Aimhigher Nottinghamshire

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Aimhigher Nottinghamshire

• Planning for Higher Education
• Finance Workshop

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discover the possibilities.

• A levels are not the only way into HE
• vocational courses (skill based)
• academic courses (subject based)
• apprenticeships (learn and earn)
• over 50,000 HE courses at more than 500 colleges
  and universities

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case study
Left school at 16 with 5 O levels (now GCSEs)
Went to FE college to do Medical Secretarial
Diploma
Secretarial/PA jobs in London for 5 years
Went to university to do BA (Hons) Business
Studies (aged 23)
Worked at The Boots Company HO for 7 years
Self-employed Project Manager
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Education Maintenance Allowance

• What is it?
• payment of up to 30 per week
• dependent on household income
• help with day-to-day costs
• e.g. travel, books, equipment

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Education Maintenance Allowance

• Who gets it?
• students staying on in education at school or
  college
• students on courses involving a minimum of 12
  hours guided learning per week
• courses can be up to level 3, e.g. GCSEs, AS,
  A2s, GNVQ, NVQ, National Diplomas
• students with a household income of up to 30k

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HE qualifications

• Higher National Diploma (HND)
• Diploma of HE
• Foundation Degree
• Degree/honours degree
• sandwich course includes a year at work

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(No Transcript)
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terminology tag
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HE - how much will it cost?

• tuition fees
• fees can be up to 3,000 per year
• living expenses

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tuition fees

• two ways to pay
• you can apply for a Student Fee Loan
• you can pay up front

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tuition fees

• Student Fee Loan
• loan amount will match fees exactly,
• e.g. fees 3,000, loan 3,000
• repayment of loan begins when you have finished
  studying and are earning a minimum of 15,000 per
  year

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tuition feesin Nottinghamshire
Fees for full time undergraduate courses per year
NB. Fees for HND, DipHE and foundation degree
courses may be lower
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bursaries

• money paid by the institution as a cash payment
  which does not have to be paid back
• can be used to pay for part of your fees or some
  of your living expenses
• how much you get will depend on things like
• current household income
• where and what you study

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bursaries/scholarships

• bursaries currently vary from 200 to 3,000 - do
  some research and check on-line
• many institutions also offer scholarships to
  students, e.g. Nottingham Universitys First in
  the Family Scholarship, available if you are
  from the first generation in your family to
  attend university and from a lower income family

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take 5

• think about tuition fees and bursaries
• do you have any questions?

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activity 1

• write down as many things as you can think of
  that you might have to pay for while youre at
  college or university (assuming you live away
  from your parents home)
• start your list off with rent
• once weve compared our lists together, put your
  list to one side as you will need it again during
  the workshop

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living expenses
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living expenses

• three main ways to pay for these
• you can apply for a Maintenance Grant
• you can apply for a Student Loan for Maintenance
• part-time work

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Maintenance Grant

• classed as state support which never has to be
  paid back
• can be up to 2,700 a year
• means tested

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Student Loan for Maintenance

• loan amount will depend on
• whether you live at home or away
• where you study, i.e. London or elsewhere
• loan amounts for 2006/07 range between 3,415 and
  6,170
• you do not have to begin repayment of your loan
  until you have finished studying and are earning
  at least 15,000

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how much will my loan repayments be?

• if your annual salary drops below 15,000 your
  loan repayments stop

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take 5

• think about living expenses and loan repayment
• do you have any questions?

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activity 2

• find the list of things that youll have to pay
  for while youre studying
• next to each item write down how much you think
  this will cost you per week
• after youve finished well compare your answers
  to an actual weekly budget

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activity 2example of weekly budget
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Ryanmy parents get by, but theres not much
spare cash

• Ryan is 17 and lives in London. He wants to do a
  degree in Design Technology at an institution
  outside London
• he wants to live away from home, in student
  accommodation and intends to get a part-time job
  to help towards living expenses
• the household income is 16,000 a year
• his yearly budget might look something like this

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Ryan
Because his household income is 16,000, Ryan
will qualify for the full maintenance grant and a
bursary of a minimum of 300 a year
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money saving tips

• get a job where you can EAT
• walk instead of getting the bus/tram
• buy second-hand books
• learn to cook avoid expensive takeaways
• buy the cheaper food brands
• look for student discounts in shops, pubs, web
• get the best tariff on your mobile phone
• keep a record of what youre spending !!

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finance is just ONE factor ...

• choice of course
• location of institution
• best social scene
• you also need to consider where youre going to
  live..

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home or away?
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alternative methods

• alternatives to full-time study
• part-time study
• day release
• distance learning
• online study

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and finally
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worthwhile investment?

• higher levels of job satisfaction
• faster progression along career path
• less chance of unemployment
• higher salary
• starting salary for 2005 grads 21,997
  figure taken from a national survey of
  major graduate employers

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Earning PotentialGraduate v Non Graduate (East
Midlands Region)(source University of
Leicester, June 2002 (taken from a report by
Graduate Market Trends and the Career Services
Unit)
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2004 median starting salaries for graduates by
type of job(source Association of Graduate
Recruiters (AGR) Graduate Recruitment Survey 2005)
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earning potential

• "Students today have to invest time and money
  into their education, often forfeiting more
  immediate gratification from taking a job in the
  interests of enhancing their qualifications.
• Education empowers them to cope with a changing
  world where no job is for life - but a degree is.
  It equips them with the skills and knowledge
  they need allowing them to make a positive
  contribution to their chosen careers.
• (Martin Pennington, Head of the Careers Service
  at the University of Leicester)