Money Money Money

As I am sure you will be aware Parliament voted to change the fee system in England from 2012. Therefore if you are applying to go to university this year, the system is considerably different to what it was previously.

Here are a few useful pointers on student finance that have come from the super helpful people at studentparents.org

The most important things you need to know:

  • The new maximum fee universities can charge will be £9,000. However, universities will not be able to charge more than £6,000 unless they can show they are running effective access and bursary schemes.
  • You do not have to pay these fees up-front. They are covered in full by the tuition fee loan, which is available to everybody. You do not repay your loan until you have graduated and are earning more than £21,000 per year. After that, your repayments are based on your earnings, not what you owe: you will pay 9% of what you earn over £21,000 until you have repaid your loan or it is written off. (Your loan is written off after 30 years and in some other situations.)
  • The new fees will start in 2012 and will affect everyone who starts university that year, even if they applied the year before and deferred entry.
  • Part-time students will be able to get the same loan for fees as full-time students, so if you are studying part-time you will no longer have to pay your fees up-front

As well as the funding students can apply for from the student loans company there is also additional support that student parents can apply for.

If you’re a full-time higher education student with dependent children, you may be able to get extra financial help according to Directgov

The government website highlights that student parents can get extra financial support on top of the standard student finance package to make their time at university a little easier.

Depending on what your individual circumstances are, as a student parents you may be able to get additional support. The Childcare Grant is available to help with childcare costs whilst you are studying. The Parents’ Learning Allowance is given to help with your learning costs whilst on the course and there are a number of other financial support systems including the Child Tax Credit and the Access to Learning Fund.

If awarded the childcare grant you could be entitled to funds that could cover up to 85% of your childcare costs during term time and holidays for the duration of your course. This could be up to £148.75 per week if you have one child or £255 per week if you have two or more children.

If you’re living and studying in England, you can apply for the Childcare Grant if you use childcare that is registered or approved with Ofsted or the Commission for Social Care Inspection. To find out how to apply for this please visit the directgov website

The Childcare Costs Confirmation form for 2012/13 will be available in October 2012. However, as soon as we get new information, updates or changes we will be posting to let you know.

Katie

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