The essential guide to paying for university : effective funding strategies for parents and students

Parents and students alike are increasingly concerned about the rising cost of a university education and the burden of post-graduation debt. However, there are long-term strategies that can help to alleviate the situation, and there are many bursaries and allowances that go unclaimed every year. "Paying for University" is aimed at anyone who needs to know all the options when planning the funding of a university course. In addition to the obvious costs, what hidden expenses can be identified? What is the real impact of variable top-up fees? And how can extra funds be raised to pay for that hard-won university place? With detailed chapters on both costs and potential income, this accessible book is the ultimate road map for guiding readers through the financial jungle and identifying the sources of available funding. Copyright ......Page 5 Table of contents ......Page 6 Tables......Page 11 Introduction......Page 12 Part One How much does it cost?......Page 16 Understanding the background......Page 18 Knowing about fee levels......Page 19 Making payments......Page 21 Financial help with paying fees......Page 23 Part-time tuition fees......Page 25 Further information......Page 26 Further reading......Page 27 Knowing about costs......Page 28 Questions to ask when choosing accommodation......Page 35 Living at home......Page 39 Paying for food......Page 40 Paying for utilities......Page 41 Paying council tax......Page 44 Useful organisations......Page 46 Knowing what to buy......Page 47 Making the most of library resources......Page 48 Knowing about costs......Page 49 Using reading lists......Page 50 Summary......Page 52 Useful websites......Page 53 Knowing about entertainment costs......Page 54 Knowing about sports and leisure costs......Page 57 Knowing about costs for clubs and societies......Page 58 Knowing about costs off campus......Page 59 Paying for a TV licence......Page 60 Useful organisations......Page 62 Useful websites......Page 63 Knowing about the cost of field trips......Page 64 Knowing about the cost of study abroad......Page 66 Paying for passports and visas......Page 67 Buying an international student identity card......Page 68 Useful websites......Page 69 Further reading......Page 70 Using university equipment......Page 71 Buying your own IT equipment......Page 72 Paying for internet access......Page 74 Knowing about photocopying and printing costs......Page 77 IT costs for a full degree course......Page 79 Useful websites......Page 80 Weekly budget......Page 82 Annual budget......Page 84 Payment calendar......Page 86 Summary......Page 87 Useful websites......Page 88 Part Two What funds are available?......Page 90 Knowing about the types of funding......Page 92 Knowing about eligible courses......Page 95 Applying for government support......Page 96 Further information......Page 97 Useful websites......Page 98 Knowing about the types of funding......Page 100 Knowing about eligible courses......Page 104 Applying for government support......Page 105 Useful websites......Page 107 Knowing about the types of funding......Page 108 Knowing about eligible courses......Page 112 Applying for government support......Page 113 Summary......Page 114 Useful organisations......Page 115 Knowing about the types of funding......Page 116 Knowing about eligible courses......Page 121 Further information......Page 122 Useful organisations......Page 123 Useful websites......Page 124 Knowing about bursaries and scholarships......Page 125 Knowing about bursary levels......Page 126 Bursary administration......Page 139 Bursary take-up rates......Page 140 Useful organisations......Page 141 Further reading......Page 142 Knowing about the type and amount of funds......Page 143 Eligibility criteria......Page 144 Making an application......Page 145 Obtaining help after enrolment......Page 147 Useful organisations......Page 148 Further information......Page 149 Funding for teacher training......Page 150 Funding for healthcare courses......Page 157 Funding for dance and drama courses......Page 159 Funding for social work courses......Page 160 Funding for fine and performing arts......Page 161 Obtaining financial help for study abroad......Page 162 Summary......Page 163 Further information......Page 164 Useful organisations......Page 166 Useful websites......Page 169 Government funding for adult students......Page 171 Adult education bursaries......Page 175 Trade union funding......Page 178 Receiving tax credits......Page 180 Receiving benefits......Page 181 Further information......Page 183 Useful organisations......Page 184 Useful websites......Page 186 Knowing what is available......Page 187 Knowing when and how to apply......Page 191 Raising levels of success......Page 192 Overview of funding in the United Kingdom......Page 193 Summary......Page 196 Part Three How can I pay, as a parent?......Page 198 Understanding the parental contribution......Page 200 Making financial gifts to your child......Page 202 Ensuring take-up of statutory support......Page 204 Helping with costs......Page 205 Tips from parents......Page 207 Useful websites......Page 208 When to start investing......Page 210 Investing in Child Trust Fund accounts......Page 211 Investing in children’s savings accounts......Page 212 Investing in children’s bonds......Page 213 Maximising your investment......Page 214 Protecting your investment......Page 215 Summary......Page 217 Useful websites......Page 218 When to start investing......Page 219 Investing in National Savings and Investments......Page 220 Investing in individual savings accounts......Page 222 Protecting your investment......Page 224 Understanding tax issues......Page 225 Summary......Page 226 Buying a second property......Page 227 Buying a property for your student child......Page 229 Investing in buy-to-let......Page 230 Choosing the right property......Page 233 Maximising returns......Page 234 Knowing about tax implications......Page 235 Avoiding pitfalls......Page 237 Summary......Page 238 Further information......Page 239 Downsizing......Page 240 Releasing equity in your home......Page 242 Remortgaging your home......Page 244 Understanding tax implications......Page 245 Summary......Page 246 Useful organisations......Page 247 Useful websites......Page 249 Part Four How can I pay, as a student?......Page 250 Knowing about types of work......Page 252 Knowing about salary levels......Page 254 Paying tax......Page 255 Paying National Insurance......Page 256 Saving your wages......Page 257 Useful websites......Page 258 Knowing about student employment services......Page 260 Knowing about types of work......Page 261 Knowing about salary levels......Page 263 Paying income tax......Page 264 Summary......Page 267 Useful websites......Page 268 Sponsorship for sports......Page 269 Company sponsorship......Page 272 Armed Services sponsorship......Page 274 Useful websites......Page 278 Obtaining money from trusts and charities......Page 280 The Helena Kennedy Foundation......Page 281 The Leverhulme Trade Charities Trust......Page 282 The Gilchrist Education Trust......Page 283 Further information......Page 284 Useful organisations......Page 285 Useful websites......Page 286 Assessing the feasibility......Page 287 Developing your idea......Page 289 Deciding how to trade......Page 290 Sorting out your finances......Page 291 Understanding tax implications......Page 293 Building your business......Page 294 Managing work and study......Page 296 Useful organisations......Page 297 Useful websites......Page 298 Reducing expenditure on accommodation......Page 299 Reducing expenditure on utilities......Page 301 Reducing the cost of travel......Page 302 Reducing the cost of course materials, books and stationery......Page 303 Reducing your spending on entertainment and social activities......Page 304 Knowing how to budget......Page 305 Managing your money......Page 307 Further information......Page 310 Useful websites......Page 311 Appendix 1: Case studies......Page 312 Appendix 2: Budget planner......Page 316 Appendix 3: Graduate employment opportunities and wages......Page 318 Useful websites......Page 323 Useful organisations......Page 328 Index......Page 338 Index of advertisers......Page 344 Parents and students alike are increasingly concerned about the rising cost of a British university education and the burden of post-graduation debt. However, there are long-term strategies that can help to alleviate the situation, and there are many bursaries and allowances that go unclaimed every year. The Essential Guide to Paying for University is aimed at UK citizens who need to know all the options when planning the funding of a university course. In addition to the obvious costs, what hidden expenses can be identified? What is the real impact of variable top-up fees? And how can extra funds be raised to pay for that hard-won university place?