Overview

Expenses and financial support whilst at university fall broadly into two categories:  Tuition fees  Living costs - maintenance grant - maintenance loans

Tuition fees

The majority of course fees have been set at:

 £7,500 to £9,000  Check the university website  Fees will vary course to course and university to university  May go over £9,000 with inflation

Help with Tuition fees

Student loan for fees

 All Students are eligible for tuition fee loans  No income assessment  Fees will be paid directly to the university  Tuition fee loans will be repayable once students have graduated and are earning more than £21,000 a year

Help with living expenses



Includes

Maintenance Grant Maintenance Loan Bursaries (may be)

Help with living expenses

Maintenance Grant

 Worth up to £3,387 a year  Income assessed – based upon household income  Grant paid by instalments  Does not have to be paid back

Household income

For most school leavers based on:

 Gross taxable income of one or both adults in the house – parents \ partners \ step parents  Less some deductions for payments into pension funds etc and £1,130 each for other dependent children in the household  Based on tax year 2012-13

Help with living expenses

Maintenance grant thresholds

 Household income < £25,000 Full £3,387 grant  HI between £25,001 & £42,620 Partial grant  HI of £35,000 could give rise to a £1,494 grant 2010 Starters

Help with living expenses

Maintenance Loans

 To help with general living costs such as rent, food and books  Available to all students  Added to the tuition fee loan  Re-payable once earning in excess of £21,000

Help with living expenses

Student Loans for Maintenance

    Balanced against grants – if eligible Assuming HI = >£42,620  No grant   £5,555 loan - outside London £4418 loan - living at home Loan goes down with increasing HI Use the student finance calculator to get a clearer idea of the support available

Guide to grant and loan support

Repayments

 Start in the new financial year after graduating, if earning more than £21,000  Repayment is 9% of earnings over £21,000  Interest = RPI plus a % on a sliding scale up to 3% for a salary of £41,000 +  Interest starts accruing as soon as loans are drawn  Written off after 30 years  Repayment for graduate earning £25,000 will be approx £30 per month

Repayments

Salary

£25,000 £30,000 £35,000 £40,000 £45,000 £50,000 £55,000

Amount of salary from which 9% will be deducted

£4,000 £9,000 £14,000 £19,000 £24,000 £29,000 £34,000

Monthly repayment

£30.00

£67.50

£105.00

£142.50

£180.00

£217.50

£255.00

Additional Help with living expenses

• • • • • Bursaries linked to £9k fees and lower HI - check university web sites

Parents’ Learning Allowance

Childcare Grant \ Adult Dependants’ Grant Disabled Students’ Allowance – a range of help is available which is not dependent on household income

Student Union

NHS Support

Tuition fees for nursing, midwifery, physiotherapy, and similar, are paid by the NHS. All eligible students are entitled to a £1,000 NHS bursary There are means tested bursaries from NHS You have to apply for tuition fees and bursaries Eligibility for Student Finance loans are not affected by the bursary

Link from www.gov.uk/student-finance/overview

All the information you need

Google “student finance” and go to: www.gov.uk/student-finance/overview

Some Good News

HECSU’s What Do Graduates Do? Report, the average salary for UK graduates in full-time employment six months after graduation range between £18,000 - £24,000

www.graduates.co.uk

Website also shows average salaries by sector

Income Assessment

Same information - two methods:

 One application with all required details – opt to continue on the same form  Financial information provided separately – opt to supply information separately and send form when prompted. You will be given a reference number to use during registration

Evidence required

• • • • • Proof of identity – valid passport No passport – original birth certificate National Insurance Number Bank Account details Course details (inc start dates)

Student Finance may ask you for:

P60, self assessed tax return, evidence of separation

Deadline – 31st May 2014

Birmingham University Living costs

Rent Deposit Gas/electricity Water rates Total Food/toiletries Course costs Insurance** Clothes Leisure Travel TV licence Phone/misc Data link Per week University accommodation

£154 (42 weeks) £200 (one off) included in rent included in rent

£6468

40 15 included in rent 15?

50?

20 3 10 may be included in rent

£153 Room in a shared house

£80 (year long) £200 (one off) £500 often in the rent

£4660

40 15 2?

15?

50?

20 3 10 2

£157

2010 Starters

Getting started

• Deposit to go with hall fees • Insurance • Rail cards • Bedding • Kitchen – how much do you need?

• Books – need to know what is essential 2010 Starters

Banks

• They can offer a lot of money - £1,000 in the first year, going up by £250 a year thereafter • Their main aim is to recruit a long term customer • Beware - they will just assume students have graduated and switch to a regular overdraft – with charges!

• Banks do write and students ignore the letters because they bank on line!

• Use Debit not Credit cards 2010 Starters

Living out in years 2 and 3

• • • • • • • Often sorted out in January of first year Use student union approved agents Student union will advise on safe areas and contracts Often, one student has to be a lead tenant Bills included v Pay your own bills Parents may be required to act as guarantor Agents can no longer hold deposits

Budgeting Advice

Martin Lewis student finance at

www.moneysavingexpert.com/students/student guide Most university websites have budget advice