Presentation on theme: "Wadham College Open Day – 2011 Caroline Mawson, Jenny Tamplin & Will McCallum 2012/13 Fees and Funding (for English students)"— Presentation transcript:
Wadham College Open Day – 2011 Caroline Mawson, Jenny Tamplin & Will McCallum 2012/13 Fees and Funding (for English students)
What government support is available to ‘home’ students living in England entering HE in 2012/2013 Oxford University Support Wadham College Support Case studies Paying back the loans Additional information Overview Financial help will be available for tuition and living costs. Students will not have to pay up-front for their tuition.
Tuition Fees and Tuition Fee Loans Maintenance Loans Maintenance Grants National Scholarship Programme Additional support from Oxford University Additional support from Wadham College The Main Package
Tuition Fee Loans and Maintenance (Living-Support) Loans Oxford University will charge between £3,500 and £9,000 per year (dependent on household income) to students arriving in 2012. Tuition fee and maintenance loans are provided by the government to ensure that you will not have any upfront costs to pay to the university when you arrive. £9,000 per year is the amount you will repay after you have left university and are earning over £21,000 per year.
Tuition Fee Charge £ 9,000 per year A Tuition Fee Loan of up £9,000 per year is available, repayable after you have left university* The Tuition Fee Loan is paid direct to the university by the Student Loan Company Not means-tested No age limit Tuition Fee Loan (repayable after course – NO upfront costs) *Oxford will charge less than £9,000 to students whose household income is under £25,000
Will be available for all eligible students, 65% of maximum amount (£3,575) will be available irrespective of family income Paid directly into student bank account Must be under 60 at the start of the course Paid in three instalments Loan written off after 30 years For students who receive a grant - up to £1,625 will substitute the loan Maintenance Loan (repayable after course)
2012/13Amount availableLoan rate if in receipt of full grant Maximum maintenance loan (i.e. income assessed) £5,500£3,875 Non income assessed loan (65%)£3,575n/a Maximum load if living with parents while studying £4,375£2,750 Maintenance Loan Rates
Scholarships, Grants and Bursaries Scholarships, Grants and Bursaries are funds from either the government or the university that are non-repayable. They are awarded to students on the basis of household income. All students at Oxford University with a household income of less than £42,600 are eligible for some money in the form of either a grant or bursary.
Available on a sliding scale to all students with a household income of under £42,600 Means-tested Maintenance Grant of £3,250 (for students with household income of less than £25,000) Paid in three instalments Not available to students who are eligible for means- tested benefits Grant will substitute up to £1,625 of the Student Loan Governmental Maintenance Grant (non-repayable)
For students who fall within the following categories: - Single parent - Partner who is a student - Certain types of disabilities Means-tested grant of up to £3,250 Paid to students who are eligible for means-tested benefits Paid in three instalments Will NOT substitute part of the maintenance loan Governmental Special Support Grant (non-repayable)
Household IncomeLevel of Grant Up to £25,000£3,250 £25,000 to £42,600£3,250 to £50 Over £42,600n/a Governmental Grant Income Thresholds
Full Support Package (approximate figures) Household Income Maintenance Grant Maintenance Loan Total Living Support <£25,000£3,250£3,446£6,696 £30,000£2,341£4,028£6,369 £35,000£1,432£4,611£6,042 £40,000£523£5,191£5,714 £42,600£50£5,500£5,550
To qualify your household income should be under £25,000, however, not all students that qualify will receive a scholarship Payment of £3,000 from Government in first year Further £3,000 matched by the university to fund student support at Oxford No more than £1,000 can be a cash payment Institutions will decide their own eligibility criteria and how to allocate the matched funding – after the Office of Fair Access has confirmed Oxford’s fees, the university will publish how it intends to match the NSP funding National Scholarship Programme (non-repayable)
Oxford University – Why £9,000? Following cuts to higher education, it has been calculated that a fee of £8,000 would need to be charged just to maintain the status quo. The difference between the new charges of £9,000 and the status quo of £8,000 will be used to pay for bursaries and fee waivers for those from financially disadvantaged backgrounds. It has been estimated that the current cost of an Oxford undergraduate education is £16,000 per student per annum. Against these costs the University currently receives tuition fees and teaching grants amounting to some £7,500. The shortfall in income of some £8,500 is in effect a subsidy funded from other sources of University revenues such as its endowment. This level of subsidy is expected to continue for the foreseeable future.
