The UK’s European university

STUDENT FINANCE/ THE COSTS INVOLVED AND HOW TO APPLY

We will cover:

• the costs involved

• funding your studies

• applying for financial support

• managing your money

Introduction

Student Finance Package

Tuition Fee Loan

Maintenance support

Scholarships and Bursaries

Additional support

Student Finance Package

Tuition fees

Kent’s fee:

• £9,000 for new entrants in 2016

Tuition Fee Loan

• Available from the government to cover the

cost of fees

• All UK and EU students are eligible to apply

for the full loan

• The loan is paid directly to the university, not

the student

Costs and financial support available

Costs and financial support available

Living costs

Your living costs include accommodation, food,

travel, socialising, and clubs and societies

Living Cost Loan

• Available from the government to help with

living costs

• All full time UK students are eligible to apply

for the loan

• Everybody is entitled to some of the loan, the

rest is assessed on your household income

(means tested)

• The loan is paid to you at the start of each

term

Other government support

• Disabled Students’ Allowance

• Childcare Grant

• Parents’ Learning Allowance

• Adult Dependants’ Grant

Costs and financial support available

*Estimated 2015-16 costs based on 39 weeks in self-catered University accommodation

Estimated living costs

(first year)Weekly cost

Cost for 39 week academic

year

From To From To

Accommodation £106.05 £167.37 £4,135.95 £6,527.43

Books and materials £10.00 £15.00 £390 £585

Food £30.00 £60.00 £1,170 £2,340

Clothes/Laundry £15.00 £45.00 £585 £1,755

Personal items £5.00 £10.00 £195 £390

Socialising (inc. sport) £25.00 £65.00 £975 £2,535

Phone £5.00 £15.00 £195 £585

TV licence (52 weeks) £2.80 £2.80 £145.50 £145.50

University local travel £6.00 £10.00 £234 £390

Unexpected

costs/healthcare

£5.00 £15.00 £195 £585

Total £209.85 £405.17 £8,220.45 £15,837.93

Living costs*

Household Income Living Cost Loan

£0 - £25,000 £8,200

£30,000 £7,612

£35,000 £7,023

£40,000 £6,434

£42,875 £6,095

£45,000 £5,845

£50,000 £5,256

£55,000 £4,667

£60,000 £4,078

>£62,180 £3,821

Financial support if you live away from home*

*students who qualify for benefits, or who are aged 60 or over on the first day of the first academic year of their

programme, may qualify for different amounts

Household Income Living Cost Loan

£0 - £25,000 £6,904

£30,000 £6,322

£35,000 £5,740

£40,000 £5,158

£42,875 £4,824

£45,000 £4,576

£50,000 £3,994

£55,000 £3,412

>£58,201 £3,039

Financial support if you live at home*

*students who qualify for benefits, or who are aged 60 or over on the first day of the first academic year of their

programme, may qualify for different amounts

Kent’s Financial Support Package 2016

The University offers one of the most generous financial support packages in the UK.

Subject to approval from the Office for Fair Access

(OFFA), Kent has a £5,500 financial support

package for 2016:

• Year 1: £2,000 cash bursary

• Year 2: £1,500 cash bursary

• Year 3: £2,000 cash bursary

Who is eligible?

• Those whose household incomes fall below

£42,875 per year and who satisfy a range of

other socio-economic criteria

• Full information will be published on our

website: www.kent.ac.uk/fees

The Kent Scholarship for Academic Excellence

• £2,000 each year if a student achieves at least AAA

at A-level

• Students who achieve AAB, where one of those

grades is gained in Maths or a Language, will also

be eligible

• Equivalent and combined qualifications permitted

• Full criteria at: www.kent.ac.uk/excellence

Other scholarships available:

• Sports, music, and study abroad scholarships

• International scholarships worth £5,000

• Summer School Scholarships in Brussels and Paris

• Explore your options – they are there for you!

