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MONEY MATTERS BROUGHT TO YOU BY THE STUDENT LOANS COMPANY ISSUE #1

GETTING YOUR STUDENT FINANCE

WHAT HELP CAN YOU GET

EXCLUSIVE VIDEO CONTENT

MAKE THE MOST OF YOUR MONEY

HOW TO

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Contents

contents INTRODUCTION

MAKE YOUR OWN PATH

Interview with sixth form student Bethanie Student Finance Journey video

Welcome to the first edition of Student Finance England’s Money Matters, brought to you by the Student Loans Company. Here you’ll find what you need to know about money for university – what you can get, and how you’ll get it. We hear from actual students at different stages of their university and college lives – offering helpful tips and advice on choosing your course, budgeting while studying and repaying your student loan once you’ve graduated. There’s also useful information on things like grants, loans and bursaries. And it’s worth taking the time to find out more about the interest charged on your student loan, and how you’ll eventually repay.

WHAT HELP CAN YOU GET? A MINUTE FOR STUDENT FINANCE

MAKE THE MOST OF YOUR MONEY

NASMA’s guide to stretching your student funding

APPLY NOW!

Get your money on time!

GETTING YOUR STUDENT FINANCE Here’s what to do!

STUDYING PART-TIME? Learning to suit your circumstances STUDY TIPS & ADVICE

STUDENT LIFE TWO YEARS ON We talk to second year student Jack

THE GRADUATE

We chat to graduate, Ben about repayment

THE FACTS ABOUT REPAYMENT THE INTEREST-ING BIT

Bethanie

SIXTH FORM STUDENT FEATURE

Make your own path... Interview with SIXTH FORM student Bethanie Interview by Ray Jackson

Figuring out what to study and where to do it can be a daunting task for anyone taking the leap from school life into what’s sometimes known as ‘the big bad world’. Chances are, you’ll choose a university or college course subject close to your heart, something you’ll enjoy, and in an area which will signal the career path you hope to go down. But even once the dilemma of actually making these decisions is behind you, there are more to follow like: deciding whether to study locally and live at home, or whether to move to another part of the country altogether. The next big decision might even be how you’re going to pay for it.

ere, we chat to Bethanie a sixth form student about to start a course in Primary Education this September. We ask her about the decisions she’s made, what she expects from student life, the value of higher education and what her dream job would look like. People understand that university can be very expensive, but what value do you see in studying? University is going to kick-start my career. It’s a chance for me to move from my small hometown and do something with my life. I want a career and in September I hope to start studying Primary Education. I’ve always wanted to become a primary school teacher. How do you expect to pay for university? Student finance is going to be the biggest help. My family are on a low income and I personally don’t have an income, so I can’t pay for it myself. Student finance is going to help pay for my tuition fees, accommodation, food, travel and of course – the student lifestyle! But I’m not going to just waste it. I’ll try to get a part-time job to help pay for the luxuries. Tuition fees could cost up to £9,000 – would finance influence your decision on going to university? Or your choice of course? Well, my course costs the maximum £9,000, so the amount I’ll owe at the end of university is daunting. I’ve previously completed a BTEC course in Childcare, Learning and Development, but this only allows me to be qualified as a Teaching Assistant or a Nursery Nurse. But isn’t that the whole point of going to university? To pay for education and a degree to help you into a well-paying job? I want more than that though – I want to be a primary school teacher. That’s why I think university is worth the money. What are you looking forward to most about university or college? Of course I’m looking forward to becoming a primary school teacher and getting a degree. But I’m really looking forward to being a student. I can’t wait to have the independence of living on my own. I’m so excited! I’ve already bought my kitchen stuff – is that a bit early? Everything about moving to a place like Manchester excites me! There’s so much to do and visit there – compared to my hometown. I’m also looking forward to partying – sensibly of course! Why have you chosen your course? My course is really great because it gives me qualified teacher status so I can apply for a job and be fully qualified straight away. It’s great because I get the essential work experience I need if I want to go straight into a job at the end of my degree. I’d only recommend a course like this if you’re sure it’s what you want to do because there’s only really one outcome.

If you want to go to university but feel like something is stopping you, there are solutions and advice out there. I say go for it!

What would your ideal teaching job be and why?

