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Student finance Sarah Cullen Head of Widening Participation University of Sussex.

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Presentation on theme: "Student finance Sarah Cullen Head of Widening Participation University of Sussex."— Presentation transcript:

1 Student finance Sarah Cullen Head of Widening Participation University of Sussex

2 Student finance - overview Tuition fees Fee loans Maintenance loans Maintenance grants Bursaries and scholarships Repayment Further information Please note there is a different system for NHS funded courses

3 Tuition fees- what you pay Tuition fees for 2014 entry Universities are able to charge up to £9000 They can charge less Fees can vary according to the course you do You need to check!

4 Tuition fees – how you pay Tuition fees can be covered by a FEE LOAN You do not have to pay fees ‘up front’ This loan is paid directly to the university The fee loan is not means tested Applies to students living in the UK and most member states of the EU

5 Living costs – what you pay for Rent Food Travel Books and equipment Entertainment and leisure

6 Living costs - loans 2014 figures - Maximum loan Living at home £4,418 Living away from home £5,555 Living away from home, and in London £7,751 loan is paid in three instalments direct to the student to cover living costs, accommodation, food, travel etc

7 Living costs - non-repayable grant 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 £42,611 you would be entitled to a grant of between £50 and £3250 which you won’t have to pay back

8 STUDENT FINANCE Non-repayable Grant

9 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. This will include support for students which can take different forms Bursaries Scholarships Tuition fee ‘discounts’ Accommodation ‘discounts’ Other support

10 University of Sussex –First-Generation Scholars scheme Eligibility – family income up to £42,611 (maximum for student grant) £3000 in year one, £2000 accommodation discount, £1000 cash £1000 cash in subsequent years Careers and employability support during course and for three years following graduation

11 King’s College, London 17 scholarships and bursaries King’s living bursary – below £25,000 £1000 King’s living bursary – between £25,000 and £42,611 - £500 National Scholarship Programme - £6,000 fee waiver 116 available – income below £25,000

12 How do you apply? For government support through Student Finance England – in February/March 2014 Online form This triggers fee loan, maintenance loan and maintenance grant University bursaries/scholarships – you need to check with each institution but many will be linked to the Student Finance England system

13 Repayment You only start paying back when you are earning over £21,000 You repay 9% of your income above £9000 If your salary falls below £21,000, your repayments stop 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 your ability to get a mortgage

14 Interest Interest on your loan will be paid at inflation – Retail Price Index (RPI) plus 3% while you are studying, and up until the April after you graduate From the April after you leave university 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%

15 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

16 Any questions?

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