Student Finance Talk March 2014

Report
Financing studies at Durham
2014/15
Neville Hallam
Deputy Head
Student Immigration and Financial Support Office
Office Contact Details
T: 0191 334 6116
E: [email protected]
June 2011
01-1/1
Going to University
• Why Durham University
• How much will a degree cost?
• What income is available?
• How to apply for financial support?
∂
• How to manage financially?
• How do loan repayments work?
• What help is available?
• Durham Student’s Union
02-1/1
Why Durham University?
∂
03-1/4
Why Durham University?
95% completion rate, one of the highest in UK
53% of graduates found work,
6% work and further study,
∂ further study
27% went on to
(86% of 2011/12 graduates)
84% of students achieved 1st Class
or 2:1 degrees in 2012
15th globally for employer reputation
04-2/4
Why Durham University?
∂
05-3/4
∂
Why Durham University?
∂
06-4/4
How much will a degree cost?
There two types of cost to be considered:
• Up-front/Concurrent ∂costs
• Deferred costs
07-1/5
Up-front/Concurrent Costs
Durham colleges have a 39 week room letting policy
(3 terms + Christmas and Easter Vacations)
Students are guaranteed a place in college
∂ for the first year;
managed accommodation
generally live out in the second and can apply to
return to college accommodation in the third year.
2014 prices are:
Durham £6289
Queen’s £4905 (self-catering)
08-2/5
Up-front/Concurrent Costs
Estimated average weekly expenditure of £238 for a student in
Durham during 2010/11 for living and course costs.
i.e. £9044 for a 38 week academic year
“Living
and Course Costs” include:∂
Fees other than Tuition Fees, accommodation, food, books and
equipment, photocopying and printing, utilities, laundry, insurance,
clothing, travel, leisure. There are extra costs for some students e.g.
students with dependants or disabilities, or significant extra-curricular
activities such as sport, music etc..
We would expect living costs for 2014/15 to be around £10,000
09-3/5
Deferred Costs
• Durham University is charging tuition fees of £9,000
for the academic year 2014/15.
• The Government offers Tuition Fee loans which will
pay these fees directly to the University. Money for
∂
these fees is not required upfront, and eligibility is not
means-tested.
• Loan repayments are deferred until after graduation,
and will not commence until the graduate is earning
over £21,000
10-4/5
How much will a degree cost?
Estimates for the academic year 2014/15
Including both upfront & deferred costs
Course and Living Costs
∂
Tuition Fees
£10,000
£9,000
Year One, total approx.
£19,000
11-5/5
What income is available?
Maintenance Grant
Maintenance Loan
National Scholarship Programme, Durham Grant Scheme
∂
Vice-Chancellor’s Scholarships
Allowance and Benefits
Parental Contributions, Part-time Employment
Tuition Fee Loan
12-1/17
Maintenance Grant
• Up to £3,387 for 2014/15.
• Actual amount depends on Household Income
Maximum if < £25,000, less than max if ≥£25,000 to ≤ £42,620
• Paid to you in three termly instalments.
∂
• Non-repayable.
13-2/17
Maintenance Loan
•Up to £5,555 per year living away from home (£4,418 at home).
•You can apply for 65% of the maximum maintenance loan without
household income being assessed (i.e. £3,610).
•Paid out in three termly instalments.
∂
•You only start repaying it when you start earning over £21,000.
14-3/17
What income is available?
Household
Income
Maintenance Maintenance
Loan
Grant
Assessed
Contribution
Total
<£25,000
£3,862
£3,387
£0
£7,249
£30,000
£4,335
£2,441
£0
£6,776
£40,000
£5,282
£547
£5,829
£42,620
£5,530
∂£50
£0
£0
£5,580
£42,875
£5,555
£0
£0
£5,555
£50,000
£4,836
£0
£719
£5,555
£60,000
£3,826
£0
£1,729
£5,555
£62,132 or
more
£3,610
£0
£1,945
£5,555
15-4/17
What income is available?