I would love to be a class teacher for any school that would take me! I think I’d prefer to teach Year 1 or 2 but future placements will help me to decide what I’m best at. At that young age [children are] old enough to have basic common sense and you can have a conversation with them. There’s still so much for children to learn and it’s so satisfying to educate them and help them learn about the world. I definitely know that working with children will keep me smiling. What else attracts you to a career in teaching? As I’ve been involved in the Scouting movement since I was 7 years old, I’ve always been around a wide range of people. Also, recently completing my Young Leader training helped me make my decision about teaching and improved my confidence. Being a Young Leader has enabled me to work with 6-14 year olds, teaching them skills they may not learn in school or at home. Things like aspects of safety, various camping skills, skills related to outdoor activities, a sense of community, culture and faith. Enjoying every aspect of working and caring for children assured me that it should be my career path. Anything else you’d like to add? I was petrified about going to university and never thought I’d be able to afford it. But I researched a lot and found that it’s easier than I thought. If you want to go to university but feel something is stopping you, there are solutions and advice out there. I say go for it! Press the video below to play

STUDENT FINANCE JOURNEYs Helen’s First Year NAME / Helen STUDYING / Physiotherapy YEAR / First UNIVERSITY / Coventry

Trouble seeing this video? View it in your browser: http://vzaar.com/videos/1247434

SIXTH FORM STUDENT FEATURE

Opportunity Knocks Budding entrepreneur Pedram talks business, university and good housekeeping

Starting university or college is often seen as the first step to the rest of your life, entering a place that will offer many opportunities! The closer you get to starting university or college, it’s likely you’ll want independence more and more – in you as a person, in where you live, and perhaps most dauntingly of all, financially.

ith money at the front of many Sixth Year students’ minds, we talk to Pedram, aged 17 and planning to study Management at City University in London. Pedram’s keen to start university, feeling it’ll allow him to pursue his passions, gain new skills and meet new people from all walks of life. “Personally, I think university will be a place of opportunities, where I can grow as an individual and learn many invaluable lessons.” Although he plans to visit home frequently throughout his time at university, Pedram intends to move out in his first year and stand on his own two feet! He wants to test himself away from home– learning his strengths and weaknesses. To prepare, he’s started to learn some basic housekeeping skills, and has been surprised by how much work was required juggling laundry, ironing, cooking and cleaning! But the sense of satisfaction he’s found in doing the work for himself has been equally surprising. As for his degree, Pedram’s always known that we should always play to our strengths! His passion lies in business and, with research and work experience Pedram’s enthusiasm has rocketed. Although he admits it’s difficult to plan for the future, he looks forward to one day becoming a successful entrepreneur in the arts, with a range of skills from marketing to finance, and aiming to not only benefit himself but serve society as well.

“Anything is possible and with hard work and dedication nothing is out of reach.” Being an ardent painter and photographer, and with hobbies of playing the Santur (an Iranian instrument), it would seem that a career in the arts would be an ideal path. Pedram thinks it’s wise to get some experience in the workplace so he can learn from others before setting up a business of his own! Pedram’s adamant the value of going to university to work in a rich, dynamic environment with other skilled and talented people is worth the cost. But also appreciates the role that student finance plays in allowing that to be possible.

“Financial support would be great as having to constantly worry about finances is added stress to anyone doing a degree. Some support really goes a long way.”

What help?

STUDENT FINANCE

What help can you get? There’s lots of help available while you’re studying. The main costs you’ll have will be your tuition fees and living costs. There’s extra help for students who have special circumstances. Grants don’t have to be paid back but loans do. Tuition Fee Loan What’s it for? Covers the cost of the tuition fee your university or college charges you. How much? Up to a maximum of £9,000 per year

MAINTENANCE LOAN What’s it for? Living costs such as books, rent, travel expenses. How much? 1 up to £4,375 if you’re living at home 2 up to £5,500 if you’re living away from home and studying outside London 3 up to £7,675 if you’re living away from home and studying in London £4,375

£5,500

£7,675

£6,535

4 up to £6,535 if you’re studying overseas as part of your UK course.

Maintenance Grant or Special Support Grant What’s it for? Living costs such as books, rent, travel expenses. Doesn’t have to be repaid. How much? Up to a maximum of £3,354.

Disabled Students’ Allowances What’s it for? Helps pay the extra course costs you may have because of a disability, long-term health condition, mental-health condition or a specific learning difficulty.

