to study. They vary depending on where you study and what you study.
• If you’re a full-time student studying on your first higher education course,
you can get a government loan for your tuition fees. This loan is not means
tested and does not depend on household income.
• Tuition fee loans are paid back when you are earning over £21,000 a year.
Student Finance
Tuition Fees
Tuition fees are the amount that universities or colleges charge you each year
to study. From September 2012, UK universities have been able to charge up
to £9,000 per year.
Example Costs
• Leeds Metropolitan University: £8,750
• University of Leeds: £9,000
• University of Huddersfield: £ 7,950
Student Finance
The Costs of Higher Education
Living Costs
• Living costs cover things like accommodation, food and travel costs. This will
vary depending on where you study.
• If you’re studying full-time, loans, grants and scholarships are available to
help you with your living costs. What you’ll receive will depend on your
personal circumstances.
Student Finance
Living Cost Loan (also known as Maintenance Loan)
The maximum living cost loan for new students starting university in September 2013 is:
• £5,555 if you live away from home and study at a university or college outside London
• £4,418 if you live at home
Living Cost Grant (also known as Maintenance Grant)
If your household income is less than £42,600, you may be entitled to a non-repayable living cost grant:
• a full Maintenance Grant of £3,387 if your household income is £25,000 or under
• a partial Maintenance Grant if your household income is between £25,000 and £42,600
Budget Planner Exercise
Student Finance
Choosing the Right Course
Key Facts:
• Most English students studying won’t have to pay up front for
tuition
• Students who start their courses after 1 Sept 2012 can apply
for a Tuition Fee Loan of up to £9,000
• Full time students can also get a Maintenance Loan to help
with living costs from the government
• Tuition Fee Loans and Maintenance Loans are rolled into one
for repayment purposes. You only pay back your loan once
you’ve left university and are earning over £21,000
Student Finance
Choosing the Right Course
• Your monthly repayment will be based on how much you
earn, not how much you borrowed.
• You will repay 9p for every pound you earn over the £21,000
threshold
• If your salary is £25,000 a year, you repay 9% of £4,000,
which works out at £30 a month
• Government grants, which you don’t have to pay back, are
also available to help with living costs, though these depend
on our household income
Student Finance
Repaying the
yourRight
Student
Loan
Choosing
Course
You don’t have to repay your tuition fee loan and your living cost loan until you are earning over
£21,000* a year.
You repay your loans at a rate of 9% of your income over £21,000.
So if your salary is £25,000 a year, you pay nine per cent
Annual Earnings
Annual
Repayment
Monthly
equivalent
Weekly equivalent
£21,000
£0
£0
£0
£22,000
£90
£7.50
£1.73
£25,000
£360
£30
£6.92
£30,000
£810
£67.50
£15.58
£35,000
£1,260
£105
£24.23
£40,000
£1,710
£142.5
£32.88
Student Finance
Choosing
a
University
(or
college)
It’s not all bad news…..
• Higher tuition fees do not mean higher monthly payments
• All graduates will pay back less per month under the new
system than the old system
• Any outstanding balance after 30 years is written off
• Many graduates will pay back less overall under the new
system than under the old system
Student Finance
Additional Financial Support:Task
Many universities and colleges offer financial support to their students
through bursaries and scholarships
Bursaries:
•Linked to personal circumstances and often, household income
•Awards can include fee waivers or cash
Scholarships:
•Can be linked to academic results or outstanding ability in an area
such as sport, music or art
•Can be subject specific and are limited in numbers
Student Finance
Assessment Task
Extra money or support may be available to students if they:
•
•
•
Have children or adults dependent on them
Have a disability, long-term health condition, mental-health condition
or specific learning difficulty
Are studying an NHS or Social Work course
NHS courses include:
• Nursing, midwifery, physiotherapy, chiropody, dietetics, radiography,
occupational therapy, the later stages of medicine and dentistry
•
www.nhsbsa.nhs.uk/students
Student Finance
Assessment Task
•
Apply online at gov.uk/studentfinance as soon as possible to make sure your
student finance is in place for the start of your course
•
Register on UCAS and we can let you know when it’s time to apply
•
You don’t need a confirmed place at university or college to apply
for student finance
•
Make a note of your account log-in details & keep them safe
•
You can change your details online before starting your course
•
Agree to share information from your application, this helps apply for many
bursaries and some scholarships
Student Finance
So is it worth the investment
Consider university as a long-term investment:
• Enhanced career prospects
• Increased earning potential
• Entry to the professions
• Opportunities to travel
• Transferable skills
• Student experience
The Progression Module
Discussion:
• Is University a good investment?
• What are the alternatives to University?
• How could you help to keep costs down at
University?
• Is living at home a good option?
• Should the tuition fee influence your choice of
course or institution?
Finance Cartoon
• http://www.youtube.com/watch?v=jJBFhPPBb
NI