Transcript Understanding Student Finance

FORMAT OF THIS EVENING
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Going to University – is it worth it?
UCAS Application Process
Research Tips
Support at Farringtons
Student Finance
How parents can help
WHY GO TO UNIVERSITY?
25% of all jobs now only available to graduates (Skills & Employment survey, BBC
news 24/4/13)
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Employability – Competitive job market Employers look for good qualifications +
work experience/voluntary work/internships
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Skills – Develop transferrable skills e.g. analytical, presentation & critical thinking
skills
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Personal development – Develop confidence, gain independence & social skills
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Love of the subject - Study something you love, 60% graduate jobs do not specify
a degree subject
UNIVERSITY DESTINATIONS 2013
Ravensbourne College
Chelsea College of Art
Kings, London
Bristol University
University of Chester
City University
Manchester Metropolitan
Central St Martins
Westminster University
Aston University
University of Essex
Sussex University
Trinity College London
Cardiff University
University of Manchester
South Bank University
University of Exeter
Aberystwyth University
University for the Creative Arts
THE STARTING POINT
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50,000+ courses
(Degree, Foundation Degree, HND & Diploma.
Entry requirements A*AA – 80 UCAS points)
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900 Subjects
(Architecture – Zoology)
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Over 500 institutions
(Universities, FE/HE colleges, educational
institutions
THE REALITY
• 1 UCAS application
• 5 choices
• 1 personal statement – 47 lines
• 2 acceptances (firm and insurance)
One Destination!
Thorough research is vital
DO YOUR RESEARCH!
Which course? Check websites & prospectuses
◦ Check entry requirements –Do predicted grades match?
◦ Methods of teaching & assessment
◦ Taster days/summer schools
◦ Other opportunities -Study abroad, work placement
Which university? League tables
◦ Geographic location – Stay home/move away?
◦ Campus v. multi site
◦ City v. rural
◦ Accommodation & facilities
Consult a map!
UCAS TARIFF
A point score system which gives numerical values to qualifications
A Level
Points
A*
140
BTEC
Diploma
Points
A
120
D*D*
280
B
100
D*D
260
C
80
DD
240
D
60
DM
200
E
40
MM
160
MP
120
PP
80
OPEN DAYS
• Book early
• www.opendays.com
• UCAS applicant days / Uni Taster Days
• Go in the holidays
• Permitted to go on two during term time
WHAT ADMISSIONS TUTORS LOOK FOR…
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Predicted Grades based on AS results1:1 discussions with subject staff.
See our website for more information. No January resits!
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AS/BTEC & GCSE achieved results
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Selection Tests: LNAT, UKCAT, BMAT etc
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School Reference
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Personal Statement
◦ evidence of commitment and motivation
◦ intellectual curiosity
◦ character & personal attributes
◦ beware plagiarism checks!
MAKING REALISTIC CHOICES
Subject
University
Entry
requirements
Competition
Psychology
Bath
A*AA (1 AL in
natural or social
science, GCSE
Maths A)
10:1
Psychology
Durham
AAA (GCSE Maths 20:1
C)
Psychology
Sussex
AAB (GCSE
Maths
5:1
Psychology
Southampton
AAB (GCSE
Maths C)
10:1
Psychology
Bournemouth
280 – 320
(GCSE
Maths C)
4:1
Student with predicted grades of AAB
THE APPLICATION PROCESS
• Students complete a UCAS form in early Autumn 2014
• Tutors attach reference & we send to UCAS
• Universities consider the application
• Students end up with a selection of offers
• Between February and May students decide on their firm and
insurance choice
• UCAS Extra (Feb 2015) add extra choices if no offers
THE PROCESS OF CONFIRMATION
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A Level/BTEC results in August
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If students have achieved the firm offer, that place is confirmed
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If not, but the student meets their insurance choice, that place will be
confirmed
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If both reject, student enters Clearing
INTERNAL DEADLINES
Oxbridge, Medics, Vets & Dentists
19 September
Main UCAS Internal Deadline
7 November
WHAT HAPPENS NEXT?
