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1 Careers Advisors and Teachers Conference Student Finance 17 h April 2012.

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Presentation on theme: "1 Careers Advisors and Teachers Conference Student Finance 17 h April 2012."— Presentation transcript:

1 1 Careers Advisors and Teachers Conference Student Finance 17 h April 2012

2 2 Alison Barnard Financial Support Team The University of Nottingham

3 3 Key Questions What financial support can a home, UG student studying for a 1 st degree, get? How do you apply? Is it worth it?

4 4 1998/99 - Tuition fees, to be paid by the students, were introduced at £1,000 per year. 2006/07 - Variable Fees or Top-Up Fees of up to £3,000 per year. 2012/13 –Government funding is being reduced so students have to pay more. Fees up to £9,000 per year

5 5 Tuition Fees 2012/13 (per year) From home countryFrom elsewhere in UK England up to £9,000Up to £9,000 ScotlandFreeUp to £9,000 (some capping at £27,000 for 4 year course) WalesUp to £9,000 but fee grant of £5,535 Up to £9,000 Northern Ireland£3,465Up to £9,000

6 6 Tuition Fees 2012/13 cont…. EU students pay the same as those locally and are eligible for a Tuition Fee Loan from the SLC University can set their own fees for International students

7 7 1. What financial support is available?

8 8 NHS funded courses Nursing; Physiotherapy; Dietetics; Midwifery; Dentistry; 5 th year of Medical course £1,000 grant – not income assessed Income assessed bursary plus flat rate student loan NHS pays fees 2012 funding is interim; may change for 2013 entry

9 9 For 2012/13 for ENGLISH students Tuition Fee Loan to cover the cost of tuition fees up to £9,000 per year. The Tuition Fee Loan is paid directly to the university Loan for living costs Means-tested Grant for living costs for students from lower income backgrounds

10 10 Loan for living costs Maximum loan for new students in 2012/13 Students living at home: £4,375 Students living away from home: £5,500 Students living in London & away from home: £7,675

11 11 Grant for living costs The maximum amount of grant for 2012/13 is £3,250 The grant does not need to be paid back Entitlement for the grant is means tested – if household income is less than £42,600 student will receive a grant for between £50 and £3,250

12 12 Household income Non repayable grant Living cost loan Total £25,000 or less£3,250£3,875£7,125 £30,000£2,341£4,330£6,671 £35,000£1,432£4,784£6,216 £40,000£ 523£5,239£5,762 £45,000£ 0£5,288 £50,000£ 0£4,788 £55,000£ 0£4,288 £60,000£ 0£3,788 Over £62,500£ 0£3, /13 Support Package

13 13 Other Government Grants Supplementary Grants: - Childcare Grant - Parents Learning Allowance - Adult Dependant Grant Disabled Students Allowance (non income assessed)

14 Interest rate: RPI plus 3% while studying, then RPI to RPI plus 3% depending on salary No repayments until after graduation (or left university) Repayments start when salary is over £21,000 per year No income = no repayments Pay 9% of salary above £21,000 After 30 years further repayments are cancelled Repaying student loans

15 SalaryMonthly repayment £15,000Nil £18,000Nil £21,000Nil £25,000£30 £35,000£105 £45,000£180 £60,000£ Repaying student loans contd…

16 University Core Bursary 2012 Bursary award based on income assessment carried out by Student Finance England, Wales, NI, SAAS Residual household income (RHI) Core Bursary Up to £15,000£3,000 £15,001 - £25,000£2,000 £25,001 - £35,000£1,000 £35,001 - £42,600£ 750

17 17 Bursaries - Nottingham Potential Nottingham Potential bursaries of £1,000 a year for students who meet one of the following criteria; Entering via an Access / vocational route and RHI up to £42,600 Students under the age of 25 who are/have been in public care for a minimum of three months Students with children or adult dependants and RHI up to £42,600 Students who have attended a University of Nottingham Summer School

18 18 National Scholarship Programme (NSP) Fee waivers of £9,000 for: Students enrolled on foundation year of a course and with a household income up to £25,000 (paid in entry year only) Students who have been in local authority care with a household income up to £25,000 (paid in entry year and then a continuing fee waiver £3,000 per year)

19 National Scholarship Programme contd… Students from the East Midlands (household income up to £25,000) In entry year only –Partial fee waiver £3,000 –Cash bursary £1,000 –Accommodation (or other service) discount £500 Students who receive NSP will not receive a Core Bursary in entry year (except Care Leavers) but may receive Nottingham Potential Bursary

20 20 How do I apply? 2. How do I apply?

21 21 student finance england student finance wales student finance ni Student Awards Agency for Scotland (SAAS)

22 22 New online application system called BOSS

23 23 3. Is it worth it?

24 24 Research shows that Graduates earn more over their working life than those who dont attend University Browne report states £100,000 Institute of Fiscal Studies states can be up to £1m graduate-earnings.html?start=2

25 25 Indepth knowledge of chosen subject Improved career opportunities Employability skills Life skills Lifelong friends Independence A good time!

26 26

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