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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 Repaying 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 Repayments are linked to what you earn not what you owe If you stop earning, you stop paying Interest Rates 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% 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 website http://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 Non meanstested Grant Means-tested Bursary Non meanstested 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 meanstested Grant Means-tested Bursary Non meanstested Loan London £1,000 £5,460 £3,263 Not London £1,000 £4,395 £2,324 With Parents £1,000 £3,351 £1,744 www.uea.ac.uk 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 ? Open Days 2012: Saturday 23rd June 2012 Saturday 7th July 2012 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)