1

£20,520 2

How much? Depends on an individual needs assessment but you can get up to (1) £20,520 for a non-medical helper (2) £5,161 for specialist equipment to (3) £1,724 for other costs related to your disability.

£5,161 3

£1,724

Doesn’t have to be repaid.

Childcare Grant What’s it for? Helps with childcare costs. 1

How much? (1) 85% of childcare costs up to a maximum of £148.75 per week for one child, and (2) £255 per week for two or more children.

£148.75

2

£255

Parents’ Learning Allowance What’s it for? Helps with course-related costs if you have children that depend on you financially. How much? Up to £1,508.

£1,508

Adult Dependants’ Grant What’s it for? Helps with course-related costs if you have an adult who depends on you financially. £2,642

How much? Up to £2,642.

Bursaries What’s it for? Extra help from your university or college. How much? Speak to your university or college to find out.

A MINUTE FOR STUDENT FINANCE Got a minute? Find out what student finance is available to help you with your studies.


Press the video below to play

Make the most

STUDENT budgeting

Make the most of your money NASMA’s guide to stretching your student funding The National Association of Student Money Advisers (NASMA) work in universities and colleges offering students advice on budgeting and sources of funding. So, we asked for their top tips and hints on budgeting your money while at university or college. 1. Download the NASMA app It contains plenty of relevant information, updates, videos, hints and tips, and also has a budget planner to help you budget day-to-day - www.nasma.org.uk/ Homepage/Smartphone-App 2. Make sure you’ve applied for funding Have you applied for student finance that depends on your household income? Is there funding available from your university or college?

This applies no matter what device you’re watching on (e.g. TV sets, laptops, mobile phones, tablet, etc.) 6. Go to university or college and have fun! But don’t get sucked into a lifestyle you can’t afford – your money has to last for the whole term and needs to be used for rent, bills and food as well as socialising. 7. Get a part-time job Maximise your income by getting a part-time job.

3. Know who to speak to Worried your funding might be delayed? You can find contact details for money advisors at your university or college from www.nasma.org.uk/Contacts- Links/Institution-Contacts

8. Never go shopping when you’re hungry! Plan your meals and do a big shop once a week instead of ‘topping up’ from smaller shops which can be more expensive.

4. Open a student bank account Make sure it works for you! Check the small print and don’t just go for the best freebie.

9. Make your own lunch Make a packed lunch instead of buying food on campus and invest in a funky flask instead of buying takeaway coffees.

5. Make sure you have a TV licence Watching or recording live TV? Make sure you have a TV licence.

10. If you can walk or cycle instead of driving – do it! It’ll save you money and keep you fit.

Deadline Approaching

APPLY NOW!

APPLY NOW GET YOUR MONEY ON TIME!

If you’re planning to start a full time course from September this year and haven’t submitted your application for student finance you need do this right away

We caught up with Nichola Malton, Assessment Services Manager with Student Finance England who was able to offer advice on the importance of applying as soon as possible. f you’re a new or returning full time student, you’ve still got time to apply for student finance. But be quick – go online and apply today at www.gov.uk/ studentfinance – otherwise you may not get your money for the start of your course! Nichola said: “If you’re planning to start a full-time course from September this year and haven’t submitted your application for student finance you need do this right away. Even if you’re planning to apply for a course through UCAS Clearing you should still submit your finance application now as you don’t need a confirmed university or college place to make an application – simply use your first choice of course and update it later if it changes.” Sometimes further information or evidence might be needed to support your application and this can mean it’ll take longer to finalise, but as Nichola says the sooner your application is submitted the more time you’ll have before your course starts: “This can add extra weeks onto the time it takes for their application to be fully reviewed and their final entitlement awarded, applying as early as possible allows time for this if needed.” Every year we deal with over a million applications: so applying as soon as possible – as well as following top tips and checklists – really does help you get your student finance in place for starting your course!

To complete your student finance application you must also sign and return your declaration form. We’ll send you one by post or you can print a copy directly from your online account

Getting your finance

SFE TOP TIPS

Getting your student finance here’s what to do! Once you’ve applied for your course you should start thinking about your student finance and the kind of help you can get with tuition fees and living costs from us. Your university or college might also offer bursaries or scholarships – so you should also check with them. You can apply for student finance before you’ve made your final course decisions and before your offer has become unconditional on UCAS. The icons

below reveal a top tip.

