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Living on a student budget

Living on a student budget



Information on tuition fees, bursary's, maintenance loans and grants. Also advice on living on a student budget.

Information on tuition fees, bursary's, maintenance loans and grants. Also advice on living on a student budget.

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  • It’s like a ‘graduate tax’ – you’re being charged for the benefit of going to university, getting a great degree and landing a superb graduate job. There’s no charge for early repayment and if you want to pay a bit more than the minimum every month, you can do. Crucially, if you still haven’t paid off all of your student loans after 30 years then the remainder will be written off. What other loan company could ever compete with that? It’s a fair, affordable and uncomplicated system.
  • There’s support available at your university if you get into financial problems so don’t ever feel like there’s no-one to talk to.

Living on a student budget Living on a student budget Presentation Transcript

  • Living on aStudent BudgetHelen Waters-MarshSchools and Colleges Liaison Officer 1
  • Session outline • Tuition Fee Loan • Maintenance Loan • Maintenance Grant • Non-repayable bursaries and scholarships • Advice about living on a student budget • Top tips and QuestionsMonday, March 11, 2013 2
  • Two main types of cost • Tuition fees • Living costs What do you think you’ll need to pay for at university other than tuition?Monday, March 11, 2013 3
  • How will I pay for my degree? • You don’t have to find the money to pay for your tuition costs before or while you’re studying • Tuition Fee Loans are available, and are not dependent on household income • Most universities will be charging between £6,000 and £9,000 per year for tuition costs from September 2012* • Maintenance Loans and Grants are also available for other costs such as living expenses…*Fees for HE Colleges, Foundation degree courses, HNDs and diplomas may be lower
  • Student Finance England • Students can opt into two student loans offered by the Government – the Tuition Fee Loan will cover all your tuition costs, while the means tested Maintenance Loan will help towards your living expenses • Apply online • Repayment of the loans starts in the April after graduation and only if you are earning over £21,000.Monday, March 11, 2013 5
  • Repayments• You repay 9% of your income over £21,000. The exact amount depends on how much you are earning For example…• If you’re earning £25,000 you’ll only pay back £6.92 a week (which is £30 a month or £360 a year)• However much you’ve repaid, the remainder of your loan is written off after 30 years
  • Maintenance Grant (non-repayable)• Many students qualify for a Government grant, which does not need to be paid back• This is based on household income• If household income is £25,000 a year or less you will be entitled to a full grant of £3,354 a year• If household income is between £25,000 and £42,600 a year you would be entitled to a grant of between £3,354 and £50 a year
  • Bursaries and scholarships• Many universities and colleges offer extra funding that you don’t have to pay back• The amounts vary by university and subject• Can view bursaries on the UCAS website and apply as part of online application to Student Finance England
  • Monday, March 11, 2013 9
  • Monday, March 11, 2013 10
  • National Scholarship Programme• Government scheme to help students from lower- income backgrounds• Administered by individual institutions (UoN provisional allocation for 2013 nearly £1.5m, with 485 full £3,000 scholarships)• Even more financial support – e.g. Nottingham will pay the full tuition fee for the foundation year of students with a household income of up to £25,000 11
  • Additional help • Financial help for disabled students in HE, those with children and with dependent adults • Assistance for part-time students • Sports bursaries • NHS bursariesMonday, March 11, 2013 12
  • How and when do I apply?• Apply online in early 2013 at www.gov.uk/studentfinance• Information you will need for your application includes: • NI number (yours and your parents’ or partners’) • Passport details • Income details for student and household • Student’s bank account details • Medical evidence of a disability, if applicable 13
  • Student income 2013 Type of income Amount (£) Tuition Fee Loan Up to £9000 Maintenance Loan Up to £5500 Maintenance Grant Up to £3354 Bursaries/scholarships Vary Part-time employment Up to £3000 (average) Overdraft Between £500 - £3000 Parental contribution Varies Savings VariesMonday, March 11, 2013 14
  • Typical student outgoings* Type of outgoing Weekly amount (£)** Rent £77.88 Supermarket food shopping £22.86 Utility bills £20.60 Telephone bills £10.04 Travel £30.93 Books/course materials £9.63 Going out/eating out £32.88 Buying clothes £18.88 Alcohol £26.18 Other £32.86 Total £282.7403/11/13 Event Name and Venue 15 *Excluding tuition fee costs
