Aims of workshop1. Deliver key finance/funding messages to

young people2. Consider the wider issues around student

funding and budgeting3. Understand some of the terminology4. Consider the “What if scenarios”5. Identify the help available so you can provide

good IAG (Information, advice and guidance)

FinishStart

Can you afford to go to University?

GrantsGovernmentScholarships/bursariesDisabled student allowancesStudent parents

LoansTFL – Non means testedML – Means tested

Additional supportStudent Funding officesAccess to learning fundEmergency loansSenior Tutors

FinishStart

Can you afford not to think about going University?

Opportunities

Earnings

Enrichment

Government LoansTuition Fee Loan (TFL)• Pay for tuition fees for 1st

Degree

Non means-testedPaid direct to institutionApply each yearRepayable – £21k pa

Maintenance Loan (ML) • Pay for associated living &

learning costs (rent, food, bills, books, materials etc)

65% non-means tested 35% means tested household incomeRepayable - £21k pa

Non-means tested – An award made without looking at household incomeMeans-tested – An award made following assessment of household incomeHousehold income – The taxable income of the household in the 2013/14 tax year is used to determine how much financial support a student can receive. The figure is based on the financial information provided by a student’s sponsor (parent, husband, wife or civil partner).

Government GrantsMaintenance Grant (MG)

• Help with living & learning costs

100% means-tested on household income

Payable if household income is below £42,620

Maximum available £3,387

Non-repayable

Living cost support from government(Not London and not home) 2015/16

Income Maintenance Grant (MG)

Maintenance Loan (ML) MG + ML

£25,000 and below £3,387 £4,047 £7,434£30,000 £2,441 £4,520 £6,961£35,000 £1,494 £4,993 £6,487£40,000 £547 £5,467 £6,014£42,620 £50 £5,715 £5,765£42,875 £0 £5,740 £5,740£45,000 £0 £5,519 £5,519£50,000 £0 £4,998 £4,998£55,000 £0 £4,476 £4,476£60,000 £0 £3,955 £3,955£62,143 and above £0 £3,731 £3,731

Other Support

Special Support Grant (SSG)Means tested

Replaces the Maintenance Grant for certain students who, as full-time students can claim income-related benefits.

Disabled Students’ Allowance (DSAs)Non-means tested

Available to students who have extra costs because of a disability, long-term health condition or specific learning difficult.

Childcare Grant (CCG) Means tested

Available for full-time students who have dependent children under 15 (under 17 if the child has special educational needs) in registered or approved childcare.

Parents’ Learning Allowance (PLA)Means tested

Available to help with course related costs if a student has dependent children.

Adult Dependant’s Grant (ADG)Means tested

Available to help students who have an adult who depends on them financially.

Income related benefits – Income Support, income based Job Seekers Allowance, Income related Employment and Support Allowance, Housing Benefit, Council Tax Benefit, Pension Credit, Universal Credit

How do repayments work?

In April after you have completed or left your

studies

When your are earning over £21,000 a year,

£1,750 a month or £403 a week

Loan balances are added together and repaid through your salary

(Gross)

Repay 9% of your income over the threshold

You can make payments to your loan at any time

If your income drops below the threshold your

repayments stop

After 30 years, your loan will be written off, regardless of how much you have repaid.

Will I be charged interest?

Income under £21,000

RPI only

Income between £21,000 and £41,000

RPI + Up to 3%

Income above £41,000

RPI + 3%

• Interest accrues as soon as the instalments are paid

• Whilst you are studying the interest rate will be Retail Prices Index (RPI) +3%. This is currently 6.3%.

Example repayment figures Head Teacher £100,000 £592.50 per month

Deputy Head £57,500 £273.75 per month

Assistant Head £42,800 £163.50 per month

Faculty Head/Curriculum Lead

£34,500 £101.25 per month

Qualified Teacher £25,000 £30.00 per month

Newly Qualified Teacher £21,800 £6.00 per month

Unqualified Teacher £18,000 Nil

Applying for student finance

Online application form

You don’t need to have confirmed your

place

Applications open in New YearApply online www.gov.uk/studentfinance

The ProcessEvidence of your identity

(passport, birth or adoption certificate)

Financial evidence of household income from

prior tax year ending April 2013

(parent/carers NI numbers)

Automatic ‘opt in’ to share information (helps with scholarship/bursary

provision)

Sign the declaration form and send back to the SLC

Update your choice once confirmed if necessary

Institution confirms your attendance at enrolment

You will receive your maintenance loan and or grant to your bank account in 3 termly instalments.

What if?• Our family income changes (loss of job, retirement,

redundancy)• I withdraw from university• I want to have time out• I want transfer university/course• I’m a care leaver and have no-where to stay during

vacationInform Student Finance England of a Change of Circumstances (CoC) redundancy, withdrawal, suspend, repeat, change course – mid-year

Where to go for help• Student Funding Office for additional funding

– Access to Learning Fund (ALF) Fund of last resort– Emergency Loans (pay-back, no interest)

• Students Union – independent advice on student related issues (some offer debt advice)

• Student Support Services– Counselling – Study support– Senior Tutors (Some have access to small funds)

• Citizens Advice Bureau – independent advice– Debt advice

Living and learning on a

budget

Living cost support from government(Not London and not home) 2015/16

Income Grant Loan Grant & loan

Weekly (39 weeks)

£25,000 and below £3,387 £4,047 £7,434 £190£30,000 £2,441 £4,520 £6,961 £178£35,000 £1,494 £4,993 £6,487 £166£40,000 £547 £5,467 £6,014 £154£42,620 £50 £5,715 £5,765 £148£42,875 £0 £5,740 £5,740 £147£45,000 £0 £5,519 £5,519 £141£50,000 £0 £4,998 £4,998 £128£55,000 £0 £4,476 £4,476 £114£60,000 £0 £3,955 £3,955 £101£62,143 and above £0 £3,731 £3,731 £95

Living costs• Campus rent: £81-£160 a week• Off campus rent: £80-£120 a week (but may not include bills)• Food: £40-£50 a week• Clothes: £10-£15 a week• Laundry: £5 a week• Books £15-£20 a week• Leisure/ Sport /Entertainment:

– £20-£25 a week

• Other: £5 a week

Course costs• Placement transport costs• Accommodation deposits• Material costs - lab coats• Field trip costs• Professional fees • Printing, binding, photocopying• Exams – if repeating

0 100 200 300 400 500 600 700

Insurance

Photoco…

Local…

Launder…

TV License

Travel…

Toiletries

Telephone

Misc

Clothes

Books

Social

Food

Rent

Finish Start

Money pressures in an academic year.

Consider the impact of budgeting with only 3

pay days per year.

Term 2

Term 1

Term 3

Living CostsDepend on lifestyle choices

£176 to £280 a week for 39 week academic year (£6.5k to £10.5k)

Budget PlannerLiving cost loanGrant/bursaryParent/carersPart-time work = Income = Budget

Needs Wants

What would you do with an inheritance of £1000

pounds?

My money personality

BRANDED OWN BRAND

Can you guess the price difference in the two baskets?