Where Next?
Preparing for Higher Education
Parents Information Evening
Thinkfutures.net
Big Decisions
Many people spend more time planning their
holidays than planning their future.....but our
students will spend more of their awake
hours in work for the next 40 years at least
So our students will need to use all the tools
at their disposal to help them make their big
decisions
Planning the Journey:
Why and How Much?
Why go to
university?
How much will it
cost?
Why should your child go to university
Education enhances life chances
Qualifications lead to better and
more opportunities:
BA Hons, BSc Hons, BA, BSc,
HND, DipHE, Foundation Degree
Between 2-5 years
Vocational & Academic Courses
Graduates....
Lower unemployment rates (less than 50%
than that of non graduates)
A wider choice of role in their chosen career
More opportunities for work experience
Gain independence, life and social skills
Broadened horizons
Enjoy university experience
Greater support networks, professionally,
socially and academically
Graduates....
The Graduate Premium
An average of 12,000 salary per year
more than non graduates
Over a life time an average of 500,000
more salary than non graduates
Women graduates earn avg 52% more
over their working life
Men graduates earn 30% more
BUT
Success is NOT guaranteed
Not all students complete the course
Getting a good university place is very
competitive
Graduates do not always get graduate jobs
Higher education incurs costs
Forgoes earnings for a minimum of 2 years
But
Success is NOT guaranteed
1 in 14 undergraduates quit after less than 12
months
1 in 10 fail to complete the course
Getting a good university place is very
competitive
Graduates do not always get graduate jobs
Forgoes earnings for a minimum of 2 years
The Average Costs of Going to
University: 22,000pa
TUITION
Course Fees 9000
Equipment & Books 1000
Total 10000
MAINTENANCE
Rent 5000
Food 2000
Travel 1500
Leisure 1500
Personal Expenses 2000
Total 12000
How can we afford it?
BORROWING STUDENT LOAN COMPANY
Tuition Fees
Maintenance Loans
BORROWING COMMERCIAL LENDERS
Overdrafts
Short Term Loans
FREE MONEY
Grants
Bursaries
Scholarships
Student Loans
http://www.bournemouth.ac.uk/futurestuden
ts/microsites/facts_about_fees/index.html
Student Loans
Currently 85% of students take out a loan
The debt belongs to the student
Tuition Fees
Course costs payable directly to the university by
the Student Loans Company
Living Costs
Paid into the students bank account at the start of
each term
Student Loans
Tuition Fee Loan
Maximum of 9000 per
year
Maintenance Loan
Maximum 5555 if live away from
home outside London
Maximum 7751 if live away from
home in London
Maximum 4418 if you live at home
while studying
Accrue interest at 3% + rate of inflation (6.3% for 2013/14)
Repayable on graduation, once earning 21000 a year or more
Repayments are 9% of any income over 21000, so at 25000
36 repayment per month
After 30 years any outstanding amount is written off
On line Resources
Grants
Non Repayable
Maximum 3387
Directly linked to household income
If less than 25000 full grant
If more than 42620 nothing
Paid into student bank account at the start of
each term
Annual application
On line Resources
Bursaries & Scholarships
Financial support from universities and other
organisations to selected students
Need based less well off families
Merit based meet specified criteria
Career specific for different courses
Cash payments for living costs/ equipment
Varying amounts 200- 5000
Non Repayable
Annual application
MUCH UNCLAIMED
How to find it:
The Scholarship Grid
Lists of scholarships by
university/ course
300m in bursaries
allocated to
undergraduates each
year from universities to
increase access
Local benefactors:
Mirfield philanthropists
Small Family Trusts
Big corporations
Armed Forces
Not a financial adviser
Do the research
Complete all the application administration
before the deadlines
If you are going to need to borrow borrow
from the Student Loan Company
Apply for all the available bursaries/
scholarships
If you are going to repay early, pay off
everything else first
Help and Support
Sixth Form Team
Form Tutors
Learning Mentors
Careers Advice & Guidance Officer
ThinkFutures.net
