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MEDICINE OPEN DAY Student Finance 2014/2015. Introduction Details relating to funding arrangements for academic year 2014/15 yet to be fully confirmed.

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Presentation on theme: "MEDICINE OPEN DAY Student Finance 2014/2015. Introduction Details relating to funding arrangements for academic year 2014/15 yet to be fully confirmed."— Presentation transcript:

1 MEDICINE OPEN DAY Student Finance 2014/2015

2 Introduction Details relating to funding arrangements for academic year 2014/15 yet to be fully confirmed. Arrangements subject to amending legislation Updates available in Summer/Autumn of 2013

3 Aims To provide an overview of funding arrangements from 2014/5 onwards Allow prospective students to gain a better understanding of the types of support they may be entitled to To ensure prospective students know where to get further advice and guidance

4 Funding The funding arrangements vary depending on where you normally live: –England –Northern Ireland –Scotland –Wales –Non-UK European Union

5 Modes of Study The MBChB is offered as either a 5-year course or a 4-year graduate entry. The funding differs in three ways: –5-year, first degree –5-year, graduate –4-year, graduate entry

6 Tuition Fees 2014/2015 All new, full time, Home (UK and EU) students will be charged £9,000 by the University of Leicester in academic year

7 Tuition Fees 2014/2015 UK students from England First degree students No up-front fees Years 1 to 4 = Fee Loan Year 5 = NHS Fee Grant Repayment of all borrowing after graduation

8 Living Costs UK students from England First degree Parents/spouse means-tested to determine level of funding

9 Living Costs 2014/15 UK students from England Years 1 to 4, first degree Maintenance Grant Fully means-tested payable on sliding scale up to income of £42,620 max £3,387 if income £25,000 or less Maintenance Loan 35% means-tested Maximum Maintenance Loan rates 2014/15 - Students living away from home £5,555 (min £3,610) - Students living at home £4,418 (min £2,871)

10 Living Costs UK students from England Years 1 to 4, first degree Maintenance LOAN entitlement is reduced if student receives a GRANT LOAN is reduced by 50p for every £1 of Maintenance GRANT payable E.G. Maintenance Grant of £1,000 = £500 reduction in Maintenance Loan

11 Household Income GrantLoanTOTAL £25,000 or less£3,387£3,862£7,249 £30,000£2,441£4,335£6,776 £35,000£1,494£4,808£6,302 £40,000£547£5,282£5,829 £42,620£50£5,530£5,580 £42,875£0£5,555 £50,000£0£4,836 £55,000£0£4,331 £60, 000£0£3,826 £62,132£0£3,610 Living Costs UK students from England Years 1 to 4, first degree

12 Living Costs 2014/15 UK students from England Year 5, first degree Partial non means-tested Maintenance Loan *£2,324 – Final Year £1,811 NHS Bursaries ( rates) Non means tested grant £1,000 *Means tested bursary max £2,591 (30 weeks), £4,395 (45 weeks +) *Away from home rates

13 Tuition Fees 2014/2015 UK students from Northern Ireland First degree students No up-front fees Years 1 to 4 = Fee Loan Year 5 = Fees paid by Department of Health, Social Services and Public Safety Repayment of all borrowing after graduation

14 rates Maintenance Grant Level of support depends on household income Up to £3,475 per year if income below £19,203. Partial grant if income between £19,204 and £41,065 Maintenance Loan Maximum £4,840 if living away from home whilst studying An extra £84 per week if studying more than 30 weeks during the academic year and ‘living away from home’ Living Costs 2014/15 UK students from Northern Ireland Year 1-4, first degree

15 Living Costs 2014/15 UK students from Northern Ireland Year 5, first degree Maintenance Loan 2014/15 details to be confirmed 2012/13 rate £2,370 - £1,850 in Final Year Department of Health, Social Services and Public Safety Bursary – fully means-tested 2014/15 details to be confirmed 2012/13 max approx.£2,335

16 Tuition Fees 2014/2015 UK students from Scotland First degree students No up-front fees Years 1 to 4 = Fee Loan Year 5 = SAAS Fee Grant Repayment of all borrowing after graduation

