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STUDENT FINANCE. MAIN TOPICS  What are the costs?  How will students pay for it?  What are the repayments?

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Presentation on theme: "STUDENT FINANCE. MAIN TOPICS  What are the costs?  How will students pay for it?  What are the repayments?"— Presentation transcript:

1 STUDENT FINANCE

2 MAIN TOPICS  What are the costs?  How will students pay for it?  What are the repayments?

3 OFFA  Office for Fair Access (OFFA) proposal written April 2013  OFFA Agreements confirmed July 2013 Check university website for details

4 WHAT ARE THE COSTS? Two main costs:  Tuition Fees  Living Costs

5 TUITION FEES £6,000 - £9,000 per year (2013 entry) (Check individual universities and courses for details) Oxford Brookes University £9,000 per year (Undergraduate degrees taught at Oxford Brookes)

6 FOUNDATION DEGREES Foundation degree costs may differ to onsite degrees Oxford Brookes University £6,000 per year / £7,000 per year for top up year (Foundation/Bachelor degrees taught in Further Education Colleges)

7 LIVING COSTS

8 HOW WILL STUDENTS PAY FOR IT ALL? LOANS Non-Repayable Sources Tuition fee loan Maintenance loan Maintenance Grant Bursaries Scholarships

9 HOW WILL STUDENTS PAY FOR IT ALL? LOANS Non-Repayable Sources Tuition fee loan Maintenance loan Maintenance Grant Bursaries Scholarships

10 TUITION FEE LOAN £6,000 - £9,000 per year (2013 entry) Tuition fee available to all Fees are paid directly to the university

11 MAINTENANCE LOAN To help pay for living costs All full-time UK students eligible (for 65%) Means-tested (35%)

12 MAXIMUM MAINTENANCE LOAN ALLOWANCE Students living at home with parents Up to £4,375 Students living away from home (Outside of London) Up to £5,500 Students living away from home (Studying in London) Up to £7,675

13 HOW DO THE LOANS WORK? Loans combined into one amount Repayments start: April after the course finishes Student earning at least £21,000 per year Inland Revenue Interest Rates Loan wiped after 30 years

14 REPAYMENTS Repay tuition fee and maintenance loan at: 9% of income over £21,000 SalaryRepayment Up to £21,000No repayment £25,000£30 per month £30,000£68 per month £40,000£143 per month

15 PAYSLIP NameMr. A. NonPay Date28th April NI numberNI12345ATax CodeAB12 EarningsDeductions Salary £ 2,083.33Tax £ 292.08 National Insurance £ 177.72 Student Loan £ 30.00 Total Pay £ 2,083.33 Total Reductions £ 499.80 Net Pay £ 1,583.53

16

17 HOW WILL STUDENTS PAY FOR IT ALL? LOANS Non-Repayable Sources Tuition fee loan Maintenance loan Maintenance Grant Bursaries Scholarships

18 MAINTENANCE GRANT Payment up to £3,354 per year (means-tested – not all are eligible) Household IncomeGrant allowance Up to £25,000Full Grant £25,000 - £42,600Partial Grant £42,600 +No grant

19 Household Income Maintenance Loan Maintenance Grant Total Available £25,000 or less£3,823£3,354£7,177 £30,000£4,292£2,416£6,708 £35,000£4,761£1,478£6,239 £40,000£5,230£540£5,525 £42,600£5,475£50 (min)£5,525 £42,875£5,500 (max)£0£5,500 £45,000£5,288£0£5,288 £50,000£4,788£0£4,788 £55,000£4,288£0£4,288 £60,000£3,788£0£3,788 Over £62,125£3,575£0£3,575

20 APPLICATION NOT DEPENDENT ON HOUSEHOLD INCOME  Applying for: o Tuition Fee loan and o Basic maintenance loan (non means-tested)  Student can fill in application without parental information

