Finance Information for 2014/15 Entry Key Facts •You do not pay tuition fees up front •You need to be earning at least £21,000 a year before you start paying back •Repayments are from as little as £4.00 a month •Graduate employment rates remain high (91% within six months of graduation) Fees – Amount charged to study on the course. Generally apply to all undergraduate degrees with some exceptions for health courses. Paid per year of study Key Words Loans – Taken out to cover tuition fees and living costs. Need to be paid back gradually once earning a certain amount Grants – Money from the government which doesn’t have to be paid back. Amount received generally dependent upon income Living costs – Food, accommodation, bills, course costs etc. Interest – The fee charged to you for the use of borrowed money Residual household income? This is effectively the household income BEFORE tax and AFTER any pension contributions or allowances for dependant children. How much will it cost? Annual Tuition Fees for 2014-15 York St John University tuition fees are £9,000 Accommodation - approx. £4,000-£7,000 Pay termly, in advance, by cheque or direct debit Living Expenses - approx. £4,000 (but varies!) Food , books, course costs, clothes, laundry, entertainment, travel home Tuition Fees Financial help is available Do not have to pay up front or whilst studying Tuition Fee Loan available from the Student Loans Company Loan also available for eligible part-time, firstdegree students who complete minimum of 25% of full time course load Some exemptions to fees– NHS courses e.g. Physiotherapy and Occupational Therapy Fee Waivers and Scholarships Financial help available from York St John In 2014/15 YSJ will offer three different types of fee waivers to students who meet the required criterion. YSJ Fee Waiver - unlimited number of the fee waivers to all undergraduate students whose residual family income falls within the thresholds below and are paying £9,000. Eligibility will be reviewed annually. Residual annual family income Below £10,000 Fee Waiver per annum for 2014/15 onwards £3,000 £10,000 - £19,999 £2,000 £20,000 - £42,620 £1,000 • National Scholarship Programme (NSP) Fee Waiver - English students paying fees of £9,000 with residual household income below £25,000 may also be eligible for one of the NSP Fee Waivers. This fee waiver is limited in number, for one year of study only, to first year undergraduate students based on a range of background criteria. • YSJ Entry Scholarships- 150 students will receive a fee waiver of £2,000 and a bursary of £1,000 for the first year of their course in recognition of outstanding academic achievement. Financial help available from York St John NB: These fee waivers and scholarship are only available to home students studying a first degree which is HEFCE funded (excludes NHS) and who gained ABB+ or equivalent on entry to York St John University. • SPARK Scholarships Living Cost Loan Financial help is available Available for all eligible full-time students All students are eligible for 65% of the loan, further 35% is means-tested on residual household income In 2014/15 the maximum annual loan available if you live with your parents will be £4,418, if you live away from home £5,555 Paid in three instalments at the beginning of each term Living Cost Grant for full-time students: Financial help is available The amount of the grant is dependant on residual household income Available for eligible full-time students This help does not have to be repaid Maximum grant available of £3,387 if your residual household income below £25,000 Partial grant if residual household income is up to £42,620 Apply for all funding via www.gov.uk/studentfinance Tuition Fees for NHS Courses NHS Funding Students on NHS funded courses do not pay tuition fees. The NHS meet the full cost of tuition fees. NHS Grant Available for all eligible full-time NHS students Non means-tested Maximum amount available £1,000 NHS Bursary Available for eligible full-time NHS students Non-repayable NHS Funding Maximum amount available £5,460 The amount of bursary you can get depends on: Where you live Where you study Whether you live with your parents The number of weeks you study each year NHS Funding Household income Paid over 12 months Once you have a place on an NHS funded course you will need to register for an account and then make your application via the website below: https://myaccount.nhsbsa.nhs.uk/Pages/Login.aspx Living Cost Loan Financial help is available Available for all eligible full-time