University Entry September 2018 University Funding September 2018 Ian Edge
University Entry September 2018 Things have changed in recent years
University Entry September 2018 Things have changed in recent years And are likely to in the near future
University Entry September 2018 Recent Changes
University Entry September 2018 Recent Changes Grants There are now no universal grant of any form
University Entry September 2018 Recent Changes EU students Eligible for TUITION FEE LOAN if resident in the UK for at least Three years before the course begins Eligible for TUITION FEE LOAN & MAINTENANCE LOAN if resident in the UK for at least Five years before the course begins
University Entry September 2018 Future Changes? Theresa May on 1 October announced; An increase in the student loan repayment threshold A ‘wide-ranging’ review of student finance in April 2018
University Entry September 2018 COSTS & INCOME Costs Income
University Entry September 2018 COSTS & INCOME Costs Income Tuition Fees Living Costs
University Entry September 2018 COSTS & INCOME Costs Income Tuition Fees Student Loan Living Costs University Bursary Additional Support P/T Job Help from Home
University Entry September 2018 COSTS Fees: Each university is able to decide the level of fee for each of it’s courses up to £9,250pa. Living: ?
University Entry September 2018 LIVING COSTS OF STUDENTS University of Birmingham £11,592 University of Cardiff £7,339 University of Edinburgh £12,060 Imperial (London) £11,268 John Moores University £9,100 University of Manchester £9,255 University of Newcastle £8,937
University Entry September 2018 LIVING COSTS OF STUDENTS University of Birmingham £11,592 University of Cardiff £7,339 University of Edinburgh £12,060 Imperial (London) £11,268 John Moores University £9,100 University of Manchester £9,255 University of Newcastle £8,937 NUS £12,056
University Entry September 2018 Student Loan
University Entry September 2018 Student Loan Student Loan Fees Taken out to cover the total cost of tuition fees. Repay once graduated. Student Loan Maintenance All students are eligible for 65% of the maximum. Remaining 35% depends on household income.
University Entry September 2018 Maintenance Loan Household Income Living With Parents Living Away From Home Away from home in London £25,000 or less £30,000 £35,000 £40,000 £42,875 £45,000 £50,000 £55,000 £58,201 £60,000 £62,180 £65,000 £69,803
University Entry September 2018 Maintenance Loan Household Income Living With Parents Living Away From Home Away from home in London £25,000 or less £6,904 £30,000 £6,322 £35,000 £5,740 £40,000 £5,158 £42,875 £4,824 £45,000 £4,576 £50,000 £3,994 £55,000 £3,412 £58,201 £3,039* £60,000 £62,180 £65,000 £69,803
University Entry September 2018 Maintenance Loan Household Income Living With Parents Living Away From Home Away from home in London £25,000 or less £6,904 £8,200 £30,000 £6,322 £7,612 £35,000 £5,740 £7,023 £40,000 £5,158 £6,434 £42,875 £4,824 £6,095 £45,000 £4,576 £5,845 £50,000 £3,994 £5256 £55,000 £3,412 £4,667 £58,201 £3,039* £4,290 £60,000 £4,078 £62,180 £3,821* £65,000 £69,803
University Entry September 2018 Maintenance Loan Household Income Living With Parents Living Away From Home Away from home in London £25,000 or less £6,904 £8,200 £10,702 £30,000 £6,322 £7,612 £10,103 £35,000 £5,740 £7,023 £9.503 £40,000 £5,158 £6,434 £8,904 £42,875 £4,824 £6,095 £8,559 £45,000 £4,576 £5,845 £8,304 £50,000 £3,994 £5256 £7,705 £55,000 £3,412 £4,667 £7,105 £58,201 £3,039* £4,290 £6,722 £60,000 £4,078 £6,506 £62,180 £3,821* £6,244 £65,000 £5,906 £69,803 £5,330*
University Entry September 2018 UNIVERSARY BURSARIES
University Entry September 2018 UNIVERSARY BURSARIES Each university decides how to distribute it’s bursary funds
University Entry September 2018 UNIVERSARY BURSARIES Each university decides how to distribute it’s bursary funds Tend to do so in four ways; Based on grades achieved Based on Household income Based on whether they are the first person from their family to go to university Based on ‘hardship’
University Entry September 2018 Additional Support Based on personal circumstances Every application is different Requires you to provide ‘EVIDENCE’ of your circumstances Two main areas of support
University Entry September 2018 ADDITIONAL SUPPORT Disabled Students’ Allowance You can apply for a Disabled Students’ Allowance (DSA) if you have a disability including: A long-term health condition A mental health condition A specific learning difficulty, e.g. dyslexia You must meet the definition of disability under the Equality Act 2010. The support you get depends on your individual needs and not on income.
University Entry September 2018 ADDITIONAL SUPPORT Caring Commitments Childcare Grant ….……….up to £155.24 a week for 1 child …………..up to £266.15 a week for 2 or more children Parents Learning Allowance …... up to £1,573 a year to help with learning costs Adult Dependants’ Grant …. up to £2,757
University Entry September 2018 PART TIME WORK
University Entry September 2018 PART TIME WORK Almost all students now work part time both during term time and the holidays.
University Entry September 2018 PART TIME WORK Almost all students now work part time both during term time and the holidays. The average income per week earned by students is £96:70
University Entry September 2018 PART TIME WORK Almost all students now work part time both during term time and the holidays. The average income per week earned by students is £96:70 Over a 38 week term this contributes £3675 to a typical students income.
University Entry September 2018 HELP FROM HOME
University Entry September 2018 HELP FROM HOME Apart from student loans, and part time work, the ‘Bank of Mum and Dad’ provides a significant contribution to students’ income – topping up their total by £205.20 a month on average.
University Entry September 2018 HELP FROM HOME Apart from student loans, and part time work, the ‘Bank of Mum and Dad’ provides a significant contribution to students’ income – topping up their total by £205.20 a month on average. Over a 12 month period this contributes approximately £2462 to a typical students income.
University Entry September 2018 REPAYMENTS
University Entry September 2018 REPAYMENTS Begin 12 months AFTER graduation Only begin once you earn OVER £21,000 Repayment rate is 9% All debts are wiped out after 30 years
University Entry September 2018 REPAYMENTS If you earn £22,000 in a year, what do you repay? The answer is £90, as £22,000 is £1,000 above the threshold and 9% of £1,000 is £90. And if you earn £31,000, what do you repay? The answer is £900. £31,000 is £10,000 above the threshold and 9% of that is £900.
University Entry September 2018 REPAYMENTS STARTING SALARY (AUG 2017) SALARY IN 30 YEARS TOTAL AMOUNT REPAID WILL I FULLY REPAY IT? £10,000 £41,000 Nothing No £15,000 £62,000 £20,000 £86,000 £21,000 £90,000 £25,000 £108,000 £45,000 £30,000 £130,000 £75,000 £35,000 £151,000 £105,000 £40,000 £157,000 £135,000 £185,000 £149,000 Yes – 29 years £50,000 £205,000 £125,000 Yes – 24 years
University Entry September 2018 How To Apply All applications are via ‘Student Finance England’ Four step process 1. Create an account 2. Fill in your details (Email, Passport, Bank, N.I. Number) 3. Those at home create an account 4. Those at home fill in their details
University Entry September 2018 However … it is a government website!
University Entry September 2018 MAIN REFERENCES Student Finance England Website: www.gov.uk/student-finance Nat West ‘Student Living Index’ 2017: http://personal.natwest.com/personal/life-moments/student-living-index.html Martin Lewis Money Saving Expert: www.moneysavingexpert.com