Student Finance · 2020-03-18 · Facts • Not like other loans. • Only pay when you earn....
Transcript of Student Finance · 2020-03-18 · Facts • Not like other loans. • Only pay when you earn....
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Student Finance2020/21
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1. Financial support.
2. Repayments.
3. Budgeting.
AIM OF TALK
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£9,250
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1.1 million
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End of May
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MYTHS &
MISCONCEPTIONS
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MISCONCEPTION
! All eligible students
receive:
• Tuition fee loan
• Maintenance loan
! I can’t afford to go to
university.
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MISCONCEPTION
! • No win no fee –
repayments only start
after you start earning
£26,575.
• Wiped after 30 years.
! The debt is unmanageable
and not worth the cost
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!
! Cost vs how much you pay.
- Graduate Tax
! You don’t need the cash up
front.
It’s not like a typical loan.
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MISCONCEPTION
• Student Welfare Officers
• Student Hardship Fund
• Additional support
services
! If something goes wrong you
are all on your own.
!
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FINANCIAL
SUPPORT
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Different kinds
of financial
support
Activity: Think of 5 different types of financial support available whilst at university.
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Different kinds
of financial
support
Maintenance LoanTuition Fee Loan Scholarships
Bursaries DSA / Dependent GrantHardship Fund
Family supportPart-time job
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Tuition
Fee
Loan
• Don’t have to pay up front
• Loan of up to £9,250 per
year
• Loan goes directly to
university
• Not dependent on
household income
• You repay the loan after you
graduate
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• Money for living
costs
• Dependent on
Household Income
• Dependent on
where studying
• Paid Termly
Maintenance
Loan
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Household
Income Home Elsewhere London
£25,000 & under £7,747 £9,203 £12,010
£30,000 £7,095 £8,543 £11,339
£40,000 £5,789 £7,223 £9,996
£50,000 £4,484 £5,901 £8,651
£60,000 £3,410 £4,581 £7,306
Amounts are calculated on a sliding scale. Specific amounts: www.gov.uk/student-finance-calculator
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Scholarships at
Roehampton• Academic Excellence Scholarship
• Scholarship for E-Sporting
Excellence
• BA Primary Education Male Student
Scholarship
• £2,000 -£3,000 over the course of a degree.
• Depends on grades achieved at A Level / BTEC etc.
• £1,500 per year • Access to e-sports facilities.
• Demonstrate talent in E Sports.
• £1,000 per year for 3 years.
• Males studying full-time BA Primary Education.
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Scholarships at
Roehampton• Scholarship for sporting excellence
• Roehampton Music Scholarship
• £500 - £1,500 per year• Access to sports facilities• Free gym pass• Demonstrate talent in sports
• Up to £1,200 to cover costs• Must promote music at
Roehampton.
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Scholarships –
More Free Money
Search the below
websites to see which of
1000s of scholarships you
can apply for:
• Scholarship Hub
• Scholarship-Search
• University Website
£500 – The Vegetarian Charity• Be a vegetarian. • Under 26 years old• Support educational courses
£5,000 - £27,000 – Crowd Scholar• Aged 17-19 years • Eligible for free school meals.
Tuition Fees, Accommodation, Basic Living Allowance– British Council
• Students who wish to undertake a period of study in China.
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Additional Support
• Disabled Student Allowances
(DSA)
• Dependent’s Grants
• Study Abroad Travel Grants
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Additional Support-
Hardship Fund
• Applications open throughout year
• For students experiencing financial
difficulties
• Help is always available
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REPAYMENTS
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Repayment
Facts
• Not like other loans.
• Only pay when you earn.
(Graduate Tax)
• Start repayments the April after you
graduate.
• Only start repayments if you are
earning above £26,575 per year.
• Repay 9% of anything above
£26,575.
• Automatically taken from your pay
check (unless you live abroad).
• Wiped after 30 years.
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Maths
Quiz
If you only repay 9% of anything earned above £26,575 and you earn £26,576 how much will you pay back over a year?
£26,576 - £26,575 = £1
9% of £1 = £0.09
Repay = 9p
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Income each year before taxIncome from which
9% is deductedMonthly Repayment (Approx)
£26,575 £0 £0
£30,000 £3,425 £25
£35,000 £8,425 £63
£40,000 £13,425 £101
£45,000 £18,425 £138
£50,000 £23,425 £176
£60,000 £33,425 £251
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Interest
Rates
During study
After studying,
Income: under £26,575 £After studying,
Income: £26,575 -£47,835£After studying,
Income: £47,835+£
RPI plus 3%
RPI only
RPI up to 3%
RPI plus 3%
Lose contact with SLC/
don’t provide info.£ RPI plus 3%
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Applying
• Open in February
• Deadline in May
• Can apply without a confirmed place
Apply online:
www.gov.uk/apply-online-for-student-finance
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BUDGETING
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Outgoings
Rent
FoodUtilities
Internet
Course materials
Travel
Phone contract
Social life
Subscriptions
Gym Membership
Insurance
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Outgoings
Rent
FoodUtilities
Internet
Course materials
Travel
Phone contract
Social life
Subscriptions
Gym Membership
Insurance
Income• Maintenance loan
• Scholarships
• Family Support
• Part time job
• Student bank account• Check for deals
• Cashback
• Overdraft
Additional Income
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Top tips for
budgeting
• NUS Card
• Studentbeans
• Batch cooking
• Avoid branded items
• Research voucher codes
• Topcashback
• Travel cards
• Market Research
If you can’t afford it,
don’t buy it!
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Activity –
Which is cheaper?
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Which is
cheaper?
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Stir fry: £3 Flat-bread Pizza: £4.66
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Which is
cheaper?
Which is
cheaper?
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Risotto: £4 Spaghetti Bolognese: £4.52
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Which is
cheaper?
Which is
cheaper?
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Vegetarian Thai Green Curry: £4.37Vegetarian Lasagne: £4.47
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FAQ’s
• Who is eligible?• What counts as household income?• Should I repay early?
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Quick Quiz
When is the Student Finance deadline date?
What percentage do you repay over £26,575?
After how many years is the debt wiped?
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Quick Quiz
When is the Student Finance deadline date?
End of May
What percentage do you repay over £26,575?
9%
After how many years is the debt wiped?
30 Years