2. Student Funding 2015 & Beyond Sarah McLeod Student Services

3. Agenda Tuition fees Non-NHS money for living costs – Grants, loans, bursaries, fee waivers etc... NHS funding Student loan repayments – How this works – How much you could be expected to pay

4. University Tuition Fees Universities can charge up to £9,000 each year for their full time undergraduate degree courses Tuition fee rates are available on university websites All students can take a tuition fee loan each year so everyone can afford to study

5. Financial Assessment for Living Costs Dependent Student- household income of parents Independent Student Status- partners income taken into account -25 or over -married or in a civil partnership -financially supported yourself for 3 years -no living parents -estranged from parents -are responsible for a child

6. Money for living costs Maintenance grant up to £3,387 (means tested) - you don’t pay this back - full grant up to £25,000 – partial grant up to £42,620 Maintenance loan - partially means tested - £3,731+ (living away from parental home rate) -£2,967+ (living in parental home rate)

7. Money for Living Costs Special Support Grant £3,387 instead of Maintenance Grant (means tested) Lone parents Student couples with children Students who qualify for Disability Premium under Income Support Students eligible for Housing Benefit as a student – Maximum Maintenance Loan available (£5,740) – Means Tested Benefits

8. 10k 20k 30k 40k 50k60k 70k Household Income £1,000 £2,000 £3,000 £4,000 £5,000 £6,000 £7,000 Student Funding 2015 Living away from home outside London All students should have access to around £5,740

9. 20k £1,000 £2,000 £3,000 £4,000 £5,000 £6,000 £7,000 10k 30k 40k 50k60k 70k Student Funding 2015 Living away from home outside London £25K Maintenance Loan (£4,047) Maintenance Grant (£3,387)

10. 20k £1,000 £2,000 £3,000 £4,000 £5,000 £6,000 £7,000 10k 30k 40k 50k60k 70k Student Funding 2015 Living away from home outside London C42.6K Maintenance Grant Maintenance Loan

11. 20k £1,000 £2,000 £3,000 £4,000 £5,000 £6,000 £7,000 10k 30k 40k 50k60k 70k Student Funding 2015 Parental Contribution Maintenance Loan Maintenance Grant

12. Additional Government Funding Students with children or adult dependants – Childcare Grant Up to 85% of actual cost Maximum of £155.25 p/w for one child and maximum of £266.15 p/w for two or more children Registered or Approved Childcare Means tested – Adult Dependants Allowance Financially dependant spouse/partner Means Tested Max £2,757 – Parents Learning Allowance Parents with dependant children Means tested Max £1,573

13. Additional Government Funding Disabled Students Allowance (DSA’s) – Specialist equipment allowance – Non-medical helpers allowance – General disabled students’ allowance – Extra travel costs Contact Disability Services – 01642 342277 or disability@tees.ac.ukdisability@tees.ac.uk

14. Money for living costs Scholarship Schemes –Every university has a different scheme and details are available on university websites. Each university has their own eligibility criteria: Who qualifies – grades, household income etc What you can get – bursary, fee waiver etc How to apply

15. Teesside University Support National Scholarship Programme 2014/15 Fee waiver of £2,000 in 1 st year Eligibility criteria linked to household income <£18,000pa Full eligibility criteria apply, please see the website for further details

16. Teesside University Support Teesside Extra Scholarship 2014/15 Cash bursary up to £2,500 Predicted and/or achieve at least BBB at A’level (or equivalent) Full eligibility criteria apply, please see the website for further details

17. Teesside University Support Passport Progression Bursary 2014/15 Cash bursary of £1,050 in first year Passport membership Studying at our Middlesbrough campus Full eligibility criteria apply, please see the website for further details

18. Teesside University Support NUS and Smart Card 2014/15 Free NUS card in Year 1 Smart card pre-loaded with £50 for printing and photo-copying in first term Full eligibility criteria apply, please see the website for further details

19. How to apply Apply to Student Finance England: www.sfengland.slc.co.uk

20. NHS Funding 2014/15

21. NHS funded students – doctor or dentist (eligible for an NHS Bursary during the latter stages of their pre-registration training – chiropodist (including podiatrist), dietician, occupational therapist, orthoptist, physiotherapist, prosthetist, and orthotist, radiographer, audiologist or a speech and language therapist – dental hygienist or dental therapist – nurse, midwife or operating department practitioner (degree course)

