University Choices

Student Finance

University choices

• You should be in the process of receiving offer from universities you have applied to

• A few of you will have had replies from all of your universities

• Most of you will still be waiting• You will eventually have to make a firm

choice and an insurance choice (if you wish)

University choices

When you have received decisions from all your universities, Track will alert you and give you a deadline date for making your firm and insurance choices.

http://www.ucas.com/how-it-all-works/undergraduate/tracking-your-application/replying-your-offers

University choices

• Visit universities• Firm choice is a firm commitment• Little point in having an insurance choice

higher than your firm choice• Monitor Track• Follow the instructions• See me, Michelle or Rebecca for advice

University Finance

• Tuition Fees• Loans• Grants• Repayment of loans• Additional finance including Student

Bursaries, Fee Discounts, Scholarships and Hardship Funds

Tuition Fee Loan

Living cost loan/grant

Additional Support

What support can students get?

University Finance

Expense How much

Help available

When paid back

Tuition fees Up to £9000

Tuition Fee Loan for full amount. Available to all students

At end of course when earning over £21,000

University FinanceExpense How

muchHelp available

When paid back

Living costs Estimated£8000 per year

Student Maintenance Loan

Grants

Bursaries

Repayable from end of course when earning over £21,000Grants and bursaries do not have to be paid back

University FinanceStudent Maintenance Loans

Maximum (amount depends on family income and grant)

Minimum (Family Income over £62132)

Living away from home

Up to £5740 £3610

Living at home Up to £4565 £2871

Living in London Up to £8009 £5038

University Finance

• Student Maintenance Grants

You may be eligible for a maintenance grant from the government which does not have to be paid back. The grant is means-tested, which means that the amount you receive depends on family household income

University Finance• Student Maintenance Grants

The maximum grant for 2015 – 2016 is

£3387

Annual Household Income

Grant Amount

£25,000 or less £3387

Between £25,001 and £42,620

£3387 to £50

University Finance

But you must note:

The amount of maintenance loan available

is reduced by £0.50 for every £1 of

maintenance grant to which students are

entitled

University Finance

• Here is an example:• Your family household income is £25,000• You are entitled to the full maintenance

grant of £3387• You will also receive the maintenance loan

of £5740 less £1694 (£3387/2) = £4046• So your total maintenance entitlement will

be £7433

University Finance

Getting complicated? Go to

https://www.gov.uk/student-finance-calculator

for a very useful student calculator

which allows you to put in financial

circumstances and then tells you how much

you are entitled to

Household Income Maintenance Grant

Paid in three instalments –

one at the start of each term

Maintenance Loan

Paid in three instalments –

one at the start of each term

Totalfor living

costs

Max Tuition Fee Loan

Note: not all courses will cost £9,000

Max amount borrowedExcluding interest

University or college

Scholarship, Bursary, Fee Waiver etc.

£25,000 & under £3,387 £4,047 £7,434 £9,000 £13,047

Ask university or college

£30,000 £2,441 £4,520 £6,961 £9,000 £13,520

£35,000 £1,494 £4,993 £6,487 £9,000 £13,993

£40,000 £547 £5,467 £6,014 £9,000 £14,467

£42,620 £50 £5,715 £5,765 £9,000 £14,715

£42,875 £0 £5,740 £5,740 £9,000 £14,740

£50,000 £0 £4,998 £4,998 £9,000 £13,998

£62,143 & over £0 £3,731 £3,731 £9,000 £12,731

What about repayment?

• Loans are eligible for repayment the April after students graduate

• Repayments are collected by HMRC

• Students don’t start repaying anything until they earn over £21,000 pa gross

• They repay 9% of what they earn above £21,000

University FinanceSalary Monthly

repayment Yearly repayment

£21,000 £0 £0

£24,000 £22 £264

£27,000 £45 £540

£30,000 £67 £804

University Finance – Loan Interest

Rates of interest• Interest on your loan will be applied at the rate of

inflation plus three per cent while you are studying and up until the April after you leave university or college

• From the April after you leave your course, interest will be applied at:

– the rate of inflation if you are earning below £21,000– the rate of inflation and up to + three per cent on a

gradual scale if you earn between £21,000 and £41,000– the rate of inflation + three per cent if you earn over

£41,000

Additional University FinanceAdditional finance may be available to you but this will depend on the individual universities1. Student Bursaries2. Fee Discounts3. Scholarship4. Hardship FundsAlso there is extra funding for: • medical students • social work students • teacher training students • students in special circumstances eg if you have

children, are disabled, have a specific learning need

University FinanceBursaries and Scholarships don’t have to be

repaid.

Availability can be based on a range of factors – • household income• your A level grades• the subjects you studied• where you live • achievement at university

Depends on individual university

Hardship Funds

• Very important for students who get into financial difficulties at university

• Almost all universities have them in some form

University Finance

www.gov.uk/studentfinance

is where you apply for student finance and has all

the government information on student finance

http://www.ncl.ac.uk/media/sites/centralsite/undergraduate/documents/GSF%202014-15%20Entry%20(web).pdf

is a useful guide to student finance

produced by Newcastle University