Student Finance 2011/12 Entry

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Contents

• University – Main costs

• Funding – Income and support

• Student Accounts & Overdrafts

• Budgeting Overview– Managing your money essentials

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Main costs

• Tuition Fees• Up to £3,375

• Cover cost of course

• Paid for each year of your course

• Living Costs• Accommodation

• Bills

• Food

• Telephone

• Travel

• Books & equipment

• Fun

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Income and support

Student Loans:

Tuition Fees

• Tuition fee loan for the full fee charged (up to £3,375)

• Repayable AFTER graduation and ONLY if you are earning £15,000p.a.

The Student Maintenance Loan

• Major way of financing higher education

• Up to £4,950 (more if you study in London)

• Not obligatory

• Low rate of interest

• Repayments

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Repayments

• You only pay loans back once you’ve finished university

• You only pay back loans once you are earning over 15k a year

• No pressure to pay back loans if you can’t or don’t get a job

• If higher education has not be worth it for you, you don’t pay for it!

• You pay it back in small increments depending on your salary

• The repayments comes out of your wages like tax and national insurance

• www.studentloanrepayment.co.uk for the most up to date information about interest rates.

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University and College Bursaries

• Universities and colleges will offer additional bursaries to help you

financially

• Some universities offer more than others and offer other kinds of

bursaries as well

• Bursaries do not affect eligibility for government-funded support

such as maintenance grants, and loans to repay tuition fees and

living costs

• To check what is on offer - www.offa.org.uk http://

bursarymap.direct.gov.uk/

• NHS Grants information - www.nhsstudentgrants.co.uk

• Approved Social Work Courses – www.nhsbsa.nhs.uk/Students

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Other financial support

• Maintenance Grant up to £2,906 per year

• Special Support Grant – replaces the Maintenance Grant for some people e.g. those receiving income related benefits. Does not reduce the amount of loan entitlement.

• Gap year/Placement year

• Employment – term time and/or holidays

• Scholarships

• Sponsorship

• Access to Learning funds (primarily for careleavers)

• Overdrafts

• Other Bursaries

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Potential funding

Household Income

Tuition Fee Loan (everyone’s entitled)

Maintenance Grant

Maintenance Loan

University Bursary (E.g. NTU)

Total

Up to £25,000

£3,375 £2,906 £3,497 1,095 £10,788

£30,000 £3,375 £1,906 £3,997 £675 £9,868

£34,000 £3,375 £1,106 £4,397 £525 £9,318

£40,000 £3,375 £711 £4,595 £0 £8,597

£40,000 - £45,000

£3,375 £381 £4,790 £0 £8,461

£45,000 -£50,020

£3,375 £50 £4,925 £0 £8,265

£55,000 £3,375 £0 £4,106 £0 £7,396

£60,000 £3,375 £0 £3,564 £0 £6,854

This table should only be used a guide only. Exact amounts may differ from what is on the table when you actually complete your application form.

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Student accounts and overdrafts

• A current account specifically for students

• Forget the freebies and go for the overdraft

• Never go above the agreed limit without the bank’s permission

• Never borrow more than you have to

• Cash machine costs

• Check out www.moneysavingexpert.com for the low down on the best student accounts

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• Disabled Students’ Allowances (DSAs) - non means tested, depends on needs of individual, could be up to £5,161 for equipment, £1724 for general allowance)

–Two additional forms to complete from www.direct.gov.uk/sfforms10

• Childcare Grant - replaces working tax credits, 85% of childcare costs covered, up to £148 p/w.

- Child must be under 15 when Parent starts the HE course

- Complete Childcare Grant Application form (CCG1) and provide evidence of childcare costs.

• Parents’ Learning Allowance

- Parent has additional costs relating to the care of a child whilst they are studying (not child care) . (Max £1,508 min £50)

• Adult Dependants’ Grant- Full-time students who has to care for an adult whilst studying.

* For more detailed information about these grants and allowances, see the guide ‘Childcare Grant and other support for full-time students in higher education’ from the SLC website

Extra help for special circumstances

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Student finance application process

Register & Apply online at: www.direct.gov.uk/studentfinance

• Apply from 14th February 2011

• Register with Student Finance England prior to completing an application

• Complete the online application form or request PN1 form

• If you want to be assessed for the maximum loan/grant available to you, make sure you check the means tested section

• Send off all the relevant financial information if required to do so

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Deadlines:

• To make sure that you receive your first payment at the start of term, you should return your completed form or have completed the online application form by:

April 2011 (date tbc) for non means tested applicationsJune 2011 for (date tbc) means tested applications

• If you miss these deadlines, your application will be processed as soon as possible, but your first payment may not be available at the start of term

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Extra help?

• Call Student Finance England on: 0845 300 590 (8am – 8pm Mon- Fri, 9-5:30pm sat, sun)

• Call 0800 731 9133 to order publications such as;

- Student Finance in 3 easy steps

- A guide to financial support for full time, or part time students

- Repaying your student loan

- Bridging the gap – guide to Disabled Students Allowances in HE

- Child Care Grant and other support for parents in HE

- Student Loans, A guide to terms and conditions.

• Online Application demo:

http://practitioners.studentfinanceengland.co.uk

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Student Finance Calculator

• Compare the finance available for different courses/ Universities

• Estimate projected costs such as accommodation, travel, books etc

• Enter up to five course choices and save estimated funding

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Budgeting overview

• Avoid credit and store cards

• Why budget?

• How can you avoid going over your budget?

• Save money

• Stop running up big debts

• Pay for things on time and prioritise

• Enjoy your spending

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How to budget

• Add up all the money you have coming in

• List your essential outgoings: bills, food, rent, fees

• Take away the essential outgoings from your total income

• Divide this by the number of weeks you will be at university

• This should give you a weekly disposable budget

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Budget Planner

http://www.ucas.com

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General Tips

• Share course books with friends, then sell if no longer needed

• Complete a HC1 form, which will give you free prescriptions whilst you’re studying

• Use your NUS card

• Apply for a student travel card

• www.studentbeans.com for discount vouchers

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Any questions?

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Contact Details

Schools, Colleges & Community Outreach Team

0115 848 6089

schoolscolleges@ntu.ac.uk

www.ntu.ac.uk/community

NTU Student Financial Support Service

Tel: 0115 848 2494 email: financial.support@ntu.ac.uk

NTU Disability Support Service

Tel: 0115 848 2085 email: disability.support@ntu.ac.uk