Undergraduate Prospectus 2018.qxp_Back 10/02/2017 19:49 Page 136
Q. When and how are the student loans repaid?* A. You won't be eligible to repay the loan until you graduate and begin earning £21,000 or over; monthly repayments are 9% of everything you earn above this figure. Loan repayments are taken from your ‘net’ pay through the Income Tax system. Therefore, like Income Tax and National Insurance, the money never actually makes it into your bank and if your income ever falls below £21,000, you don't get a job or take a career break, your payments will stop. See the table below for example repayments: Annual income before tax
Monthly income before tax
Amount repayable per p/m
Up to £21,000
Up to £1,750
£0
£25,000
£2,083.33
£30
£30,000
£2,500
£67
Q. When should I apply for these loans and financial support? A. If you want to make sure that you receive the first installment of your loan (and grants!) when you start university - you must apply for your financial support as soon as you decide to apply to university. Don’t wait until you are offered a place. Applications must be renewed each academic year.
Q. Where can I find out more information? A. For more information on financing your way through university and how to apply for the various loans available, take a look at the following websites: Welsh & other EU students: www.studentfinancewales.co.uk English students: www.direct.gov.uk/studentfinance Northern Irish students: www.studentfinanceni.co.uk Scottish students: www.saas.gov.uk
OPEN DAYS We also run finance talks at all of our Open Days. This is a great opportunity for both students and parents to find out more and ask any questions about student finance. Our Student Support Services also run a Student Finance & Welfare Advisory Service offering confidential, impartial and non-judgemental advice on all aspects of student finance: www.cardiffmet.ac.uk/studentservices
MONEY TIPS Making your money last is an important skill whilst at university, so we’ve put together some handy tips to help you manage your money: Budget and plan for essential expenses first (e.g. rent and bills). Shop around for a good student bank account - some come with gifts and benefits e.g. a free Young Person’s Coachcard. Buy a bus pass (the Met Rider offers heavily subsidised travel across Cardiff). Cook fresh and in bulk so you can freeze for later (it’s cheaper than buying ready meals and takeaways). Think about getting a part-time job - they are a great way to earn some extra spending money. If you’re in difficulty, come and talk to student services - we’re here to help Make sure you apply for a bursaries and/or scholarships if eligible. Read advice from our student bloggers on how to save money at university: studentblogs.cardiffmet.ac.uk
ADDITIONAL COURSE COSTS CARDIFF MET BURSARIES & SCHOLARSHIPS The University is proud to offer a range of scholarships designed to help you succeed. For further information about what’s available, eligibility and how to apply, please visit: www.cardiffmet.ac.uk/scholarships
It’s also worth remembering that certain courses may incur some extra costs. More information can be found on our Additional Course Cost webpages: www.cardiffmet.ac.uk/additionalcosts
RANKED THE CHEAPEST UNIVERSITY CITY IN THE UK FOR UNIVERSITY NIGHTLIFE AND THIRD CHEAPEST CITY IN THE UK FOR RENTAL COSTS IN THE STUDENT LIVING INDEX 2016, CARDIFF IS ONE OF THE MOST AFFORDABLE CITIES TO LIVE IN, IN THE UK. 136