Presentation on theme: "Student Funding 2013/14 entrants. Aim of presentation: What are the costs of going to university? What support is available to meet these costs? What."— Presentation transcript:
Aim of presentation: What are the costs of going to university? What support is available to meet these costs? What you need to do to access the support?
Tuition Fees Cardiff University will be charging £9,000 pa for all Undergraduate courses from September 2012 Tuition Fees for 2013/14 are to be confirmed
Tuition fee loans are available to all eligible students Covers whole of the tuition fee Not dependant on household income Paid directly to the university Student repays after they have graduated Students will not have to pay Tuition Fees up-front while they study
The New Tuition Fee Grant 2012/13 For those students resident in Wales before the start of their course: Tuition Fees in 2012/13 are £9000 Tuition Fee Loan available up to £3465 New Tuition Fee Grant to cover remaining fees of £5535 Paid by the Welsh Government These students can study anywhere in the UK and receive the tuition fee grant Does not depend on household income Is non-repayable as it is a grant Keep checking www.studentfinancewales.co.uk for information aboutwww.studentfinancewales.co.uk funding for students starting in 2013/14.
Financial support to help students with their living costs Types of funding: Amount available depends on household income Assessed on tax year 2011/12 for 13-14 entrants Paid to the student in 3 instalments during the academic year Normally resident in Wales before start of the course Normally Resident in England before start of the course Maintenance Loan Assembly Learning Grant Maintenance Grant
Students who normally live in Wales (12-13 figures – check www.studentfinancewales.co.uk for updates soon. The figures may increase slightly with the rate of inflation) Household Income Assembly Learning Grant – Max grant £5000 Maintenance Loan – Max loan £4745* Total each year Up to £18,370£5000£1901£6901 £25,000£3242£2800£6042 £34,000£1106£4082£5188 £50,778£0£4745 £56, 708+£0£3559£3559* non means tested 75% of max
Students who normally live in England (13-14 figs subject to parliamentary approval) Household Income Maintenance Grant – Max grant £3250 Maintenance Loan – Max loan £5500* Total Each year Up to £25,000£3354£3823£7177 £35,000£1478£4761£6239 £42,875£0£5500£5288 £45,000£0£5288 £62,125+£0£3575£3575* non income tested 65% of max.
Repayments Tuition Fee Loan & Maintenance Loan are added together for total amount of student to be repaid Interest rate is RPI + up to 3% max Repayment depends on level of earnings, not the amount borrowed Repay 9% of income over £21,000 Wales - £1500 written off maintenance loan debt at repayment
IncomeMinimum monthly repayments Up to £21,000Nil £25,000£30.00 £30,000£67.50 £35,000£105.00 £40,000£142.50 Repayment Calculator
COMMON QUESTION: Does taking out a Student Loan affect credit rating and applying for a mortgage? Student Loans are not commercial loans Not noted on credit report so should not affect credit rating. Unlikely to affect ability to get a mortgage Mortgage Calculations should relate to disposable income New system graduates have higher disposable income than current system
Additional funding Non Income assessed - Disabled Students Allowance (DSA) to help with extra costs of studying related to disability or dyslexia Income assessed - Allowances if you have children Child Care Allowance Adult Dependents Grant Awards are in the form of a grant & do not have to be repaid
Students have to apply for funding each year of their course English domicile Welsh domicile PN1 Form Download form or apply on line www.direct.gov.uk/studentfinancewww.studentfinancewales.co.uk Applications normally open January. Check nearer the time Applications normally open March. Check nearer the time
Cardiff University Bursaries – 2012/13 Depends on household income Must be eligible for UK statutory funding Assessed with statutory funding application, so no need to apply separately. For more information, please see: http://www.cardiff.ac.uk/for/prospective/ug/scholarships * Based on student funding for non-final yr student, living away from home. Please note these figures are bursaries on offer for 12-13 entrants. Please check the web from summer 2013 onwards for details for 13-14 entrants Household IncomeCardiff University Bursary Under £30,000 Top up statutory support* to £7500 £30,001 - £42,600 Top up statutory support* to £6750
Bursary Example Based on the household income of a Welsh domiciled student at £29,990: Eligible for Maintenance Loan of: £2,033 Eligible for Assembly Learning Grant of: £3,526 Total statutory funding for year : £5,559 As household income is under £30,000, the Cardiff University bursary will top up statutory funding to £7500. £7,500 - £5,559 = £1,941 Cardiff University Bursary
Additional Cardiff University Grants 2012/13* Communities First Award Students from a Communities First Area (Wales), household income under £42,600, will receive either £1000 discount in University residence fees or £500 travel grant. There is a post code checker at www.artswales.org.uk/postcode-lookup-tool or contact firstname.lastname@example.org/postcode-lookup-tool Care Leaver Bursary £1000 in 1 st year, £750 in subsequent years and £500 in final term. If declare on UCAS application that you have been in care, the university mentor will contact you. Otherwise, please contact Einir Evans in the Student Support Centre. Next Step Bursary £1000 in 1 st yr if household income is under £42, 600 and already part of the University Step Up Programme *please check www.cardiff.ac.uk/for/prospective/ug/ for 13-14 updateswww.cardiff.ac.uk/for/prospective/ug/ later
Scholarships - 2012/13 £3,000 over whole course – gain AAA at A- level (or equivalent) and satisfy all aspects of their offer. Must accept offer from Cardiff on firm basis by end July before start of course. Dont need to formally apply as will automatically be considered for a scholarship once A level results are released
Scholarships - 2012/13* Current courses with scholarship: Archaeology Biosciences (Ecology, Genetics, Microbiology, Molecular Biology, Zoology) Chemistry Computer Science Earth and Ocean Sciences Engineering (Integrated Engineering, Electronic & Communications Engineering, Electrical & Electronic Engineering, Computer Systems Engineering, Medical Engineering) German Italian Physics Welsh *For more information and updates please check: www.cardiff.ac.uk/for/prospective/ug/scholarships/
Useful web addresses www.direct.gov.uk/studentfinance www.studentfinancewales.co.uk www.delni.gov.uk/studentfinance www.saas.gov.uk Check for updates on student funding and apply online
Initiative with the aim to improve students financial capability Cardiff University Student Support iApp Budgeting Sessions Taste Test Basket Challenge Energy Efficiency Recycle Christmas Swap shop
Where will my money go? Accommodation Fees Food Socialising Books & Photocopying Clothing Travel