8000
2013/14 Maintnenance Package
£25,000
£62,132
£42,620 - Last £50 Grant
7000
6000
Maintenance Grant
Total Support Available (£)
£5,555
5000
Zone of assessed contributions
∂
4000
3000
Maintenance Loan
2000
1000
0
0
5000
10000
15000
20000
25000
30000
35000
40000
Household Income (£)
45000
50000
55000
60000
65000
70000
16-5/17
National Scholarship Programme
NSP is a national (England) scheme was introduced from
2012/13 in conjunction with the change in tuition fees.
No one with a declared income over £25k (eligibility for a full
grant) will be eligible but receipt of a full grant does not
∂
represent an entitlement to NSP.
(i.e. It depends upon the particular university’s scheme) *
* Department for Business, Innovation and Skills
Document 11-730
17-6/17
National Scholarship Programme
At Durham, the National Scholarship Programme will be
administered through the “Durham Grant Scheme”
∂
18-7/17
Durham Grant Scheme 2014
The full details of the Durham Grant Scheme (DGS) in 2014
will be:
Where household income is less than £25,000
∂
The university will provide support
of £2,500 a year (this is
our method of administering the NSP).
Support would be in the form of discount on college costs and
or money. The DGS would apply to all home nation students*.
* Does not include CI or IoM
19-8/17
Vice-Chancellor’s Scholarships
For 2014 the current scheme is offering a minimum of 25
Vice-Chancellor’s scholarships for the Sport, Music and
the Arts, each worth £2000 per year, renewable yearly
subject to satisfactory progress.
∂
5 Vice-Chancellor’s scholarships for Academic
Excellence are also currently awarded for specific
subject areas, also for £2000 per year.
http://www.dur.ac.uk/study/undergraduate/finance/afford/vc/
20-9/17
Scholarships
College and Departmental Administered Scholarships and
Bursaries
The Colleges and Departments have many (generally smaller)
∂ have usually been
scholarships and bursaries which
established by alumni for specific objectives or achievements.
23-12/17
Students Studying Abroad
Tuition fees for the year abroad will be capped at 15% of the
standard tuition fee.
∂
25-14/18
Benefits and Allowances
As a general rule students are not eligible for benefits or
allowances, but exceptions do exist, e.g.
Disabled Students Allowance
• To help with costs incurred as a result of a physical or mental
disability, a progressive medical∂condition or a specific learning
difficulty.
• Up to about £30,000 per year.
• Not means-tested.
• Can pay for a non-medical helper, equipment or travel and other
allowances.
•Non-repayable.
24-13/17
Parental Contributions
Parental Contribution and/or Household Income
Some parents are able to make contributions to assist
students, this can be in the form of regular payments, or
assistance in vacations or for ∂one-off costs such as
dissertation costs for example.
Even where such assistance is not possible, parents can
still help by permitting the sharing of household income
data during the Student Loans application process. Without
this information the NSP/DGS processes cannot operate.
25-14/17
Part-time/Vacation Employment
Careers, Employability and Enterprise Centre
The University’s CEEC provides services to
undergraduates looking for part-time posts and vacation
posts, as well as assisting final
∂ year students and
graduates looking for work.
Other opportunities may also be available within the city or
the student’s home town
26-15/17
Part-time/Vacation Employment
Careers, Employability and Enterprise Centre
…Working during term-time is probably the most popular option for
students wanting to ease the financial strain. Although accurate figures are
hard to come by, Tom Davie of Durham University estimates that as many
as 60 to 70 per cent of students will do some type of part-time work during
term…
∂
…As well as the staples of bar, restaurant and shop work, a host of other
avenues are open to students, says Davie…
…Universities recognise the value of working, and not just the financial
imperative. “The skills they are gaining, whatever the work, will stand them
in good stead when it comes to getting a job,” Davie says...
Daily Telegraph 9 June 2013
26-15/17
Tuition Fee Loan (again)
Deferred Cost
•Up to £9,000 per year.
•Not means-tested.
•Not compulsory.
∂
•Paid directly by the Student Loans Company to the University.
•You only start repaying it (combined with any maintenance loans)
when you start earning over £21,000.