• More information: www.kent.ac.uk/ugfunding

Kent scholarships

Summary: Financial support available

Kent’s Financial Support Package 2016

Year 1

Cash bursary

£2,000

Year 2

Cash bursary

£1,500

Year 3

Cash bursary

£2,000

Scholarships*

(per year)

Kent Scholarship for Academic Excellence

£2,000

Sport

£250 - £5,000

Music Performance

Up to £5,000 (includes instrumental or vocal

tuition up to £500)

Study Abroad

£2,000

Partner Scholarships

£1,000

Government support(maximum amounts for 2016)

Tuition Fee Loan

£9,000

Living Cost Loan

£8,200

(living away from home)

£6,904

(living at home)

£9,391

(if you study abroad for a year)

*Terms and Conditions apply: see www.kent.ac.uk/scholarships

• Repayments are based on earnings, not

the amount of loan borrowed, or the

interest accumulated

• Repayments start from the April after you

graduate

• You only pay anything back if you are

earning over £21,000*

• You do not have to repay grants,

scholarships and bursaries

• If the loan is not repaid after 30 years, any

amount remaining is written off

Repaying loans

*this is still to be confirmed by the government for 2016

You repay 9% of anything earned above £21,000*

£25,000 - £21,000 = £4,000

9% of £4,000 = £360 per year

£30 per month

Repayment: how it’s worked out

*this is still to be confirmed by the government for 2016

• The amount of interest you are charged depends on the

rate of inflation (RPI)

• While you are studying and up to the April after you

graduate, you will be charged RPI + 3%

• After you are liable to repay, you will be charged as follows:

Salary Rate of interest charged

£21,000 or less Rate of inflation

Between £21,000 and £41,000 Rate of inflation + up to 3% depending on salary

£41,000 or more Rate of inflation + 3%

Repaying loans: Interest rates*

*this is still to be confirmed by the government for 2016

• Apply online for the:

• tuition fee loan

• living cost loan

• Apply to your chosen university for scholarships,

fee waivers and cash bursaries

• Applications open early (usually January)

• You don’t need to have accepted a place at

university in order to apply

• Apply early to ensure you receive your first

payment at the start of term

• Research what scholarships, bursaries, fee waivers

and other support is offered by your chosen

university

How to apply for financial support

• Budget according to how much

financial support you will receive

• You may have to get a job to

supplement your income

• The living cost loan and grant have to

last you not only the 39 week term,

but the holidays as well

• Always account for unexpected costs

• Student finance calculators are

useful online tools to help you work out

a budget

How do I manage my money?

Approximately 75% of University of Kent students

have a part-time job

Universities recommend you work no more than 10-

15 hours of paid work per week

It is an excellent addition to your CV and gives you

vital ‘employability skills’

Year in industry options can offer the chance to

earn a full wage

“Over half of recruiters warn that graduates who have

had NO previous work experience at all are unlikely to be

successful during the selection process, and have little or

no chance of receiving a job offer for their organisations’graduate programmes”

*High Fliers report: The Graduate Market in 2014

Student employment

• You will need proof of student status to open one

• Do they have a Student Financial Adviser?

• Is there a branch of your bank on or near campus?

• Look for incentives• Cash?

• Railcard?

• Good terms?

• Overdrafts • Interest free (up to a point)

• Repayment terms can be inflexible and high

DON’T:

• Get a credit card

• Be tempted by payday loans – very high interest rates

Student bank accounts

• The experience and opportunities

• Transferable skills

• More choice of professions

• Increased earning potential:

● In the last 10 years graduates have

earned on average £11,700 more per

year than non graduates (Office for

National Statistics)

• Remember, the cost is in the repayment,

not the fees

Investment into your future

Source: Office for National Statistics, November 2013

Do graduates earn more money?

0

5000

10000

15000

20000

25000

30000

35000

40000

21 25 27 29 30 33 37 41 45 53 57

Average gross annual wage (£)

Age

Graduates

Apprenticeship

A level

A* to C grade GCSE

Useful websites

Kent’s financial support

www.kent.ac.uk/ugfunding

Apply for financial support

www.gov.uk/apply-online-for-student-finance

Government information:

• Student Finance England contact details:

• Tel: 0845 300 50 90

• Opening hours: Monday to Friday 8.00am to 8.00pm;

Saturday and Sunday 9.00am to 5.30pm

• www.gov.uk/studentfinance

Money Saving Expert:

www.moneysavingexpert.com

Kent’s Employability site:

www.kent.ac.uk/employability

QUESTIONS?

THE UK’S EUROPEAN UNIVERSITY

www.kent.ac.uk