The radical overhaul of student funding has finally happened. Yet myths, panic and confusion about the changes to English student finance for those starting in 2012, 2013 and beyond are still widespread. With headlines screaming about graduates lumbered with £50,000 debt, many 6th formers are struggling to detangle myths from facts. Yet this new free 'How to answer questions about student finance 2013' teachers' booklet is here to help.
The guide is produced by the Independent Student Finance Taskforce (which is headed by Martin Lewis) and is crucial reading for anyone considering going to uni in 2013.
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Teachers / Parents / Universities:
Feel free to print and distribute this pdf guide and find out how to embed this and other resources on your own websites. If you're printing it, use the black and white version for best results.
Watch or listen to the audio and video guides
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Student Finance 2012 Video Guide
Filmed in front of parents and potential students at UCL, Jun 2011.
Listen to Martin explaining the changes on BBC Radio Five Live's Shelagh Fogarty show. Click on the player below to listen (13:15).
What's in the booklet
You’ve done your job helping your students pick the right exams and you’re hoping they will get the best results they can. But there is another hurdle for teachers with students wanting to go to university: the changes to student finance from 2013.
1. Can students still afford to go to uni?
The typical maximum loan combining tuition fees and maintenance is £16,675 a year or £50,000 over a three-year course – a scary sum. Yet that figure is mostly meaningless; student loans are one of the very few areas where the price tag bears little resemblance to the real cost.
2. Loans, grants and bursaries
There is a range of financial support out there for those wanting to go into higher education. This falls into two main categories: government support and direct money from universities and colleges. The amounts available often depend on household income (usually the parents' income, but it can be the students' in some circumstances).
3. How much will they need to repay?
Students starting at English universities in 2013 could graduate with loans of anything up to £50,000 if they take both tuition fee loans and maintenance loans. However, no matter how much they take out in loans, they’ll pay the same back each month.
4. How much will it actually cost?
This is the crucial question and one of the many fears that are unnecessarily putting students off going to university. The actual answer is different for everyone, but this section contains three points to help you explain it.
5. Student questions and answers
Important questions that students may ask and how to answer them, including "Why has the system changed?" and "Is university worth the cost?".
A list of key contacts to help with all aspects of student finance.