Studying part-time?

HAVE YOU CONSIDERED

studying part time? learning to suit your circumstances tudying fulltime isn’t for everyone and may even be unsuitable for people with specific personal, family or work commitments. By choosing to take a course part time, you can tailor your learning to suit your circumstances, while enjoying many similar benefits of those in full-time study. It may also prove to be the most cost-effective method of gaining a new qualification – as you can still work while studying.

Avoid the ‘cram’ for your next exam

potential or progress your career. Your employer might even contribute towards your tuition fees!

Get Revising offer their study advice

Student Finance England can give parttime students Tuition Fee Loans to help cover their tuition fee costs.

2. Create different types of revision aids on the same material – from mind maps to flashcards. For example, mind maps will help you piece information together but flashcards will help you memorise the information.

The amount you can get isn’t based on your household income but does depend on your course intensity and how much tuition fee your university or college charges you. You’ll only repay four years after starting your course and only when you’re making over £21,000 a year.

Part-time courses are studied over a longer period of time, and different courses come with varied study options to suit you. For more information on student finance for If already in part-time courses, visit employment, taking on www.thestudentroom. a part-time course may co.uk/studentfinance help you realise your

1. Do regular, short tests to make sure you absorb key facts.

3. People learn differently so make sure you play to your strengths – if you prefer to learn visually then do this, or if you learn by listening – use this to study. 4. If you’re doing an essay- based subject make sure you practise planning and writing essays within the exam time limit at least a week before the exam. This will make sure you can do what you need to within the time limit. 5. Prioritise! Make sure you spend plenty of time tackling the subjects or parts of subjects you’re least confident in!

Student life

CONTINUING STUDENT FEATURE

STUDENT LIFE, TWO YEARS ON WE TALK TO SECOND YEAR student JACK Article by Mark Daniels

So, first year’s been and gone. Your fears about making new friends, keeping up with work and cutting parental ties now seem like a distant memory. But settling in isn’t the same as settling down. We caught up with Jack, a second year student studying Visual Effects and Motion Graphics at Glamorgan University to find out more about what university is like for continuing students.

“In my opinion it’s the mother course.” Jack’s enthusiasm is infectious. “We work with photography, film, animation, graphics, motion graphics, visual effects and drama! Other courses for example, animation, are only based in their area or field.” Two years in and his excitement for what he does shows no sign of fading – something he attributes to the quality of teaching on his course: “I’ve a fantastic tutor, who’s so involved with his teaching and makes every single lesson so enjoyable. His energy gets passed on to us and I can sit in his office and talk for literally an hour and a half.” The course boasts close industry contacts giving Jack a real insight into the workings of the film and television industry. It’s great experience and a pleasant surprise to Jack who had little expectation he’d be working on feature films at this stage in his career: “Already I’ve worked on a feature film called The Machine, directed by Caradog W. James – a film about a cyborg. I had to create motion graphics for some shots in the film. Excellent experience so early on and will look great on my CV!” Everyone’s got to start somewhere: Jack found himself drawn to cinema from an early age. Cinema trips as a youngster were a big part of this, his dad taking him to see films like The Lord of the Rings trilogy, which left a real impression: “I remember being terrified of the Ring Wraiths, then overwhelmed by the sheer amount of work that’s gone into it – it has over 400 Visual Effects artists which is unbelievable!” Drama lessons and early forays into film making followed, with a mini-series called Samora where a kidnapped girl is kept in a dungeon and bathes in spaghetti sauce – a bit of childhood fun, which stunned Jack’s teachers. But, it wasn’t until he was at college and studying Photography and Media that Jack felt he really began to find his voice: “The more I watched films, the more I fell in love with the behind-the-scenes life that builds it.” Away from the lofty heights of feature film work, Jack still recalls the anxieties of leaving home for the first time to start university. In particular, the moment his family left him in his student flat was tough: “In all honesty, I cried the moment they left.”

But any natural feelings of homesickness were soon put to rest as Jack met his flatmates, settled into his new flat and embraced city living. “Previously I’d lived in a village with a population of about 50, with hundreds and thousands (okay like 10) fields around everywhere with nothing in sight, going from that to a massive city like Cardiff was something else!” Although confessing he’ll still always feel like a ‘country bumpkin’, Jack says experiencing different cultures in the city has been one of the highlights of going to university though he still misses his family, his cat and the quiet of the countryside from time-to-time.

