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Student Finance For Parents

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Llinos Williams

on 12 July 2018

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Transcript of Student Finance For Parents

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

Today's presentation will cover
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. Applying for Funding
6. Preparing your Finances
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
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,
£2083
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
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
Bangor University Bursaries and Scholarships
Over
£3.4M
in bursaries and scholarships available including:

Bangor Bursaries (means tested) -
£500 - £1,000

Bangor University Entrance Scholarships

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



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

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)

Apply for financial support as soon as possible - applications usually open mid-February

YOU DO NOT NEED A CONFIRMED PLACE BEFORE APPLYING

If you're unsure about where you'll be studying, put what is most likely going to be your Firm Choice

Apply online at
www.gov.uk/studentfinance

Make sure you complete the application process before the deadline – end of May

Agree to share information from the application – this helps for many bursaries and some scholarships
Students need these to hand:

Valid UK passport
University and course details
Bank account details
National Insurance Number
Parents' National Insurance Number

In most cases the application can be completed online, in certain situations parents may have to send evidence

Check that all your details are correct before submitting the form
Applications are assessed by Student Finance England who send a Student Finance Entitlement letter showing what finance the student can get

Once you register for your course at University, the first payment will be transferred into your account within five working days

For further information on student finance and applications, go to
www.gov.uk/studentfinance
or
You Tube/SFEFILM
For a range of helpful tools and guidance, visit
www.thestudentroom.co.uk/studentfinance
For help and queries call 08456 300 5090
Mon-Fri - 8am - 8pm
Sat-Sun - 9am - 4pm
Other useful websites
www.bangor.ac.uk/studentfinance

www.nhsbsa.nhs.uk/students

www.studentloanrepayment.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
Pay for important things up front when you get your loan – accommodation etc

Buy second hand books and equipment

Apply and use discount/loyalty cards

Consider a part time job – up to 16 hours a week – or a summer job

Avoid credit cards and payday loans

For help and advice on budgeting, speak to the university Student Money Adviser
Find out how much money you are entitled to and identify your costs – funding from Student Finance may not be enough to cover all of your costs

Work out a realistic budget – Loans are paid in 3 instalments during the academic year, scholarships are usually a one-off payment

Make sure that you take confirmation of your student finance entitlement with you to university

Open a Student Bank Account

Make sure you have some money when you start university
7. Parental Concerns
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?
No. Student loans are the sole responsibility of the student who takes them out.
Maintenance Loan Entitlement Table
English students living away from home (outside London)
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
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
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