Student Funding in 2014/15

Report
Student Funding
For students
from England
who start in 2014
Previous Study
If you have studied in Higher Education
before starting this course, we strongly
recommend seeking specialist advice such
as contacting our Money Advice Team
because this can affect fees and funding
entitlement.
The costs
• Tuition fees
– Universities can charge up to £9000 fees
• Living costs
– Students need money for accommodation,
course costs, travel, food and living expenses
Tuition Fee Support - 2014
Tuition Fee Loans
• Available to all eligible undergraduate students,
available to both full-time and part-time students
• Not income-assessed
• Paid direct to university by Student Loans
Company
Living cost support - 2014
Student maintenance loan for living costs
•
Living away from their parents’ home
between £3,610 and £5,555
depending on household income
•
Living in their parents’ home
between £2,871 and £4,418
depending on their household income
Living cost support - 2014
Non-repayable maintenance grant
• Students can get £3,387 grant where their
household income is £25,000 or less
• Partial grant to students where household
income between £25,000 and £42,620
Other Support
• National Scholarship Programme
• Extra help for students in special circumstances,
e.g. students with a disability or with dependants
• NHS and Social Work courses funded differently
• Access to Learning Fund
• Other university bursaries and scholarships
• Charity and Trust funds
• Welfare benefits
Living cost loan and grant
Household
Income
Non-repayable
grant
Living Cost Loan Total
£25,000
£3,387
£3,862
£7,249
£30,000
£2,441
£4,335
£6,776
£35,000
£1,494
£4,808
£6,302
£42,875
£0
£5,555
£5,555
£45,000
£0
£5,341
£5,341
£50,000
£0
£4,836
£4,836
Over £62,132
£0
£3,610
£3,610
Figures for students living away from home and outside London
Living cost loan and grant
Household
Income
Non-repayable
grant
Living Cost Loan Total
£25,000
£3,387
£2,725
£6,112
£30,000
£2,441
£3,198
£5,639
£35,000
£1,494
£3,671
£5,165
£42,875
£0
£4,418
£4,418
£45,000
£0
£4,204
£4,204
£50,000
£0
£3,699
£3,699
Over £58,195
£0
£2,871
£2,871
Figures for students living at home and outside London
Living Costs
• Maximum Loan and Grant is £7,249 per year
• £186 per week over 39 weeks academic year
• To cover:
– Accommodation
– Course costs
– Travel
– Food
– Socialising and university activities
Living Costs
Student Weekly Spending
Food and Household
£53
Rent
£103
Socialising
£31
Travel
£36
Other
£50
Course costs
£25
TOTAL
£298
Annual Total over 39 weeks
£11,622
From: NUS/HSBC Student Experience Report 2010, figures rounded
Student Budget
Maximum Student Finance
Weekly
Annual
Maintenance Loan
£99
£3,862
Maintenance Grant
£87
£3,387
Part-time work
£103
£4,024
TOTAL IN
£289
£11,273
Spending
Weekly
Annual
Accommodation
£103
£4,017
Food and household bills
£53
£2,067
Travel
£36
£1,404
Course costs
£25
£975
Socialising
£31
£1,209
Other
£50
£1,950
TOTAL OUT
£298
£11,622
National Scholarship Programme
• Students whose household income is below £25,000
will be eligible
• Universities will set their own additional criteria which
can be found in their access agreements
• Leeds Met awards based on academic achievement.
• Students are assessed automatically if they have
applied for funding from Student Finance England.
• See www.offa.org.uk for Access agreements
• And www.unistats.co.uk for University Course data
Social Work and NHS Bursary
• At the moment there is extra support for
Social Work and NHS courses.
• See www.nhsbsa.nhs.uk/Students for
details about NHS and Social Work
bursaries
Social Work
Currently paid in addition to other SFE funding
• From 2013 no new undergraduate student starting
a course will receive a bursary for their first year.
• Bursary is available from the second year of the
course only
• There is a cap which limits the number of bursary
recipients
• No guarantee that if you pass the first year of your
course, you will receive a bursary
• The government has not yet announced how
much the bursary will be.
NHS Courses
The current package of support (which could
change in 2014/15) will provide new
students on NHS Courses with
• fees paid by the NHS
• a small non-means tested grant
• a means tested bursary
• a reduced rate non-means-tested loan
NHS Courses
A healthcare student on an eligible course
of 45 weeks in duration and studying outside
London can currently receive
• a non-means tested grant of £1,000,
• a means tested bursary of up to £4,395
• a non-means tested loan of up to £2,324
from Student Finance England
• In total £7,719 for living costs per year
Loan Repayment – from 2016
Gross Salary
Salary over £21k
from which 9%
deducted
Monthly repayment
£25,000
£4,000
£30.00
£30,000
£9,000
£67.50
£35,000
£14,000
£105.00
£40,000
£19,000
£142.50
£45,000
£24,000
£180.00
£50,000
£29,000
£217.50
£55,000
£34,000
£255.00
£60,000
£39,000
£292.50
Think of it as a tax…
Like a tax:
• It's repaid through the income tax system
• You only pay if you earn over a certain amount
• The amount paid increases with earnings
• It does not go on credit files
• Bigger borrowing doesn't increase repayments
Useful contacts & websites
Student Money Advice
www.leedsmet.ac.uk/moneyadvice
Student Finance England
Tel: 0845 300 50 90
www.gov.uk/studentfinance
http://practitioners.studentfinanceengland.co.uk/
NHS and Social Work course
www.nhsbsa.nhs.uk/students
Money Saving Expert
www.moneysavingexpert.com
Any questions?
The accuracy of the guidance in this Powerpoint is based on the best information available at the time of
writing. However, such information is subject to change, sometimes at short notice. Be aware that the
Powerpoint may be misleading if used in isolation. Whilst care has been taken to ensure that all information is
correct, the Leeds Met Student Money Advice service does not accept responsibility for errors, omissions or
inaccuracies 14/06/2013.

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