Student FinanceLisa Ambler, Loughborough University

Costs

UK/EU Tuition fee

• Maximum £9,000 2012/13 per year

• Does not have to be paid up front

Additional course costs

• Books and stationery

• Materials/Equipment

• Fieldwork

Living costs

• Rent, bills and food

• Travel

• Clothing and laundry

• Having fun

Estimate of Additional and Living Costs - Annual

Fully catered Self catered

Hall fees £5,200 (39 weeks)* £3,500 (39 weeks)*

Food £400 £1,450

Clothing £225 £225

Household / Laundry £160 £160

Course Costs £350 £350

Travel £250 £250

Telephone £240 £240

Leisure £865 £865

Insurance £100 £100

Other £100 £100

Total £7,890 £7,270

*2012 prices

Tuition fee loan Maintenance loan

Means-tested Maintenance Grant

Bursary from university

Grants for people with disabilities; children

Other sources of income

Scholarship from university

Sources of Income

Student Loan

Student Loan – available from the Government

Tuition Fee Loan

• Available to everyone – not means tested

• Covers full cost of university fee

• Paid direct to your university/college

Maintenance / Living Costs Loan

• Available to all

• Variable amount depending on where you live and household income and whether you qualify for a grant (outside London Up to £5,500 2013/14)

• Paid directly to the student

Maintenance Grants – available from the Government

Maintenance Grant

• Not repayable

• Household income less than £42,611 (2013/14)

• Maximum grant of £3,354 (2013/14)

Applying for your student loan and grant

Full-time and part-time students apply online to Student Finance England Tuition Fee Loans, Maintenance Loans and Maintenance Grants.

You’ll be asked to set up an online account if you’re applying for the first time.

You don’t need a confirmed place at a university or college to apply.

You must meet the deadline if you are to get your money in time for the start of the academic year (for 2013/14 = May 2013)

https://www.gov.uk/apply-for-student-finance

http://www.studentfinance.direct.gov.uk/

University Bursaries and Scholarships

National Scholarships Scheme

• Differs by university/college

• Fee waivers / Cash bursary / Accommodation discounts

• No repayable

HEI specific scholarships and bursaries

• Merit-based / Sport

• Not repayable

Other sources of income

• Parental contributions

• Part-time Employment

• Savings from the summer before

• Birthday and Christmas gifts

• Overdraft

• Interest charged / fees

• Repayment deadlines

• Credit cards

• Interest charged

• Shop around for deals

Repaying your student loan

• Repayable from April after you leave university and earn £21,000+ per annum

• Payroll deduction

• Repayment 9% of income over £21,000

• Interest charged from the time your first payment is made

until you pay your loan back in full (linked to inflation).

• Written off after 30 years

So approx.if you earn £25,000 per year = £2083 per month 9% of £4,000 (amount over the minimum threshold) = £30 repayment per month

Paying back your Student Loan: Summary

SalaryAmount of salary on

which 9% is calculatedMonthly repayment

Estimated time taken to pay back

(Assuming total loan of £43,500, interest rate of

6% & earnings inflation of 5%)

£25,000 £4,000 £30.00

The loan will not be paid off at these rates. The

remaining balance will be written off after 30 years.

£30,000 £9,000 £67.50

£35,000 £14,000 £105.00

£40,000 £19,000 £142.50

£45,000 £24,000 £180.00 24 years

£50,000 £29,000 £217.50 21 years

£55,000 £34,000 £255.00 18 years

£60,000 £39,000 £292.50 16 years

More information

• www.direct.gov.uk – Student Finance Section

• www.ucas.ac.uk

• www.lboro.ac.uk

• www.moneysavingexpert.com/students