Student Finance The Fact and Figures Student Recruitment and Outreach
What does it cost to go to University? Two main costs Tuition Fees -> Covers the cost of your Studies Most charge 9,250 Living Costs -> Covers the cost of living Accommodation Food Social activities Travel
Average Weekly Cost for an Aston Student in 2018 (Living away from home) Average living expenses per week if you live away from home:- Rent 80-115 for a standard room Rent 115-150 for an en-suite Mobile & internet 7 Food and toiletries 40 Books and resources 10 Socialising 30-50 Laundry 5 TV licence 4 Clothes 10 Travel 6 Other e.g. presents/ sport 5-15 Lowest Estimate: 197 per week Highest Estimate: 281per week 7,486 10,678
Financial support available What funding is available to help me? When do I need to make repayments? How to apply for financial support
Tuition Fee Loan - Repayable Tuition Fee Loan covers your tuition fees Non-means tested & available to everyone It s not compulsory - can pay full/part of the tuition fee if you wish 1-9,250 Paid directly to the University by the Student Loans Company Each year you may choose whether to ask for this loan No penalties for early repayment
Maintenance Loan - Repayable Parental home Live at home while you study Up to 6,904 Elsewhere Live away from home & study outside London Up to 8,200 London Live away from home & study in London Up to 10,702 i If studying overseas as part of a UK course, Maintenance Loan support is still available; up to 9,391 for 2016/17.
Scholarships Vary by institution Depend on circumstances and are often linked to household income Certain courses qualify for bursaries such as some Sport and Music courses Scholarships are also rewarded for a students academic achievements Scholarships can be rewarded in various ways depending on individual institutions Aston currently has a care leavers scholarship
Payment Process Tuition Fee Loans: Are paid directly to the institution in separate instalments. Maintenance Loan: Paid directly into the student s designated bank account Core Student Finance is paid in 3 instalments. The 1 st instalment triggered by enrolment. The 2 nd & 3 rd instalments are automatically paid at the start of each subsequent term * The Payment Process for Bursaries, Scholarships and Grants will differ according to each individual University
Additional Sources of Income Start saving whilst in school/college...even if it s only 10 a week Part time work in term time and/or vacations (not more than around 16 hours a week!) Consider a paid placement year as past of your degree Financial help from family members Food parcels/online shopping Young person s railcard Student bank accounts NUS Card and discounts
When do I have to pay it back? Repayments Graduates pay back Student Loans NOT Students Repayable only when you are earning over 21,000 per year Repay 9% of income above 21,000 e.g. You earn 25,000 a year Re-pay 9% of 4000 = 360 per year, 30 per month Tuition Fee Loan and Maintenance Loan become one Not until beginning of tax year (April 1 st ) after you graduate Any outstanding balance after 30 years is cleared Good Debt VS Bad Debt
Repayments Graduate Tax Tax Code Tax month NI Category Legislation Currency National Insurance Payment/ Benefit Cash A UK British Pounds JK569823L Basic Pay 1850.97 Deductions 435.95 Tax 190.00 NI 130.95 Pension 85.00 Student Loans 30.00 Left with 1415.02
Income each year before tax Income from which 9% will be deducted Approximate Monthly Repayment 21,000 0 0 25,000 4,000 30 30,000 9,000 67 35,000 14,000 105 40,000 19,000 142 45,000 24,000 180 50,000 29,000 217 60,000 39,000 292! Any outstanding loan balance will be cleared 30 years after entering repayment
What do I do next? Applying for Student Finance Applications should be made to SFE as soon as possible to ensure payments are made at the start of the academic year. Usually open late January/February (2018) Apply online www.gov.uk/studentfinance Deadline for new applications is the end of May (2018) No need to wait for a confirmed offer All personal and course data can be transferred from UCAS application Tick share details (UCAS/Universities) Contact SFE on social media channels quicker responses and notify them of any changed circumstances
Its Your future! Any questions? sro@aston.ac.uk