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Let’s <strong>talk</strong> about… Student finance Becoming a student may be the first time you have had to take full responsibility for your own finances. It’s really important to keep control of your money by budgeting as your expenses will probably include not only accommodation, food, books and transport but insurance, mobile phone bills, TV licence, clothes and social life. Managing your money It’s a good idea to open a bank or building society account if you don’t already have one, and there are loads of books on sources of funding, work opportunities, budgeting and financial survival. There are also websites that can help you calculate realistic budgets for student life – see page 27. If you feel you are getting into financial difficulties, act fast and <strong>talk</strong> to your family, student debt counsellor and your bank or building society. Sources of funding Government funding for HE students has been changing over the past few years. There are two main costs – tuition fees and living costs. Below is the latest information available for students starting their courses in 2012 but check M www. direct.gov.uk/studentfinance regularly for updates. A student loan is money lent to you to help with your tuition fees and living costs while you study, which you will have to pay back. You don’t have to pay back any grants, bursaries or scholarships you receive. • Tuition Fee Loan From September 2012, universities and colleges in England can charge new, full-time students tuition fees of up to £9,000 and new part-time students up to £6,750 a year. (There are no restrictions on how much private universities and colleges can charge). These fees don’t have to be paid upfront; instead you can pay them by taking out a Tuition Fee Loan. How much loan you receive isn’t affected by your household income. New full-time students (including fulltime distance learning students) can get a loan of up to £9,000. New full-time students on an approved course at a private university or college can get up to £6,000. If you are on a part-time course (which is at least 25% of a full-time course in each academic year) you can get up to £4,500. The Tuition Fee Loan is paid direct to your university or college. • Maintenance Loan for Living Costs Full-time students including those on approved private courses (but not distance learning or part-time students) can also take out a student loan to help cover living costs. The loan is paid into your bank account at the start of each term. The amount you get depends on where you live and study, and your household income. The maximum Maintenance Loan for students starting in 2012/13 is: - £4,375 if you live at home - £5,500 if you live away from home and study at a university/college outside London - £7,675 if you live away from home and study in London. • Repayment of Student Loans After completing their courses, fulltime and part-time students start repaying their student loans once they are earning over £21,000. (If you earn less than £21,000 you don’t make any repayments). You repay your loans back at a rate of 9% of your income over £21,000. This is taken direct from your salary along with tax and National Insurance. Interest is charged on your loan at the rate of inflation plus a percentage relating to how much you earn. See M www.studentloanrepayment.co.uk • Maintenance Grant for Living Costs Full-time (but not part-time) students can apply for a Maintenance Grant to help with living costs. This doesn’t have to be paid back. If your household income is £25,000 or under, you can get a full grant of £3,250. If it’s between £25,000 and £42,600 you can get a partial grant. • Scholarships, Bursaries and Awards From 2012 there will be a £150 million National Scholarship Programme to help students from families with a household income of less than £25,000 a year. Each university/college will decide what support they are offering so check on their websites for details. • Childcare Grant, Parents’ Learning Allowance and Adult Dependants’ Grant Students with a dependent adult or children can apply for a range of allowances and grants. These don’t have to be repaid. Q I am not sure about going to university – it seems such a big step to take and I might end up with loads of debts. Am I right to be worrying about it so much? A Have you thought about going to a local university? An increasing number of young people are living at home while studying for their degree. You’ll probably save on rent, washing and food and you’d also be in familiar surroundings. Remember, however, that part of the HE experience is the opportunity to be independent and have total responsibility for your own day-to-day life. Living at home would clearly change this experience for you but for some students staying at home would reduce their worries about moving to a new place with new people around them. 18 for local info, help and advice, check out M www.connexionsoxfordshire.com
