Transcript Slide 1

Aim: To explain the application process
and ways in which you as parents can
contribute.
The application process has just begun,
but what has happened up to this
time?:
• We have organised a number of
presentations with specialist speakers:
Law, Teaching, Apprenticeships.
• We have promoted a number of events;
medilink, Oxbridge visit etc.
• Oxbridge Convention.
• UCAS convention.
The application process and ways in
which you as parents can contribute:
1. Always a good starting point:
UCAS!
www.ucas.com/how-it-allworks/parents-and-guardians
The application process and ways in
which you as parents can contribute:
2. Talk with your son/daughter about proposed
careers.
From the UCAS site I recommend:
http://www.ucas.ac.uk/students/couresearch/
a comprehensive online database that includes
over 50,000 courses.
Also:
UKCourseFinder.com This also has a study interests
questionnaire.
Talk to your son/daughter about the results of both
of these.
The application process and ways in
which you as parents can contribute:
Your son/daughter is currently starting the
application process.
3. Read his/her personal statement. Offer
advice. Check spelling!
Guidance on and exemplars of personal
statements are available on the Sixth Form
Frog page. I have included a basic but
effective writing frame with the copy of this
presentation.
The application process and ways in
which you as parents can contribute:
4. Encourage your son/daughter to complete
the UCAS application, personal statement
etc. early on. Application can start to be
sent off in September.
• I encourage students to complete
applications by November at the latest;
though the final date is in January.
• Students applying for Medicine, Dentistry,
Veterinary Science and Oxbridge, must
complete the process by 15th October.
Choosing the right university and ways
in which you as parents can contribute:
1.If possible, attend university open days
with your son/daughter. Work together
on the key questions that need to be
asked.
• Try to limit your visits if they occur
during the working week. Missing too
many lessons is counter-productive.
Choosing a University
Once the application has been sent to UCAS, within about a week, the
student will be given a code to use to track offers. Through
TRACKING they make their choice of university.
When you make your first choice of university you are entering a contract
with that university! Should you change your mind, you will need to
contact your first choice university and seek their permission to accept
a course elsewhere.
Your reserve university should be one requesting lower grades/points.
When making a decision, think about:
Bursaries, scholarships and business funding available.
Student life and facilities in the a. City/town
b. University i.e. parking
Availability of accommodation a. on campus b. off campus.
Catered or self catered accommodation
Accommodation costs
The overall expense of living in the area.
Distance from home and transport issues.
Campus or off campus life.
The actual course offered and your own interests. How the course will be
assessed etc. How many students places on each course are there?
Choosing the right university and ways
in which you as parents can contribute:
2. Please do use our FROG resources i.e.:
Look up The Times/Guardian tables in terms of:
• Quality of teaching www.guardian.co.uk/education/universityguide
• Value added,
Also look up:
• Job prospects,
www.qaa.ac.uk
• Reputation.
http://unistats.direct.gov.uk/
• Most of all, discuss the content of research in
order to advise and support your son/daughter.
• Student questionnaire: www.ukcoursefinder.com/
University of Birmingham A2B
• To apply for the scheme, students must be from a state
school or college that has signed up to the A2B scheme
with the Outreach Office at the University of Birmingham
and meet one or more of the following criteria:
• Students are from a family with little or no
experience of higher education
• The main income earners in the family are not in
professional occupations, i.e. not teachers, doctors,
solicitors
• The school or college students come from does not
have a high rate of progression to university
• Teachers recommend the student to apply via the
A2B route because there has been significant
disruption to the student’s education due to
personal circumstances.
The application Process
June-September:
Start the Application process.
Research courses.
Oxbridge support (also medicine etc.).
Final confirmation of any work experience for the Summer.
September-November:
Ask for subject references and chase them up.
Work on the personal statement. Revise it several times
and hand it to your Form Tutor for checking.
When the personal statement is completed, see me and I
will advise on any further changes.
Complete the UCAS application. Pay for it online and then
see me to check through the application and talk through
the reference.
If all is well, I send the application off.
Within a week of this, students are sent a tracking number.
The application Process
November-April
Track your offers and when they are all received,
make your choices and confirm these with
UCAS via the internet.
• From February UCAS Extra: Allows an extra
university application if a student does not have
any course offers or has declined all of their
offers
August
• The Clearing process.
Recent changes to UCAS
• Cost of £23 paid online by card when the
application is completed.
• The Adjustment period has been introduced to
allow students who meet and exceed the
conditions of their first choice offer to research
alternative.
• Students will have up to five calendar days from
the time their place was confirmed, to research
places more appropriate to their performance.
