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Student Finance Explained Kevin Betts Student Recruitment Officer.

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Presentation on theme: "Student Finance Explained Kevin Betts Student Recruitment Officer."— Presentation transcript:

1 Student Finance Explained Kevin Betts Student Recruitment Officer

2 STUDENT FINANCE Overview Tuition Fees Fee Loans Maintenance Loans Maintenance Grants Bursaries and Scholarships Further Information

3 STUDENT FINANCE Tuition Fees and Fee Loan Tuition fees for 2014 entry: Universities will be able to charge up to £9,000 Fee levels were published in July 2011 for ALL Universities Most universities fees remain at £9,000 Placement and year abroad at 20% and 15%, respectively To charge up to £9,000 Universities have to meet strict criteria to ensure that all eligible students, regardless of background, can access these courses

4 STUDENT FINANCE Tuition Fees and Fee Loan Tuition fees can be covered by a FEE LOAN This loan is paid to the university directly from the Student Loan Company The fee loan is NOT means tested Applies to students domiciled in UK and most member states of the EU You DO NOT have to pay for your course yourself upfront

5 STUDENT FINANCE Loan for living costs Loan is paid in three instalments directly to the student The Loan for Living Costs is to help towards food, accommodation and travel Means tested (35%) 2014 figuresMaximum loan Living at home£4,418 Living away from home£5,555 Living away from home, and in London£7,751

6 STUDENT FINANCE Non-repayable Grant Non-repayable Grants Available to help with living costs such as food, accommodation and travel. If your household income is up to £25,000 you will be entitled to a full grant, of £3,387, which you won’t have to pay back. If your household income is between £25,000 and £42,622 you would be entitled to a grant of between £50 and £3,387, which you won’t have to pay back. Maintenance Grants: Non-repayable and paid to the student in three instalments

7 STUDENT FINANCE Non-repayable Grant

8 Figures based on a 2012 KIS data set search for ‘BA English’ degrees at each institution Living costs How do our housing costs compare? Typical cost of University Accommodation

9 STUDENT FINANCE Applying Application is carried out line at

10 STUDENT FINANCE Access Agreements In order to charge fees of up to £9,000, Universities must have an Access Agreement approved by the Office for Fair Access (OFFA) This will include support for students, and may include: Bursaries Scholarships (such as first generation scholars) Tuition fee ‘discounts’ Accommodation ‘discounts’ Other support National Scholarship Programme Worth £150million by 2014/2015 Means of application vary from institution to institution

11 STUDENT FINANCE Interest The Government’s plans are that: Interest on your loan will be applied at inflation (RPI – Retail Price Index) plus 3% while you are studying, and up until the April after you leave university. From the April after you leave university or college, if you are earning below £21,000, interest will be applied at the rate of inflation. For graduates earning between £21,000 and £41,000, interest will be applied between RPI and RPI + 3% on a gradual scale depending on income. For graduates earning above £41,000, interest will be applied at RPI + 3%. Interest varies depending on earnings

12 STUDENT FINANCE Repayments You only start to pay back when you are earning over £21,000 a year. You repay 9% of your income above £21,000. If your salary falls below £21,000, your repayments stop – for example if you take a career break or are unemployed. Repayments only start again when you earn over £21,000. Loan repayments will be deducted from your salary, normally through the tax system. If you have not repaid your loan after 30 years it is written off. Loans should NOT impact on the ability to get a mortgage See student finance calculator

13 STUDENT FINANCE Repayment Salary Amount of salary from which 9% will be deducted Monthly repayment £25,000£4,000£30.00 £30,000£9,000£67.50 £35,000£14,000£105.00 £40,000£19,000£142.50 £45,000£24,000£180.00 £50,000£29,000£217.50 £55,000£34,000£255.00 £60,000£39,000£292.50 New system means graduates pay back less than previous graduates

14 Sussex Bursaries and Scholarships First-Generation Scholars Support before, during and after university Two elements: 1)No parental history 2)Those from low income families Financial support to those with family income of up to £42,622 £1,000 per year cash and £2,000 fee waiver or accommodation discount Work study programme to help/encourage work whilst studying 1:1 study skills, careers and leadership and personal development coaching Funded work placements 3 years aftercare

15 STUDENT FINANCE More detailed information Further queries about Sussex fees, scholarships and bursaries: For information on government sources of support: Independent and comprehensive information: You can find this presentation online at

16 STUDENT FINANCE Other sources of income… There are other ways of increasing your income: Working - pre arrival / vacation periods.... SAVE! Working at university Family / Supporter Contributions

17 STUDENT FINANCE Other sources of income… Freshers’ Week – there’s lots to pack in! –And it can be expensive! Books – don’t rush out and buy everything! –Check out the library provision, campus bookshops and second hand books on sale from returning year students Bank accounts – shop around for incentives –Banks want student customers!

18 Kevin Betts Student Recruitment Officer Questions?

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