Presentation on theme: "For students from England who start in 2014 Student Funding."— Presentation transcript:
For students from England who start in 2014 Student Funding
Previous Study If you have studied in Higher Education before starting this course, we strongly recommend seeking specialist advice such as contacting our Money Advice Team because this can affect fees and funding entitlement.
The costs Tuition fees –Universities can charge up to £9000 fees Living costs –Students need money for accommodation, course costs, travel, food and living expenses
Tuition Fee Support Tuition Fee Loans Available to all eligible undergraduate students, available to both full-time and part-time students Not income-assessed Paid direct to university by Student Loans Company
Living cost support Student maintenance loan for living costs Living away from their parents’ home between £3,610 and £5,555 depending on household income Living in their parents’ home between £2,871 and £4,418 depending on their household income
Living cost support Non-repayable maintenance grant Students can get £3,387 grant where their household income is £25,000 or less Partial grant to students where household income between £25,000 and £42,620
Other Support National Scholarship Programme Extra help for students in special circumstances, e.g. students with a disability or with dependants NHS and Social Work courses funded differently Access to Learning Fund Other university bursaries and scholarships Charity and Trust funds Welfare benefits
Living cost loan and grant Household Income Non-repayable grant Living Cost LoanTotal £25,000£3,387£3,862£7,249 £30,000£2,441£4,335£6,776 £35,000£1,494£4,808£6,302 £42,875£0£5,555 £45,000£0£5,341 £50,000£0£4,836 Over £62,132£0£3,610 Figures for students living away from home and outside London
Living cost loan and grant Household Income Non-repayable grant Living Cost LoanTotal £25,000£3,387£2,725£6,112 £30,000£2,441£3,198£5,639 £35,000£1,494£3,671£5,165 £42,875£0£4,418 £45,000£0£4,204 £50,000£0£3,699 Over £58,195£0£2,871 Figures for students living at home and outside London
Living Costs Maximum Loan and Grant is £7,249 per year £186 per week over 39 weeks academic year To cover: –Accommodation –Course costs –Travel –Food –Socialising and university activities
Living Costs Student Weekly Spending Food and Household£53 Rent£103 Socialising£31 Travel£36 Other£50 Course costs£25 TOTAL£298 Annual Total over 39 weeks£11,622 From: NUS/HSBC Student Experience Report 2010, figures rounded
Student Budget Maximum Student Finance WeeklyAnnual Maintenance Loan£99£3,862 Maintenance Grant£87£3,387 Part-time work£103£4,024 TOTAL IN£289£11,273 SpendingWeeklyAnnual Accommodation£103£4,017 Food and household bills£53£2,067 Travel£36£1,404 Course costs£25£975 Socialising£31£1,209 Other£50£1,950 TOTAL OUT£298£11,622
National Scholarship Programme Students whose household income is below £25,000 will be eligible Universities will set their own additional criteria which can be found in their access agreements Leeds Met awards based on academic achievement. Students are assessed automatically if they have applied for funding from Student Finance England. See for Access agreementswww.offa.org.uk And for University Course datawww.unistats.co.uk
Social Work and NHS Bursary At the moment there is extra support for Social Work and NHS courses. See for details about NHS and Social Work bursaries
Social Work Currently paid in addition to other SFE funding From 2013 no new undergraduate student starting a course will receive a bursary for their first year. Bursary is available from the second year of the course only There is a cap which limits the number of bursary recipients No guarantee that if you pass the first year of your course, you will receive a bursary The government has not yet announced how much the bursary will be.
NHS Courses The current package of support (which could change in 2014/15) will provide new students on NHS Courses with fees paid by the NHS a small non-means tested grant a means tested bursary a reduced rate non-means-tested loan
NHS Courses A healthcare student on an eligible course of 45 weeks in duration and studying outside London can currently receive a non-means tested grant of £1,000, a means tested bursary of up to £4,395 a non-means tested loan of up to £2,324 from Student Finance England In total £7,719 for living costs per year
How is the student loan repaid?
Loan Repayment – from 2016
Think of it as a tax… Like a tax: It's repaid through the income tax system You only pay if you earn over a certain amount The amount paid increases with earnings It does not go on credit files Bigger borrowing doesn't increase repayments
Problems getting a mortgage? The Council for Mortgage Lenders "A student loan is very unlikely to impact materially on an individual's ability to get a mortgage but the amount of mortgage available may depend on net income."
Useful contacts & websites Student Money Advice Student Finance England Tel: NHS and Social Work course Money Saving Expert
The accuracy of the guidance in this Powerpoint is based on the best information available at the time of writing. However, such information is subject to change, sometimes at short notice. Be aware that the Powerpoint may be misleading if used in isolation. Whilst care has been taken to ensure that all information is correct, the Leeds Met Student Money Advice service does not accept responsibility for errors, omissions or inaccuracies 14/06/2013.