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Tutorials focus on researching post 18+ options.
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UCAS Days – to register with UCAS and start personal statement 23/24 June
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Friday 27 June – UCAS Convention
End of summer term students should have…
◦ Registered for UCAS APPLY.
◦ Researched Course/University choices
◦ Attended some Open Days
◦ Started to prepare personal statement
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Identifying the myths – What is
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Understanding the issues – Is it
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it that people are actually
concerned about?
right that people are as
concerned as they are
about student finance?
Informing understanding –
Identifying more sensible
ways to consider student
finance
WHAT ARE THE MYTHS?
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Students have to pay fees / you have to have money to be
able to go in the first place
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Your children / partners / siblings / pets would inherit the
debt if you die
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If you can’t afford to repay your student loan a loan shark
will come to your house and remove your kneecaps / soul /
television
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If I don’t borrow as much I’ll have more money when I
graduate
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University has got more expensive
RECENT HEADLINES & ARTICLES
Middle class priced out of university
by soaring tuition fees
I came from a poor background, but
was bright so managed to get a
place in Uni, back in the 90s.
Now the Fib Dems have brought
in excessive tuition fees, Uni is
for rich people only.
MYTHS CAN ONLY BE ‘BUSTED’ WITH
FACTS
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Loan repayments are ‘income
contingent’ commence once
graduate is earning £21kpa (before
tax)
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Loans are repaid at a rate of 9% of
earnings over the this ‘threshold’
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Grants are not repaid (according to
HEAcademy some students don’t /
can’t differentiate between loans and
grants)
Loans have a fixed 30 year life-span
- There is no demonstrable correlation between the fees
charged for a course and the quality of the course (ie
more expensive does not guarantee better)
- Taking a course with a lower fee does not affect the
repayment rate, so although the graduate may pay
back less overall they will see the same amount
coming out of their pay packet as someone who did a
more expensive course
- According to Martin Lewis (of Money Saving Expert) the
average graduate will be around £470 per year better
off than students in the old finance system, due to the
increased ‘threshold’ for repayment
WHAT STUDENT FINANCE IS AVAILABLE?
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Tuition Fee Loan
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Maintenance Grant or Special Support Grant
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Maintenance Loan
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Extra support if you have special circumstances
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Children / adult dependants, disability, mental health condition, learning difficulty
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Part-time
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Other Support
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Bursaries & Scholarships
WHAT IS A TUITION FEE LOAN?
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No upfront fees
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Helps with cost of tuition fees (max. £9,000)
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Does not depend on your household income
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Students need to check how much university or college will charge
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Repayments will be the same if you go somewhere charging £6,500 or
£9,000
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Fees are repaid after the student leaves university and only once they
are earning over £21,000
WHAT IS A MAINTENANCE LOAN?
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Helps with living costs
Repayable
Paid in three instalments
Amount you get depends on
 household income
 where you live when you are studying
 year of course
HOW MUCH MAINTENANCE LOAN CAN
YOU GET?
LOAN REPAYMENT EXAMPLES
Repayments are affordable and will be deducted automatically from your
pay packet through the tax system
Calculate your likely repayments at
yourfuture.gov.uk/calculate
CAN I GET STUDENT FINANCE?
You have to meet three main conditions:
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Personally eligible - To be considered as a UK student, the student must fulfil certain
residence requirements. They have to be ‘domiciled’ in the UK. To be considered
domiciled in the UK, the student has to have settled status in the UK, meaning that the
student has the right to leave and return to the UK as they please. A person has settled
status if they were born with British citizenship and either have 3 years’ residence in the
UK, or have lived elsewhere and returned to the UK before the first day of the academic
year of their course (usually 1st September).
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Your course
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Your university or college
HOW CAN PARENTS HELP?
• Encourage them to research NOW!
• Stress importance of checking email daily
• Go with them to open days
• Check they meet College & UCAS deadlines
• Be there for results
GOOD LUCK!
Well informed research
+ hard work
& realistic early application
=
SUCCESS