Where Next?

Preparing for Higher Education

Parents Information Evening

Thinkfutures.net

Big Decisions
Some 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 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

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

The Costs of Going to University

Tuition Fees
payable directly to the institution by the Student Loans Company

Maintenance Costs
Travel, Accommodation, Food, Equipment

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 80% 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 5500 if live away from home outside London Maximum 7675 if live away from home in London Maximum 4375 if you live at home while studying

Accrue interest at 3% + rate of inflation 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 3354 Directly linked to household income
If less than 25000 full grant If more than 42500 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

On line Resources

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 Connexions Personal Advisers ThinkFutures.net