NHS students In 2013/14 the maximum annual loan available £2,324 (final year loan rate £1,811) Apply on a online application via www.gov.uk/studentfinance Paid in three instalments at the beginning of each term Extra help if you're leaving local authority care Care Leavers • Extra funding from your Local Authority, please visit www.gov.uk for more information. Care Leaver and Foyer Allowance • Available to students who have been in care or a Foyer Foundation for at least 3 months within 3 previous years before study. • The awards will be granted on an individual basis. Salary Amount of salary from which 9% will be deducted Monthly repayment £21,500 £500 £4.00 £25,000 £4,000 £30.00 £30,000 £9,000 £67.50 £35,000 £14,000 £105.00 £40,000 £19,000 £142.50 £45,000 £24,000 £180.00 £50,000 £29,000 £217.50 £55,000 £34,000 £255.00 £60,000 £39,000 £292.50 Repayment of loans Interest Rates During study until entering repayment Income: Below £21,000 Income Between: £21,000 - £41,000 Income: Above £41,000 Retail Price Index (RPI) +3% RPI Only RPI plus some amount between 0% and 3% Retail Price Index (RPI) +3% • Will undoubtedly be your biggest spend Accommodation • Be realistic • Do you NEED an en-suite? •What is included? • Remember your TV licence! • Sharing your flat = sharing the cost • Visit the accommodation • Check contracts from private landlords •Parking – additional permit charge? Shopping • Don't be a supermarket snob! • Do not use local convenience stores / corners shops very often • Be sensible when it comes to special offers • Don’t go shopping after a big night out or when you are hungry! • Sign up for a loyalty / reward card • Visit local produce markets – fresh and cheap! And you may be able to haggle! • Visit supermarkets about an hour before they close • Get a bag for life! • Plan ahead what you need for the week Entertainment • Look for midweek student deals • NUS discounts / student concessions • Galleries / museums and other attractions free entry • Group on / voucher code deals • Limit your socialising spends • Use your Students’ Union for cheap drinks, food and other activities during term time • Join a club or society! • Fresher's wristbands or entertainments packages available from most universities • Fresher’s Fairs = lots of freebies and vouchers Travel • • • • • • • • Do you really need to bring a car to University? If it is off-road for most of the year – SORN it! Don’t use taxi’s unnecessarily Use public transport Student Rail cards = 1/3 off all fares! Buy weekly / monthly bus passes Use park and ride services Buy a bicycle! University • • • • • Return your library books on time Don’t eat in the canteen / dining hall everyday Be careful of what you print Buy second hand books from amazon where possible Check out noticeboards / forums for graduates selling off items especially books and other useful resources • Look out for part time job opportunities around campus that fit well around your studies • Keep an eye out for events and opportunities within the university that could be a cheap way to socialise or could lead to employment The Only Official Student Discount Card Be part of the National Union of Students….. • £12 for 12 months (Or FREE if your in University Halls) • Order online or from in the SU • Can purchase anytime of the year • Discounts and benefits in 160 high street stores and online, including Jack Wills, Amazon, Topshop, McDonalds & many more! There are many points of contact throughout the university if you are having money worries, but start with the student funding, advice and welfare team! Don’t struggle alone… speak up! Many universities have hardship funds available in extreme circumstances. Visit the money saving expert website for specific advice and tips for students, including: • Council tax discounts • Student bank accounts • Overpayment of tax • TV licence refunds • Student insurance http://www.moneysavingexpert.com/students/student-guide • Spend time making a budget planner. Top Tips • Accommodation will be your biggest spend. So be realistic. Do you NEED an en-suite? • Open a Student Bank Account. Check for charges. Many Banks offer an Interest Free Overdraft • Watch out for discounts. Use your NUS Card • Part-Time Jobs: o Transfer Employment o Access the Careers and Employability Team • Work and Save Now Student Funding Advice Team 01904 876939 Contacts [email protected] Useful websites: • www.yorksj.ac.uk • www.gov.uk/studentfinance • www.nhsbsa.nhs.uk • www.studentloanrepayment.co.uk • www.studentfinanceengland.co.uk Have a great day!