  • Student cuisine… The Young Ones’ style03/11/13 Event Name and Venue 16
  • Branded vs. budget Guess the price of: • Loaf of white sliced bread (Warburtons vs. Own Label) • Can of baked beans (Heinz vs. OL) • Tin of tomato soup (Heinz vs. OL) • 500g box of cornflakes (Kelloggs vs. OL) • Packet of chocolate digestive biscuits (McVities vs. OL) • 1.5kg bag of frozen oven chips (McCains vs. OL)Monday, March 11, 2013 17
  • Branded vs. budget – the verdict • A loaf of bread – Warburtons Medium Sliced White - £1.29 – Own label white – 30p • Baked beans – Heinz – 45p – Own label – 18p • Soup – Heinz tomato soup – 68p – Own label tomato soup – 17pMonday, March 11, 2013 18
  • Branded vs. budget – the verdict • Cornflakes – Kelloggs 500g - £1.69 – Own label 500g – 46p • Chocolate digestives – McVities – £1.26 – Own label – 35p • Frozen oven chips – McCains – £2.11 – Own label – 20pMonday, March 11, 2013 19
  • Branded vs. budget – the verdict Annual cost for the branded basket of goods: = £150.92 Annual cost for the budget basket of goods: = £35.30 • That’s a saving of £115.62 on just six products over a 31 week student year*…Monday, March 11, 2013 20*Assumed that bread, beans and soup bought once a week and cornflakes, biscuits and chips boughtonce a fortnight over a 31 week academic year
  • Student meals for less Spaghetti Bolognese • With own brand ingredients comes to just £4.44 for two people • A whopping £8.43 with branded ingredients! Toad in the Hole • With brands you’re looking at an unsavory £7.09 for two • Make that £4.52 when you save on your own brand sausages!Monday, March 11, 2013 21
  • Student meals for less Mushroom risotto • Who says between £3-4? £5-6? £7-8? • £5.86 with branded ingredients for two, just £3.94 with own brandMonday, March 11, 2013 22
  • Living on a budget Mind the Gap! • Preparation and planning • Budgeting • Help your finances whilst studying • Do’s and don’ts of ‘living on a budget’Monday, March 11, 2013 23
  • Living on a budget Preparation and planning – Do! • Apply online in early 2013 at www.gov.uk/studentfinance • Work and save during summer before university • Open a student bank account • Line up part time employment as early as possible • Try and calculate a weekly/monthly budget before you arrive at university/collegeMonday, March 11, 2013 24
  • Living on a budget Budgeting – Do! • Use a budget planner • Ask for help/guidance • Work out your income • Work out your expenditure • How to fund the gap? • Stick to your budget!Monday, March 11, 2013 25
  • Living on a budget How to help your finances whilst studying – Do! • Only buy with cash • Cook and shop together • Make a shopping list • Avoid buying from the corner store • Swap a night out for a night in • Return library books on time • Shop late at supermarketsMonday, March 11, 2013 26
  • Living on a budget Do not! • Use credit cards, catalogue or store cards • Have a contract mobile phone if possible • Take your car to university! • Go clothes shopping on a whim • Take small amounts of cash from your bank account on a regular basis • Forget to record payments from your current accountMonday, March 11, 2013 27
  • Living on a budget Do not! • Give in to peer pressure • Spend money you don’t have • Keep quiet if you do have problems • Think you are loaded when the first payment goes into your accountMonday, March 11, 2013 28
  • Living on a budget Think smart! • Get student council tax discounts • Get a TV Licence refund for summer holidays • Make full use of your NUS card • Don’t overpay tax on summer jobs • Use free web software • Get a railcard • Find the cheapest gas and electricity to save £100s • Sell old CDs/DVDs/mobile phones to make cashMonday, March 11, 2013 29
  • Think like a student! • Think of a luxury or treat that you buy every month which you could save money on • Could you spend less on this item or buy it less frequently? Could you even give it up completely? • How much would that save you per academic year?Monday, March 11, 2013 30
  • Higher Education: an investment• Degree holders earned an average of £12,000 a year more than non-graduates over the past decade• Graduate earnings increased faster for each year of age and they also increased for longer
  • Conclusion The future ahead… • Light at the end of the tunnel • Better career prospects • Higher earning potential • Personal development • FUN!Monday, March 11, 2013 32
  • Further information • www.gov.uk/studentfinance • www.ucas.ac.uk • www.moneysavingexpert.com/students • www.nottingham.ac.uk/studentservicesMonday, March 11, 2013 33
  • Questions?Want to know what it’s like to be a student? Find out athttp://blogs.nottingham.ac.uk/studentlife @UniofNottinghamNot sure which university is for you? www.which.co.uk/university The University of Nottingham www.youtube.com/user/NottmUniversity www.youtube.com/user/NottmUniversity The University of Nottingham 34