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Financing Higher Education

Financing Higher Education. 2011 Entry. Which is the most expensive place to get a degree?. Oxford University Imperial College, London Exeter University Plymouth University North Devon College. Fees. Universities are charging £3375 per year tuition fees.

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Financing Higher Education

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  1. Financing Higher Education 2011 Entry

  2. Which is the most expensive place to get a degree? Oxford University Imperial College, London Exeter University Plymouth University North Devon College

  3. Fees • Universities are charging £3375 per year tuition fees. • Students do not have to pay course fees ‘up front’. • Students can defer paying the fees by taking a fee loan.

  4. What do students spendtheir money on?

  5. Living Costs POTENTIAL EXPENDITURE - First Year: Average Costs (2009/10) Accommodation Books & Equipment Food and Drink Clubs, Societies & Sports Clothing TV licence Travel home Toiletries and haircuts Telephone and Internet Presents Social Life Housing/Damage Deposit for next year TOTAL

  6. Living Costs POTENTIAL EXPENDITURE - First Year: Average Costs (2009/10) Accommodation (av. £144 p/wk – 31 wks, catered) 4464 Books & Equipment 300 Food and Drink (lunch etc at £25 p/wk – 31 wks) 775 Clubs, Societies & Sports 190 Clothing 200 TV licence 150 Travel home 150 Toiletries and haircuts 125 Telephone and Internet (approx £85 internet in halls) 300 Presents 150 Social Life (approx. £35 per week) 1085 Housing/Damage Deposit for next year 320 TOTAL £8,209

  7. Student Support Institutional – Bursaries Statutory: If fees are £3375 per year students on full maintenance grants will receive £338 per year. Discretionary: Many Universities will be offering larger bursaries. These may be a mix of cash and ‘in kind’ payments and will have different criteria. UK Access to Exeter Bursary - 2011

  8. Student Support Maintenance GrantsMeans tested on parental income Up to £2,906 for all new students from lower income households (under £25k full, under £50k partial).

  9. Maintenance Loans Means tested on parental income – have to be repaid All students can have 72% of the maximum. Remaining 28% depends on household income and grant For 2011/12 first year students: Students don’t have to take out the full student loan.

  10. Repaying loans • Fee loan and maintenance loan • When? - After leaving course & earning £15,000+ pa. • How? - Deductions directly from wages, like tax and NI  • How much? - 9% of earnings over £15,000 pa. • (£22.50 per month @ £18,000) • (£75 per month @ £25,000) • Can pay more  - will be able to take 2 year payment ‘holiday’ • If earnings fall, contributions fall • Outstanding debts written off after 25 years

  11. How to make up the difference • Income - £1500 bursary + £2906 grant + £3497 loan • Outgoings - £8205 • Vacation and term time earnings • Extra parental contribution • Bank overdraft • Scholarships/trusts/charities • Additional support is also available for students with additional needs – e.g. students with disabilities or dependents

  12. How and when to apply. How – www.direct.gov.uk/studentfinance download or print off form

  13. Any questions?

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