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UCAS and Student Finance for Parents

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Llinos Williams

on 6 July 2018

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Transcript of UCAS and Student Finance for Parents

UCAS and Student Finance
Llinos Angharad Williams
Schools Liaison Officer

Finance Facts
Universities can charge anything up to £9250 tuition fees per year on every course

Universities can decide what they charge and some vary according to the subject you study

Bursaries, scholarships and additional support available.

Universities charging over £6,000 have to provide extra support for students from low-income households

Student loan available to cover tuition fees and a separate loan for living costs from Student Finance England

1. Tuition Fee Loan
2. Living Costs and Maintenance Support
3. Repayment of Loans
4. Bursaries, Scholarships and Additional Funding
Your two main costs at University
5. Parental Concerns
The good news is that there is student finance available to help with both
University tuition fees will not only vary between institutions, but potentially within the institution as well depending on the subject you study

Universities can charge up to £9,250 per year

Eligible students won’t have to pay any tuition fees before starting or whilst they are studying

Every new student is entitled to a Tuition Fee Loan to cover their Tuition Fee costs

This loan will be paid directly to the university
Living Costs
Your main living costs are:

Halls of Residence/Rent/Bills
Food
Socialising
Books and course equipment
Clothes
Travel costs

The cost of Halls varies from approximately £3,000 to £8,000 per academic year

Prices will vary depending on location, standard of accommodation and length of contract e.g. self-catering cheaper than catered
How much is paid back each month?
Interest will be calculated as follows:

Rate of inflation plus 3% while studying and up to the April they become liable to repay 

After that date, interest will depend on income:

£25,000 or less - rate of inflation

£25,000 - £45,000 – varies between rate of inflation to rate of inflation plus 3%

£45,000 and over - rate of inflation plus 3%

All outstanding repayments are written off after 30 years

University Bursaries and Scholarships
Bursaries and scholarships vary between institutions and their courses – look at their websites or contact them to see what is available

These are additional to the Maintenance Loan and do not have to be repaid

You will have to contact the universities directly to apply for scholarships
Additional support for students
NHS course funding

Disabled Student Allowance
(DSA) – help with the extra essential costs you might have as a direct result of your disability, including a mental-health condition or specific learning difficulty, such as dyslexia or dyspraxia

Childcare Grant
– helps with childcare costs if you have dependent children aged under 15

Parents’ Learning Allowance
– helps with
course-related costs if you have dependent children

Adult Dependants’ Grant
– for students with an
adult who is financially dependent on the student
(e.g. partner)

Am I expected to help financially?
In some cases funding from Student Finance may not cover all expenses but it is your decision whether or not to help financially. Talk to your son/daughter beforehand so that you are all clear on any financial matters
Will it affect their ability to get a mortgage/other credit and loans in the future?
Student loans are unsecured government lending and are very different to commercial loans. They don’t go on credit files or show up on credit check and will not affect the ability to get a mortgage
If my child is unable to repay their loan, do I have to foot the bill?
Student loans are the sole responsibility of the student who takes them out
Other useful websites
www.bangor.ac.uk/studentfinance

www.nhsbsa.nhs.uk/students

www.opendays.com

www.studential.com

www.thestudentroom.co.uk

www.ucas.com

www.unistats.direct.gov.uk

www.university.which.co.uk
Summary of full time financial support
Variable tuition fees of up to
£9,250
in 2018/19

No up front Tuition Fees payable and Tuition Fee Loan available

Maintenance Loan for living costs - up to
£8,700

Scholarships and Bursaries

Extra financial help for some students
The UCAS Process
UCAS process all applications for full time courses at UK’s universities and colleges
Use Apply, the online application system
Need the School/College ‘buzzword’
Fill in the form on - www.ucas.com/students/apply
DEADLINE DATES
15 October - Oxford, Cambridge, Medicine,
Dentistry and Veterinary
Science

15 January - other applications

24 March - some art and design courses
Is your statement complete?
If not and if there are obvious gaps, the time to do something about it is now
What happens next?
Receive Welcome Letter from UCAS – confirming personal details and choices



Track
– keep an eye on the progress of your application



UCAS send your application to each university you have chosen



Universities decide whether to make you an offer or not



UCAS will e-mail you when each university makes a decision about your application – updated on Track

Invited to an interview or made conditional or unconditional offer



E-mail from UCAS once all decisions made, will have individual reply date



Decision time - Reply online using Track, make:

