STUDENT SUPPORT

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S

TUDENT
F
INANCE
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How are you going to pay for uni?

• How much are the fees?
• How do I apply for loans and grants?
• What about the college bursaries?
• How much money will I need?
• How are the loans repaid?
• I dont mind questions!

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Eligible Colleges

• Eligible colleges include-
• A university or college in the UK, that is
  maintained out of public funds.
• Certain private colleges, specifically designated
  by the government as being eligible.

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Eligible Courses

• Full Time Courses
• First degree (BSc, BA, LLB, etc.)
• Higher National Diploma
• Higher National Certificate
• Diploma of Higher Education
• Post Graduate Certificate of Education
• Art Foundation Courses (not us!)

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The Application Process

• You must apply to the Local Authority where you
  live, not your college address.
• Apply at www.studentfinancedirect.co.uk. Paper
  forms will be made available in March 2006 should
  you prefer this method of application.
• Make sure you complete the form fully and return
  it with the relevant inserts too many forms
  have to be returned incomplete.

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Application Additions

• We will need-
• An original birth certificate or passport
• You must include one of these

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Timetable

• Forms Available - early March 2006
• E-Form available - 12 April 2006
• Closing Date - 30 June 2006
• Assessment - July 2006 or 6 weeks
• Payment to bank - Registration

You are strongly advised to apply as soon as
possible
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Tuition Fees

• For students meeting the eligibility criteria,
  tuition fees for 2006/07 will be-
• 0 to 3,000 per academic year
• No up front fees. Fees paid when you earn over
  15,000 p.a. parents dont pay fees anymore!
• Loans and bursaries to help with fees

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Wales, Scotland Northern Ireland

• All students attending Welsh universities in
  2006/07 will pay up to 1,200 deferred fees, but
  from 2007/08 English students attending Welsh
  universities will pay up to 3,000 in deferred
  fees
• English students attending Scottish universities
  will pay 1,700 per year in deferred fees (2,700
  for medicine) from September 2006
• In Northern Ireland all students will pay up to
  3,000 in deferred fees

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Grants

• Subject to a means test of household income, non
  repayable grants will be available of up to
  2,700 per year
• Income less than 17,501 full grant
• Income from 17,501 to 37,425 partial grant
• Income over 37,425 no grant, but you will
  qualify for a loan for fees and living costs

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College Bursaries

• Universities and colleges charging fees of 3,000
  will have to provide non repayable bursaries of
  at least 300
• Many colleges are offering bursaries in excess of
  300 depending on household income
• Contact the college regarding bursaries as
  each college has their own policy

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Rates of Loan
Your loan will be reduced for by your
entitlement to the grant up to 1,200.
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Assessed Income

• All taxable household income is included in the
  calculation for determining the level of a grant,
  bursary and loan.
• Only the income of the parent that the student
  normally lives with will be used. However, the
  income of a spouse or co-habiting partner of that
  parent is included in the means test.

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Rates of Support
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You must get it right!!

• Choose a uni and course carefully
• Is the course really what I want to do, and will
  it take me to the career I want to go into?
• What are the fees, and what is the bursary
  package like?
• Far from home?
• Mistakes could be costly!
• Prospectus, website, visit.
• Utilise school resources remember your teachers
  have been to uni!

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Students Needs
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Financial Tips

• Young persons railcard
• Second-hand books
• Dont forget a TV licence
• Drink on campus if you must drink!
• Shop on-line for materials
• Basically, you MUST budget wisely when youre at
  uni

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Repayment of Loan

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Further loan repayment details

• Start to repay loans the April following
  graduation, provided your earnings are more than
  15,000
• Any outstanding loans are written off after 25
  years
• Rate of interest linked to the rate of inflation
  currently 3.2

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So Why Bother?
Discover who you are
Independence
Get a good qualification
New Experiences
Enjoy student life
Do crazy things!