17 rates All support based on household income Living Costs 2014/15 UK students from Scotland Year 1-5, first degree Young StudentType of support available Independent Student £1750Maximum Bursary£750 £5500Maximum Loan£6500 £7250TOTAL£7250

18 Tuition Fees 2014/2015 UK students from Wales First degree students No up-front fees Years 1 to 4 = Fee Loan + Fee Grant Year 5 = NHS Wales Fee Grant Repayment of all borrowing after graduation

19 First degree students Welsh Assembly Fee Grant to cover the increase in fee costs. –E.g. In a pre-2012 entry CONTINUING student will pay a tuition fee of £3,465 –Welsh Assembly Fee Grant will cover difference between this rate and the Tuition Fee being charged to NEW students. –This will allow students to take out a Tuition Fee Loan of £3,465 and be awarded a Fee Grant of £5,535 Tuition Fees 2014/2015 UK students from Wales

20 rates Assembly Learning Grant Amount received depends on your household income £18,370 or less: Full £5,161 grant, Between £18,371 and £50,020: Partial grant Over £50,020: No grant Maintenance Loan The maximum available to students ‘living away from home’ and studying outside of London is £5,150 Living Costs 2014/15 UK students from Wales Year 1-4, first degree

21 Living Costs 2014/15 UK students from Wales Year 5, first degree Partial non means-tested Maintenance Loan 2014/15 details to be confirmed 2013/14 rate £2,522 - £1,966 in Final Year NHS Bursaries 2014/15 rates to be confirmed 2013/14 –Non means tested grant £1,000 –Means tested bursary max £2,591

22 Tuition Fees 2014/2015 UK students from England Graduate entry student: 4-year course Year 1 Tuition Fee Loan available to cover gap between fees charged to pre 2012 entry returning students and fees charged to new students. E.g. 2014/15 continuing students fees = £3,465, new students fees = £9,000. Tuition Fee Loan available = £5,535. Years 2 to 4 NHS Fee Grant to cover level of fees charged to continuing students Tuition Fee Loan to cover rest of fees

23 Living Costs 2014/15 UK students from England 4-year graduate entry Year 1 –Full Maintenance Loan available 65% means-tested Between £3,610 and £5,555 (away from home rate) Years 2 to 4 –Partial non-means-tested Maintenance Loan 2013/14 rate £2,324, drops to £1,811 in Final Year –NHS Bursaries Non means tested grant £1,000 Means tested bursary max £2,591 (30 weeks), £4,395 (45 weeks +)

24 Tuition Fees 2014/2015 UK students from England Graduate entry students: 5-year course Years 1 to 4 Fees payable by student, no Tuition Fee Loan available Year 5 Partial NHS Fee Grant of £3,465 Student pays remaining liability

25 Living Costs 2014/15 UK students from England 5-year, second degree Years 1 to 4 –Full Maintenance Loan available only 65% means-tested Between £3,610 and £5,555 (away from home rate) Year 5 –Partial non-means-tested Maintenance Loan 2013/4 - £2,324 or £1,811 in final year –NHS Bursaries Non means tested grant £1,000 Means tested bursary max £2,591 (30 weeks), £4,395 (45 weeks +)

26 Tuition Fees 2014/2015 UK students from Northern Ireland Graduate entry student: 5-year and 4-year courses Fees payable by student for full course – no Tuition Fee Loan or DHSSPS Grant

27 Living Costs 2014/15 UK students from Northern Ireland Graduate entry student: 5-year and 4-year courses Means tested Maintenance Loan of up to £4,840 ( ) available each year, if living away from home whilst studying Extra Weeks Allowance of £84 per week Final Year rate currently £4,480

28 Graduate entry student 4-year course Years 1 to 4 –Fees payable by student, no fee loan available Tuition Fees 2014/2015 UK students from Scotland

29 Living Costs 2014/15 UK students from Scotland 4 - year graduate entry Years Can apply for a Maintenance Loan of up to £6,500 during each year of study (£5,500 if classed as a ‘Young Student’)

30 Tuition Fees 2014/15 UK students from Scotland Graduate entry student: 5-year course Years 1 to 4 –Fees payable by student, no loan available Year 5 –Fee Grant available from the Student Awards Agency for Scotland

