Student Finance 2017

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Shannon Fletcher
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1 Student Finance 2017

2 What we will cover What we UCAS timeline What do you have to pay for? Available funding Earning extra cash How to apply Repaying your student loans Useful links

UCAS Process Timeline September (Year 13) UCAS opens for applications 15 October (Year 13) Deadline for Oxbridge, Medicine, Dentistry, Vet Science 15 January (Year 13) Main UCAS application deadline

3 UCAS Process Timeline September (Year 13) UCAS opens for applications 15 October (Year 13) Deadline for Oxbridge, Medicine, Dentistry, Vet Science 15 January (Year 13) Main UCAS application deadline 24 March (Year 13) Deadline for some Art & Design courses 25 February (Year 13) UCAS Extra opens for applications Jan/Feb (Year 13) Student Finance England opens for applications 8 June (Year 13) Deadline for students to make Firm & Insurance choices Early June (Year 13) Deadline for Student Finance England to guarantee funding July/August Results Day Clearing Adjustment

4 What do you have to pay for at University? 1. Tuition Fees - People to teach me - Facilities to be taught in - Resources - Up to 9,250 per year of study - No up-front payment required - Tuition Fee Loan for all UK students 2. Living Costs - Everything else! - Rent, bills, food, clothes, laundry, social life, transport - Average cost of student living 12,056 per year - Maintenance Loan - Scholarships and Bursaries

5 Available funding 1. Tuition Fees Up to 9,250 per year of study Tuition Fee Loans available for all UK students Apply online via Student Finance England Full or partial loans available Paid directly to the institution

6 Available funding 2. Living Costs Maintenance Loan Scholarships Bursaries Additional support

Available funding Maintenance Loan All UK students entitled to a loan The amount you get depends on: where you study where you live whilst studying your household

7 Available funding Maintenance Loan All UK students entitled to a loan The amount you get depends on: where you study where you live whilst studying your household income Apply online through Student Finance England Paid directly to your bank account Repayment starts in the April after graduation once earning above 21,000 per year

8 How much am I entitled to for 2017 entry? 100% Guaranteed amount Studying locally, living at home 7,097 3,124 Studying away from home, outside London 8,430 3,928 Studying away from home, in London 11,002 5,479

9 Additional funding Scholarships and Bursaries Available from a range of sources Institution specific e.g. University of Lincoln Excellence Scholarship worth 1,000 Dependent on your circumstances Check application process Non-repayable

11 Additional funding Additional support Disabled Students Allowance Adult Dependents Grant Childcare Grant Parents Learning Allowance Social Work Bursary All of the above are non-repayable

12 Earning extra cash Part-time job Student Ambassador roles Full-time job during holidays Placement or internship Student bank account interest free overdraft Budget wisely Bank of mum and dad??

13 Funding re-cap Funding source Who is eligible? What s it worth? Repayable or non-repayable? How to apply? Tuition Fee Loan All UK students Up to 9,250 per year Repayable Online via SFE Maintenance Loan All UK students Up to 8,430 (outside London) Scholarships and Bursaries Repayable Online via SFE Various criteria Varies Non-repayable Direct to provider check! Additional support Students with additional needs or circumstances Varies Non- repayable Online via SFE

14 How to apply Apply for Student Finance online Applications usually open end of January Fill in all your details and submit online form Household income assessed You don t have to wait until you have a place before you can apply

Repaying your loan Repayment starts in the April after graduation Tuition Fee Loan and Maintenance Loan added together Repay through the UK tax system, directly

15 Repaying your loan Repayment starts in the April after graduation Tuition Fee Loan and Maintenance Loan added together Repay through the UK tax system, directly from your salary Self employed calculated on your yearly accounts submission Repay once earning above 21,000 per year Repay at a rate of 9% of your earnings over 21,000

16 Repaying your loan Annual Salary Amount above 21,000 threshold Annual repayment amount 20,000 Nil Nil Nil Monthly repayment amount 22,000 1, ,000 4, ,000 9, ? 40,000 19,

FAQ Bigger borrowing does not equal bigger repayments; repayment is based on what you earn, not what you owe If your salary drops below 21,000 at any point, repayments will

17 FAQ Bigger borrowing does not equal bigger repayments; repayment is based on what you earn, not what you owe If your salary drops below 21,000 at any point, repayments will automatically stop Student loans will be written off after 30 years Interest is charged on the loans at a rate of RPI plus up to 3% Student Loans will not appear on credit files Mortgage applications

18 FAQ Quiz:

19 Thanks for listening Any questions? Open Days: Saturday 8 th October Wednesday 12 th October Saturday 29 th October Saturday 19 th November Wednesday 30 th November University of Lincoln Challenge: 5 th July: The Midlands - Lincoln 7 th July: The North - Leeds 11 th July: The West - Birmingham 12 th July: The South - London 13 th July: The East - Cambridge Great Minds: 10 th October: Lord Victor Adebowale - Politics - Law 20 th October: Rory Underwood - Sports - Uniformed Services - Business 24 th November: Suzanna Taverne - Media Contact Us: enquiries@lincoln.ac.uk

Student Finance: A Parent s Guide. By Kimberley Lloyd Schools and Colleges Liaison Officer

Student Finance: A Parent s Guide By Kimberley Lloyd Schools and Colleges Liaison Officer Student Finance: A Parent s Guide Overview of a Student s Finances The Student Finance Package How to Apply What