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Student Finance 2012 Onwards

This guide provides an overview of student finance options available to students at the University of Leicester from 2012 onwards. It covers tuition fees, maintenance support, scholarships, loan applications, and how to manage finances through budgeting. Detailed case studies illustrate practical examples of financial support. Additionally, it addresses means testing based on household income, various grants available for students with disabilities or dependents, and repayment plans for loans after graduation. A must-read for prospective and current students!

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Student Finance 2012 Onwards

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  1. Student Finance 2012 Onwards Louise Carr School and College Services University of Leicester

  2. Student Finance • How it works & what you can get • Case studies • Budgeting and money management

  3. University of Leicester Funding • Scholarships

  4. How to apply • Apply through Student Finance England online • Means testing based on previous tax year (i.e. April 2011 - April 2012) • Can apply for “Current Income Assessment” if income changes (more than 15%) • Link to UCAS application • www.direct.gov.uk/studentfinance

  5. Tuition Fees • Will vary according to institution up to £9,000 per year • Student Finance will provide full Tuition Fee Loans for eligible students • Fees go directly to the university • Students/parents do not pay fees – Graduates do

  6. Tuition Fees at Leicester • The standard tuition fee for all undergraduate courses at Leicester is £9,000 per year • Foundation year - £6,000 • Erasmus year - £1,250 • Other year abroad - £1,000 • Year in industry - £1,000 • M Level degree final year - £7,000

  7. Maintenance Support • Maintenance loan and grant • Paid by Student Finance England to the student • Means-tested based on household income • Influenced by where the student studies • London • Staying at home • Elsewhere

  8. Maintenance Loans/Grants

  9. Additional support • Disabled Students’ Allowances • Additional grant • Help for students with children • Childcare grant • Parents’ Learning Allowance • Adult Dependants’ Grant • Access to Learning Fund • Financial hardship

  10. University of Leicester Recap on funding • Scholarships

  11. Scholarships at Leicester • Chancellor’s Scholarship • £2,000 annual fee waiver • AAA at A-level (or equivalent) • Departmental Scholarship • £1,250 annual fee waiver • Varying academic criteria

  12. Scholarships at Leicester – cont. • Leicester National Scholarship Programme • £2,000 annual fee waiver • £1,000 annual cash award • Students who have academic ability and whose household income falls below £25,000 are eligible to apply Latest scholarship information: www.le.ac.uk/fees

  13. Loan Repayments • Eligible to start repaying the April after graduation • No repayments until you are earning above £21,000 • Repayment = 9% of income above £21,000 • Any outstanding repayments will be written off after 30 years

  14. Loan Repayments - Examples • There will be no penalty fees for early repayment

  15. Case Study A: Anjali, Leicester • Household income £25,000, away from home • Tuition Fee Loan = £9,000 • Maintenance Loan = £3,875 • Maintenance Grant = £3,250 • £182 per week for 39 weeks • Earning £24,000 = repayments of £22.50 per month / £5.63 per week

  16. Case Study B: Mark, Leicester • Household income £62,500, away from home • Tuition Fee Loan = £9,000 • Maintenance Loan = £3,575 • Maintenance Grant = £0 • £91 per week for 39 weeks • Earning £19,695* = repayments of £0 per month / £0 per week * Average Graduate wage (1st year after uni) – prospects.ac.uk

  17. Impact on Families - Bank of Mum & Dad™ • Structure of maintenance loans and grants places an expectation on wealthier families to contribute more towards living costs • Parents/carers don’t need to bankroll 3 years of full living expenses even if they can afford to! • Parents/carers should feel comfortable for students to take out the loans and to encourage financial responsibility

  18. Impact on Families - Paying up Front? • Over 3-4 years of study, this could amount to a lump sum up to £36,000 • Could this be invested in something else? • Speak to financial advisers

  19. Budgeting

  20. Budgeting

  21. Will students have enough money? • Part time job • Full time job during the summer • Parents/family/savings • Student bank account • Credit card?

  22. Useful Websites • University of Leicester funding & welfare pages: • www.le.ac.uk/feeswww.le.ac.uk/welfare • NHS Bursaries: www.nhsbsa.nhs.uk/students • Student Finance England: www.studentfinance.direct.gov.uk/ • Uni Aid (budgeting): http://www.brightsideuniaid.org/ • Uni profiles + cost of living info: www.push.co.uk • Martin Lewis: http://www.moneysavingexpert.com/family/student-loans-tuition-fees-changes • Careers advice and statistics: www.prospects.ac.uk

  23. Any questions?

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