Presentation is loading. Please wait.

Presentation is loading. Please wait.

Financial Support for new full- time UK undergraduates 2015/16 Student Financial Support Team Student Wellbeing Service.

Similar presentations

Presentation on theme: "Financial Support for new full- time UK undergraduates 2015/16 Student Financial Support Team Student Wellbeing Service."— Presentation transcript:

1 Financial Support for new full- time UK undergraduates 2015/16 Student Financial Support Team Student Wellbeing Service

2 Introduction For new full-time undergraduate students from England Overview of the main sources of funding available to help cover fees and living costs Cost of living estimates Useful contact details

3 Funding to help with Tuition Fees Newcastle University will be charging a tuition fee of £9,000 per year for new undergraduates who start University in September 2015. Tuition Fee Loan – available to all eligible students – not income assessed – paid directly to the University

4 Funding to help with living costs Student Maintenance Loan – maximum living at home £4,565 – maximum living away from home £5,740 – 65% of the maximum loan is non-income assessed so all eligible students can receive this – remaining 35% is income assessed – 3 instalments – maintenance grant

5 Household Income Assessment Income assessed element of maintenance loan – household income from 2013/14 tax year – ‘residual’ household income taxable income of each person who forms part of the household make permitted deductions e.g. £1,130 for any child (other than the student) – current year income assessment

6 Repayment of Student Loans Start repaying from April after graduation if earning £21,000 or more (before tax) If your income drops below £21,000 you stop repaying your loan Repay 9% of your income over £21,000 – e.g. earning £25,000 would repay 9% of £4,000 which is £30 per month Repayments are taken directly from your salary After 30 years any remaining debt is written off

7 Interest Rate on Student Loans Charged interest from the time you receive your first instalment until it is paid back in full The amount of interest varies and the actual interest also depends on the rate of inflation Your income per yearInterest rate on your loan While you are studyingRate of inflation + 3% £21,000 or lessRate of inflation £21,000 - £41,000Varies between rate of inflation & the rate of inflation + 3% depending upon your income £41,000 or moreRate of inflation + 3%

8 Funding to help with living costs Maintenance Grant – must apply for income assessed funding – maximum grant of £3,387 if household income of £25,000 or less – partial grant if household income between £25,001 & £42,620 – not eligible if household income is more than £42,620 – paid to the student in 3 instalments at the start of each term & non repayable – for every £1 of grant awarded the loan is reduced by £0.50

9 Funding to help with living costs Special Support Grant – paid instead of Maintenance Grant – for those students who have an underlying eligibility to means-tested benefits such as Housing Benefit or Income Support – maximum SSG £3,387 – does not affect the amount of Maintenance Loan entitlement

10 Total Loan & Grant Support (Elsewhere) Household Income Maintenance Grant Maintenance Loan Total Grant plus Loan Support £25,000£3,387£4,047£7,434 £30,000£2,441£4,520£6,961 £35,000£1,494£4,993£6,487 £40,000£547£5,467£6,014 £42,620£50£5,715£5,765 £42,875£0£5,740 £45,000£0£5,519 £50,000£0£4,998 £55,000£0£4,476 £60,000£0£3,955 £62,143£0£3,731 £65,000£0£3,731

11 Targeted Funding Students with Dependants – Parents’ Learning Allowance up to £1,573 payable to students with dependent children. – Childcare Grant up to £155.24 p/w for one child & up to £266.15 p/w for two or more children if you use registered or approved childcare – Adult Dependants’ Grant of up to £2,757 for an adult who is financially dependent on you – amount payable will depend on the level of your household income.

12 Targeted Funding Disabled Students – Disabled Students’ Allowances to help cover the extra costs a student might incur as a result of a disability, long term illness, specific learning difficulty or mental health condition – non-income assessed AllowanceMaximum Amount Non-medical personal helper£20,725 (per year) Major items of specialist equipment £5,212 (whole course) Other disability-related expenditure £1,741 (per year)

13 Applying for Funding Students from England:   0300 100 0607  Should open in January Students from Northern Ireland:   0300 100 0077  Usually apply from February Students from Scotland:   0300 555 0505  Usually apply from April Students from Wales:   0300 200 4050  Usually apply from February

14 Newcastle University Opportunity Scholarship New UK students Household income at or below £25,000 – £2,000 cash bursary each year Household income between £25,001-£35,000 – £1,000 cash bursary each year No separate application Paid in 3 instalments (Nov, Feb, Apr)

15 Newcastle University Access Scholarship £500 cash bursary per year to any UK student who: – Has household income of less than £42,600 And who meets one of the following: – have entered the University through the PARTNERS Programme Supported Entry route – have entered the University through the Realising Opportunities Programme – live in an area of the UK from which very few students progress to higher education (use our postcode look-up system) Do not need to make a separate application Paid in two equal instalments (Nov, Feb) Paid in addition to Opportunity Scholarship

16 Newcastle University Promise Scholarship 20 Promise Scholarships £9,000 per year For UK and EU students with high ability but from low income backgrounds Need to achieve AAB (at A Level or equivalent) Have household income of £15,000 or less and meet at least one of the following: – live in an area which is among the 10% most deprived in the UK (use our postcode look-up system) – receive (or be eligible) to receive Free School Meals – attend a school/college where average point score attainment is below 550 – lived in Local Authority care for at least 3 months in the 10 years prior to commencing university

17 Newcastle University Promise Scholarship Two-stage application process – Stage One Assesses eligibility Closing date 8 th May 2015 – Stage Two Personal statement by student Reference by tutor/teacher Closing date 17 th July 2015 Promise Scholarship awardees are not eligible to receive Opportunity or Access Scholarships

18 Cost of University Tuition Fees - £9,000 Approximately £8,000 - £9,000 per year to cover living costs – Per month Rent£300 - £500 Utility Bills£85 Food & household£165 - £225 Personal £50 TV Licence£13 Insurance £20 Mobile £40 Travel £26 - £50 Course£10 - £50 Discretionary spend£100 - £200

19 Contact Details Student Financial Support Team Student Wellbeing Service, King’s Gate Website: Web enquiry form: Twitter: @NCLMoneyMatters

Download ppt "Financial Support for new full- time UK undergraduates 2015/16 Student Financial Support Team Student Wellbeing Service."

Similar presentations

Ads by Google