Questions:
What are the benefits of a gap year?
Information on gap years:
Worldwide Volunteering
www.wwv.org.uk
Deferring for a year?
• Art and design foundation courses
• Many students complete a one-year art foundation
course after Year 12/13 studies to help them progress to
higher education.
• Applications for art foundation courses should be made
direct to the university or college in which you are
interested (the institution will supply its own application
form).
• Art foundation courses are classified as further education
so students taking the course are not eligible for a
student loan. However, no tuition fees are charged to
home and EU students under 19 years of age at courses
run by a local authority
• Foundation Art and Design ranges from 165 for a pass to
285 for a distinction
• Foundation degrees are a work-related
higher education qualification. A full-time
Art And Design Fda foundation degree
course generally takes two years to
complete while a part time Art And Design
Fda foundation degree takes three to four
years.
The Government estimates that
each year at university costs
Wait for it:
£7000+ for living
expenses. Then
add tuition fees.
£7000 Per Year + Tuition Fees
Parents you can respond to this in 3
ways:
1. Fund the costs of a three year
course.
2. Allow your son/daughter to build up
a loan which will support their three
years of study.
3. Partially fund costs; parental
funding + loans.
My aims for this first part of the
presentation
1. To encourage you to consider which
of the 3 choices available is the one
for you and your son/daughter. You
have probably been doing some of
this thinking already!
2. To explain (simply) the nature of the
grants/loans system now available.
3. To open up other possible avenues
for seeking financial support.
Tuition Fees (loan)
For 2013 up to £9000 per year tuition
fees
Most of the 120 Higher Education
institutions in England are charging
the full amount.
You are able to study first and pay
back later when earning.
Student Maintenance Loan for living costs
The maximum living cost or maintenance loan for students
starting in 2013 is:
£5,500 if you live away from home and study at a
university or college outside London
£7,675 if you live away from home and study at a
university or college in London
£4,375 if you live at home
You will be able to apply for 65% of the maximum
Maintenance Loan without your household income being
taken into account.
Thresholds between £25000-£42600. 35% means tested
portion.
Household income below £25000=Receives partial loan
and full grant.
Paid to the student directly in 3 instalments.
You only start repaying your loan (from loan and
fees) after you are earning £21000 per year.
Interest on your loan will be applied at inflation (RPI –
Retail Price Index) plus 3% while you are studying, and
up until the April after you leave university.
From the April after you leave university or college, if you
are earning below £21,000, interest will be applied at the
rate of RPI.
The £21,000 earning threshold will be uprated annually in
line with earnings from April 2016.
For graduates earning between £21,000 and £41,000,
interest will be applied between RPI and RPI + 3% on a
gradual scale depending on income.
For graduates earning above £41,000, interest will be
applied at RPI + 3%.
After 30 years any outstanding balance is written off.
Example?
I will be starting a degree in Physics next year.
I will rack up will be around £40000 in debt over 3 years
and paying back RPI (Example: 5.3%) + 3% on the
sliding scale.
That would work out at somewhere below £3320 interest in
the first year.
Cancelled after 30 years from the end of your degree!
Martin Lewis website:
• Should I pay off my student loan?
Many student's with spare cash who
can afford to clear the debt or overpay
ask this question, but in short for most
student's the answer is....No, No and No!
Income each
year before
Tax
Approximate monthly
repayment
Previous:
25 Years
Now:
30 Years
£15000
£0
£0
£18000
£23
£0
£21000
£45
£0
£25000
£60
£30
£30000
£113
£66
£40000
£188
£142 =9% of income
above £21000
Salary
Amount of
salary from
which 9% will
be deducted
Monthly
repayment
£25,000
£4,000
£30
£40,000
£19000
£142
£45,000
£24,000
£180
£50,000
£29,000
£217.50
£55,000
£29,000
£255
£60,000
£39,000
£292.50
Think of it as a graduate tax
rather than a loan!
• Unlikely to pay off the total loan via
repayments.
• Thus if your University fee is £9000 rather
than £6000, it makes little difference. You
are still paying the same back
in repayment!!!
The next slide presumes:
£39000 loan. 3% inflation.
Graduate earnings at 2% inflation per year.
Starting salary
2015
Salary in 30
years
Total amount
repaid
Will I fully repay
it?
£15000
£62000
Nothing
NO
£20000
£82000
£14000
NO
£21000
£86000
£20000
NO
£25000
£103000
£43000
NO
£30000
£123000
£73000
NO
£35000
£144000
£103000
NO
£40000
£165000
£107000
YES- 27 Years
£45000
£185000
£89000
YES- 23 Years
£50000
£206000
£78000
YES- 18 years
Graduate Tax? Key points?
