Student Finance 2014 Entry Widening Participation Team
Key facts Tuition fees do not have to be paid up front whilst studying full or part-time Repayments based on what you earn, not what you owe Government financial help with living costs available for full-time UK students Should be viewed as a contribution to cost of studying not debt Government Grants and University Bursaries available
Key elements of student finance Living Costs Grant Tuition Fee Loan Living Costs Loan Other Grants University Scholarships University Bursaries Other funding
Tuition Fee Loan Government Loan to cover the full cost of tuition fees whilst you are studying Non-income assessed Paid directly to the university
Maintenance Loan Partly on basis of family income Maximum annual loan available: Living at home: £4,418 Studying outside London: £5,555 Studying in London: £7,751 Paid direct to the student in three instalments per year To help pay for: Rent Food Books & materials Travel Entertainment / leisure
Repayment of loans Start repaying April after graduation only IF you earn above £21,000 (updated annually from 2016) Collected ‘at source’ If earnings fall below £21,000 a year – between jobs, return to study, parental leave – payments will stop Payments deducted directly from salary by employer All outstanding payments will be written off after 30 yrs. Repayments are set at 9% of income above £21,000 Interest rates are linked with inflation: traditionally very low + 3% credit card interest is between 15% & 35% and most store cards charge over 30% Payments are more affordable than current system
Salary From which 9% will be deducted Repayment £25,000£4,000£30 £30,000£9,000£67.50 £35,000£14,000£105 £40,000£19,000£142.50 £45,000£24,000£180 £50,000£29,000£217.50 £55,000£34,000£255 £60,000£39,000£292.50 Repayments made on 9% of income above £21,000 Currently a student earning £25,000 would be paying £74 per month Proposed student loan repayment Source: Department for Business, Innovation & Skills March 2011 Monthly repayments same whether loan for £6,000 or £9,000 per year.
How much will you repay (at actual prices)? Starting salarySalary in 30 years Total amount repaid Will I fully repay it? £10,000£41,000NothingNo £15,000£62,000NothingNo £20,000£82,000£14,000No £21,000£86,000£20,000No £25,000£103,000£43,000No £30,000£123,000£73,000No £35,000£144,000£103,000No £40,000£165,000£133,000No £45,000£185,000£108,000Yes – 24 years £50,000206,000£94,000Yes – 21 years www.moneysavingexpert.com
Living cost grant Maximum of £3,250 per year Means-tested on family income Then sliding scale of amounts: Income up to £25,000 = £3,387 Income greater than £42,000 = £0 Paid direct to the student in three instalments per year To help pay for: Rent Food Books & materials Travel Entertainment / leisure
NHS funded courses NHS will continue to fully fund: Dieticians; Midwives; Nurses; Occupational therapists; Othoptists; Physiotherapists; Podiatrists, Prosthetists and Orthotists; Radiographers; Speech Therapists Check funding arrangements for: Audiology and Paramedic Practice Final year of Medicine – NHS funding arrangements
Funding for Social Work courses Social Work funding changed for 2013 entry Full tuition fee charged to students - tuition fee loan from SFE Students eligible for maintenance loan from SFE No NHS bursary in year 1 Limited number of NHS bursaries for years 2/3 Students may also be eligible for University bursaries
Other Government Grants Disabled Students Allowance: Helps disabled students meet additional study costs Special Support Grant: Instead of Maintenance Grant if the student is on Income Support or Housing Benefit Access to Learning Fund Child Care Grant Parent’s Learning Allowance Adult Dependants’ Grant
University of Brighton bursaries University of Brighton bursary: students from low-income families in 1 st Year Care leavers bursary: young people leaving local authority care from 2 nd year Compact Plus bursary: students from local area previously participating in University of Brighton or Aimhigher Sussex widening participation programme from 2 nd year Also bursaries for students from lower income families studying four year courses in architecture, pharmacy and teaching
Other funding Scholarships - No national system – research with each university – very popular - awarded for various things Merit Means tested Sporting abilities local students Sponsorship Charities some charities and trusts offer financial help, but their eligibility rules vary. The Educational Grants Advisory Service (EGAS) provides information and advice on sources of funding through their Directory, helpline and website.
Part-time work whilst studying Important that students balance study and work commitments No more than 15 hours work per week recommended Flexible working hours Opportunities: transfer from home town or visit the university job shop Consider working for the Student Union or the university, as a student ambassador
Applying for funding Student Finance England One application to assess eligibility for grants and loans Apply spring of entry year – one of 5 choices if not yet firm Deadline – end of May to guarantee money available for start of term Registration at beginning of term: University confirms to SFE that student has enrolled Money transferred to student bank account Money paid in 3 instalments