I’m grateful for the money from Student Finance England – without it I wouldn’t be in uni.

Getting your student finance in place in time for starting your course is one of the most important things you can do. And really puts you in an excellent position to succeed at university or college. This isn’t lost on Jack, who stresses the positive role his student finance has played in his studies:

“My parents aren’t wealthy people, but we get by. I’m grateful for the money from Student Finance England – without it I wouldn’t be in uni.” Jack’s realistic about financing his studies – a part-time job at the Millennium Stadium has come in helpful. But so does watching what you’re spending on nights out, and keeping your shopping list sensible! “You’re a student – you can’t afford to eat like a king! So keep your meals simple but enough to keep you healthy!” With feature film credits to his name, Jack aspires to become a Matte Painter or to eventually design film title sequences like his hero Kyle Cooper. He’s refreshingly philosophical about his future prospects: “I’m a strong believer in fate, so I’ll just see where the world takes me and hope for the best!” But with potential television work on the horizon and a real appreciation for the artistry of cinema, we feel certain it won’t be long until Hollywood comes knocking! Then we’ll see this self-confessed ‘country bumpkin’ transformed from Glamorgan to the glamour of tinsel town!

The Graduate

REPAYMENT FEATURE

THE GRADUATE WE CHAT TO GRADUATE, BEN ABOUT REPAYing Article by Clare Reilly

One of the main reasons higher education is so attractive to many is the difference a degree makes to earning power. Graduates earn on average £12,000 a year more than non-degree holders. The thought of debt may put some off but according to Ben, a Digital Marketing Manager who studied Philosophy at University of Warwick, nobody should be put off by the cost. Ben says, “without a doubt it was worth it”. Though not in a job related to his degree, Ben doesn’t feel he’d have been in the same position if he hadn’t gone to university: “University didn’t help me find a job in a practical sense, as networking events

always seemed to be focused toward industries that I wasn’t particularly interested in. It has, however, helped me find a job in the skills that university taught me. The analytical and critical skills my courses taught allowed me to tackle interviews and the job with confidence.” So, if like Ben, your university days are over, your student discount cards have expired and it’s time to enter the world of work you might have to think about repaying your student loans… but don’t worry, the repayment system is simple! So how does repayment work?

The repayments are low and are responsive to your earnings, so it won’t be much to pay back monthly

If you’re a full-time student, you don’t have to repay anything until the April after you finish or leave your course and even then only if you have a job and your income is over £21,000 a year. You’ll pay 9% of your income over the threshold... it comes out of your pay like tax: “To be honest, I hardly notice my loan repayments compared to tax and National Insurance bills. It comes off without me organising anything, and it costs me far less than tax.” The amount you repay depends on your income, not on what you borrow. So it doesn’t matter if you choose a course that costs £6,000 or £9,000 a year, you’ll still repay the same amount each month. So if you make £25,000 a year you’d work your repayments out in the following way Your income £25,000

You repay £4,000

£21,000

(repayment threshold)

If your income drops below the threshold or if you stop working for any reason, you’ll stop repaying automatically. “Don’t think of it as a massive debt, think of it as a tax on future earnings. The repayments are low and are responsive to your earnings, so it won’t be much to pay back monthly unless you earn a lot!” Going to university or college can be a life changing experience and finance shouldn’t be a barrier for anyone. We’ll leave it to Ben to sum it up: “Without a doubt it was worth it. Easily the best choice I’ve ever made. I’m paying an amount I can afford for the amazing friends and skills I learned.”

The facts about repayment

REPAYMENT/ INTEREST

THE FACTS ABOUT REPAYMENT Repaying your student loan really is quite straight forward – here’s what you need to know:



The interest-ing bit Unfortunately, like most loans, you have to pay interest on student loans – but how much? And how’s it calculated? Watch our one minute animation to find out!



For more information on repayment and interest rates visit www.studentloanrepayment.co.uk

USEFUL CONTACTS For more information and to apply, visit www.gov.uk/studentfinance

For a range of helpful tools and guidance, visit www.thestudentroom.co.uk/studentfinance

You can also phone us on 0845 300 5090 (textphone: 0845 604 4434) between 8am and 8pm Monday to Friday, and between 9am and 4pm on Saturdays and Sundays.

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