• NHS Student Bursaries Many healthcare diploma or degree courses attract this type of funding – nursing, midwifery, operating department practitioners, audiology, chiropody/podiatry, dietetics, dental hygiene/therapy, occupational therapy, orthoptics, physiotherapy, prosthetics & orthotics, radiography/radiotherapy, and speech & language therapy. Those studying medicine or dentistry may be eligible for this type of funding from year 5 of their course onwards. For more information visit M www.nhsbsa.nhs.uk/students or T 0845 358 6655 • Social Work Bursaries These are available for degree courses in social work. For further information see M www.nhsbsa.nhs.uk/students or T 0845 610 1122 • Charities and Educational Trusts Students who meet specific criteria may be able to obtain small amounts of funding from charities and educational trusts. See useful resources and websites on pages 24-27. Also contact the Educational Grants Advisory Service via M www.family-action.org.uk or T 020 7241 7459 Tuesday to Thursday 2.00pm – 4.00pm • Part-time work During term time many students take part-time jobs to earn extra cash. This doesn’t affect your entitlement to student finance. Universities often have their own student employment agency advertising jobs around the campus and the university’s careers service may have details of local part-time work. Many courses now include a sandwich year that will give you the opportunity not only of gaining valuable work experience but a good salary too. Top Tip! • Get a travel discount card. • Use the union facilities, as these may be cheaper. • Buy second hand textbooks or use the library. • Eat in rather than out. The cheapest way is to pool resources with your housemates and shop together. • Go supermarket shopping late in the day when fresh food is often reduced in price. Look out for special offers. • Cinemas and clubs often have cheap student nights. • Get a part-time job and work during your holidays. • Don’t forget the benefits of your NUS card – lots of shops offer discounts. Applying for student finance Applications for student finance are dealt with centrally by Student Finance England. You can apply online at the same time as you are applying for courses through M www.ucas.com, or via the M www.direct.gov.uk/studentfinance website. This includes a student finance calculator, so you can work out how much you are likely to receive. It’s best to apply as soon as possible. You don’t have to wait until you have a confirmed HE place, just complete the application using your first choice course and then change the details later if necessary. If you have a disability or learning difficulty, you may be able to get extra funding to help with expenses incurred as a result of your additional needs – see page 13. Students considering applying for places at dance, drama and music colleges should contact the colleges individually for advice about the type of funding available. Most of their HE courses entitle students to receive student finance under the national scheme, although fee arrangements vary between courses – see page 2. For more information • A range of guides, fact sheets and forms can be viewed/ downloaded at M www.direct.gov.uk/studentfinance including: - A guide to financial support for new full-time higher education students - Student Loans: a guide to terms and conditions - Higher education student finance: how you are assessed and paid - Bridging the gap: a guide to the disabled students’ allowances (DSAs) in higher education You can get Braille, large print and audio versions of the guides, fact sheets and forms by phoning T 0141 243 3686 or emailing M brailleandlargefonts@slc.co.uk • Student Finance England PO Box 210 Darlington DL1 9HJ T 0845 300 5090 T 0845 604 4434 textphone Monday to Friday 8.00am – 8.00pm Saturday and Sunday 9.00am – 5.30pm got a question? Then email us at M askconnexions@oxfordshire.gov.uk 19
Page 1 and 2: 2011-2012 Let's talk about… Choic
Page 3 and 4: Thinking about higher education? Ch
Page 5 and 6: How are the courses structured? Sin
Page 7 and 8: HISTORY • American Studies • An
Page 9 and 10: Studying abroad Studying or working
Page 11 and 12: ✓ Applications calendar YEAR ONE
Page 13 and 14: The UCAS Tariff POINTS GCE AS / AS
Page 15 and 16: Information for students with disab
Page 17 and 18: Completing your personal statement
Page 19: UCAS Extra, Clearing and Adjustment
Page 23 and 24: Taking a gap year More young people
Page 25 and 26: What next after university? The Wha
Page 27 and 28: Student finance • The Complete Un
Page 29 and 30: Student finance M www.direct.gov.uk
Page 31 and 32: MONEY 16 - 19 Bursary Fund (help if

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