Understanding Tuition Fees and Living Costs for Higher Education Students in 2012
This comprehensive overview of financing higher education in 2012 details the tuition fees charged by universities, which range from £6,000 to £9,000 annually. Students can utilize Tuition Fee Loans to defer payments until they earn over £21,000 per year. The average first-year living costs total approximately £8,500, covering essentials like accommodation, food, and social activities. Additionally, various forms of student support such as Living Cost Grants and institutional bursaries are available to assist those from lower-income households.
Understanding Tuition Fees and Living Costs for Higher Education Students in 2012
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Presentation Transcript
Financing Higher Education 2012 Entry
Tuition Fees • Universities are charging between £6,000 to £9,000 per year tuition fees. • Students do not have to pay tuition fees ‘up front’. • Students can defer paying the tuition fees by taking a Tuition Fee Loan. • Loan is paid back once finished course,and earning over £21,000 pa.
Living Costs POTENTIAL EXPENDITURE - First Year: Average Costs (2011/12) 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
Living Costs POTENTIAL EXPENDITURE - First Year: Average Costs (2011/12) Accommodation (average~ £156 p/wk – 31 wks, catered) 4830 Books & Equipment 300 Food and Drink (lunch etc at £20 p/wk – 31 wks)620 Clubs, Societies & Sports 275 Clothing 270 TV licence 145 Travel home 150 Toiletries and haircuts 150 Telephone and Internet (approx £100 internet in halls) 300 Social Life (approx. £35 per week) 1085 Housing/Damage Deposit for next year 375 TOTAL £8,500
Student Support • Living Cost Grant (non-repayable) • Means tested on parental income • Up to £3,250 for all new students from lower income households • (under £25k full grant, under £42,600 partial grant). • Living Cost Loan (repayable) • Means tested on parental income • Amount will depend on • how much grant you get • whether you live at home or not • whether you study in London or not • * Up to £5,500 living away from home, study outside London
Student Support Institutional – Bursaries (non-repayable) Depends on the University… Access to Exeter Bursary - 2012
Student Support Institutional –Fee Waivers National Scholarship Fee Waivers vary between institution * Full Fee Waiver for all years of study for Care leavers under the age of 25
Repaying loans • Fee loan and maintenance loan • When? - After leaving course & earning £21,000+ pa • How? - Deductions directly from wages, like tax & NI • How much? - 9% of earnings over £21,000 pa • e.g.(£67.50 per month @ £30,000) • (£30.00 per month @ £25,000) • (£7.50 per month @ £22,000) • Can pay more • If earnings fall, contributions fall • Outstanding debts written off after 30 years
How to make up the difference • Vacation and term time earnings/savings • Scholarships/trusts/charities • Bank overdraft • Extra parental contribution • Additional support is also available for students with additional needs – e.g. students with disabilities or dependents • Hardship funds
How and when to apply How – www.direct.gov.uk/studentfinance download or print off form When – in the early spring in the year of entry
