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Student Financial Support at the University of Bradford 2013/14 Sarah Verbickas and Vicky Lumb Student Financial Support Team University of Bradford
University Finance: the main points Tuition Fees and Tuition Fee Loans Living Cost (Maintenance) Loans Living Cost (Maintenance) Grants Applying for Financial Support The National Scholarship Programme Other University Financial Support Repayments Key facts Useful Information and Contacts
Tuition Fees The Government has said that universities can charge up to £9,000 per year, for full time students doing non-NHS courses in 2013/14. The University of Bradford, like many other Universities, will charge £9,000 for students starting degree courses in 2013 (£7,500 for a Foundation degree and £6,000 for a Foundation year (except Clinical Sciences which is £9,000)). These fees only represent part of the total cost of attending the course, and do not take into account living and learning expenses. YOU DO NOT HAVE TO PAY THESE FEES UPFRONT IF YOU ARE GOING TO UNIVERSITY FOR THE FIRST TIME
Why £9,000 Fees? Before 2012 the Government paid money for each student studying at University: £Student Fee + £Government Contribution = £Total Tuition Fee From 2012 the Government has reduced its contribution towards the fee and in most cases is paying no money at all, therefore the tuition fee received by the University is only the student fee: £Student Fee = £Total Tuition Fee The University of Bradford has set its standard fee at £9,000 so that we can continue to build a strong, sustainable University with funds to invest in our high quality learning and teaching environment with a major focus on employability and delivering high levels of student satisfaction.
Tuition Fee Loans You can take out a tuition fee loan to cover the cost of your fees It is paid directly to the University on your behalf You need to apply for the amount the university is charging Non-means tested Repay after you have left your course and are earning over £21,000. Like a “Graduate Tax” rather than a loan as taken straight from your wages. More about repayment later.
Living Cost (Maintenance) Loans To help with living and learning costs Paid directly into the student’s bank account Paid in 3 instalments – one each term Amount depends on family income (means-tested)
Living Cost Loans 2013/14 Where will you be living?Maximum Loan London£7,675 Elsewhere (living away from home but not in London) £5,500 Home£4,375
Living Cost (Maintenance) Grant Up to £3,354 for family incomes up to £25,000 A partial grant is available for family incomes between £25,000 and £42,600 Means tested Non-repayable Paid into your bank account in 3 instalments – one each term
Household IncomeLiving Cost GrantLiving Cost LoanTotal £25,000 or less£3,354£3,823£7,177 £30,000£2,416£4,292£6,708 £35,000£1,478£4,761£6,239 £40,000£540£5,230£5,770 £45,000£0£5,288 £50,000£0£4,788 £55,000£0£4,288 £60,000£0£3,788 £62,125£0£3,575*£3,575 For a student living away from home (not in London). *£3,575 is the minimum loan.
Applying for Financial Support Apply for student finance online – dates and deadlines not yet announced, should be early 2013 - www.direct.gov.uk/studentfinance Apply before the deadline in order to guarantee your money for the start of term. You will need a UK Bank account, your National Insurance Number and Passport number Supply your parent(s’) / partner’s income details – you may get more support if you submit household income information Make sure you give consent for your information to be shared with the University so we can assess you for scholarships and bursaries if available
The National Scholarship Programme From 2012/13 there will be a new National Scholarship Programme to help students access higher education. This will be funded by Universities and the Government. Each university will decide what support they will offer so you will need to check to see what your chosen university is offering and whether you’re eligible. The University of Bradford will offer a scholarship with a value of £3,000 for the 1 st year of study to eligible students. This will be in the form of a “fee waiver” i.e. a £3,000 reduction in your fee. Students will also get a free placement year if they are on a Sandwich course. We have 488 scholarships to award in 2013.
The National Scholarship Programme Criteria Firm choice via UCAS Applied to Student Finance England by the advertised deadline (June 2013) English Full time students on courses with a £9,000 fee Income under £25,000 (students in receipt of a full grant) Care Leavers (not in receipt of fee support through their local authority as part of their leaving care package), Disabled (in receipt of Disabled Living Allowances (DLAs)), Travellers, Refugees, Low Participation Neighbourhoods Academic Excellence. The University will assess if you meet the criteria. Details regarding eligible students are available on our website
Other University Financial Support The University currently offers scholarships for prospective students based on academic excellence. If you achieve AAB or equivalent then you would get £1,500 cash in your first year and £1,000 in subsequent years, subject to progression. We may extend this to ABB grades for 2013. Also awards for studying abroad. Additional scholarships for EU and International students Information will be on our website soon Hardship funds, based on individual need, may be available once you have started your course. The Hub has all the information and application forms. The University currently offers support and incentives for progression onto Postgraduate study
Repayments Repayments begin after you have finished/ left your course, and are earning over £21,000 per year. (students who started before 2012 start repaying at £15,000 a year) Repayments are automatically deducted from your earnings like tax. The repayment rate is 9% of any earnings over £21,000 (this is like paying 9 pence in tax out of every pound you earn over £21,000). The more you earn, the more you repay If you haven’t paid the loan off after 30 years you won’t need to make any further repayments.
Income each year before taxApproximate monthly repayment Students who started before 2012 Students starting in 2012 or beyond £15,000£0 £16,000£8£0 £18,000£23£0 £21,000£45£0 £24,000£68£23 £27,000£90£45 £30,000£113£68 £35,000£150£105 £40,000£188£143 £50,000£263£218
Interest on Loans For full-time students, interest is charged at the rate of inflation (RPI – Retail Price Index, currently 3.1%) plus three per cent from the date you take out your loan to the April after you’ve finished studying. From the April after you’ve finished your course you’ll be charged: the rate of inflation if you earn £21,000 or less the rate of inflation plus up to three per cent if you earn between £21,000-£41,000 the rate of inflation plus three per cent if you earn over £41,000
Student Finance – Key Facts Most students will never repay what they owe. Monthly repayments are the same no matter what fee the University charges. Therefore pick your course according to whether it is what and where you want to study - not how much it costs. Student loan debt does not impact on your credit rating and should not affect your ability to get a mortgage. There is now interest charged on student loans but it is much lower than rates charged on commercial loans.
Useful Information and Contacts http://studentfinance-yourfuture.direct.gov.uk/ http://www.moneysavingexpert.com/family/student-loans-tuition-fees- changes http://www.bradford.ac.uk/fees-and-financial-support/ University of Bradford Financial Support E:firstname.lastname@example.org T:01274 23 6637
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