STUDENT FINANCE

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STUDENT FINANCE
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Financial overview
Tuition fees
Living costs
Tuition fee loan
Maintenance loan
Means-tested grant
Bursary from university
Scholarship from university
Supplementary income
Student Finance
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Tuition fees

• Up to 3290 per year (2010 fees, this figure
  will rise each year with the rate of inflation)
• Fees may vary between courses and
  universities
• You can study now, pay later
• Majority of fees paid either by
• Tuition fee loan or Means-tested grant

Student Finance
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Tuition fee loan

• Available to all applicants
• Non means-tested
• 3290 available amount granted will be linked
  to your course cost
• Paid directly to the university by Student
  Finance England
• Repaid by the student after graduation

Student Finance
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Student maintenance loan

• To cover living and study costs
• 72 non means-tested
• 28 means-tested. What you get depends on
• Household income
• Where you live and what you study
• The year of the course that you are on.
• Paid in three instalments direct to the student
• Household income is the gross income (before)
  deductions of tax and NI contributions) of the
  parent(s) that the student lives with (including
  that of any partner or step parent who also lives
  with you). It may also include any income that
  you or a sibling earns on which they pay tax (a
  minimum salary of 6035 a year).

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Maintenance loan figures 2009/10
Student Finance
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Repayments of tuition and/or maintenance loan

• Starts in the April after graduating
• Loan repayments linked to your salary
• Less than 15,000 no repayments
• 18,000 22.50 a month (5.19 a week)
• 20,200 37.50 a month (8.65 a week)
• Interest linked to the rate of inflation
• Repayments remain fixed regardless of amount
  borrowed
• Debt belongs to the student and not their
  parent(s)
• After 25 years, remaining debt is cleared by the
  government

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Means-tested grant

• Up to 2906 per year from Student Finance England
• Grant non-repayable!
• Means-tested (based on household income)
• Less than 25,000 per year full grant of 2906
• Between 25,000-50,020 per year variable grant
  lt 2906
• More than 50,020 per year no grant entitlement
• Paid in three instalments (at the start of each
  term)
• Can spend on living costs/tuition fees

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Bursaries

• A bursary is non-repayable money that you qualify
  for
• Qualification criteria and amounts differ from
  university to university, but are often based on
  the amount of means-tested grant being received,
  your household income, or your home postcode
• Information about an individual universitys
  criteria and awards can be found on their website
  and in their prospectus
• Money can be spent on living costs/tuition fees

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Scholarships

• A scholarship is non-repayable money that is
  awarded for achievement (usually academic)
• Qualification criteria and amounts will differ
  from university to university but can often be
  based on UCAS points, grades achieved or a
  specific skill, for example a musical or sporting
  achievement
• Information about an individual universitys
  criteria and awards can be found on their website
  and in their prospectus
• Money can be spent on living costs/tuition fees

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Example of funding

• Bursaries
• - 400 bursary for all students receiving any
  amount of Maintenance Grant
• - 250 bursary for all students with a permanent
  home address within a 30 mile radius of the
  campus
• Scholarships
• - Academic scholarship worth 1000 for all
  students achieving 280 UCAS points
• - Creative Industries scholarship of 1500 for
  students applying for creative courses and
  achieving 300 UCAS points
• Some universities will award bursaries and
  scholarships for every year of a students study
  with them
• - Some universities will allow a student to
  qualify for multiple bursaries and scholarships
• - Check individual websites and prospectuses
  for application details

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Supplementary income

• Part-time job
• Work during holidays
• Work placements (a chance to save)
• Banks overdrafts
• Parents

Student Finance
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Mechanics of Applying

• All financial support is initially applied for
  online
• direct.gov.uk/studentfinance
• Students will need to register their details to
  begin
• an application from November 2009
• Students will need to provide either their
  passport
• number (which is input into their form) or an
• original copy of your birth certificate
• Any further forms that you may require will be
• sent to you after you have submitted your
  initial
• application, in many cases this is the only
  form
• that you will need to complete

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Useful contacts

• direct.gov.uk/studentfinance
• 0845 300 5090 8.00am-8.00pm Monday to Friday
• 9.00am-5.30pm Saturday and Sunday
• unimoney.direct.gov.uk
• studentbeans.com
• nus.org.uk
• uni4me.com
• merlinhelpsstudents.com