BUDGET BUSTERS gohigherwestyorks ac uk 03102020 1 Our

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BUDGET BUSTERS gohigherwestyorks. ac. uk 03/10/2020 1

BUDGET BUSTERS gohigherwestyorks. ac. uk 03/10/2020 1

Our partners gohigherwestyorks. ac. uk 03/10/2020 2

Our partners gohigherwestyorks. ac. uk 03/10/2020 2

Aims Higher Education and finance gohigherwestyorks. ac. uk Develop financial know-how Decisions and budgets

Aims Higher Education and finance gohigherwestyorks. ac. uk Develop financial know-how Decisions and budgets Let’s talk about money 03/10/2020 3

GAME Higher or lower? gohigherwestyorks. ac. uk 03/10/2020 4

GAME Higher or lower? gohigherwestyorks. ac. uk 03/10/2020 4

Higher or lower? Text book Student accommodation Washing powder Term bus pass Baked beans

Higher or lower? Text book Student accommodation Washing powder Term bus pass Baked beans £ 40 £ 4, 500* £ 3. 50 £ 135 £ 0. 50 £ 30 £ 6, 000 £ 100 £ 0. 80 Lightbulb 80 tea bags TV Licence Max Maintenance Loan Hourly minimum wage for apprentices in 1 st year* £ 3. 50 £ 2. 50 £ 147 £ 8, 430 £ 3. 70* £ 2. 90 £ 3. 00 £ 170 £ 6, 350 £ 3. 30 gohigherwestyorks. ac. uk 03/10/2020 5

Snap thought! “stu den t What word – just one word – comes into

Snap thought! “stu den t What word – just one word – comes into your head when you hear… For fina nce” ? Let’s talk a • W here p-to -dat do y o e inf n s orm tude ou ge atio • Ar t inf nt fi nag ood e n ance ormat thes star ting ion e rel • W ? poin h i t is t able o co he g sour u over ld yo nme ces? u nt's gohigherwestyorks. ac. uk a stud sk fo ent ri fin the m ost u bou t it 03/10/2020 6

Full-time study gohigherwestyorks. ac. uk 03/10/2020 7

Full-time study gohigherwestyorks. ac. uk 03/10/2020 7

Two main costs Tuition fees For full-time study (does not apply to apprenticeships). gohigherwestyorks.

Two main costs Tuition fees For full-time study (does not apply to apprenticeships). gohigherwestyorks. ac. uk Living costs Rent, food, bills, clothes, travel costs, socialising, gym, sports, etc. 03/10/2020 8

Tuition fees – Question 1 What is the maximum tuition fee a university or

Tuition fees – Question 1 What is the maximum tuition fee a university or college can charge per year? £ 5, 500 £ 7, 750 gohigherwestyorks. ac. uk £ 15, 350 £ 9, 250 £ 12, 800 £ 20, 150 03/10/2020 9

Tuition fees – Question 2 How much tuition fee do you pay straight away?

Tuition fees – Question 2 How much tuition fee do you pay straight away? 0% 10% gohigherwestyorks. ac. uk 100% 50% 15% 30% 80% 03/10/2020 10

Living costs – Maintenance Loan: maximum amount each year This is the maximum you

Living costs – Maintenance Loan: maximum amount each year This is the maximum you can receive in your bank account to cover living costs. Living at home while you study £ 7, 097 gohigherwestyorks. ac. uk Living away from home outside London £ 8, 430 Living away from home and in London £ 11, 002 03/10/2020 11

Living costs – Maximum Maintenance Loan depends on your household income Home Elsewhere London

Living costs – Maximum Maintenance Loan depends on your household income Home Elsewhere London £ 25, 000 and under £ 7, 097 £ 8, 430 £ 11, 002 £ 30, 000 £ 6, 499 £ 7, 825 £ 10, 387 £ 35, 000 £ 5, 901 £ 7, 220 £ 9, 771 £ 40, 000 £ 5, 303 £ 6, 615 £ 9, 155 £ 45, 000 £ 4, 705 £ 6, 009 £ 8, 539 £ 50, 000 £ 4, 107 £ 5, 404 £ 7, 924 £ 55, 000 £ 3, 509 £ 4, 799 £ 7, 308 £ 60, 000 £ 3, 124 £ 4, 193 £ 6, 692 gohigherwestyorks. ac. uk 03/10/2020 12

