Student Finance

Student Finance

York St John University | www.yorksj.ac.uk

• You do not pay tuition fees up front

• You need to be earning at least £21,000 a year before you start paying back

• Repayments are from as little as £4.00 a month

• Graduate employment rates remain high (91% within six months of graduation)

Please note: the figures for 2013/14 are subject to parliamentary approval


Key Facts

Fees – Amount charged to study on the course. Generally apply to all undergraduate degrees with some exceptions for health courses. Paid per year of study

Loans – Taken out to cover tuition fees and living costs. Need to be paid back gradually once earning a certain amount

Grants – Money from the government which doesn’t have to be paid back. Amount received generally dependent upon income

Living costs – Food, accommodation, bills, course costs etc.

Interest – The fee charged to you for the use of borrowed money

Residual household income? This is effectively the household income BEFORE tax and AFTER any pension contributions or allowances for dependant children.


Key words

• Annual Tuition Fees for 2013 - TBC

• Accommodation – approx. £3,500-£6,400 Pay termly, in advance, by cheque or direct debit

• Living Expenses – approx. £4,000 (but varies!)Food , books, course costs, clothes, laundry, entertainment, travel home


How much will it cost to go to university?

Tuition Fees

• Do not have to pay up front or whilst studying

• Tuition Fee Loan available from the Student Loans Company

• Loan also available for eligible part-time, first-degree students who complete minimum of 25% of full time course load p/a

• Some exemptions to fees– NHS courses e.g. Physiotherapy and Occupational Therapy


Financial help is available

Living Cost Loan• Available for all eligible full-time students

• Not available for part-time students

• All students are eligible for 65% of the loan, further 35% is means-tested on residual household income

• In 2013/14 the maximum annual loan available if you live with your parents will be £4,375, if you live away from home £5,500

• Fee Waiver & Scholarships from YSJ still to be confirmed.

• Continuation of the National Scholarships Programme for students from lower income families. Details yet to be finalised 2013/14.



Living Cost Grant for full-time students:

• The amount of the grant is dependant on residual household income

• This help does not have to be repaid

• Up to £3,354 towards living costs

• Partial grant if residual household income is up to £42,600

Apply for all funding via www.direct.gov.uk/studentfinance



http://www.direct.gov.uk/studentfinance

Tuition Fees for NHS Courses

Students on NHS funded courses do not pay tuition fees. The NHS meet the full cost of tuition fees.

Living Costs• An income-assessed NHS bursary (extra weeks if eligible )• A non-income assessed £1,000 grant• Reduced rate of student loan from Student Finance England

(also non income-assessed). • Additional allowances for eligible students (depending on

your circumstances, income-assessed)


NHS Funding & Support

On-line calculator-www.nhsbsa.nhs.uk

http://www.nhsbsa.nhs.uk/

• Repayment starts once you leave university and are earning over £21,000 per annum

• Repayments are 9% of income above £21,000• Written off after 30 years

Repayment of loans

Unpaid balance written off after 30 years


http://yourfuture.direct.gov.uk/calculate


Interest

While at university if taking out Maintenance / Tuition Fee Loan(interest starts accruing as soon as loans are taken out)

Retail Price Index + 3%

Once in repayment system: not working or earning below £21,000

Retail Price Index

Once in repayment system: earning £21,000 - £41,000

Retail Price Index + up to 3% (sliding scale)

Once in repayment system: earning more than £41,000

Retail Price Index + 3%


Budgeting

• Will be your biggest spend• Be realistic• Do you NEED an en-suite• Think before you buy non-essentials to fill your

room!• What is included?• TV licence?• Sharing your flat / sharing the cost• Visit the accommodation • Check contracts from private landlords


Accommodation

Where you live

• Essentials

• TV Licence

• Insurance

• Basic plates/pans/cutlery

• Cleaning products


Other spend

• Open a student bank account• What freebies do you get?• Check for charges • Overdraft

o Amount the bank will let you spend without incurring a penalty over and above what you have in your account. May be £500- £2000 per year

• Interest o If you spend more money than is in your account you’ll be charged

interest by the bank for going overdrawn

• Only buy with cash • Store Cards/Credit Cards – NO

o Keep away if possibleo Check the interest rateo Keep up with repayments


Your money

• Returned library books on time

• Be careful of what you print

• Bought second hand books or shared

o Amazon marketplace, Oxfam

• Buy a bike – cars are bad for your pocket and the

environment

• Equipment costs /extra course costs


University

• Limit nights out - alternate with a night in

• Be creative – host x-factor nights, Karaoke to save money

• Watch out for discounts

o NUS Card

o Promotions

• Fresher's Fair

• Societies and Clubs cost money

• Buy your fancy dress now


Students Union

What if it doesn’t add up?

• Spend time making a budget planner – be realistic

• Part-time jobs

o transfer employment

o jobs at the university

• Work and save now

• Speak up!


Top Tips

Avoid at all costs

• Giving in to peer pressure

• Spending money you don't have

• Keeping quiet if you do have problems

• Thinking you are loaded when the first payment goes into your account

• Falling out with your parents/family/carers


Top Tips

Contacts

• Student Funding Advice Team

01904 876536/6939

[email protected]

Useful websites• www.yorksj.ac.uk• www.direct.gov.uk/studentfinance • www.studentfinanceengland.co.uk

• www.nhsbsa.nhs.uk/students


mailto:[email protected]

http://www.yorksj.ac.uk/

http://www.direct.gov.uk/studentfinance

http://www.studentfinanceengland.co.uk/

http://www.nhsbsa.nhs.uk/students

Documents

Student Finance