How to Finance your Study Period Abroad. Dr Annette Kratz, Head Europe & International Mobility

Transcription

1 How to Finance your Study Period Abroad Dr Annette Kratz, Head Europe & International Mobility

2 Budgeting for Study and Work Abroad

3 Income & Expenditure - WORK Income Salary Maintenance Loan Family Contribution Planned Earnings from summer jobs Erasmus Expenditure Accommodation Food Living & local transport toiletries, washing etc Going out Flight, (Insurance), Visa Travel

4 Income & Expenditure STUDY Income Maintenance Grant Maintenance Loan Savings Family Contribution Planned Earnings from jobs Grants/Bursary Erasmus Expenditure Accommodation Food Books Living & local transport toiletries, washing etc Going out Flight, Insurance, Visa Travel

5 Income & Expenditure Korea semester - typical - low end Income 1,979 loan 992 grant 600 savings 100 family 500 Earnings from jobs Total: 4,171 NB: eligible to claim travel etc. of 647 Expenditure 800 Accommodation 1400 Food 250 Books 100 Living & Transport 200 Going out Subtotal: 2, Flight 150 Visa 300 Travel Total: 4,000

6 Income & Expenditure Europe semester - typical Income 1,708 loan 886 grant 500 savings 1,185 Erasmus Grant Total: 4,279 Claim back 0 as travel etc below 303 Expenditure 1,360 Accommodation 900 Food 50 Books 300 Living & transport 500 Going out Subtotal: 3, Flight 0 Insurance 300 Travel Total: 3,560

7 Income & Expenditure USA semester high end Income 3,267 loan (max SA) 0 grant 1,000 savings 1,000 family 500 Earnings from jobs Total: 5, claim back Expenditure 2,000 Accommodation 1,000 Meal Plan 200 Books 100 Living & transport 400 Going out Subtotal: 3, Flight 150 Insurance 200 Sevis/Visa 300 Travel Total: 5,150

8 Income & Expenditure Australia semester typical Income 3,267 loan 1,207 travel grant 2,000 savings 100 family 500 Earnings from jobs Total: 7,274 Claim back 1,207 above Expenditure 2,500 Accommodation 850 Food 150 Books 200 Living & transport 800 Going out Subtotal: 4,500 1,000 Flight 150 Insurance 360 Visa 300 Travel Total: 6,050

9 Loans and Grants for Study Abroad 2013/14 Student Finance England(SFE) Follow link for applying online Confirmation letter for SFE (SFE Course Abroad Form) will be provided in pre departure pack. Deadline 29 June 2013

10 Work Placement Study Abroad If EU answer Yes If unpaid could be anyone of these

11 Loans and Grants for PTY Study Abroad 2013/14 (3 rd year abroad) Parental Household Income below 50,695 eligible for maintenance grant of 2,984 max. - divide by 2 for 1 semester 1,492 Loan for Overseas Study 6,535 If in UK maximum loan is 5,500 Overseas maximum Rate 6,535 divide by 2 for 1 semester 3,267 ( SFE pays in 3 instalments. If August start can request early first payment.

12 Loans and Grants for PTY Work Abroad 2013/14 (3 rd year abroad) Parental Household Income below 50,695 eligible for maintenance grant of 2,984 max. normally - will be reduced as Maximum Loan/Grant for Overseas Work 2,780 However, can claim per week extra loan for each week above 30. Not eligible for visa, medical insurance, travel grant if paid. If unpaid at the discretion of the SFE Adviser so worth trying. SFE pays in 3 instalments. If July/August start can request early first payment.

13 Loans and Grants for Study Abroad 2013/14 (2 nd year abroad) Parental Household Income below 42,600 eligible for maintenance grant of 3,250 max. (if below 25k) - divide by 2 for 1 semester 1,625. Sliding scale thereafter Loan for Overseas Study If in UK maximum loan is 5,500 Overseas maximum Rate 6,535 divide by 2 for 1 semester 3,267 ( SFE pays in 3 instalments. If August start can request early first payment.

14 Loan not based on household income = 3564 Plus loan based on Income = 1386 Minus loan replaced by grant = 1453 Equals loan available/requested /paid = 3497 Plus Grant = 2906 TOTAL 6403

15 Travel Grant For ALL applying for means adjusted Loan or Grant. Request SFE Travel Abroad Expenses Form by post: travel, visa, medical insurance in excess of 303. Phone to receive form once 2013/14 application made (ensure have indicated you are studying abroad): It will not be sent automatically. Can claim before you leave - provide copies or receipts of medical insurance, visa (SEVIS) and flight ticket. May receive it after application, chase if not received soon after arrival.

