The document summarizes information about student finance for the 2010/11 academic year in the UK. It outlines changes to the student finance system including a new online application process. It provides details on tuition fees, financial support like loans and grants, repayment terms, and scholarships. Additional resources for students to manage their money are also mentioned.

1. Student Finance 2010/11

2. Investment for the future Primarily (but not exclusively) an online system “ An investment where the return lasts a lifetime.” Professor Tim Wilson, Vice-Chancellor

3. The current situation Student Finance Direct has become Student Finance England: www.studentfinanceengland.co.uk Local Authority Application System has become National Centralised Application System New Customer Service Team in Darlington Primarily (but not exclusively) an online system Primarily (but not exclusively) an online system

4. Tuition Fees No up front fees for ALL full-time undergraduate courses Variable tuition fees between £0 and £3,290 for new students starting in September 2010, almost all Universities are charging £3,290 (a rise of 2.04% from 09/10) Primarily (but not exclusively) an online system

5. Financial Support Tuition Fees Loan Up to £3,290 Maintenance Loan Up to £4,950 (outside London) Maintenance Grant Up to £2,906 Bursaries Varies across institutions Scholarships Varies across institutions Bursaries Varies across institutions Scholarships Varies across institutions

6. Tuition Fees Loan Home and EU students eligible for a non income assessed loan to cover tuition fee costs Paid directly to the university on behalf of the student “ The rate of interest makes no difference to borrowers’ monthly repayments. Borrowers repay 9% of their earnings over the income threshold of £15,000. Whatever the rate of interest is, that monthly repayment will not change” Primarily (but not exclusively) an online system

7. Maintenance Loans 72% - not dependent on household income 28% - dependent on household income 0% interest rate from 1 Sept 09 Paid to students in 3 instalments Paid directly into student bank account

8. Maintenance Loan Living Loans (2010/11) Maximum Minimum Living at Home £3,838 £2,763 Living away from home outside London £4,950 £3,564 Living away from home in London £6,928 £4,988

9. Means Testing For most school leavers ‘household income’ is based on: Gross taxable income of the student excluding any earnings during university term time and holidays; PLUS Gross taxable income of parent/partners/step parents; LESS deductions for payments into pension funds and £1,130 for each other dependent child in the household.

10. Maintenance Grant Maximum £2,906 (maintained at 2009/10 level) Dependent on household income Household income Grant Available £25,000 or less Maximum £2,906 £30,000 - £50,020 £1,906 - £50 £50,020 or more No Grant

13. Loan repayments April after student leaves the course Earnings over £15,000 pa 9% of income above £15,000 Any outstanding student loan balance written off after 25 years

14. Repayment Example A Student who has left course and earning £18,000 (£18,000 - £15,000 = £3000) Will pay 9% of 3000 Yearly = £270 Monthly = £22.50 Weekly = £5.19

15. Repayment Example B Student who has left course and earning £24,000 (£24,000 - £15,000 = £3000) Will pay 9% of 9000 Yearly = £810 Monthly = £67.50 Weekly = £15.58

16. Bursaries E.g. University of Hertfordshire : £1000 bursary available for full time undergraduate students in receipt of the full means tested maintenance grant Reduced to £500 from 2011/12 entry Non-repayable amount Paid directly by the University Not linked to any student loan from the government or scholarship Not available for degrees in nursing and midwifery, physiotherapy and radiography, social work and PGCE students

17. Scholarships E.g. University of Hertfordshire: A range of scholarships from the University of Hertfordshire and commercial and professional partners Does not affect any grant, loan or other income Non-repayable Examples: Science, Technology, Engineering and Maths (STEM) Scholarship Chancellor’s Gifted and Talented Scholarship Chancellor’s Entrepreneurial Excellence Scholarship

18. Scholarships Science, Technology, Engineering and Maths (STEM): £1,000 in 1 st year, £500 in 2 nd year, £500 in final year Given automatically * to students with 280 points *some courses may not be eligible

19. Scholarships Chancellor’s Gifted and Talented Awarded to 40 students each year Minimum of 360 UCAS points Awarded £2,000 per year Work as a student ambassador Application form : go.herts.ac.uk/chancellorsscholarships Deadline 9 April 2010

20. Scholarships Chancellor’s Entrepreneurial Scholarship Awarded to 20 students each year Minimum of 360 UCAS points & a business idea Awarded £3,000 per year plus business guidance and mentor Work as a student ambassador Application form : go.herts.ac.uk/chancellorsscholarships Deadline 9 April 2010

21. Additional support Additional Grants Disabled Student Allowance Adult Dependants Grant Care Leavers’ Grant Company Support Discretionary Support Access to Learning Fund (or equivalent)

22. How to apply Unlikely that the application cycle for Student Finance England will open before Nov 2009 Apply Online – you will be prompted through UCAS Apply as early as possible! W ill require parents’ income details

23. Income Maintenance Loan Maintenance Grant Parental Contributions Gap Year Earnings Part Time Work Scholarships / Sponsorships Savings from Holiday Work Placement £10,000 – £15,000

24. Expenditure Tuition Fee Rent Household Bills TV Licence Telephone Food Household Items Clothes Leisure Insurance Car Expenses Travel Books/Stationery Toiletries

25. Student bank accounts Shop around What’s on campus/nearest? What freebies do you get? How much interest free overdraft? How long does it continue for? What is graduate account do they offer?

26. Pitfalls Be aware of interest rates on credit cards and other loans Interest rates can be up to 40%

27. Managing your money Always allow extra money for freshers’ week! Get a student bank account Create a budget and stick to it Plan ahead – start saving NOW If you are struggling – talk to someone – your parents, the bank, student advisors

28. Thank you Student Finance 2010/11