Presentation on theme: "A Guide to Funding for Higher Education Students This information is based on 2012/13 figures."— Presentation transcript:
A Guide to Funding for Higher Education Students This information is based on 2012/13 figures
2012 Changes What we know New tuition fee caps/charges Student loan & grant rates Means testing thresholds Student Loan repayment terms/rates What we don't know! What bursaries (if any) HEIs are offering Funding for NHS, Social Work and PGCEs Details of National Scholarship Programme
Financial Support Financial Support is available to meet your two main costs at University: – Your Living Costs - e.g. rent, food, bills. – Your Tuition Fees - up to £6,000 per year (and up to £9,000 per year in "exceptional circumstances") - Sheffield Hallam University will charge £8,500 (a year)
Your Money - Where to Get It Funding from Student Finance England – Maintenance Grant- up to £3,250 – Living Costs Loan- from £3,875 to £5,300 – Tuition Fee Loan- up to £9,000 – Extra Grants available for students with children and students with disabilities. National Bursary Scheme (specific details not known) Funding from Sheffield Hallam University – SHU Bursaries (details not known) – Access to Learning Funds
Eligibility for Support To qualify for Financial Support the student must meet two main criteria: 1) You have been resident in the UK (and Islands) for three years prior to the start of your course. 2)You do not already hold an honours degree. Previous study in HE may affect your entitlement. - EU students may also be able to receive tuition fee support if they have been resident in the EU for three years. The government has yet to confirm this.
How To Apply 2012 entrants apply to Student Finance England for funding. Applications will be primarily on-line, but not exclusively. Students can apply for their funding online at: www.direct.gov.uk/studentfinance www.direct.gov.uk/studentfinance This website also contains lots of additional information and support for students including - Online Support Calculator - Student Finance England helpline
Grants and Bursaries Maintenance Grant/Special Support Grant Full £3,250 grant is payable if household income is under £25,000. Partial grant is payable where income is between £25,001 and £42,000. University Bursaries Details have not been announced. National Scholarship Programme Government funded scheme aimed at students from low income backgrounds. Those who received free school meals when at school would be eligible. Not all details available.
Student Loans Tuition Fee Loan – To cover Tuition Fees up to £ 9,000. – Not Means Tested. – Paid directly to the University. – Fees no longer have to be paid 'up front'. Maintenance Loan – To cover Living Costs £ 3,575 to £ 5,300 per year. – 75% of this loan is not means tested. – May be reduced if you receive the Maintenance Grant.
How Student Loans Work You start repaying your Student Loan(s): – The April after you have finished your course. – If you are earning over £21,000 per year. Repayments are taken directly from your wages (like Income Tax). Interest is linked with inflation while you are earning under £21,000 per year. The more you earn above this threshold the higher the rate of interest will be. The Government will write off any unpaid balance after 30 years.
Targeted Courses There are financial incentives for students to study in certain fields. Additional grants and bursaries are currently available for students studying: – NHS Courses i.e. Nursing & Midwifery, Occupational Therapies, Physiotherapy etc. – Paramedic Practice – Social Work – Teaching (post graduate level)
Access to Learning Funds This Government scheme is administered by Sheffield Hallam University and is means tested on the student's income and outgoings. Priority is given to students: – With children. – With disabilities or medical conditions. – Mature students (over 25). – Entering HE from Care.
Managing your Money SFE funding is paid termly (many lack budgeting skills) Current research suggests that students can work 10- 12 hours per week without their studies being affected. Open a Student Bank Account. Full time students are exempt from Council Tax. Students should also be able to avoid paying health costs (fill out form HC1).
Living Outside London (away from parental home rate) Income (£) Maintenance Grant (£) Maintenance Loan (£) Total (£) 25,0003,2503,8757,125 27,5002,7954,1026,897 30,0002,3414,3306,671 35,0001,4324,7846,216 40,0005235,2395,762 45,00005,2885,228 50,00004,788 55,00004,288 60,00003,788 65,00003,575
University Pays!! Graduate Market Report 2010 - Average Graduate Salaries Our graduates do well in finding jobs. 87% are in work or further study within six months of completing their course! Both government commissioned and external studies have consistently found that, over his or her working life, the average graduate will earn comfortably over £100,000 more in today's valuation, net of tax, than a similar individual who achieved university entrance qualifications but did not go into HE.
Contacts Student Finance England – Tel: 0845 800 5090 – Website: www.direct.gov.uk/studentfinancewww.direct.gov.uk/studentfinance http://bursarymap.direct.gov.uk www.studentfinanceengland.co.uk NHS Student Grants Unit – Tel: 0845 3586655 – Website: www.nhsstudentgrants.co.ukwww.nhsstudentgrants.co.uk Hallam Union Advice Centre – Tel: (0114) 2254148 – Website: www.hallamunion.org/advicewww.hallamunion.org/advice Student Finance Centre – Tel: (0114) 2252186 – Website: www.shu.ac.uk/guides/studentfinance/sfso.htmlwww.shu.ac.uk/guides/studentfinance/sfso.html