• The amount repaid increases with
earnings.
• It does not go on credit files!
• Debt Collectors will not chase for it!
• Bigger borrowing does not increase
repayment!
• Should not affect availability of a
mortgage!
Maintenance grants
£3,250 for 2013.
You get the maximum Maintenance Grant if
your household income is under £25,000.
You are entitled to a partial grant if your
household income is between £25,000 and
£42,600.
If you receive a Maintenance Grant your
Maintenance Loan may be reduced.
Household
Income
2013
Non-repayable
Grant
Living cost loan
Total
Total
£25,000 or less £3,354
£3,823
£7,177
£30,000
£2,416
£4,293
£6,706
£35,000
£1,478
£4,761
£6,293
£40,000
£540
(£42,600 max.)
£5,230
£5,770
£50,000
£0
£4,788
£4,788
£60,000
£0
£3,788
£3,788
Over £62,500
£0
£3,575
£3,575
Bursaries and Scholarships
Universities charging full tuition fees have to offer a
bursary worth at least £375 if the student received the
full maintenance grant.
Many bursaries are linked to ‘A’ level grades- ‘A’ grades
can mean money!
Swansea: £3000 (over 2 years) scholarship for
students with AAA!
From 2012/13 there will be a new £150m National
Scholarship Programme to help students from lower
income families. This may include reduced tuition fees or
a free year on some courses. Each university will decide
what support they will offer so you will need to check to
see what your chosen university is offering and whether
you are eligible.
Household incomes over £25000 will not be eligible for
the national scholarship programme!
Access to Learning Funds
are also available at
universities once you are
there - they do not want
students to leave because of
financial issues. These are
assessed on an individual
basis
Companies do provide
scholarships. It is a matter
of looking around for what is
out there.
http://www.everythingyouwa
ntedtoknow.com This looks
at Sponsorship, Placements
and Graduate opportunities.
In summary:
Tuition fees (loan)+
Maintenance loan +
Maintenance grant (non repayable)+
Bursaries+
Deloitte Scholars
Scholarships+
DFES support-Adult Dependant
Grant/Parents Learning
Allowance/Childcare Grant/Disabled
Students Allowance
Access to Learning Funds
What might it all add up to?
The University of Warwick as an
example:
£9000 tuition fee.
Accommodation typically around £3000+ per
year.
Living expenses? £3000+ per year.
Total at least £15000.
Look up www.ucas.com ‘Search for funding’ for
data on how much each university is charging.
Case study A
Student A has a household income of £65000 pa.
Living outside of London and away from home.
Student A should receive:
Tuition fees
£9000
Maintenance loan
£3575 (£5500 max)
Maintenance grant
£0 non repayable
Total contribution to living costs: £ 3575
Total repayable
£12575
Case study B
Student B has a household income of £30000 pa.
Living outside of London and away from home.
Student B should receive:
Tuition fees
£9000
Maintenance loan
Maintenance grant
UP to £4330.
Partial grant of
£2341 (white paper June 2011)
Total contribution to living costs: £6671
Total repayable
£13330
Other points
Loan applications become available in February/
March and we invite an advisor to speak to students
and parents at this time.
Financial support is assessed on earnings for the year
before; so for 2013 applications the income assessed
is that of 2010/11! Where is your paperwork?
For 2013, deadlines were as follows:
Income and non income assess support by
31st May.
Contact http://www.direct.gov.uk student finance, for
queries, booklets, on-line applications.
www.practitioners.studentfinanceengland.co.uk
Other points
Ensure that your son/daughter is with a student
friendly bank. There are lots of freebies out there,
and of course should an overdraft be needed….!
xxxxBank: Overdraft facility/Credit card/Free
travel insurance at end of first year etc.
When visiting universities ask what bursaries are
available. What are the costs of accommodation?
London costs are now an even more serious
issue!
Even if you can pay for your son/daughter’s fees
and living costs, a loan at the R.P.I. +3% can be
an attractive one!
Is university education worth it?
• Graduates are able to choose from a wider
range of professions and are more likely to start
at a higher level or progress faster within a
company than a non-graduate. According the
2011/12 Destination of Leavers from Higher
Education (DLHE) survey, the average starting
salary for graduates six months after graduation
was £20,440, although this can rise to an
average of £29,000 for those joining large
graduate recruitment schemes. Currently, those
with degrees earn an average of £12,600 per
year more than non-graduates.