KEY FACTS ABOUT STUDENT FINANCE FOR 2016/2017 ENTRY - PDF document

CAN I AFFORD TO GO TO UNIVERSITY? KEY FACTS ABOUT STUDENT FINANCE FOR 2016/2017 ENTRY www.yesyoucango.org

WHAT’S IN THIS GUIDE? HOME SWEET HOME L D U E H O D S E C I H Y D W F I T I H H A E W I N S T I T U ? W H A T N I T D O E ? I O O U I N E M N T E D H O S O T I G E A V O L I N T O Y O U R T O P A Y F Uni is about more than just O R ? The pros and cons of staying D O O R S T E P studying – here are some of Get an idea of the different at home while studying. There are loads of courses things you’ll spend your money the benefits. available close by. 1 6 a g e on, including a few things you P 4 a g e P P a probably wouldn’t think of. g e 1 8 P a g e 6 M Y A T I F W H £ WHAT DO I NEED LET’S TALK £ I S R S E C O U MONEY N T H A TO KNOW ABOUT G E R L O N Find out about the different ? A R S 3 Y E STUDENT FINANCE? types of funding available. Funding options for Page 7 part-time courses It’s often in the news and it can be confusing and more. g e 1 0 P a to know where to start and what to believe G I N G A N A M – so this guide will help you to understand G E T B U D A PAYBACK TIME all the facts and give you a clear idea of what Tips and tricks on What happens after budgeting at uni. higher education will really cost. you graduate. a m e 1 1 n P a g e i c Page 12 t You now have to pay tuition fees to universities and colleges to help e k c t i them cover the costs of delivering a course (they are only part-funded (£8.30) by the Government). You’ll also need to cover your day-to-day living costs. It sounds scary, but there are sources of funding for students that H O W FREQUENTLY D O I make sure higher education is still affordable for everyone. P A Y ASKED QUESTIONS B A C K T H E M O N E Y ? So if the question is ‘can I afford to go to university?’ Paying back a student loan e r s w a n h e ? T n s t i o e s isn’t as hard as you think – you q u n y Yes you can. A r e . h e b e probably won’t even notice h t i g m you’re doing it! Page 15 P a g e 1 4 2 3 3

WHY SHOULD STUDENT STORIES I GO TO UNI? “ I’ve learnt how to be independent and do things on my own!” There are lots of benefjts from going on to Michelle , BSC Psychology, University of Sheffjeld higher education. You become more independent and learn new skills, some that you won’t even “University is defjnitely worth it – it opens your eyes to the real world, you meet so many great know you’re learning and almost all that will be people and learn so many valuable life lessons. useful in a job. I’ve gained invaluable experience volunteering which also counted towards my degree.” Social benefits Going to university is more than libraries and essays. It helps you gain Ross, English Language, Sheffjeld Hallam University more confjdence and independence. University offers a broad social scene and the opportunity to meet new people from lots of different “ University is a varied experience, you get to do backgrounds. You might meet lifelong friends at university in the more than educate yourself. There are many unlikeliest of places – it’s surprising how many students bond over opportunities, socially and academically, all fjguring out how to use the washing machine in the fjrst couple of weeks! with the potential to ‘make you more’ .” Career potential Sidhartha , PHD in Neuroscience, University of Sheffjeld Going to university boosts your job potential and opens up a lot more opportunities. It gives you the chance of a more rewarding career – not only because you’ll be doing what you enjoy, but because of the lifetime benefjts and experiences such courses offer. Labour Force Survey 2013 THE PEAK AVERAGE GRADUATE SALARY IS 58% HIGHER THAN FOR THOSE LEAVING SCHOOL WITH A LEVELS. 4 5

WHAT DO I NEED LET’S TALK MONEY TO PAY FOR? There are two main things that you pay for at uni: There are different sorts of funding available. learning and living. Living will take up most of your Some of your funding will depend on your fjnancial money – which, as you know, can’t be avoided but circumstances while other elements might be how you live will impact on how much you spend. calculated based on how well you do at school or college. Tuition fees Tuition fees pay for the staff and facilities. They pay for things like the Tuition fee loan wages of the lecturers and for facilities like libraries, labs and equipment. The government will lend all fjrst-time students the full cost for tuition fees. This is paid directly to the university or college and won’t have to Living costs be paid back until your course is over and you earn over £21,000 a year. If you choose to live away from home this will be the cost of your accommodation, along with food and basic essentials such as toothpaste Living cost loan and washing powder. We understand that these aren’t much fun to buy, Larger maintenance loans are available for those starting in 2016. but it will probably be less fun when you (and your friends) realise you The maximum loan will be £8,200 for students living away from home need them! outside London, £10,702 for those in London and £6,904 for those living at home. This is to help pay for things like rent, bills and food. All students are eligible for at least £3,039 and many will get more depending on household income. Don’t worry! Student loans are available. A lot of students and their parents are worried about student loans. The thought of borrowing so much money might make you feel h e n n , w l o a e n t s t u d t a I g e queasy but what you need to remember is: I f ? I . . . . c a n i n g u d y h s t fj n i s I You don’t have to pay anything upfront N O Y E S t n t r a c n e c o a p h o G e t You only pay it back if you earn enough 1 . £ £ N O Y E S e r t g a g a m o . G e t 2 IF UNI DOESN’T PAY OFF O N Y E S FOR YOU FINANCIALLY, n t a l o a 3 . G e O YOU DON’T PAY UP. N Y E S a r d e d i t c t a c r 4 . G e O S N Y E e fj n a n c a r o n e t a c 5 . G m e n t s d r e p a y n g a n d i t r a t i o u r c r e o o n y e s n ’ t g o a n d o u d e n t l A s t S o , a s u e a r n . h a t y o e o f w c e n t a g m a l l p e r b e a s e d t o a l c u l a t a r e c n g s . e s e t h i g e t t h b l e t o 6 t o b e a 7 l i k e l y e m o r e y o u a r d u a t e a g r a