UCAS: NEXT STEPS
UCAS PROCESS
Post-application outcomes:
Unconditional offer
Conditional offer
No offers
UCAS: Next Steps & Student Finance
UNCONDITIONAL OFFER
Need to sign-in to UCAS and reply to offers
UCAS: Next Steps & Student Finance
CONDITIONAL OFFER
Need to sign-in to UCAS and reply to offers
May accept 1 firm and 1 insurance space
After exam results
 Results sufficient:
 Place confirmed: Applicant accepted
 Opportunity to use ADJUSTMENT if you did better then your firm offer
 Results insufficient:
 EXTRA or CLEARING
UCAS: Next Steps & Student Finance
NO OFFERS
Opportunity to use UCAS EXTRA
 Can apply again making 1 more choice
 Can use extra as many times as needed until clearing starts (bear
in mind it will take up to 21 days each time)
Opportunity to use UCAS CLEARING
 16 August after results – COME IN EARLY ON RESULTS DAY
 For those who applied late or did not secure the grades necessary to get into their
original choices
UCAS: Next Steps & Student Finance
NO CASH IS REQUIRED UPFRONT
Student Finance (England) will pay fees to universities on
your behalf
Student Loans Company will pay you money to cover
living costs
- These loans are received in 3 instalments
- Most universities will take payment of accommodation
and other key fees in 3 chunks
UCAS: Next Steps & Student Finance
REPAY ONCE FINISHED AND EARNING ENOUGH
Only repay on salary over £21,000
If you never earn above this you will
never pay anything
UCAS: Next Steps & Student Finance
LOANS
Tuition Fee Loans
-
Available to all. Paid direct to university
Maintenance Loans
-
Cover cost of living
-
3 instalments direct to bank account
-
Amount depends on whether you live at home or not
-
Max loan: £4,375 (living with parents), £5,500 (away from home), £7675
(London)
-
65% guaranteed. 35% parental income assessed
UCAS: Next Steps & Student Finance
GRANTS
If your household income is LESS than £42,600
You can get a non-repayable grant as well
UCAS: Next Steps & Student Finance
EXAMPLE: LIVING AWAY FROM HOME
Household
Income
Non-repayable
grant
Maintenance
Loan
TOTAL
< £25,001
£3,250
£3,875
£7,125
< £30,001
£2,341
£4,330
£6,671
< £35,001
£1,432
£4,784
£6,216
< £40,001
£523
£5,239
£5,762
< £45,001
£0
£5,288
£5,288
< £50,001
£0
£4,788
£4,788
< £55,001
£0
£4,288
£4,288
< £60,001
£0
£3,788
£3,788
> £62,500
£0
£3,575
£3,575
UCAS: Next Steps & Student Finance
UNIVERSITY SUPPORT
Universities pay Bursaries and Fee Waivers for students where tuition fees
are greater than £6,000. These are linked to INCOME except for
SCHOLARSHIPS which while similar to a bursary depend on academic
ability.
Bursary
-
Immediate money
Fee Waiver
-
Reduces your overall debt
Generally Bursary is the better option
UCAS: Next Steps & Student Finance
PAY UPFRONT
You are entitled to pay upfront if you want/can:
- £9000 per year = £27,000 for a 3 year course
Pros:
- No debt and repayments
Cons:
- You might not have to repay so much depending on the
salary you earn after graduation
UCAS: Next Steps & Student Finance
EXTRA HELP IF…
-
You care for adults or children
-
Disabled students’ allowance (can include mental health)
-
Leaving care
-
Please see Mr Wheatley if you think any of these may apply –
application and assessment can take time
UCAS: Next Steps & Student Finance
YOU REPAY 9% OF WHATEVER YOU EARN OVER
£21,000
SO IF YOU EARN £22,000 EACH YEAR YOU WILL
REPAY 9% of £1,000 = £90
(£7.50 a month)
IF YOU ARE AN EMPLOYEE THIS IS DEDUCTED
AUTOMATICALLY FROM YOUR SALARY
UCAS: Next Steps & Student Finance
EARN UNDER £21,000 AND YOU
NEVER REPAY
AFTER 30 YEARS ANY REMAINING
AMOUNT IS WRITTEN OFF
UCAS: Next Steps & Student Finance
INTEREST
Interest is charged on your loan
- While you earn under £21,000 this
interest equals the inflation rate (i.e.
your loan is no more expensive in real
terms)
- Over £21,000 you start to pay up to 3%
more than inflation rate
UCAS: Next Steps & Student Finance
SO WHAT DOES IT MEAN FOR ME:
You will repay £540 a year LESS than current graduates
For most there is NO DIFFERENCE between fees of £6,000 and £9,000 as you would
not repay £6,000 in full in 30 years let alone the £9,000
UCAS: Next Steps & Student Finance
EARNINGS
CURRENT ANNUAL
REPAYMENT
CURRENT MONTHLY
PAYMENT
NEW ANNUAL
REPAYMENT
NEW MONTHLY
REPAYMENT
£15,000
-
-
-
-
£16,000
£9
75p
-
-
£21,000
£540
£45
-
-
£22,000
£630
£52.50
£90
£7.50
£30,000
£1,350
£112.50
£810
£67.50
£40,000
£2,250
£187.50
£1,710
£142.50
£50,000
£3,150
£262.50
£2,610
£217.50
UCAS: Next Steps & Student Finance
IT ALSO MEANS
You will owe money for longer and under certain circumstances pay more
Eg. Total borrowing of £14,500 (£9000 fees and £5,500 loan):
Starting salary
Amount repaid
All paid off in 30
years?
£10,000
-
No
£20,000
£7,000
No
£30,000
£43,000
No
£40,000
£77,000
No
£50,000
£68,000
Yes - 21 years
UCAS: Next Steps & Student Finance
APPLY NOW…. BECAUSE
-
All Uni details are pulled through automatically in the summer once you have
accepted – 1 less thing to worry about
-
Student Finance get busy later in the year and can’t always process applications
in time for you to get the money at the start of term
-
APPLY TODAY!
- 31 MAY DEADLINE TO GUARANTEE
FUNDS FOR SEPTEMBER
UCAS: Next Steps & Student Finance
UCAS: Next Steps & Student Finance