16 Bursaries 2013/14 If you have a Surrey bursary now and are spending a semester/year abroad you will continue to be eligible for it in 2013/14. Second year students in 2013/14 who are eligible for Surrey bursary awards (i.e. students who have a household income of less than 25,000) and who decide to study abroad for the full year should receive a fee waiver of 350 and a cash bursary of 1,000. Students with household income of between 25,000 and 30,000 who decide to study abroad for the full year should receive a fee waiver of 850 and a cash bursary of 500.

17 Scholarships and Bursaries 2013/14 PTY Abroad bursaries of 750 intended for students on low (< 5,000 net p.a.) or unpaid placements outside of the EU on family income below 42,600 to cover upfront costs of flight, visas and medical insurance further details in January. Margaret Westwood Bursary 500 deadline June BUTEX Scholarship 500 for USA/Canada partners see IRO website Hong Kong Excellence Application period: 1 Feb 6 April up to 4000 for a full year GKS Foreign scholarship for Seoul National ERASMUS Grant 370 per month (2012/13 rates)

18 Other Sources of Finance Rotary Roundtable Bursaries from your local community Student Finance Office has hardship loans if money does not come through in time or if you are on an unpaid placement

19 Tuition Fees 2013/14 1 Current 1 st years Business School/Hospitality & Tourism, Sociology, Music (first semester); Media (second semester) Home/EU Yr 1 9,000 Yr 2 1 semester abroad - 9,000, but no fee to partner university Yr 3 PTY 1,050 if international/ Erasmus or UK work. Students eligible for tuition loan.

20 Tuition Fees 2013/14 2 Current 1 st years Business School/Hospitality & Tourism, Sociology or Music (first semester); Media (second semester) International Yr 1 Yr 2 overseas fee 1 semester abroad overseas fee, but no fee to partner university Yr 3 PTY 1,050 if international/ Erasmus or UK work.

21 Tuition Fees 2013/14 3 Current 1 st years Economics/Electrical Engineering (Electronics)/Maths BSc/Physics/Computer Science or Sociology/Criminology/Music year 2 nd year study Home/EU Yr 1 9,000 Yr 2 1 Year Abroad study 1,350 (eligible for tuition loan) Yr 3 PTY 1,050 if international/ Erasmus or UK work. Eligible for tuition loan.

22 Tuition Fees 2013/14 4 Current 1 st years Economics/Electrical Engineering (Electronics)/Maths BSc/Physics/Computer Science or Sociology/Criminology/Music year 2 nd year study International Yr 1 Yr 2 Yr 3 overseas fee 1 Year Abroad study 50% of overseas fee. PTY 1,050 if international/ Erasmus or UK work.

23 Tuition Fees 2013/14 5 Current 2 nd years Law/ FAHS (not Sociology or Music), Chemistry, FMHS, Mech, Civil/Aero and Chemical Engineering PTY ABROAD Home/EU Yr 1 Yr 2 Yr 3 3,375 variable fee rate 3,465 variable fee rate PTY 15% of 3,465 (variable fee) if international or UK work 0 fees if Erasmus work and/or study

24 Tuition Fees 2013/14 6 Current 2 nd years Law/ FAHS (not Sociology), Chemistry, FMHS, Mech, Civil/Aero and Chemical Engineering PTY Abroad International Yr 1 Yr 2 Yr 3 overseas fee overseas fee PTY 15% of overseas fee if international or UK work 0 fees if Erasmus work and/or study

25 Budget Form Total estimated expenses: Total estimated funds available: Return airfare Personal Savings to date Flight & Dates Website - Visa Type - Travel and medical insurance - Surrey Policy Estimated additional savings prior to departure Family contribution (if any) + Local medical if required (name) Accommodation Dorms/Halls (name) - Meals e.g. Meal plan Type - Transport Bike or Bus/Tram Pass? Textbooks and supplies Student Maintenance Loan 1.Standard 2. + Additional loan allowance for studying abroad Maintenance Grant (if applicable) 1.Standard 2. + Additional allowance Other e.g.erasmus If other, state your funding source Personal expenses Trips away, destination Total estimated expenses: Total estimated funds: