Student Finance

What we will cover

What do students have to pay for?

Available funding

Earning extra cash

How to apply

Repaying the loan

Useful links.

UCAS Process Timeline

September (Year 13)

UCAS opens for applications

15 October (Year 13)

Deadline for Oxbridge, Medicine,

Dentistry, Vet Science

15 January (Year 13)

Main UCAS application deadline

Jan/Feb (Year 13)

Student Finance England opens

for applications

25 February (Year 13)

UCAS Extra opens for applications

24 March (Year 13)

Deadline for some Art & Design

courses

8 June (Year 13)

Deadline for students to make

Firm & Insurance choices

Early June (Year 13)

Deadline for Student Finance

England to guarantee funding

July/August

Results Day

Clearing

Adjustment

Your Loan

• People to teach me

• Facilities to be taught in

• Learning resources

Tuition Fee

Loan

• Accommodation

• Food and bills

• Social life

• Extra curricular activities

Living Costs

(Maintenance) Loan St

ud

ent

Loan

Tuition Fees

Up to £9,250 per year of study

Tuition fee loans available for all UK

students

Full or partial loans available

Paid directly to the institution

Applied for each year they study.

Maintenance Loan

All UK students entitled to a loan

The amount a student receives depends on:

Where they study

Where they live while studying

Their household income

Guaranteed minimum amount that everyone gets

Applied for each year of study

Paid into your bank account

Long course loans available

Maintenance Contribution

100% Guaranteed

amount

Studying locally, living at home £7,324(£25,000)

£3,224(£58,215)

Studying away from home, outside

London

£8,700(£25,000)

£4,054(£62,215)

Studying away from home, in London £11,354(£25,000)

£5,654(£69,860)

You spend a year of a UK course

studying abroad

£9,963(£25,000)

£4,816(£65,815)

Outgoing

Accommodation £490 (includes bills en

suite, leather sofa, TV

and dishwasher)

£430 (includes bills

and en suite)

£330 (off campus non

University accommodation

includes bills)

Phone Bill £50 £35 £20

Food Bill £130 £75 £30

Toiletries £50 £25 £10

Cleaning products £40 £20 £10

Travel costs £100 £40 £25

Restaurants £110 £60 £20

Socialising £100 £55 £25

Additional Course Costs £30 £20 £10

Internet Subscription £65 £45 £35

Monthly Totals £1165 £805 £515

Academic Yearly Totals £10485 £7245 £4635

How much will I need?

How to Apply

Apply through the https://www.gov.uk/student-finance; The Student Finance England website will guide you through the process a step at a time

Additional Funding

Scholarships and Bursaries

Available from a range of sources

Institution specific e.g. University of Lincoln Excellence

Scholarship worth £1,000

Dependent on your circumstances

Check application process

Non-repayable.

Fee Waivers

Funding Re-capFunding source Who is eligible? What’s it

worth?Repayable or non-repayable?

How to apply?

Tuition Fee Loan All UK students Up to £9,250

per year

Repayable Online via SFE

Maintenance Loan All UK students Up to £8,700

(outside

London)

Repayable Online via SFE

Scholarships and

Bursaries

Various criteria Varies Non-repayable Direct to provider –

check!

Additional support Students with additional

needs or circumstances

Varies Non- repayable Various

Make sure you send the correct evidence to Student Finance Evidence

Remember to apply as early as possible, look out for the announcement towards the end of January and during February

Get in early

Use the Student Finance calculator to get a rough estimate of your entitlement Get an estimate

Make sure all supporters of the application are aware of the process and evidence neededSupporters

Plan a budget and save up some cash for the first weekPrepare

Applying - Top Tips

Repaying your Loan

Repayment starts in the April after graduation

Tuition Fee Loan and Maintenance Loan added together

Repay through the UK tax system, directly from your salary

Self employed – calculated on yearly accounts submission

Repay once earning above £25,000 per year

Repay at a rate of 9% of your earnings over £25,000.

Repayment

Annual Salary Amount above £25,000 threshold

Annualrepayment amount

Monthlyrepayment amount

Payment over 30 years

£20,000 Nil Nil Nil Nil

£25,000 Nil Nil Nil Nil

£26,000 £1,000 £90 £7.50 £2,700

£30,000 £5,000 £450 £37.50 £13500

£40,000 £15,000 £1350 £112.50 £40,500Potentially paid off.

Quick Facts The tuition fee is not means tested so you will be eligible for the full amount

If you choose to study in London you will be eligible for a larger maintenance loan

Bigger borrowing does not means bigger repayments

If your salary drops below £25,000 repayments will automatically stop

Student loans will be written off after 30 years

Interest is charged on student loans. For most this will be at either RPI or up to RPI +3%

Student Loans do appear on credit files

Student Loans affect mortgage applications

FAQ Quiz:

www.gov.uk/student-finance

www.gov.uk/student-finance-calculator

www.moneysavingexpert.com/students

www.thescholarshiphub.org.uk

www.scholarship-search.org.uk

www.lincoln.ac.uk/feesandfunding

Thanks for Listening

Any questions?

Open Days

• Friday 13 July 2018

• Saturday 14 July 2018

• Saturday 29 September 2018

• Sunday 14 October 2018

• Saturday 27 October 2018

• Saturday 17 November 2018

www.lincoln.ac.uk

enquiries@lincoln.ac.uk

01522 886644

/UniversityofLincoln

@UniLincoln