Aside from tuition fees, there are other elements that students will need to budget for including accommodation, bills, food (if they are moving away from home) transport, books, photocopying and printing.
Thankfully, most students have access to student finance to support them. The information below has been published to assist with describing the main sources of funding available and how these can be accessed. Additional income is often sourced by students through part-time jobs, which the Emil Dale Academy recommends. We strongly advise against loans due to extortionate interest rates and potential implications they can cause.
Please note that there are lots of other ways to save money, such as student bank accounts and discounts offered with NUS Extra cards (available to BTEC and Degree students). Full-time students living with other students (only) will also be exempt from paying Council Tax. The Emil Dale Academy can offer scholarships to eligible students however it is advised that students identify other means of sourcing funds for their training before applying for a scholarship as we are unable to offer scholarships to all applicants.
At the Emil Dale Academy, we understand that student finance may seem daunting however it really is just a case of being aware of the expected costs and doing some upfront planning to make sure the required finances are in place.
TUITION FEE LOANS
Fees do not need to be paid in advance or during the course of studies. The deposit, however, will need to be paid to secure the student's place at our academy by the date specified in the offer pack. Students can take out a loan to cover the cost of tuition, which is paid directly to their education providers on their behalf. The student finance loan is paid directly to the Emil Dale Academy whereas the £3,000 fee for the employability classes needs to be paid by the individual to the academy. There are payment options available to assist with planning the payments and how these will be paid.
Accommodation, food, transport, additional course fees and other living expenses will need to be accounted for. It is worth investigating the Student Loans Company as they provide Maintenance Loans to help pay for these expenses. For example, for 2018/19, students not living with their parents can borrow up to £8,700 for the year; those living at home can borrow up to £7,324. This funding is typically paid directly to students in three instalments at the start of each term.
HOW MUCH WILL BE LOANED?
Tuition Fee Loans are non-means tested, whereas the size of a Maintenance Loan is determined (partially) by the finances of either the student, their partner, or their parents. This is all dependant on their circumstances. Maintenance Loans are calculated by the Student Loans Company by researching the income of a student’s parents (including a spouse/partner of the parent as a combined household income, if the student is living with them). Students who are married or over the age of 25 and living with their partner will be assessed to determine the size of the Maintenance Loan.
It is important to know that students who are classed as having ‘Independent Status’ will not receive a Maintenance Loan based on their parents’ or partner’s income. Please note that this applies to students meeting the criteria defined below:
- If they are aged 25 or over at the start of the academic year
- If they have been married prior to the start of the academic year
- If they supported themselves for at least three years
- If they have no living parents
- If they are responsible for a child dependents
- If they are estranged from their parents
Please note that students with children or other dependents may be entitled to other funding. Some examples include; Parents’ Learning Allowance: up to £1,669 a year, dependent on household income. Childcare Grant: up to £164.70 a week for one child in approved childcare, or up to £282.36 a week for two children. Adult Dependents’ Grant: students with an adult who is dependant on them financially (other than their adult children) may be entitled to grants worth up to £2,925.
REPAYING THE LOANS
Upon graduation, please be mindful that the Tuition Fee Loan and Maintenance Loan are bundled together and start to accrue interest. Repayment is formed of 9% of income above £25,000. Please note that this repayment is taken even if a student did not complete their degree.
We have provided a sample table below of typical salary bandings and approximate monthly repayments...
|Annual salary before tax
||Approximate monthly repayment
For more information and to register your details, please click on the following link: gov.uk/studentfinance.
Please answer the security questions, create a password and write down the Customer Reference Number somewhere safe as it will be needed every time you log in.
We recommend that you review the application process and remember to save your information as you enter it. It is possible to log in and change the information you have entered at a later date.
There is an option available where the system can verify your identity using your passport number. Please do not worry if you don’t have a passport as you can post your birth certificate and a complete proof of identity form to Student Finance England, instead.
Once the application has been completed, the sections can be checked before the application is submitted. The application progress can be checked using your password and Customer Reference Number.
Please note that if you do not qualify for ‘Independent Status’, you will need to provide your parents’ or guardians’ financial details for the previous tax year. This can be provided either online or via a paper application. Proof of income may be required.
We recommend that consent is given for information to be shared as this will allow your university to assess you for additional financial support.
DISABLED STUDENTS’ ALLOWANCE (DSA)
Students may be entitled to a DSA if they have a form of disability, mental health condition or specific learning difficulty (SpLD). Please note that this allowance is not based on income but is based on the students' needs. DSA can be used to pay for various elements such as any additional support, resources or travel fees.
Student Finance’s Compelling Personal Reasons (CPR) may be available if you have had to suspend, withdraw from or repeat a year of study due to genuine personal reasons. If Student Finances consider your circumstances to have affected your ability to study, additional years of funding may be available. It is important to know that you will still be financially liable for any original years of study.
Student Finance typically offers three years of funding for a full time degree student plus a gift year, which can be used for circumstances like repeating a year of study. If your course is longer than three years, Student Finance could offer funding for the duration of the course plus a gift year.
If found in a position where there are insufficient funds to complete your studies due to genuine personal reasons, you may be able to apply for CPR to access additional years of funding. For part time courses, Student Finance offers up to twelve years of funding however this is without a gift year.
WHAT DO STUDENT FINANCE CLASS AS A CPR?
CPS is determined by the circumstances of the individual and is considered at Student Finance's discretion. If personal circumstances such as ill health or bereavement have affected your ability to study, resulting in suspending, withdrawing or repeating studies, you may be entitled to CPR.
HOW DO I APPLY FOR CPR?
To apply for CPR, the applicant must write a covering letter to Student Finance and state the reasons for the application. The reasons must detail how this has affected your ability to study, and evidential information should be provided to support the application. The evidential information can be provided in the form of a letter from a GP, social services or an upstanding person in the community, medical records or death certificate.
Please note that by repeating part of your studies, this can affect your entitlement to Student Finance funding. For this reason, it is important to find out the information beforehand to consider your options and seek the support required.