Repayment of tuition fees and Maintenance Loans You will start repaying… The April after

Repayment of tuition fees and Maintenance Loans You will start repaying… The April after you finish your course gohigherwestyorks. ac. uk The government will write-off any unpaid balance after 30 years When you’re earning over £ 25, 000 per year 03/10/2020 13

How to find out how much you can apply for… Use the Student Finance

How to find out how much you can apply for… Use the Student Finance England calculator to see the size of loan you can apply for: https: //www. gov. uk/studentfinance-calculator gohigherwestyorks. ac. uk 03/10/2020 14

Higher Level and Degree Apprenticeships Your employer pays the costs of your study and

Higher Level and Degree Apprenticeships Your employer pays the costs of your study and training. gohigherwestyorks. ac. uk An apprenticeship is a job. Typically you work four days and study one day in a week. The minimum income is £ 3. 70 per hour in your first year. However, MOST employers pay more, especially for Higher Level or Degree Apprenticeships. After the first year you must be paid at least the standard national minimum wage for your age. https: //www. gov. uk/nationalminimumwage-rates 03/10/2020 15

So, how much could you get per week? Full-time student example (age 18+) Higher

So, how much could you get per week? Full-time student example (age 18+) Higher level apprentice example (age 18+) Maximum Maintenance Loan £ 8, 430 Divided by 52 weeks = A typical annual salary, £ 16, 000 Divided by 52 weeks (minus tax/NI) = £ 162 per week. £ 273 per week. Did you know? Even if you qualify you don’t have to apply for the full Maintenance Loan. For examples of salaries: https: //www. findapprenticeship. service. gov. uk/apprenticeshipsearch gohigherwestyorks. ac. uk 03/10/2020 16

Budget Busters Game! 1 Decide on a route: fulltime study or apprentice? gohigherwestyorks. ac.

Budget Busters Game! 1 Decide on a route: fulltime study or apprentice? gohigherwestyorks. ac. uk 2 Complete the income part of the budget planner. Use the previous slide to help. 3 4 Use the employment Complete the outgoings cards to decide on your part. Working as a employment choice. group, or on your own, make decisions based on 7 key areas of outgoings. 5 Don’t forget to factor in the surprise income and outgoings! 03/10/2020 17

Top tips and info If in full-time study Open a student bank account Part-time

Top tips and info If in full-time study Open a student bank account Part-time work Plan and budget! Make the most of student discounts Take some money with you. You normally get your Maintenance Loan 3 – 5 days after you enroll. Different banks have different offers, e. g. free 16 – 25 railcard. Many also give you an interest free overdraft. It is advised that students work a maximum of 10 – 12 hours per week. Maintenance Loans are paid in three instalments during the year. The National Union of Students (NUS) card gives you discounts in many shops, restaurants, and cinemas. There are often reductions in travel costs for young people. gohigherwestyorks. ac. uk Apprentice salaries may be paid monthly. So you need to budget to make it last! 03/10/2020 18

Information Inspired by: Cash Course by Sheffield Hallam University with support from Aim Higher.

Information Inspired by: Cash Course by Sheffield Hallam University with support from Aim Higher. Further information and help www. gov. uk/studentfinancesteps www. gohigherwestyorks. ac. uk https: //www. ucas. com/ucas/undergraduate/finance-andsupport/budget-calculator https: //www. gov. uk/student-finance https: //www. theguardian. com/money/2016/jun/18/controlspending-finances-budgeting-app-smartphone https: //www. ucas. com/ucas/undergraduate/finance-andsupport/managing-money/student-budgeting-tips https: //www. gov. uk/apprenticeships-guide http: //www. studentloanrepayment. co. uk/portal/page? pageid=93, 3866794&dad=portal&schema=PORTAL gohigherwestyorks. ac. uk https: //studentfinance. campaign. gov. uk/ 03/10/2020 19