Free Part-Time Student Guide
Student Finance 2016 - how it works
The guide is provided by MoneySavingExpert.com and Universities UK and is crucial reading for anyone considering going to uni in 2016.
Teachers / Parents / Universities feel free to print and distribute this guide.
For more info on the changes, see the full guide: Student Loans 2019
Also see: Student Checklist | Student Accounts | Repay My Student Loan?
Martin outlines part-time student finance changes, dispelling myths and revealing some unknown truths.
Small things may have changed so check the PDF for up-to-date info. Feel free to pass to others or embed the video on your own site.
Changes to student finance: Part-time students
Created in February 2012 by the Independent Taskforce on Student Finance Information , see www.studentfinance2012.com
If you only read the headlines you’d think all students were 18 years old, leaving home, drinking beer and doing full-time degrees. Yet around a third of those who go into higher education are studying part-time, aged 18 to over 100. I suspect there’s a huge variety in their choice of tipple too.
2. The basic facts
Student loans are a bizarre contradiction. Everyone talks about the price tag – yet the repayment system and interest charges mean that the figures bear little resemblance to the actual amount you will repay.
3. What funding is available?
There is a range of financial support out there for those who want to go into higher education. This falls into two main categories – Government support and money that comes directly from universities and colleges.
4. How repayments work
Of course while getting a loan is great, it's not a grant. So once you’re earning enough, you will need to repay it. But student loans are very different to other loans. They’re a unique hybrid, somewhere between a loan and taxation, but more like a graduate contribution – so it’s important to understand exactly how the repayments work so you can think about their impact.
5. How much will it actually cost me?
This is the crucial question and it's one of the many fears that put people off going to university – the ‘how will I afford to live with this debt?’ question. You can also use the Part-Time Student Finance Calculator.
Key questions answered include 'Is university worth the cost?', 'What if I have a child?', 'Do I qualify for benefits?', as well as the issues around living and/or studying in Wales, Scotland and/or Northern Ireland.
7. Further reading
A list of key contacts to help with all aspects of student finance.
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