STUDENT FINANCE MYTHBUSTINGwww.higherhorizons.co.uk

Aims of the session What is student finance? What can I get? How do I get it? What happens after I graduate?

What do you know? True or False?

I have to apply for student finance for each year of my course I have to pay the university fees from my own money Student finance gives me money to pay for my living costs like

food and housing Some universities might give me money I don’t have to pay back When I graduate I have to pay it all back straight away When I get a job half my money goes to student finance each

month If my parents don’t have loads of money I can’t afford to go to

university

What is student finance? Money you borrow from the government to pay for

university Everyone who is eligible can get it, you just have to apply Up to £17,200 a year available for tuition fees and living

costs (2016/17)

You get a bit less if you live at home and a bit more if you go to London

You pay it back once you start working, but only if you’re earning over £21,000 a year

What is student finance? Tuition loan

You never see it! Paid straight to your university

Maintenance loan Up to £8,200 a year paid to you (less if living at

home, more if living in London) (2016/17)

Used to pay for everything you need during the year, like housing, food, transport, books…

How do I get it? First apply for your university courses online

through UCAS Then apply for student finance online before

you start your course You do not need to have a confirmed place at

university to apply for student finance! You need to apply every year for student

finance

What happens after I graduate?

You only start to pay it back after you earn over £21,000 a year

Then you only pay a % of the bit above £21,000

So if you earn £22,000… £22,000 - £21,000 = 9% of £1,000 =

£90 a year or £7.50 a month or £1.88 a week!

Other financial support Bursaries

Available from some universities if you meet certain criteria e.g. students from the local area

Scholarships Available from some universities if you meet academic

criteria e.g. if you get AAA Always check with the university you want to go to Does not have to be paid back!

What do you know now? I have to apply for student finance every year I have to pay university tuition fees from my own money Student finance gives me money to pay for my living costs like

food and housing Some universities might give me money I don’t have to pay back When I graduate I have to pay all the loans back straight away When I get a job half my money goes to student finance each

month If my parents don’t have loads of money I can’t afford to go to

university

Thanks for listeningYou are now a student finance expert!

Any questions?