Presentation on theme: "STUDENT FINANCE Georgie Smith Schools and Colleges Liaison."— Presentation transcript:
STUDENT FINANCE Georgie Smith Schools and Colleges Liaison
MAIN TOPICS What are the costs? How will students pay for it? What are the repayments?
WHAT ARE THE COSTS? Two main costs: Tuition Fees Living Costs
TUITION FEES £6,000 - £9,000 per year - 2013 entry (Check individual universities and courses for details) Oxford Brookes University £9,000 per year Undergraduate degrees taught at Oxford Brookes
FOUNDATION DEGREES Foundation degree costs may differ to onsite degrees Oxford Brookes University £6,000 per year / £7,000 per year for top up year (Foundation/Bachelor degrees taught in Further Education Colleges)
HOW WILL STUDENTS PAY FOR IT ALL? LOANS NON-REPAYABLE SOURCES Tuition fee loan Maintenance loan Maintenance Grant Bursaries Scholarships
TUITION FEE LOAN £6,000 - £9,000 per year - 2013 entry Tuition fee available to all Fees are paid directly to the university
MAXIMUM MAINTENANCE LOAN ALLOWANCE Students living at home with parents Up to £4,375 Students living away from home (Outside of London) Up to £5,500 Students living away from home (Studying in London) Up to £7,675
HOW DO THE LOANS WORK? Loans combined into one amount Repayments start: April after the course finishes Student earning at least £21,000 per year Inland Revenue Interest Rates Loan wiped after 30 years
REPAYMENTS Repay tuition fee and maintenance loan at: 9% of income over £21,000 SalaryRepayment Up to £21,000No repayment £25,000£30 per month £30,000£68 per month £40,000£143 per month
PAYSLIP NameMr. A. NonPay Date28th April NI numberNI12345ATax CodeAB12 EarningsDeductions Salary £ 2,083.33Tax £ 292.08 National Insurance £ 177.72 Student Loan £ 30.00 Total Pay £ 2,083.33 Total Reductions £ 499.80 Net Pay £ 1,583.53
HOW WILL STUDENTS PAY FOR IT ALL? LOANS Non-Repayable Sources Tuition fee loan Maintenance loan Maintenance Grant Bursaries Scholarships
MAINTENANCE GRANT Payment up to £3,354 per year (means-tested – not all are eligible) Household IncomeGrant allowance Up to £25,000Full Grant £25,000 - £42,600Partial Grant £42,600 +No grant
Household Income Maintenance Loan Maintenance Grant Total Available £25,000 or less£3,823£3,354£7,177 £30,000£4,292£2,416£6,708 £35,000£4,761£1,478£6,239 £40,000£5,230£540£5,525 £42,600£5,475£50 (min)£5,525 £42,875£5,500 (max)£0£5,500 £45,000£5,288£0£5,288 £50,000£4,788£0£4,788 £55,000£4,288£0£4,288 £60,000£3,788£0£3,788 Over £62,125£3,575£0£3,575
APPLYING FOR STUDENT FINANCE 1 2 3 Fill in and send application online: www.direct.gov.uk/studentfinance Application assessed Financial Notification letter sent
BURSARIES AND SCHOLARSHIPS National Scholarship Programme Free foundation year Halls discount Fee waivers Cash bursaries University specific financial packages Check university websites for details
BURSARIES AND SCHOLARSHIPS Oxford Brookes Bursary Up to £2,000 Fee Waiver Up to £2,500 Community Scholarship £1,000 (1 st year only) (for Oxfordshire state schools and colleges only) Transition from Care Bursary Up to £2,000
NHS AND SOCIAL CARE COURSES Tuition paid in full (Nursing, Midwifery, Occupational Therapy, Operating Department Practice and Physiotherapy) Grant and Loan (non-means tested) Bursary (means tested) Social Care Bursary being reformed for 2013. Consultation will take place in the new year.
OTHER HELP Access to Learning Fund (One off-payment) Disabled Student Allowance www.direct.gov.uk/studentfinance Processed by Student Finance England Student Services can help Support available for dyslexic students
USEFUL WEBSITES FINANCE: www.direct.gov.uk/studentfinance www.brookes.ac.uk/studying/finance www.nhsbsa.nhs.uk/students (NHS and Social Care courses) BROOKES: www.brookes.ac.uk
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