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Investing in your future.

Investing in your future. An overview of the outgoings and income support available. Aimee Ellis Student Finance Outreach Officer. Increase of 7.8% across the sector Including a 12.6% increase in mature students Graduates have a higher earning potential.

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Investing in your future.

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  1. Investing in your future. An overview of the outgoings and income support available Aimee EllisStudent Finance Outreach Officer

  2. Increase of 7.8% across the sector • Including a 12.6% increase in mature students • Graduates have a higher earning potential Graduates earn over £100,000 more than those who enter work straight from A Levels School Leaver - £11,000 Graduate - £20,000

  3. Student Finance England

  4. NHS Bursaries • Some healthcare courses do not carry fees and have large NHS bursaries available. • Over £7,000 available in some areas • Contact the Student Grants Unit of NHS for more details on 01253 856123

  5. What happens next? Enter UCAS application Push these details through to Student Finance England Receive final HE finance offer Confirm final course choice Complete Student Finance application Receive provisional offer

  6. Student Finance Information

  7. Overview of finances Incoming Tuition Fee Loan Maintenance Loan Maintenance Grant Bursaries Scholarships Wages & Parental Support Outgoing Tuition Fees Accommodation Living Costs Course Resources

  8. Tuition Fees Up to £3,290 per year* • UK and EU students • Does not have to be paid prior to study • All students can apply for a Tuition Fee Loan * Some courses are sponsored

  9. Tuition Fee Loan • Non-Means Tested • Paid directly to the University • Low interest rate, set at rate of inflation • Repayable after graduation and when earning at least £15,000 • 9% repayment of your annual income

  10. Overview of finances Incoming Tuition Fee Loan Maintenance Loan Maintenance Grant Bursaries Scholarships Wages & Parental Support Outgoing Tuition Fees Accommodation Living Costs Course Resources

  11. Typical Accommodation Costs Average UK rent for university owned accommodation = £81 per week £3159 per year (bills included) Average UK rent for privately owned accommodation = £60 per week £2340 per year (bills not included) *Figures from NUS and Accommodation for Students 14

  12. Typical Accommodation Costs Scotland = £73 pw Edinburgh = £ 68 St. Andrews = £82 North East= £40 pw Sunderland = £44 Durham = £67 North = £58 pw Liverpool = £50 Leeds = £62 South East= £72 pw Southampton = £62 Brighton = £72 London = £102 pw 15 *Figures from NUS and Accommodation for Students

  13. A basic room in our Wessex Lanes Halls costs £65.45 pw £2552.55 per year 16

  14. An en-suite room in our Glen Eyre Halls costs £96.95 pw £3781.05 per year 17

  15. The Galley Restaurant – Connaught Hall Most halls are self-catered with shared kitchens Self-catered kitchen in halls You can have catered facilities. These are typically £30-£40 a week in addition to your rent 18

  16. Maintenance Grants – non repayable Income over £50,021: n/a No maintenance grant payable £1,292 to £50 Income between £35,000 and £50,020: Receive some grant £2,824 to £1,292 Income between £25,001 and £34,999: Receive some grant Income up to £25,000: £2,906 Receive full grant

  17. Maintenance Loan An additional loan to help with living costs • Available to home students • Paid into your bank account in three instalments • How much you can borrow depends upon: • How much Maintenance Grant you receive • Assessed household income (28% income assessed) £4,988 £2,763 £3,564

  18. Studying outside of London, not in parental home

  19. Minimum Support £4,950 Minimum Loan (£3,564) + Parental Contribution (£1,386) 39 weeks = £127 per week Maximum Loan

  20. Overview of finances Incoming Tuition Fee Loan Maintenance Loan Maintenance Grant Bursaries Scholarships Wages & Parental Support Outgoing Tuition Fees Accommodation Living Costs Course Resources

  21. Bursaries All HEIs charging full tuition fees (£3,290) and all students entitled to the full Maintenance Grant (£2,906) will get a bursary of at least £329. http://bursarymap.direct.gov.uk

  22. Bursaries University of Southampton UK Bursary • Household income below £25,000 or less = £1,200 bursary • Household income £25,001 - £35,000 = £600 bursary

  23. Hampshire and Isle of Wight Bursary - £1,000 • A new, full-time UK undergraduate student • Living in or studying at a sixth form or further education college with a Hampshire/Isle of Wight postcode • A UK resident (excluding the Channel Islands and the Isle of Man) • Living in a household with a total income of less than £35,000 • Not already receiving an NHS bursary

  24. Scholarships Each University offers different rewards in the form of Scholarships. The University of Southampton offer over £1 million to the most talented students in all subject areas. For example: Sports Scholarships of up to £3,000 are offered for entrants with outstanding sporting abilities. Art – All first years students given £100 to purchase art materials. A £500 progression scholarship is granted to those that show the most outstanding improvement in their development. Biological Sciences - 15 scholarships of £2,000 to new students based on pre-university qualifications

  25. Disabled Students’ Allowances (DSAs) Stef Webb CELT Partnership Co-ordinator Tel: 023 8059 9026 Email: sw18@southampton.ac.uk Website: www.southampton.ac.uk/studentsupport Dyslexia Depression Mental Health • Non-means tested allowances to meet ADDITIONAL costs • £5,161 for specialist equipment: £20,520 for non-medical help • Requires a full eligibility assessment Autism Physical Disabilities Aspergers Syndrome Complete DSA 1 form Get a copy of any medical evidence and send to SFE Await reply from SFE relating to your eligibility Book appointment with Stef for a needs assessment

  26. Repayment in real terms Average Graduate salary = £20,000 Monthly repayment = £37.50 • 10-15 years to repay • Graduates can take up to 5 years worth of loan breaks • Interest linked to inflation • After 25 years, all debt is wiped clean

  27. Top tips • Go shopping! • Visit the bank!

  28. Student Bank Accounts £2,000 Buffer: not a target! One year to repay after graduation £2,000 £2,000 £3,000

  29. Top tips • Go shopping! • Visit the bank! • Check your contents insurance! • Get a TV License

  30. Remember if you’re going to take a television you’ll need to pay for a licence. A colour license is £142.50 for a year. £1,000 You can claim back the cost for the summer months you won’t be using the license for. Visit www.tvlicensing.co.uk

  31. Other Outgoings – Contents Insurance A real essential. This can be as little as £2 per week to protect all your possessions. Some Halls of Residence fees include basic cover which you should consider topping up. Parents/guardian to check their home insurance policy as some policies can insure family members living away from home. 34

  32. Summary • All students can take a full tuition fee loan • Tuition Fee Loan and Maintenance Loan are the only sums to be repaid • Loans only repaid after graduation and in employment earning at least £15,000 • Grants, bursaries and scholarships are non-repayable

  33. Aimee EllisStudent Finance Outreach Officera.r.ellis@southampton.ac.ukTel: 023 8059 9670

  34. Interesting statistics 87% of all students take student loans (NUS) 50% of all students benefit from grants (NUS) 42% of all students benefit from bursaries or scholarships (OFFA) 45% students not worried about the loan (NUS) 61% see student finance as a normal part of the student experience

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