Firm acceptance
Insurance acceptance
Decline others
Tips for parents/guardians
Encourage your son/daughter to go to an Open Day for each of their UCAS choices

Give them advice but encourage them to make their own decision based on individual circumstances

Disclosure of any disability, dyslexia, physical or mental health condition at an early stage will assist in the planning for any support requirements your son/daughter may have

Make several copies of any form

Follow universities on Facebook and Twitter for up to date information on student life and events
Personal details
Generates username and personal ID
Create password
Set security questions

Do not have to complete it when you first log on
The UCAS Form
Personal Details
Student Finance
Choices
Personal Statement
Employment
Education
Residential Status, whether looking for funding, relevant disabilities, nominated access, email address
Nationality, ethnic origin, activities in preparation for HE
Opt in or opt out to share your UCAS Form information with Student Loans Company
Maximum of 5 courses at any 5 institutions except:

Medicine, dentistry and veterinary science - maximum of 4 courses
Oxford and Cambridge - can only apply for one

Choices not in order of preference
Schools and colleges attended, all qualifications and modules taken and waiting to take, re-sits
Full or part time paid work - up to 5 employers
Additional Information
Academic qualifications are only part of a successful application – students need a strong personal statement too

47 lines to personalise application and show admissions tutor they are worth offering a place to

Tutors like well-rounded, responsible individuals, with range of interests and well-organised enough to cope with university-level study

Show enthusiasm and commitment to the course, explain why you want to study that subject and your future plans

Show evidence of background reading and research

Demonstrate your skills and achievements through work experience, extra-curricular activities and hobbies

Tutors will read hundreds of statements, so it should be interesting
Just a few more things
Complete each section and check everything, especially
Personal Details
Course codes
Spelling and grammar
Your qualifications
That each section is marked as complete

Declaration – agree to UCAS terms and conditions

Reference – send form to referee, usually teacher or tutor, who will write reference and send the form

Pay – your school/college will decide which method, £24 for up to five choices, £13 for single choice

Why is it so important?
Taxable Income
Means tested student finance
- Maintenance Loans are determined by students' taxable household income - Students' parent(s) or partner

2018/19 entry - provide proof of taxable income for
2016/17

If household income decreases by
15% or more
, student can request that their student finance is reassessed for the academic year - Current Year Income Assessment
Maintenance Loan
The amount of loan available each year for all students on their
first
undergraduate degree course to help students meet their basic living costs

The maximum loan available in 2018/19 to students:

who study away from home -
£8,700

living with parents -
£7,324

who study in London not living with parents -
£11,354

living and studying abroad -
£9,963


The amount of loan you receive is dependent on your household income:

Household income
£25,000 or under
=
£8,700
Household income
£62,215 or higher
=
£4,054

You can receive some loan without having your household income
assessed
The Student Loans received for maintenance and tuition fees will be combined into one amount

Start repaying your loan from the
April
after you have completed or left your course

Repayments are linked to your income - you don’t start paying anything back until you are earning more than
£25,000
a year,
£2,083
a month or
£480
a week

Repay
9%
of your annual income over
£25,000
per year

Repayments are made automatically through the tax system, and how much you pay is determined by how much you earn
Bangor University Bursaries and Scholarships
Over
£3.4M
in bursaries and scholarships available including:

Bangor Bursaries (means tested) -
£500 - £1000

Bangor University Entrance Scholarships

Bangor University Sports Scholarship – up to
£3,000
a year available



For further information on student finance and applications, go to
www.gov.uk/studentfinance
or
You Tube/SFEFILM
For help and queries call 08456 300 5090
Mon-Fri - 8am - 8pm
Sat-Sun - 9am - 4pm
For a range of helpful tools and guidance, visit
www.thestudentroom.co.uk/studentfinance
Tips for students
Research your courses BEFORE filling in the UCAS form

Contact the universities if you have any questions or for extra information on courses, especially competitive subjects

Give teachers plenty of things to write about in their reference

Complete the form early - you will receive a much quicker response and around half all applications are received by UCAS in the last two weeks before the first deadline

Do not wait until the deadline date to hand in your form

Maintenance Loan Entitlement Table
English students living away from home (outside London)
The future.....?
Government has announced a review of Student Finance

No time scale set for reporting back and making changes

Unikely:
Scrapping of tuition fees
Radical cutting in costs
Vastly different costs for different subjects

Likely:
More flexible study options
Cutting of interest rates on loans

Unknown:
Reintroduction of maintenance grants
More money for student living costs
Full transcript