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Home > Parents Zone > Money Matters > Budget Planner
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Higher Education (University)
No matter how young your son is, it's never too soon to think about Higher Education. It's best to be equipped with as much information as possible in order to help him make the right decision.
Tuition Fees
If your son decides to go to university to study, tuition fees will have to be paid. Tuition fees are a contribution towards the cost of the course. Full-time students may get all or part of their tuition fees paid but how much you will have to pay depends on your son's income (if any) and the family income.
Your son should contact his local ELB in March of the year he intends to start his course for a financial assessment form.
He will be asked for financial details to work out how much money he would be entitled to and how much, if any, he or the family will have to contribute to fees. The ELB will also indicate the maximum amount of help towards living costs that your son will get. The application form must be returned to the ELB as soon as possible.
2006 Tuition Fees
From 2006 there will be changes to how young people pay for the cost of higher education. At present tuition fees are paid before or during a course. Under the proposed changes neither you nor your son will have to pay anything towards tuition fees before he goes to university/college or during the period of the course.
Students will, if they wish, be able to add the costs of their fees to their student loan, which they will pay back when they are working and earning over £15,000.
Bursaries
Students from low income families may be eligible to apply for a Higher Education Bursary. Your ELB will assess eligibility. The maximum amount available is £2,000. The bursaries form part of the support package for living costs and your son will not be asked to repay this when he finishes the course.
The ELB will usually pay the bursary in three instalments.These are made either by cheque or directly into a bank or building society. Contact your local ELB for details.
Student Loans
To help with living costs such as accommodation, food, clothes travel etc, your son can apply for a student loan. The amount borrowed will depend on your family's income and if he has any income himself.
Student loans are not commercial loans like those offered by high street banks or building societies who aim to make a profit.
The loan is usually paid in three instalments - one at the start of each term. Repayment of the loan starts after he leaves university or college and is earning £16,000 per annum. Your son will not have to make repayments while his income is below the threshold of £15,000.
Your son should apply for his loan by completing the loan request form on the back of the financial notification and send it to the Student Loan Company (SLC). The earlier he does this the more likely it is that his loan will be available when he starts his course.
He will need a bank account for his student loan to be paid into, so he should begin researching student bank accounts during June and July. He should shop around banks that are competing to attract student customers by varying interest rates, overdraft limits and the period after graduation allowed before repayment is expected.
For information on Tuition Fees, Bursaries and Student Loans see 'Financial Support for Higher Education Students' booklet published by Student Support Branch.
Students with a disability
Extra help is available if your son has a disability. A guide is produced by the Department for Education and Skills (DfES) called 'Bridging the Gap' which answers most of the questions commonly asked about Disabled Students Allowance. He can get a copy of the guide by ringing the DfES information line on 0800 731 9133 or it is available from the DfES website.
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