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-allworks/undergraduate/tracking-yourapplication/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
What support can students get?
Tuition Fee
Loan
Living cost
loan/grant
Additional
Support
University Finance
Expense
Tuition fees
How
much
Up to
£9000
Help
available
Tuition Fee
Loan for full
amount.
Available to
all students
When paid
back
At end of
course
when
earning
over
£21,000
University Finance
Expense
How
much
Help
available
When paid
back
Living costs
Estimated
£8000 per
year
Student
Maintenance
Loan
Repayable
from end of
course when
earning over
£21,000
Grants and
bursaries do
not have to be
paid back
Grants
Bursaries
University Finance
Student
Maintenance
Loans
Maximum
(amount
depends on
family income
and grant)
Up to £5740
Minimum
(Family Income
over £62132)
Up to £4565
£2871
Living in London Up to £8009
£5038
Living away
from home
Living at home
£3610
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 meanstested, 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 £3387 to £50
£42,620
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
Total
for living
costs
Max Tuition
Fee Loan
Note: not all
courses will
cost £9,000
Max
amount
borrowed
Excluding
interest
£25,000 & under
£3,387
£4,047
£7,434
£9,000
£13,047
£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
University
or college
Scholarship,
Bursary, Fee
Waiver etc.
Ask
university or
college
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 Finance
Salary
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 Finance
Additional finance may be available to you but
this will depend on the individual universities
1. Student Bursaries
2. Fee Discounts
3. Scholarship
4. Hardship Funds
Also 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 Finance
Bursaries 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/underg
raduate/documents/GSF%20201415%20Entry%20(web).pdf
is a useful guide to student finance
produced by Newcastle University