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 (91.7% within six months of graduation)


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 studyLoans – 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 moneyResidual 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 2014 - £9,000 (including PGCE)

• Accommodation – approx. £4,000-£7,000 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 (including part-time PGCE)

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


Financial help is available


Financial help available from York St John

Fee Waivers and ScholarshipsIn 2014/15 YSJ will offer three different types of fee waivers to students who meet the required criterion.

YSJ Fee Waiver - unlimited number of the fee waivers to all undergraduate students whose residual family income falls within the thresholds below and are paying £9,000. Eligibility will be reviewed annually.

Residual annual family income Fee Waiver per annum for 2014/2015 onwards

Below £10,000 £3,000

£10,000 - £19,999 £2,000

£20,000 - £42,620 £1,000


Financial help available from York St John

• National Scholarship Programme (NSP) Fee Waiver - English students paying fees of £9,000 with residual household income below £25,000 may also be eligible for one of the 302 NSP Fee Waivers. These provide a £3,000 fee waiver for one year of study, to first year undergraduate students based on a range of background criteria.

• YSJ Entry Scholarships- 150 students will receive a fee waiver of £2,000 and a bursary of £1,000 for the first year of their course in recognition of outstanding academic achievement. The scholarship is only available to home students studying a first degree which is HEFCE funded (excludes NHS) and who gained ABB+ or equivalent on entry to York St John University.

• SPARK Scholarships

Living Cost Loan

• Available for all eligible full-time students (including full time PGCE)• Not available for part-time students (including part-time PGCE)• 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 £4,418, if you live away from home £5,555



Living Cost Grant for full-time students:

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

• Available for eligible full-time students (including full time PGCE)• Not available for part-time students (including part-time PGCE)• This help does not have to be repaid• Maximum grant available of £3,387 if your residual household

income below £25,000 • Partial grant if residual household income is up to £42,620

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



http://www.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.

NHS Grant

• Available for all eligible full-time NHS students• Non means-tested • Maximum amount available £1,000• Once you have a place on an NHS funded course you will receive

a text/email from the NHS in the summertime on how to apply online

NHS Funding

NHS Bursary

• Available for eligible full-time NHS students• Non-repayable• Maximum amount available £5,460• The amount of bursary you can get depends on:

– Where you live– Where you study– Whether you live with your parents– The number of weeks you study each year– Household income

• Paid over 12 months • Once you have a place on an NHS funded course you will need to register for an

account and then make your application via the website below:

https://myaccount.nhsbsa.nhs.uk/Pages/Login.aspx

NHS Funding

For more information- www.nhsbsa.nhs.uk

https://myaccount.nhsbsa.nhs.uk/Pages/Login.aspx

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

Extra Allowances

NHS Funding

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

Extra weeks Allowance

Dependants Allowance

Parents Learning Allowance

Childcare Allowance

Practice Placement Allowance

Disabled Students Allowance


Living Cost Loan

• Available for all eligible full-time NHS students• In 2013/14 the maximum annual loan available £2,324• Apply on a online application via www.gov.uk/studentfinance • Paid in three instalments at the beginning of each term




• 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


Interest

During study until entering repayment

Interest rate is: Retail Price Index (RPI) +3%

Income: Below £21,000

Interest rate is: RPI Only

Income Between: £21,000 - £41,000

RPI plus some amount between 0% and 3%

Income:Above £41,000

Interest rate is: Retail Price Index (RPI) +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

• 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

• Return 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 Cardo 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 employmento jobs at the university

• Work and save now• Speak up!


Top Tips

Contacts

Student Funding Advice Team01904 876939 [email protected]

Useful websites• www.yorksj.ac.uk• www.gov.uk/studentfinance• www.nhsbsa.nhs.uk• www.studentloanrepayment.co.uk• www.studentfinanceengland.co.uk


mailto:[email protected]

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



http://www.studentloanrepayment.co.uk/

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

Documents

Student Finance