STUDENT FINANCE/ THECOSTS INVOLVED AND HOW TO APPLY · Up to £5,000 (includes instrumental or...
Transcript of STUDENT FINANCE/ THECOSTS INVOLVED AND HOW TO APPLY · Up to £5,000 (includes instrumental or...
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