31 Years Can apply for a Maintenance Loan of up to £6,500 during each year of study (£5,500 if classed as a ‘Young Student’) Year 5 Students can apply for: Living Costs 2014/15 UK students from Scotland 5 -year graduate entry Young StudentType of support available Independent Student £1750Maximum Bursary£750 £5500Maximum Loan£6500 £7250TOTAL£7250

32 Tuition Fees 2014/2015 UK students from Wales Graduate entry student: 4-year course Year 1 Tuition Fee Loan available to cover gap between fees charged to continuing students and fees charged to new students. E.g. 2013/14 continuing students fees = £3,465, new students fees = £9,000. Tuition Fee Loan available = £5,535. Years 2 to 4 NHS Fee Grant to cover level of fees charged to pre entry continuing students Tuition Fee Loan to cover rest of fees

33 Living Costs 2014/15 UK students from Wales 4-year graduate entry Year 1 –Full means tested Maintenance Loan Up to £5,150 (away from home rate) Years 2 to 4 –Partial non-means-tested Maintenance Loan 2013/14 rate £2,522, drops to £1,966 in Final Year –NHS Bursaries Non means tested NHS Grant £1,000 Means tested bursary max £2,591

34 Tuition Fees 2014/2015 UK students from Wales Graduate entry students: 5-year course Years 1 to 4 Fees payable by student, no Tuition Fee Loan available Year 5 NHS Wales Fee Grant covering £3,465 SFW Tuition Fee Loan available to cover the outstanding liability

35 Living Costs 2014/15 UK students from Wales 5-year, second degree Years 1 to 4 –Full Maintenance Loan available Up to £5,150 (away from home rate) Year 5 –Partial non-means-tested Maintenance Loan 2013/4 - £2,522 or £1,966 in Final year –NHS Wales Bursaries Non means tested grant £1,000 Means tested bursary max £2,591

36 EU Students Students can apply for fee support on the same basis as English domiciled students via the student loan and NHS grant Ineligible for living cost support –Some exceptions linked to: Length of time in UK Family situation

37 Repayment of Borrowing Repayments begin from April after graduation if earning more than £21,000 p.a. You repay 9% on income above £21,000 Income £25,000 per year - repayments £30:00 per month Income £40,000 per year - repayments £142:50 per month Income £50,000 per year - repayments £217:50 per month

38 Interest on loans will be applied at inflation (RPI) + 3% up until the April after you leave university If you are earning below £21,000 from the April after you leave university, interest will be applied at the rate of inflation If you earn between £21,000 and £41,000, interest will be applied between RPI and RPI + 3% on a gradual scale Earning above £41,000 interest will be applied at RPI + 3% Repayment of Borrowing (subject to Parliamentary approval)

39 National Scholarship Programme 2014/15 bursary/scholarship arrangements to be confirmed University of Leicester National Scholarship Only available to First Degree students from England (Years 1-4) £3,000 award- £2,000 towards your tuition fee each year - £1,000 cash each year Eligibility linked to household income and academic achievement Application information provided after you receive your offer of a place at Leicester CULN College Transition Scholarship £1,000 cash available in your first year only For students from colleges which are members of the Colleges- University of Leicester Network (CULN) Apply through your local college Further information at

40 Parents Learning Allowance £1,523 max Childcare Grant max of £150:23 per week for one child and £257:55 per week for two or more children Adult Dependants Grant maximum of £2,668 SFE rates shown – support may vary regionally How to meet additional needs If you are a parent or have an adult dependant you may be eligible for assistance through additional means tested support

41 Sources of additional support Part-time work Bank overdraft / services Family Savings Charities / Trusts –http://www.turn2us.org.uk/ –http://www.family-action.org.ukhttp://www.family-action.org.uk –http://www.money4medstudents.org

42

43 Further Information University of Leicester funding –www.le.ac.uk/feeswww.le.ac.uk/fees Student Welfare Service –www.le.ac.uk/welfarewww.le.ac.uk/welfare – University of Leicester Student Support Services –www.le.ac.uk\ssswww.le.ac.uk\sss

44 Further Information Where you normally live determines who you apply to for support and information: England Northern Ireland Call local ELB Scotland

45 Further Information Wales NHS England NHS Wales SFE EU Team+44 (0)

46 Thank you for listening - any questions?


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