21 APPLICATIONS DEPENDENT ON HOUSEHOLD INCOME Before starting online application, the following information is needed:  Passport (do not send) OR Birth Certificate  University and Course details  Bank account details  National Insurance number; and  Parent’s or partner’s National Insurance number and income details (parents must also register) Applications cannot be processed until all information given

22 APPLYING FOR STUDENT FINANCE 1 2 3 Fill in and send application online: www.direct.gov.uk/studentfinance Application assessed Financial Notification letter sent

23 APPLYING FOR STUDENT FINANCE 4 5 6 Online declaration form signed and sent to SFE Payment Schedule Letter sent The student will not receive instalments until they have enrolled with a university

24 BURSARIES AND SCHOLARSHIPS National Scholarship Programme Halls discount Fee waivers Cash bursaries University specific financial packages Check university websites for details

25 BURSARIES AND SCHOLARSHIPS Oxford Brookes Bursary Up to £2,000 Fee Waiver Up to £2,500 Community Scholarship £1,000 (1 st year only) (for Oxfordshire state schools and colleges only) Transition from Care Bursary Up to £2,000

26 NHS AND SOCIAL CARE COURSES  Tuition paid in full (Nursing, Midwifery, Occupational Therapy, Operating Department Practice and Physiotherapy)  Grant and Loan (non-means tested)  Bursary (means tested) Social Care  Bursary being reformed for 2013. Consultation will take place in the new year.

27 OTHER HELP Access to Learning Fund (One off-payment) Disabled Student Allowance www.direct.gov.uk/studentfinance Processed by Student Finance England Student Services can help Support available for dyslexic students

28 Other sources of income

29 EXTRA INCOME

30 Student Account Overdraft Credit Card

31 HOW TO SAVE MONEY!  NUS Card  Bulk Buy  Value Food  Mobile Phone tariff  16 – 25 Railway Card

32 INCOMEWEEKLY EXPENDITURE (£) Student loanRent Maintenance grantHousehold bills Wages: part-time workFood University bursaryDay-to-day essentials Parental contributionTravel OtherBooks & equipment Social Telephone Laundry Contents Insurance TV Licence Miscellaneous TOTAL

33 INCOMEWEEKLY EXPENDITURE (£) Student loanRent 109.50 Maintenance grantHousehold bills 10 Wages: part-time workFood 35 University bursaryDay-to-day essentials 5 Parental contributionTravel 5 OtherBooks & equipment 10 Social 30 Telephone 7.50 Laundry 1 Contents Insurance 2 TV Licence 0.5 Miscellaneous 5 TOTAL 220.50

34 INCOMEWEEKLY EXPENDITURE (£) Student loan 101.97 Rent 109.50 Maintenance grant 85.50 Household bills 10 University bursary 23.68 Food 35 Wages: part-time work Day-to-day essentials 5 Parental contributionTravel 5 OtherBooks & equipment 10 Social 30 Telephone 7.50 Laundry 1 Contents Insurance 2 TV Licence 0.5 Miscellaneous 5 TOTAL211.15TOTAL220.50

35 BENEFITS It opens doors Gain a qualification More employers require you to have a degree Meet new people Learn new skills On average, graduates will earn more than non- graduates It’s your choice! April 2011, National Statistics

36 THINGS TO REMEMBER  No upfront fees! o Tuition Fee Loan available to all  Living Cost loan o Available to all (amount depends on household income)  Loan Repayments o Tuition and Living Cost loan combined o Repayment amount depends on salary o Loan wiped after 30 years  Grants, Bursaries and Scholarships available (not all eligible)  Part-time work

37 www.unipodadvice.com ALL YOU NEED TO KNOW ABOUT UNIVERSITY

38 USEFUL WEBSITES FINANCE: www.gov.uk/studentfinance www.brookes.ac.uk/studying/finance www.nhsbsa.nhs.uk/students (NHS and Social Care courses) BROOKES: www.brookes.ac.uk

39 Any Questions?

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