Student Finance
2011/12 Entry
Contents
• University – Main costs
• Funding – Income and support
• Student Accounts & Overdrafts
• Budgeting Overview
– Managing your money essentials
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Main costs
• Tuition Fees
• Up to £3,375
• Cover cost of course
• Paid for each year of your course
• Living Costs
• Accommodation
• Bills
• Food
• Telephone
• Travel
• Books & equipment
• Fun
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Income and support
Student Loans:
Tuition Fees
• Tuition fee loan for the full fee charged (up to £3,375)
• Repayable AFTER graduation and ONLY if you are earning £15,000p.a.
The Student Maintenance Loan
• Major way of financing higher education
• Up to £4,950 (more if you study in London)
• Not obligatory
• Low rate of interest
• Repayments
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Repayments
• You only pay loans back once you’ve finished university
• You only pay back loans once you are earning over 15k
a year
• No pressure to pay back loans if you can’t or don’t get a
job
• If higher education has not be worth it for you, you
don’t pay for it!
• You pay it back in small increments depending on your
salary
• The repayments comes out of your wages like tax and
national insurance
• www.studentloanrepayment.co.uk for the most up to
date information about interest rates.
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University and College Bursaries
• Universities and colleges will offer additional bursaries to help you
financially
• Some universities offer more than others and offer other kinds of
bursaries as well
• Bursaries do not affect eligibility for government-funded support
such as maintenance grants, and loans to repay tuition fees and
living costs
• To check what is on offer - www.offa.org.uk
http://bursarymap.direct.gov.uk/
• NHS Grants information - www.nhsstudentgrants.co.uk
• Approved Social Work Courses – www.nhsbsa.nhs.uk/Students
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Other financial support
• Maintenance Grant up to £2,906 per year
• Special Support Grant – replaces the Maintenance
Grant for some people e.g. those receiving income
related benefits. Does not reduce the amount of loan
entitlement.
• Gap year/Placement year
• Employment – term time and/or holidays
• Scholarships
• Sponsorship
• Access to Learning funds (primarily for careleavers)
• Overdrafts
• Other Bursaries
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Potential funding
This table should only be used a guide only. Exact amounts may differ
from what is on the table when you actually complete your application
form.
Household
Income
Tuition Fee
Loan
(everyone’s
entitled)
Maintenance
Grant
Maintenance
Loan
University
Bursary
Total
Up to
£25,000
£3,375
£2,906
£3,497
1,095
£10,788
£30,000
£3,375
£1,906
£3,997
£675
£9,868
£34,000
£3,375
£1,106
£4,397
£525
£9,318
£40,000
£3,375
£711
£4,595
£0
£8,597
£40,000 £45,000
£3,375
£381
£4,790
£0
£8,461
£45,000 £50,020
£3,375
£50
£4,925
£0
£8,265
£55,000
£3,375
£0
£4,106
£0
£7,396
£60,000
£3,375
£0
£3,564
£0
£6,854
(E.g. NTU)
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Student accounts and overdrafts
• A current account specifically for students
• Forget the freebies and go for the overdraft
• Never go above the agreed limit without the
bank’s permission
• Never borrow more than you have to
• Cash machine costs
• Check out www.moneysavingexpert.com for the
low down on the best student accounts
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Extra help for special circumstances
• Disabled Students’ Allowances (DSAs) - non means tested, depends on
needs of individual, could be up to £5,161 for equipment, £1724 for
general allowance)
–Two additional forms to complete from www.direct.gov.uk/sfforms10
• Childcare Grant - replaces working tax credits, 85% of childcare costs
covered, up to £148 p/w.
- Child must be under 15 when Parent starts the HE course
- Complete Childcare Grant Application form (CCG1) and provide evidence of childcare
costs.
• Parents’ Learning Allowance
- Parent has additional costs relating to the care of a child whilst they are studying (not
child care) . (Max £1,508 min £50)
• Adult Dependants’ Grant
- Full-time students who has to care for an adult whilst studying.
* For more detailed information about these grants and allowances, see the guide ‘Childcare Grant and other support for full-time
students in higher education’ from the SLC website
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Student finance application process
Register & Apply online at: www.direct.gov.uk/studentfinance
• Apply from 14th February 2011
• Register with Student Finance England prior to completing an
application
• Complete the online application form or request PN1 form
• If you want to be assessed for the maximum loan/grant available to
you, make sure you check the means tested section
• Send off all the relevant financial information if required to do so
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Deadlines:
• To make sure that you receive your first payment at the start of
term, you should return your completed form or have completed the
online application form by:
April 2011 (date tbc) for non means tested applications
June 2011 for (date tbc) means tested applications
• If you miss these deadlines, your application will be processed as
soon as possible, but your first payment may not be available at the
start of term
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Extra help?
• Call Student Finance England on: 0845 300 590 (8am – 8pm MonFri, 9-5:30pm sat, sun)
• Call 0800 731 9133 to order publications such as;
- Student Finance in 3 easy steps
- A guide to financial support for full time, or part time students
- Repaying your student loan
- Bridging the gap – guide to Disabled Students Allowances in HE
- Child Care Grant and other support for parents in HE
- Student Loans, A guide to terms and conditions.
• Online Application demo:
http://practitioners.studentfinanceengland.co.uk
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Student Finance Calculator
• Compare the finance available for different courses/ Universities
• Estimate projected costs such as accommodation, travel, books etc
• Enter up to five course choices and save estimated funding
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Budgeting overview
• Why budget?
• How can you avoid going over your budget?
• Avoid credit and store cards
• Save money
• Stop running up big debts
• Pay for things on time and prioritise
• Enjoy your spending
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How to budget
• Add up all the money you have coming in
• List your essential outgoings: bills, food, rent, fees
• Take away the essential outgoings from your total
income
• Divide this by the number of weeks you will be at
university
• This should give you a weekly disposable budget
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Budget Planner
http://www.ucas.com
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General Tips
• Share course books with friends, then sell if no longer needed
• Complete a HC1 form, which will give you free prescriptions
whilst you’re studying
• Use your NUS card
• Apply for a student travel card
• www.studentbeans.com for discount vouchers
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Any questions?
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Contact Details
Schools, Colleges & Community Outreach Team
0115 848 6089
schoolscolleges@ntu.ac.uk
www.ntu.ac.uk/community
NTU Student Financial Support Service
Tel: 0115 848 2494
email: financial.support@ntu.ac.uk
NTU Disability Support Service
Tel: 0115 848 2085 email: disability.support@ntu.ac.uk
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