22. NHS Funding Means Test – Parents or partners gross income – Independent Status You are a parent You are married or in a civil partnership You have no living parents You are permanently and irreconcilably estranged from parents You have been financially independent for 3 years

23. NHS funding Non-repayable funding Not means tested – Payment of Fees – NHS Grant of £1,000 Means tested – NHS Bursary up to £4,443 for 45+ weeks living away from parents – Up to £3,373 living with parents www.nhsbsa.nhs.uk Repayable funding Not means tested – Apply to Student Finance England on PN1 form – £2,324 (living away from home – £1,744 (living at home) – You pay it back like everyone else

24. NHS Funding Funding example: Student completing a 45 week NHS course Partners income £30,000 Maximum bursary – partners contribution = bursary payment £4,443 - £647 = £3,796

25. NHS Funding Household Income Parents/Partners Contribution Household Income Parents/Partners Contribution £24,279£0£45,000£2,226 £25,000£120£50,000£2,752 £30,000£647£55,000£3,278 £35,000£1,173£60,000£3,805 £40,000£1,699£70,000£4,857

26. NHS Additional Allowances Parents Learning AllowanceMeans Tested Up to £1,192 per year Dependants Allowance Means tested Spouse or 1 st child up to £2,424 Additional Dependents up to £544 Childcare *Means tested Details to follow Practice Placement Expenses (PPE Form) Additional travel costs Disabled Student AllowanceContact Student Services 01642 342277

27. NHS Childcare Allowance (CCG1) Means tested Registered or approved childcare – ofsted Up to 85% of actual costs Max. £127.50 p/w for 1 child Max. £189.55 p/w for 2 or more children Not eligible if receiving childcare element of WTC

28. Additional Allowances Types of IncomeTypes of Allowable Expenses Salary or WagesIncome Tax Taxable AllowancesNational Insurance contributions Income from self-employment/company directorshipEmployee pension contributions Maintenance (via a court order or CSA arrangement)Personal pension/ retirement annuity payments PensionsLife assurance premiums Bank or Building Society InterestMortgage payments Taxable social security benefitsRent Income from Land, Property or Furnished lettings Wages for domestic help (cost of domestic assistance resulting from care of a member of the household with a l.term disability or illness) Other unearned incomeMaintenance payments Calculation (www.ppa.org.uk/StudentBursariesCalculator/reset.do)www.ppa.org.uk/StudentBursariesCalculator/reset.do Declared expenses are deducted from income to give an estimated net annual income. Disregards of £1,000 per eligible dependent are then taken from this to give the resulting ‘residual income’. If this is more than the maximum dependants and parent learning allowances available to you, you will not be entitled to these, but if you apply for help with childcare costs, you may be entitled to some assistance with these, depending on residual income and childcare cost.

29. How to apply Apply online at www.nhsbsa.nhs.uk www.nhsbsa.nhs.uk Supplementary paper forms; DSA, Childcare Re-apply yearly Paid by equal monthly instalment until following August

30. Loan repayments Student loans are very different to commercial credit Interest rate linked to inflation plus up to 3% How much you pay depends on how much you earn Nothing to pay until you have left education and have an income above £21,000 per year Affordable monthly repayments Outstanding debt written-off after 30 years

31. 10k 15k 18k 20k 30k If you earn less than £21,000 Percentage of income 0% Monthly repayments £0 Weekly repayments £0 Student loan repayments

32. 10k 15k 18k 20k 30k £28,000pa 9% of £7,000 Percentage of income £630 (2.2%) Monthly repayments £52.50 Weekly repayments £12.11 Student loan repayments

33. Loan repayment example Graduate earning £30,000pa gross – Monthly gross income£2,500 – Pension (6%)£150 – Tax£303 – National insurance£192 – Net income£1,855 – Student loan repayment£67.50 – INCOME£1,787.50

34. Summary You don’t have to pay anything until after you have left education – everyone can afford to study All full-time students can apply for a maintenance loan to help with living costs Students from households earning less than £42,620 will also receive a non-repayable maintenance grant Repayments are based on what you earn, not on what you owe

35. Useful websites Government services website – www.gov.uk/student-finance www.gov.uk/student-finance – www.sfengland.slc.co.uk www.sfengland.slc.co.uk – More information about funding University websites – Information about courses, bursaries, fee waivers etc. – www.tees.ac.uk www.tees.ac.uk Money Saving Expert – www.moneysavingexpert.com www.moneysavingexpert.com

36. ANY QUESTIONS?