student finance · 2020-03-18 · facts • not like other loans. • only pay when you earn....
TRANSCRIPT
Student Finance2020/21
1. Financial support.
2. Repayments.
3. Budgeting.
AIM OF TALK
£9,250
1.1 million
End of May
MYTHS &
MISCONCEPTIONS
MISCONCEPTION
! All eligible students
receive:
• Tuition fee loan
• Maintenance loan
! I can’t afford to go to
university.
MISCONCEPTION
! • No win no fee –
repayments only start
after you start earning
£26,575.
• Wiped after 30 years.
! The debt is unmanageable
and not worth the cost
!
! Cost vs how much you pay.
- Graduate Tax
! You don’t need the cash up
front.
It’s not like a typical loan.
MISCONCEPTION
• Student Welfare Officers
• Student Hardship Fund
• Additional support
services
! If something goes wrong you
are all on your own.
!
FINANCIAL
SUPPORT
Different kinds
of financial
support
Activity: Think of 5 different types of financial support available whilst at university.
Different kinds
of financial
support
Maintenance LoanTuition Fee Loan Scholarships
Bursaries DSA / Dependent GrantHardship Fund
Family supportPart-time job
Tuition
Fee
Loan
• Don’t have to pay up front
• Loan of up to £9,250 per
year
• Loan goes directly to
university
• Not dependent on
household income
• You repay the loan after you
graduate
• Money for living
costs
• Dependent on
Household Income
• Dependent on
where studying
• Paid Termly
Maintenance
Loan
Household
Income Home Elsewhere London
£25,000 & under £7,747 £9,203 £12,010
£30,000 £7,095 £8,543 £11,339
£40,000 £5,789 £7,223 £9,996
£50,000 £4,484 £5,901 £8,651
£60,000 £3,410 £4,581 £7,306
Amounts are calculated on a sliding scale. Specific amounts: www.gov.uk/student-finance-calculator
Scholarships at
Roehampton• Academic Excellence Scholarship
• Scholarship for E-Sporting
Excellence
• BA Primary Education Male Student
Scholarship
• £2,000 -£3,000 over the course of a degree.
• Depends on grades achieved at A Level / BTEC etc.
• £1,500 per year • Access to e-sports facilities.
• Demonstrate talent in E Sports.
• £1,000 per year for 3 years.
• Males studying full-time BA Primary Education.
Scholarships at
Roehampton• Scholarship for sporting excellence
• Roehampton Music Scholarship
• £500 - £1,500 per year• Access to sports facilities• Free gym pass• Demonstrate talent in sports
• Up to £1,200 to cover costs• Must promote music at
Roehampton.
Scholarships –
More Free Money
Search the below
websites to see which of
1000s of scholarships you
can apply for:
• Scholarship Hub
• Scholarship-Search
• University Website
£500 – The Vegetarian Charity• Be a vegetarian. • Under 26 years old• Support educational courses
£5,000 - £27,000 – Crowd Scholar• Aged 17-19 years • Eligible for free school meals.
Tuition Fees, Accommodation, Basic Living Allowance– British Council
• Students who wish to undertake a period of study in China.
Additional Support
• Disabled Student Allowances
(DSA)
• Dependent’s Grants
• Study Abroad Travel Grants
Additional Support-
Hardship Fund
• Applications open throughout year
• For students experiencing financial
difficulties
• Help is always available
REPAYMENTS
Repayment
Facts
• Not like other loans.
• Only pay when you earn.
(Graduate Tax)
• Start repayments the April after you
graduate.
• Only start repayments if you are
earning above £26,575 per year.
• Repay 9% of anything above
£26,575.
• Automatically taken from your pay
check (unless you live abroad).
• Wiped after 30 years.
Maths
Quiz
If you only repay 9% of anything earned above £26,575 and you earn £26,576 how much will you pay back over a year?
£26,576 - £26,575 = £1
9% of £1 = £0.09
Repay = 9p
Income each year before taxIncome from which
9% is deductedMonthly Repayment (Approx)
£26,575 £0 £0
£30,000 £3,425 £25
£35,000 £8,425 £63
£40,000 £13,425 £101
£45,000 £18,425 £138
£50,000 £23,425 £176
£60,000 £33,425 £251
Interest
Rates
During study
After studying,
Income: under £26,575 £After studying,
Income: £26,575 -£47,835£After studying,
Income: £47,835+£
RPI plus 3%
RPI only
RPI up to 3%
RPI plus 3%
Lose contact with SLC/
don’t provide info.£ RPI plus 3%
Applying
• Open in February
• Deadline in May
• Can apply without a confirmed place
Apply online:
www.gov.uk/apply-online-for-student-finance
BUDGETING
Outgoings
Rent
FoodUtilities
Internet
Course materials
Travel
Phone contract
Social life
Subscriptions
Gym Membership
Insurance
Outgoings
Rent
FoodUtilities
Internet
Course materials
Travel
Phone contract
Social life
Subscriptions
Gym Membership
Insurance
Income• Maintenance loan
• Scholarships
• Family Support
• Part time job
• Student bank account• Check for deals
• Cashback
• Overdraft
Additional Income
Top tips for
budgeting
• NUS Card
• Studentbeans
• Batch cooking
• Avoid branded items
• Research voucher codes
• Topcashback
• Travel cards
• Market Research
If you can’t afford it,
don’t buy it!
Activity –
Which is cheaper?
Which is
cheaper?
Stir fry: £3 Flat-bread Pizza: £4.66
Which is
cheaper?
Which is
cheaper?
Risotto: £4 Spaghetti Bolognese: £4.52
Which is
cheaper?
Which is
cheaper?
Vegetarian Thai Green Curry: £4.37Vegetarian Lasagne: £4.47
FAQ’s
• Who is eligible?• What counts as household income?• Should I repay early?
Quick Quiz
When is the Student Finance deadline date?
What percentage do you repay over £26,575?
After how many years is the debt wiped?
Quick Quiz
When is the Student Finance deadline date?
End of May
What percentage do you repay over £26,575?
9%
After how many years is the debt wiped?
30 Years