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Student Funding – 2015 and beyond Phil Bakstad Student Support Coordinator Student Advice and Wellbeing Services.

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Presentation on theme: "Student Funding – 2015 and beyond Phil Bakstad Student Support Coordinator Student Advice and Wellbeing Services."— Presentation transcript:

1 Student Funding – 2015 and beyond Phil Bakstad Student Support Coordinator Student Advice and Wellbeing Services

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3 How to apply for your funding Students commencing in September 2015 can apply for funding now! Apply early – doesn't matter if you change your mind about going to university Deadlines apply – end of May Student Finance England will contact your parent(s) and then work out your household income and assess you eligibility and entitlement

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5 Household income? The gross annual taxable income for the prior tax year for any parents or step parents the student may live with –Step parent includes parents’ partner –If prior tax year is not a true reflection of income (drop of 15% or more) then they will look at current year but you will still need to provide prior tax year information to show the drop –Part time wages of student do not count

6 Evidence Student -Valid National Insurance number -Valid passport or proof of ID -Bank account details Parent -Details of household income -Valid National Insurance number Independent Students – evidence of circumstances (teacher’s letter etc)

7 Eligibility- set out in student support legislation Not straightforward but is roughly based on: Age – under 60 Residency – broadly based on where you have lived before your course and if you have any restrictions on your stay in the UK The course of study If you have studied previously – regardless of where in the world that study was undertaken

8 Tuition fees/tuition fee loans In 2015, universities can charge tuition fees of up to £9,000 per year Eligible students can have a non-means tested loan to cover all or part of their fees if they choose Apply for this when you apply for your funding Does not matter how much your parents earn This will be paid to the University direct – not you No need to pay upfront unless you want to Important to quote the right fee when you apply for your funding

9 What will I live off when I am a student? Students normally live off a combination of grants and loans You apply for everything via the gov.uk website Don't forget you can supplement your income via part time work.

10 Maximum Maintenance Loans £5,740 for students living away from home £4,565 if living in parental home Oversees rate of loan for students on a year abroad 35% means tested on household income Paid to students in three instalments at the start of each term

11 Maintenance Grant £3,387 for students with a Household income below £25,000 Partial grant if income between £25,001 and £42,620 Paid to students in three instalments Loan substitution applies to Maintenance Grant – loan reduced by £0.50 for every £1 of grant awarded

12 Financial Support by Household Income Household Income Non- repayable grant Repayable loan Non repayable LJMU Bursary Total ≤ £25,000£3,387£4,047£500£7,934 £30,000£2,441£4,5200£6,961 £40,000£547£5,4670£6,014 £50,000£0£4,9980£4,988 £60,000£0£3,9550 > £62,143£0£3,7310

13 Childcare Grant – up to 85% of childcare Parents Learning Allowance – for students with children Adult dependant grant – for students that have an adult (normally a partner) that is financially dependant upon them Travel grant – for years abroad All grants are means tested

14 Disabled Students Allowance Applicable for those with a seen or unseen disability or ongoing health problem Anything that affects your ability to study on a day to day basis Equipment and/or support to ensure you are not disadvantaged LJMU also have own provisions Disability team – including mental health worker Not means tested – based on need Takes a while to sort out – so make sure you talk to the uni you plan to attend

15 Loan Repayment All loans added together – so only one monthly payment Repayments start April after Graduation Only once earning £21,000 9% of income over £21,000 Deducted at source like Tax and National Insurance Any outstanding loan written off after 30 years Interest on the loans is charged from the day you take the loan out Repayment will stop and start if your income goes up and down Can be collected via other means if you go abroad for example

16 Annual Income Before Tax AnnualMonthly £15,000£0 £16,000£0 £21,000£0 £22,000£90£7.50 £24,000£270£22.50 £30,000£810£67.50 £35,000£1,260£105 £40,000£1,710£ £45,000£2,160£180 £50,000£2,610£217.50

17 NHS funded students Doctors, dentists and vets – same as all other students for 1 st three years Nurses, midwives, OTs, speech therapists etc have to make two funding applications One for NHS bursary – this will also cover the tuition fees One for your student loan (if you want one). Question on the application for the loan about being in receipt of a means tested NHS bursary.

18 Timescales for this slightly different to other students:- Reduced Student Loan – NOW! NHS bursary – APRIL 2015

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20 2014 Support for NHS students – 45 week academic year Non- means- tested grant Means- tested bursary (max) Non- means- tested maintenanc e loan Total support available (maximum) living in student/rented accommodation/own home £1,000£4,443£2,324£7,767 living with parents £1,000£3,395£1,744£6,139 NHS Funding 2014

21 Case Study Single student aged 18 ( parents earning below £24,000) living away from home Non- Means tested Grant £1,000 Bursary £4,443 Student Loan £2,324 Total £7,767

22 Additional support from HEIs

23 Scholarships – given for excellence May need to apply Academic Excellence - £1,000 per year for course duration Community Excellence - £1,000 per year for course duration Vice Chancellors - £10,000 per year for course duration Michael Brown Scholarships - £1,000 per year for course duration

24 How to apply for a scholarship at LJMU Application forms on the LJMU web by Jan 2015 Also in Applicant Guide Closing date end of May 2015 Considered by a committee Make sure you include references, photos, certificates etc. as this will be what the committee see

25 Bursaries Given because of circumstances – normally household income Non repayable Paid on top of other funding In most cases no need to apply – paid automatically but check At LJMU we pay £500 to those with an income below £25,000 Check uni websites for criteria

26 Support for care leavers Most HEIs are keen to support anyone that has been in care before coming to University Support may be through things such as additional finances or a mentor The support is confidential – so tutors etc. will not find out John Lennon Imagine Awards at LJMU

27 Accessing money is one thing but managing it is the challenge for most new students Be clear about what funding is available and how this equates to living costs (incl. accommodation) Draw up a budget and try to stick to it! Don’t be afraid to speak to Student Services

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