Oxford University will be charging between £3,500 and £9,000 per year to English students arriving in 2012. The tuition charge will vary depending on household income. Oxford University Support Tuition Charge Household Income Total tuition charge (per year) Amount funded by collegiate university (1 st year) Amount funded by collegiate university (further years) Total amount repayable after leaving university (3 year courses) <£16,000£9,000£5,500£3,000£11,500 £16-20,000£9,000£2,000 £21,000 £20-25,000£9,000£1,000 £24,000 £25-42,600£9,000n/a £27,000 £42,600+£9,000n/a £27,000
We estimate basic living costs during term time at Oxford will be around £7,600. This figure includes College accommodation, food, going out and study costs. You will also need to consider the cost of travelling to and from Oxford, out of term opportunities and the additional costs of living out of College accommodation which you might do for some of your course. Oxford University Support Living Support Household Income Amount awarded by university (1 st year) Amount awarded by university (further years*) Government support (every year) Total amount available (1 st year) <£16,000£4,300£3,300£7,125£11,425 £16-20,000£3,500£3,000£7,125£10,625 £20-25,000£3,000£2,500£7,125£10,125 £25-42,600£500-2,000 £5,262-7,125£5,762-9,125 £42,600+n/a Up to £5,500 * This figure is subject to change, it may well increase year on year
Wadham gives a variety of grants and allowances to students, not all of which are income assessed, last year the college gave over £85,000: Student Support Fund – last year over £11,000 Assistance with rent – last year nearly £50,000, or £320 per student Free accommodation in Wadham during the holidays – over £17,000 (14 nights per student) Educational Support Grant – last year over £5,500 – or about £200 per student Subject-specific grants – Normally range from £200-400 per student. Wadham College Support Student Support
Wadham also supports students in their non-academic life, as well as rewarding those who perform well academically. Last year the College gave over £45,000 in scholarships, grants and prizes to students: Wadham College Support Scholarships, Grants & Prizes £50 book vouchers are given to every first year student! £12,000 in travel grants! (About £175 per student) £23,000 worth of prizes for academic excellence and performing well in exams! (About £100 per student) CB Fry Fund for students who compete for the university totalling about £3,000 – or around £200 per student Moser Fund – students involved in the arts can apply for a fund of up to £500
Repayments Tuition Fee Loans and Living Support Loans are to be repaid after students finish their course. Students will only be expected to contribute when they are earning over £21,000. The repayment will be on 9% of income above £21,000 (e.g. a student earning £25,000 will only pay 9% of £4,000 – which works out as £30/month) All outstanding repayments will be written off after 30 years.
Repayment rates IncomeRepayment per week under new system Repayment per week under old system £20,000£0.00£8.65 £25,000£6.92£17.31 £30,000£15.58£25.96 £40,000£32.88£43.27 £60,000£67.50£77.88
National Average (6 months after leaving) Oxford Average (6 months after leaving) Graduate unemployment8.9%5.9% Salary£19,677 (source: HESA)£25,500 Value for money Material Sciences graduates were the highest average earners of 2009 graduates with an average salary of £35,300 They were followed by E&M and Computer Science graduates Teaching was the most popular profession, followed by researchers and then financial analysts/advisors
Students living in Wales www.studentfinancewales.co.uk/ Students living in Northern Ireland www.education-support.org.uk/ Students living in Scotland www.student-support-saas.gov.uk Non-English Students Further Information
General Student Finance www.direct.gov.uk/studentfinance 2012-13 Government Funding Information http://www.studentfinance-yourfuture.direct.gov.uk Student Loan Company www.slc.co.uk/ Oxford University funding information www.admissions.ox.ac.uk/finance Further Information