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Income
Tuition Fee Support
You may be eligible for help with your tuition fees. This support is means tested and will be dependant upon your own income, or that of your family. You are strongly advised to apply to your Local Education Authority (LEA) for support towards your fees, even if you think you will have to pay the full contribution. If you do not apply, you will have to pay the full fees charged by the College, and will not be able to receive student loans. If you are awarded assistance from your LEA towards your tuition fees, you must bring the letter notifying you of this into college when you register.
Student Grants
The Government has recently announced a new Learning Grant which will provide a guaranteed source of extra financial support for students in Higher Education. For further information please go to www.dfes.gov.uk or check with your Local Education Authority (LEA).
Additional funding could be available for students from Wales or who have lived in Wales for the last three years. All such grants are means tested and more money will be available to less well off students. Again, you should check with your LEA.
The Student Maintenance Loan
The maintenance loan is the way of providing financial help for your living costs. The loan is means-tested and the maximum loan available for students living away from home (and not in London), is around £4,000 and £3,165 for those living at their parents home. You should apply to the LEA for a loan at the same time that you apply to them for support towards your tuition fees. They will then confirm the amount to which you are entitled and will invite you to indicate how much you would like to borrow. You must then tell the Student Loans Company (SLC) of this amount and they will pay it to you in three instalments. Repayment will be dependent upon income and will be deducted through PAYE after you leave full-time study. You may be entitled to extra support if you have dependants, or you are disabled. Ask your LEA about supplementary grants. You will be entitled to extra support for each extra week you have to be on your course above 30 term time weeks (i.e. in the College’s case, this is usually 5 extra weeks)
Learning Contingency Funds (LCF)
The Government also provides LCFs to each Institution to be administered by grant or loan in cases of severe hardship. You will not be eligible for an LCF if you have not already applied for a Student Hardship Loan if you are eligible for one.
Access Bursaries
If you have children, or other dependants, you may be eligible for additional help with fees and living costs. For further information please visit
www.dfes.gov.uk/studentsupport/students
Banks & Credit
The High Street banks offer special preferential facilities to students, an interest free overdraft being the most valuable facility. Get the best deal you can by shopping around. It is wise to open a Student Account in good time before the start of the term. If you apply for a Student Loan, the instalments for his will be paid directly into an account once you have registered at the College.
If you already have an ordinary Current Account it is advisable to transfer this to a Student Account, in order to take advantage of the special facilities offered to students. Holding an account near the college means that transactions and negotiations can be made much easier by dealing direct with the student advisor specifically appointed in a student orientated local bank. Deal with your account responsibly, arrange a borrowing facility before needing it, as ‘unauthorised’ borrowing will result in penalty charges and, possibly, facilities being withdrawn. Make sure you understand what your bank will charge for ‘unauthorised’ borrowing and the implications for your future credit worthiness.
Trusts and Charities
Enquire at your local reference library or the Central Library in Cardiff about Grant awarding Trusts or Charities.
Social Security Benefits
At present, most full time students are ineligible for Income Support, even in the vacation. Being a student does not itself, affect entitlement to Incapacity Benefit, Retirement Pension, Disability Living Allowance, Child Benefit, Severe Disablement Allowance or Widow’s Benefit. However, only a few
students can claim Income Support, Housing Benefit and Council Tax Benefit such as those who are lone parents, lone foster parents, some students with disabilities and students of pension age. If a partner is also a student, and there is a child, Income Support can be claimed for the summer vacation, together with Housing Benefit all year round, although this is means tested.
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