Elisabeth Vernon

1
Funding a University Course 2009/10
Coombe Girls School

• Elisabeth Vernon
• Kingston University

2
What will be covered in this session

• The cost of university
• 2 aspects Tuition Fees Living costs
• 2) What financial help is available
• How to access it
• Repaying Loans

3
Tuition Fees

• Most home and EU students will pay the full fee
  contribution of 3225
• Exceptions
• Year Zero courses
• Some Foundation Degree courses
• Some HND or HNC courses
• Courses funded by the NHS such as nursing,
  physiotherapy NHS pays the fees

4
Accommodation Biggest cost after tuition
Living Costs
5
Books, course-related costs, field trips

• Average cost is 15 per wk
• Beware Art, Photography, Graphics and Fashion
  Courses
• Find out about course trips

6
Food

• Average costs for a single person
• 30 (if cooking for self)
• 70 80 (if buying ready-made meals daily and
  eating out!)

7
Bills, Bills, Bills

• Gas, electricity, water may be included if in
  Halls allow 15 per week - may be more
• TV Licence you need one of these if you have a
  TV in your Halls room
• Council Tax full-time students are exempt if
  you live with other full-time students

8
More Bills, Bills, Bills

• Telephone
• Mobile Contract or Pay-as-you-go?
• Landline Do you need one if you have a mobile?
• Shop around for the best deal
• Broadband Internet
• You have internet access on campus
• Shop around for the best deal

9
Travel Expenses

• To uni - distance from home?
• Home to visit family. How many times?
• Social - include taxis?
• Student Discounts?
• 18 Student Oystercard 30 discount in London
• Similar schemes operate in other parts of the
  country

10
Other Expenses

• Laundry
• 5 per wk or take it home (and learn how to
  operate the washing machine)!
• Clothing / cosmetics / hair
• Avoid storecards
• Look out for student discounts

11
Having a life!

• Be realistic!
• Allow costs towards this but its easy to go mad
  during the first few weeks of term so BEWARE!!

12
Summary of Costs (40 week year)
13
Any questions?
14
What financial help is there?

• MAIN SOURCES (Non NHS Courses only)
• Government Funding
• Repayable loans to cover Tuition Fees and living
  costs (maintenance)
• Non-repayable Maintenance Grant to help with
  living costs
• University Funding
• Non-repayable bursaries and hardship funding
• Part-time work
• Parents and Families

15
Government Funding

• Tuition Fee Loan (not income-assessed)
• 3225 max
• Living Costs (Maintenance) Loan (28 income
  assessed)
• Studying in London and not living with parents
  up to 6,928
• Studying outside London and not living with
  parents up to 4,950
• Living with parents, no matter where you are
  studying up to 3,838
• Loans may be reduced by up to 1,292 if in
  receipt of the Maintenance Grant.
• Maintenance Grant (fully income assessed)
• 2906 max
• Available if household income is below approx.
  50,000

16
University Funding

• Bursaries (minimum 319)
• http//bursarymap.direct.gov.uk
• Many universities are offering larger bursaries
  than the minimum
• Different criteria apply

17
The Compact Scheme

• Supports students who are applying to Kingston
  University from local schools and colleges
• Aimed at groups with no family tradition of going
  to University
• 500 Compact places for entry in 2009

18
Compact Benefits

• A bursary of 300 per progressive year of study
• Flexible entry requirements up to 30 UCAS
  points below the standard entry requirements
• A single point of contact for information, advice
  and guidance
• conditions apply

19
For students who are

• Studying at a participating school or college
• Applying for a full-time undergraduate course at
  Kingston University (Health and Social Care
  courses are not included)
• Applying through UCAS (not through Clearing).

20
Eligibility

• You must meet at least one of the following
  criteria
• The first generation in your family to go to
  University
• In receipt of an Educational Maintenance
  Allowance (EMA) or Adult Learning Grant
• Leaving local authority care

21
Contact Details

• Tel [phone]
• E-mail compact_at_kingston.ac.uk

• Cordelia Shaw
• Compact Coordinator
• Kingston University
• River House
• 53-57 High Street
• Kingston upon Thames
• KT1 1LQ

www.kingston.ac.uk/compact
22
University funding (cont)

• Hardship Funding Access to Learning Fund
  not guaranteed based on an assessment of the
  students own situation.
• Student has to be enrolled on their course
• Priority given to students in Final Year or who
  have dependants or disability
• Emergency Loans
• To assist in dire emergencies!!

23
Other Help

• Part-time work
• Many Universities have part-time Jobshops
• Most recommend you work no more than 15 hours per
  week
• Looks good on your CV as well as on your bank
  balance
• Savings before University
• Usually a good idea to have enough to last at
  least one month in case of any delays in funding
• Family help?

24
Summary
25
Any questions?
26
Applying for loans and grants

• Central online application through
• http//www.direct.gov.uk/studentfinance
• Up to 5 student finance offers based on your UCAS
  university and course choices
• Application also includes University Bursaries in
  most cases
• Paper forms available ring your Local Authority
• Income details for prior tax year required
• Passport reference and National Insurance number
  needed for student.

27
Any questions?
28
Repayments

• Tuition fee and maintenance loans are added
  together
• Repayments start once the student has completed
  their course and are earning at least 15,000 pa
• Deducted from salary by employers
• Repayment rate is 9 of income above 15,000
• Any outstanding loan balance is written off after
  25 years

29
Repayment Example 1

• Earnings of 18,000
• Annual repayment is 270
• This works out as 22.50 per month
• Or 5.19 per week

30
Repayment Example 2

• Earnings of 24,000
• Annual repayment is 810
• This works out as 67.50 per month
• Or 15.58 per week

31
Repayment Example 3

• Earnings of 30,000
• Annual repayment is 1,350
• This works out as 112.50 per month
• Or 25.96 per week

32
Interest

• Student Loans are not interest free.
• Starts to accrue when the first loan instalment
  is paid to student.
• Interest rate currently 2
• Normally changes each August/September.

33
Any questions?
34
Summary

• Financial support is available and maximum
  amounts, if received, should cover both Tuition
  Fees and most maintenance (living) costs
• Students finances may need topping up if
  maximum amounts are not received (e.g. part time
  work)
• Find out exactly what the funding entitlements
  are according to university choices beforehand
• Apply for all funding in good time

35
Some conclusions

• Financial priorities are different when you are a
  student and living away from home.
• Large amounts of money to deal with
  responsibility.
• Money coming in and going out does not coincide -
  loan/grant are paid in 3 equal instalments rent
  may be paid monthly bills quarterly etc.