Finance advice
Moneysmart
You’ve doubtless heard ‘it doesn’t grow on trees’ and you may well be expected to make yours last longer and go further than ever, now that you’re finally looking afer, or making, your own… That’s right – money. Check out Option’s guide with everything you need to know about keeping your finances – and peace of mind – as healthy as possible!
L
oans, grants, applications, repayments, wages … welcome to the world of student finance. For school leavers, the different options available might
seem bewildering. And once you’ve secured the finance, it’s important to spread your costs so you have enough available for when you need it. It’s also vital to understand how repayments work and what your commitments are. This guide will give you plenty of hints and tips to get you off to a flying start and help you navigate your first few years of further education or the world of work. As a school leaver, you might find the most challenging aspect of going to university is being in charge of your own finances. It can be daunting and liberating in equal measure; you’re suddenly faced with a lot of responsibility, the freedom to spend, but you need to get your head around a whole host of options to ensure you make the most of what is available. We’ve outlined your finance choices into bitesize chunks, so you can get an overview as well as the key details.
The lowdown on university loans The Student Loans Company processes all applications. All university students are entitled to two loans provided by the government, which have to be paid back, but not until you’ve finished or left your course, and only if your income is over a certain repayment threshold. The amount you will repay will be based on how much you earn, not how much you borrow.
What’s available l
A tuition fee loan of up to £9,250 per year is transferred directly to the university
l
The maintenance loan: this goes towards your living costs while at university such as rent and bills. It works on a sliding scale, according to your household income and is paid directly into your bank account at the start of each term (three instalments a year). The full amount of £12,667 a year may be available to those from low-income families but evidence of eligibility is necessary. The amount you get is also dependent on where the university is located and if you choose to remain at home. If you opt to study in London, you will be entitled to added finance to cover higher costs.
You might also be eligible for money from the
university itself under certain circumstances. Each university will have its own scholarships and bursary schemes, aimed at making higher education fairer for all or to reward those with exceptional skills. The University of Portsmouth offers a bursary of £750 a year if you’re a full-time undergraduate student from England, being charged full fees of £9,250, and your household income is £25,000 a year or less. It also has a Sport Scholarship programme supporting talented athletes, with a package each year worth between £2,000 and £6,000. The main thing that scholarships, bursaries and grants
have in common is that they do not need to be paid back. However, the university may set out stipulations for how the money can be spent. Students with specific needs, such as those with children or disabilities, could qualify for extra financial rewards. There are also thousands of charitable grants available, providing additional funding support, and which are
30
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92
