Student Finance 2012 and beyond
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Transcript of Student Finance 2012 and beyond
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Student financeStudent finance
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Student financeStudent finance
Student Finance 2012 and beyond
Presented by: Kirsty [email protected]
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Student financeStudent finance
OverviewTuition Fees Living Costs
Living cost grant (free)
Tuition fee loan(repaid)
Maintenance loan (repaid)
Bursary from university (free)
National Scholarship scheme (free)
Supplementary income
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Changes for this year…
• Tuition fees will range between £6,000 - £9,000 per year (likely to be closer to £9,000). Current students will benefit from OFFA
• You wont pay for tuition up front – tuition fee loan
• Repayments on student loans will not begin until income of £21,000
• Remaining debt wiped after 30 years
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• All applications dealt with via Student Finance England
• Online application (but paper is available)
• Applications are open! (Close end of May)
• www.direct.gov.uk/studentfinance
• Student Helpline 0845 300 5090
• CRN
• Eliminate sections
• Passport Verification
• Track facility – change basic details
• Facebook/ Twitter updates for deadlines
• Webchats
How to Apply
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Student financeStudent finance
Tuition Fees
• Between £6,000 and £9,000 per academic year
• Fees will vary between course and universities
• Fees paid either by:
- Living cost grant along with
- Tuition fee loan or
- Private Finance or
- Combination of the above
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Student financeStudent finance
Living cost Grant• Maximum Grant of £3,250 per academic year
• Non-repayable!
• Means-tested
- <£25,000 = Full Grant
- £25,000 – £42,600 = Variable Grant
• Paid in 3 instalments direct to the student
• Can spend on living costs/tuition fees
• + Great support to students from lower incomes
• - Household income may mean you don’t qualify
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Student financeStudent finance
Tuition fee loan• Available to all applicants
• Non-means tested
• £6,000 to £9,000 available per year - linked to course costs
• Paid direct to the university
• Repaid by student after graduation
• + Great for cash flow and takes pressure off parents
• - Is “borrowed” money so does need to be paid back
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Student financeStudent finance
The Maintenance Loan: the facts
•To cover living and study costs
•65% non means-tested
•35% means-tested; What you get depends on:- Household Income- Where you live and study- The year of course you’re on- Step parents’ income
•Paid in 3 instalments direct to student
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Student financeStudent finance
The Maintenance Loan 2012 (for living costs)
Maximum Entitlement
Minimum Entitlement
Living away from home in London
£7,675 £4,855
Elsewhere £5,550 £3,470
Living at home £4,375 £2,685
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Student financeStudent finance
Repayments• Starts in April after graduating
• Loan repayments linked to your salary:
<£21,000 – no payments
£25,000 = £30.00 per month
£30,000 = £67.50 per month
£40,000 = £142.50 per month
• Interest is initially linked to RPI + 3%
• Repayments remain fixed regardless of total amount borrowed
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Student financeStudent finance
Scholarships and Bursaries
• DMU Bursary £1,000 per year
(family income under 25K)
• Academic Scholarship £1,000 per year
(340 UCAS points and apply before 15 January
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Student financeStudent finance
Costs & Budgeting
Weekly Costs
Rent £57
Electricity/ Gas £10
Water Rates £2
Insurance £4
Food & Toiletries £30
Books & Stationery £5
Travel £11
Laundry £4
TV Licence £2
TOTAL= £125
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Student financeStudent finance
Additional costs
Weekly Costs
House phone/ Broadband £3
Mobile phone £7
Clothes £11
Socialising £30+
TOTAL OUTGOINGS = £171
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Student financeStudent finance
Supplementary income• Part-time job
• Work during holidays
• Work placements (a chance to save)
• Banks – overdrafts
• NHS bursaries
• Parents?
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Things to bear in mind• Council of Mortgage Lenders advise that student loan debt
is “very unlikely” to impact on an individuals ability to get a mortgage
• Over a lifetime a graduate earns approximately £100,000 more than a non graduate
• Changes to British industries
• Paying for the “life experience” as well as the education
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Student financeStudent finance
Graduate Salaries (2009)
Faculty Average graduate salary
% in employment or further study 6 months after graduation
Art & Design Average - £16,599 94%
Business & Law Average - £28,898 95.9%
Health & Life Sciences
Average - £23,910 97.5%
Humanities Average - £17,877 95.3%
Technology Average - £21,852 92.8%
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Student financeStudent finance