• Repayments based on 9% of income,
therefore £25K = £360 per year
27-16/17
How to apply for financial support?
Apply for your Tuition Fee Loan, Maintenance Loan, Maintenance Grant
and any other statutory support for which you are eligible through
Student Finance England.
You and your parent(s) will need to∂complete the secure online form at
www.gov.uk/student-finance
The application process has begun and you must submit your application
by the deadline to guarantee funding for the start of the academic year.
The deadline is likely to be in May 2014.
29-1/2
∂
30-2/2
How to manage financially?
If you remember one thing…plan your student finances in advance,
make a budget and then stick to it. You will be able to make the
most of your time at university without the stress of worrying about
your financial situation.
∂
31-1/5
How to manage financially?
•Investigate – the University’s student finance website,
www.dur.ac.uk/study/undergraduate/finance/
www.nus.org.uk/en/Advice/Money-and-Funding/,
www.thestudentroom.co.uk/, whilst doing the weekly shop, Open
Days and Campus Tours, talk to friends
and family.
∂
•Calculate – set a budget.
•Maintain – get on-line banking, keep receipts and cash withdrawal
slips, review your expenditure once a week, don’t bury your head in
the sand!
32-2/5
How to manage financially?
Set a budget
•Calculate your Income and Expenditure for the academic year (38
weeks) to work out how much you have to spend on Essential and
Luxury items each week.
∂
•If there is a shortfall, how will you reduce it? Can you increase
your income? Can you reduce your expenditure?
•Be realistic, and don’t forget to allow for unexpected costs.
33-3/5
How to manage financially?
1. Rent
2. Food
3. Utility bills (water, gas, electricity)
4. Contents Insurance
∂
5. Toiletries, transport, stationery / equipment.
Check university finance pages for estimates of university and
private rental accommodation costs.
Once you have budgeted for your essential items you can then calculate
how much you will have each week to spend on luxury items such as:
Mobile, clothes, leisure, CDs/DVDs, holidays
34-4/5
How to manage financially?
Look out for discounts: 1/3 off rail fares with a Young Persons Railcard and
NUS card money off at shops, cinemas and events.
Don’t buy all the books on the reading list – make use of the free libraries
and computer services. Look out for second hand textbooks.
Why not investigate pay monthly phone
∂ deals with free texts and inclusive
talk minutes or stick to a fixed weekly pay as you go budget.
When planning your leisure activities consider joining one of the Student
Union societies or using the university’s sporting facilities which are much
cheaper than commercial gyms.
Don’t forget you need a TV Licence or cash for birthday cards, and
photocopying for example.
35-5/5
How do loan repayments work?
•You only start to repay your student loans once you are earning
over £21,000.
•You repay 9% of your income above £21,000, so if you were
earning £25,000 you would repay 9% of £4,000 which is £360 per
year or £30 per month.
∂
•Interest is applied at RPI +3% while you are studying.
•Interest is applied at the rate of inflation if you earn less than
£21,000.
•Interest is applied from RPI to RPI +3% if you earn between
£21,000 and £41,000.
•Interest is applied at RPI +3% if you earn more than £41,000.
36-1/2
How do loan repayments work?
•Loan repayments will be deducted from your salary, normally
through the tax system.
•If you have not repaid your loan within 30 years it will be written
off.
•Your loan will not affect your credit rating.
∂
37-2/2
What help is available?
•
Your College: at Durham our unique College system means you
always have someone to talk to one-to-one about any financial worries
you might have.
•
Access to Learning Fund and University Hardship Fund: are for
students who find themselves unexpectedly
in financial hardship.
∂
Awards are strictly means tested and the value of the award depends
on individual circumstances. For 2013/14, these funds had a total value
of approx. £210,000
38-1/3
What help is available?
•
•
DSU (Durham Students Union): has an excellent Advice Centre with
staff who will be able to help you with budgeting and other financial
matters.
www.dsu.org.uk
∂
39-2/3
Thank you
Any Questions?
[email protected]
∂
http://www.dur.ac.uk/student.finance/
41-1/1

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