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Student finance

Student finance. Main topics. What are the costs? How will students pay for it? What are the repayments?. offa. Office for Fair Access (OFFA) proposal written April 2013 OFFA Agreements confirmed July 2013 Check university website for details. What are the costs?. Two main costs :.

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Student finance

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  1. Student finance

  2. Main topics What are the costs? How will students pay for it? What are the repayments?

  3. offa Office for Fair Access (OFFA) proposal written April 2013 OFFA Agreements confirmed July 2013 Check university website for details

  4. What are the costs? Two main costs: • Tuition Fees • Living Costs

  5. Tuition fees £6,000 - £9,000 per year (2013 entry) (Check individual universities and courses for details) Oxford Brookes University £9,000 per year (Undergraduate degrees taught at Oxford Brookes)

  6. Foundation degrees Foundation degree costs may differ to onsite degrees Oxford Brookes University £6,000 per year / £7,000 per year for top up year (Foundation/Bachelor degrees taught in Further Education Colleges)

  7. Living costs

  8. How will students pay for it all? LOANS Non-Repayable Sources Tuition fee loan Maintenance loan Maintenance Grant Bursaries Scholarships

  9. How will students pay for it all? LOANS Non-Repayable Sources Tuition fee loan Maintenance loan Maintenance Grant Bursaries Scholarships

  10. Tuition fee loan £6,000 - £9,000 per year (2013 entry) Tuition fee available to all Fees are paid directly to the university

  11. Maintenance loan To help pay for living costs All full-time UK students eligible (for 65%) Means-tested (35%)

  12. Maximum maintenance loan allowance

  13. How do the loans work? • Loans combined into one amount • Repayments start: • April after the course finishes • Student earning at least £21,000per year Loan wiped after 30 years Interest Rates Inland Revenue

  14. repayments Repay tuition fee and maintenance loan at: 9% of income over £21,000

  15. How will students pay for it all? LOANS Non-Repayable Sources Tuition fee loan Maintenance loan Maintenance Grant Bursaries Scholarships

  16. Maintenance grant Payment up to £3,354 per year (means-tested – not all are eligible)

  17. Application not dependent on household income Applying for: • Tuition Fee loan and • Basic maintenance loan (non means-tested) Student can fill in application without parental information

  18. Applications dependent on household income Before starting online application, the following information is needed: Passport (do not send) OR Birth Certificate University and Course details Bank account details National Insurance number; and Parent’s or partner’s National Insurance number and income details (parents must also register) Applications cannot be processed until all information given

  19. Applying for student finance 1 Fill in and send application online: www.direct.gov.uk/studentfinance 2 Application assessed 3 Financial Notification letter sent

  20. Applying for student finance 4 Online declaration form signed and sent to SFE 5 Payment Schedule Letter sent 6 The student will not receive instalments until they have enrolled with a university

  21. Bursaries and scholarships National Scholarship Programme Cash bursaries Fee waivers Halls discount Check university websites for details University specific financial packages

  22. Bursaries and scholarships

  23. Nhs and social care courses • Tuition paid in full (Nursing, Midwifery, Occupational Therapy, Operating Department Practice and Physiotherapy) • Grant and Loan (non-means tested) • Bursary (means tested) • Social Care • Bursary being reformed for 2013. Consultation will take place in the new year.

  24. Other help Access to Learning Fund (One off-payment) • Disabled Student Allowance • www.direct.gov.uk/studentfinance • Processed by Student Finance England • Student Services can help • Support available for dyslexic students

  25. Other sources of income

  26. Extra income

  27. Extra income Student Account Overdraft Credit Card

  28. How to save money! NUS Card Bulk Buy Value Food Mobile Phone tariff 16 – 25 Railway Card

  29. benefits It opens doors Meet new people Gain a qualification Learn new skills On average, graduates will earn more than non-graduates April 2011, National Statistics More employers require you to have a degree It’s your choice!

  30. Things to remember No upfront fees! • Tuition Fee Loan available to all Living Cost loan • Available to all (amount depends on household income) Loan Repayments • Tuition and Living Cost loan combined • Repayment amount depends on salary • Loan wiped after 30 years Grants, Bursaries and Scholarships available (not all eligible) Part-time work

  31. ALL YOU NEED TO KNOW ABOUT UNIVERSITY www.unipodadvice.com

  32. Useful websites FINANCE:www.gov.uk/studentfinance www.brookes.ac.uk/studying/finance www.nhsbsa.nhs.uk/students (NHS and Social Care courses) BROOKES:www.brookes.ac.uk

  33. Any Questions?

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