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UCAS: NEXT STEPS
UCAS: Next Steps & Student Finance
UCAS PROCESS
Post-application outcomes:
Unconditional offerConditional offerNo offers
UCAS: Next Steps & Student Finance
UNCONDITIONAL OFFER
Need to sign-in to UCAS and reply to offers
UCAS: Next Steps & Student Finance
CONDITIONAL OFFER
Need to sign-in to UCAS and reply to offers
May accept 1 firm and 1 insurance space
After exam results Results sufficient:
Place confirmed: Applicant accepted Opportunity to use ADJUSTMENT if you did better then your firm
offer
Results insufficient: EXTRA or CLEARING
UCAS: Next Steps & Student Finance
NO OFFERS
Opportunity to use UCAS EXTRA Can apply again making 1 more choice Can use extra as many times as needed until clearing starts
(bear in mind it will take up to 21 days each time)
Opportunity to use UCAS CLEARING 16 August after results – COME IN EARLY ON RESULTS DAY For those who applied late or did not secure the grades necessary to get into
their original choices
STUDEN
T
FINANCE
KEY FA
CTS
UCAS: Next Steps & Student Finance
NO CASH IS REQUIRED UPFRONT
Student Finance (England) will pay fees to universities on your behalf
Student Loans Company will pay you money to cover living costs
-These loans are received in 3 instalments
-Most universities will take payment of accommodation and other key fees in 3 chunks
UCAS: Next Steps & Student Finance
REPAY ONCE FINISHED AND EARNING ENOUGH
Only repay on salary over £21,000
If you never earn above this you will never pay anything
UCAS: Next Steps & Student Finance
LOANSTuition Fee Loans
-Available to all. Paid direct to university
Maintenance Loans
-Cover cost of living
-3 instalments direct to bank account
-Amount depends on whether you live at home or not
-Max loan: £4,375 (living with parents), £5,500 (away from home), £7675 (London)
-65% guaranteed. 35% parental income assessed
UCAS: Next Steps & Student Finance
GRANTS
If your household income is LESS than £42,600
You can get a non-repayable grant as well
UCAS: Next Steps & Student Finance
EXAMPLE: LIVING AWAY FROM HOME
Household Income
Non-repayable grant
Maintenance Loan
TOTAL
< £25,001 £3,250 £3,875 £7,125
< £30,001 £2,341 £4,330 £6,671
< £35,001 £1,432 £4,784 £6,216
< £40,001 £523 £5,239 £5,762
< £45,001 £0 £5,288 £5,288
< £50,001 £0 £4,788 £4,788
< £55,001 £0 £4,288 £4,288
< £60,001 £0 £3,788 £3,788
> £62,500 £0 £3,575 £3,575
UCAS: Next Steps & Student Finance
UNIVERSITY SUPPORT
Universities pay Bursaries and Fee Waivers for students where tuition fees are greater than £6,000. These are linked to INCOME except for SCHOLARSHIPS which while similar to a bursary depend on academic ability.
Bursary
-Immediate money
Fee Waiver
-Reduces your overall debt
Generally Bursary is the better option
UCAS: Next Steps & Student Finance
PAY UPFRONT
You are entitled to pay upfront if you want/can:
- £9000 per year = £27,000 for a 3 year course
Pros:
- No debt and repayments
Cons:
- You might not have to repay so much depending on the salary you earn after graduation
UCAS: Next Steps & Student Finance
EXTRA HELP IF…
- You care for adults or children
- Disabled students’ allowance (can include mental health)
- Leaving care
- Please see Mr Wheatley if you think any of these may apply – application and assessment can take time
REPAYM
ENT: KEY
FACTS
UCAS: Next Steps & Student Finance
YOU REPAY 9% OF WHATEVER YOU EARN OVER £21,000
SO IF YOU EARN £22,000 EACH YEAR YOU WILL REPAY 9% of £1,000 = £90
(£7.50 a month)
IF YOU ARE AN EMPLOYEE THIS IS DEDUCTED AUTOMATICALLY FROM YOUR SALARY
UCAS: Next Steps & Student Finance
EARN UNDER £21,000 AND YOU NEVER REPAY
AFTER 30 YEARS ANY REMAINING AMOUNT IS
WRITTEN OFF
UCAS: Next Steps & Student Finance
INTEREST
Interest is charged on your loan- While you earn under £21,000
this interest equals the inflation rate (i.e. your loan is no more expensive in real terms)
- Over £21,000 you start to pay up to 3% more than inflation rate
UCAS: Next Steps & Student Finance
SO WHAT DOES IT MEAN FOR ME:
You will repay £540 a year LESS than current graduates
For most there is NO DIFFERENCE between fees of £6,000 and £9,000 as you would not repay £6,000 in full in 30 years let alone the £9,000
UCAS: Next Steps & Student Finance
EARNINGS
CURRENT ANNUAL REPAYMENT
CURRENT MONTHLY PAYMENT
NEW ANNUAL REPAYMENT
NEW MONTHLY REPAYMENT
£15,000 - - - -
£16,000 £9 75p - -
£21,000 £540 £45 - -
£22,000 £630 £52.50 £90 £7.50
£30,000 £1,350 £112.50 £810 £67.50
£40,000 £2,250 £187.50 £1,710 £142.50
£50,000 £3,150 £262.50 £2,610 £217.50
UCAS: Next Steps & Student Finance
IT ALSO MEANS
You will owe money for longer and under certain circumstances pay more
Eg. Total borrowing of £14,500 (£9000 fees and £5,500 loan):
Starting salary
Amount repaid
All paid off in 30 years?
£10,000 - No
£20,000 £7,000 No
£30,000 £43,000 No
£40,000 £77,000 No
£50,000 £68,000 Yes - 21 years
UCAS: Next Steps & Student Finance
APPLY NOW…. BECAUSE- All Uni details are pulled through automatically in the summer once
you have accepted – 1 less thing to worry about
- Student Finance get busy later in the year and can’t always process applications in time for you to get the money at the start of term
- APPLY TODAY!
- 31 MAY DEADLINE TO GUARANTEE FUNDS FOR SEPTEMBER
UCAS: Next Steps & Student Finance