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Considerations for Higher Education (HE)
If you are considering entering HE then you need to think about ways to fund it. You should be considering the cost of:
- tuition fees
- accommodation
- books
- travel
- lliving expenses (food, drink, nights out etc.)
Therefore it is a good idea to find out about student loans and government grants. We have summarised all the main considerations below however for an in-depth guide refer to “A guide to financial support for higher education students 2011/12 – new full-time students.”
Tuition fee loan
A Tuition Fee Loan can help you with the costs of tuition fees, which can be up to £3,375 per year. Interest is charged at the rate of inflation and you don’t have to start repaying this loan until you are earning £15,000 or over per year.
To find out how much you can borrow and how your loan will be paid visit Directgov.
Maintenance grant (to help with living costs)
Full-time students may be eligible for a non-repayable grant if your household income is less than:
- £25,000 – you are likely to be eligible for a full grant worth up to £2,906.
- £50,020 – you are likely eligible for a partial grant, dependant on your household income.
Maintenance loan
If you are eligible for student finance then a maintenance loan can help with the cost of living. The amount you can borrow depends on your household income. You won’t have to repay this loan until you are earning more than £15,000 per year.
Bursaries
Universities and colleges often offer a bursary, which is non-repayable cash support. Bursaries are intended for low-income households to ensure that no-one is discouraged from applying for higher education on the grounds of financial hardship.
Sponsorships
If you have a specific career in mind, you might find it a good idea to approach companies to see if they offer any sponsorship programmes. With a sponsorship programme you are usually guaranteed a job once you have completed your degree and you often get your tuition fees paid by the sponsor. Sponsorship can help you gain valuable experience of working in a sector that interests you, which will help you find a suitable job when you graduate. The main sponsors include:
- The armed services (Army, Navy, RAF).
- Banks and accountancy firms.
- Local authorities.
- Certain industries and companies.
Disabled Students’ Allowances (DSAs)
If you have a disability or learning difficulty and are studying in higher education you can apply for extra funding called DSAs. These help with course-related costs that arise, as a result of your disability. These allowances are not dependant on household income and are non-repayable. Extra support could include:
- Specialist equipment allowance.
- Non-medical helper’s allowance.
- Other costs – for example tapes or Braille paper.
- Extra travel costs you have to pay as a result of your disability.
For further information download the Student Finance England booklet ‘Bridging The Gap – A Guide To The Disabled Students’ Allowances (DSAs) In higher Education 2011/12’.
Scholarships
Some institutions offer financial rewards to students who excel academically, often in sport or music. You can search scholarship-search to find institutes offering scholarships.
Help lines
- Student Finance – 0845 300 5090
- Connexions Direct – 080 800 13 2 19
Useful websites
Students Loan Company
The Student Loans Company (SLC) is a UK public sector organisation established to provide financial services, in terms of loans and grants.
Directgov: student finance
Government website providing you with videos and all the financial information you will need to go to university.
Directgov: future students
Describes how the September 2012 tuition loan system will operate, how to get a student loan, help with living costs and what support is available from government.
Department for Business Innovation and Skills: student finance
Information on the Government's plans for reforms to higher education and student finance.
Student Tax Advice
This site was created to help answer students frequently asked questions about taxation and the minimum wage.
Online tools
Scholarship Funding
Search for all scholarships and funding that you might be eligible for.
Student Tax Calculator
Think you've overpaid tax and are due a repayment?
Student Finance Calculator
The Student Finance Calculator will provide you with a tailored estimate of the financial support you could receive.
UCAS budget calculator
This tool helps you balance your income and expenditure.
BrightsideUNIAID student calculator
Use the UNIAID student and international student calculator to build your student budget.
Universilly Challenged Game
Play HRMC’s ‘Universilly Challenged’ and see how much you know about tax and other quirky facts.
Last updated: 19/04/2011
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