STUDENT FINANCE Ali Chandler Schools and Colleges Liaison MAIN TOPICS What are the costs? How will students pay for it? What are the repayments? OFFA Office for Fair Access (OFFA) proposal written April 2014 OFFA Agreements confirmed July 2014 Check university website for details WHAT ARE THE COSTS? Two main costs: Tuition Fees Living Costs TUITION FEES £6,000 - £9,000 per year (2014 entry) (Check individual universities and courses for details) Oxford Brookes University £9,000 per year (Undergraduate degrees taught at Oxford Brookes) 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) LIVING COSTS HOW WILL STUDENTS PAY FOR IT ALL? LOANS Non-Repayable Sources Tuition fee loan Maintenance Grant Maintenance loan Bursaries Scholarships HOW WILL STUDENTS PAY FOR IT ALL? LOANS Non-Repayable Sources Tuition fee loan Maintenance Grant Maintenance loan Bursaries Scholarships TUITION FEE LOAN £6,000 - £9,000 per year (2014 entry) Tuition fee available to all Fees are paid directly to the university MAINTENANCE LOAN To help pay for living costs All full-time UK students eligible (for 65%) Means-tested (35%) MAXIMUM MAINTENANCE LOAN ALLOWANCE Students living at home with parents Up to £4,418 Students living away from home (Outside of London) Up to £5,555 Students living away from home (Studying in London) Up to £7,751 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 REPAYMENTS Repay tuition fee and maintenance loan at: 9% of income over £21,000 Salary Repayment Up to £21,000 No repayment £24,000 £22 per month £30,000 £67 per month £40,000 £142 per month PAYSLIP Name Mr. A. Non Pay Date 28th April NI number NI12345A Tax Code AB12 Earnings Salary Deductions £2,083.33 Tax National Insurance Total Pay £292.08 £177.72 Student Loan £30.00 £2,083.33 Total Reductions £499.80 Net Pay £1,583.53 HOW WILL STUDENTS PAY FOR IT ALL? LOANS Non-Repayable Sources Tuition fee loan Maintenance Grant Maintenance loan Bursaries Scholarships MAINTENANCE GRANT Payment up to £3,387 per year (means-tested – not all are eligible) Household Income Grant allowance Up to £25,000 Full Grant £25,001 - £42,620 Partial Grant £42,620 + No grant Household Income Maintenance Loan Maintenance Grant Total Available £25,000 or less £3,862 £3,387 £7,249 £30,000 £4,335 £2,441 £6,776 £35,000 £4,808 £1,494 £6,302 £40,000 £5,282 £547 £5,829 £42,620 £5,530 £50 (min) £5,580 £45,000 £5,341 £0 £5,341 £50,000 £4,836 £0 £4,836 £55,000 £4,331 £0 £4,331 £60,000 £3,826 £0 £3,826 Over £62,132 £3,610 £0 £3,610 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 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 APPLYING FOR STUDENT FINANCE 1 Fill in and send application online: www.gov.uk/studentfinance 2 Application assessed 3 Student Entitlement and Declaration letter sent 4 The student will not receive instalments until they have enrolled with a university BURSARIES AND SCHOLARSHIPS Cash bursaries Fee waivers University specific financial packages Halls discount Check university websites for details OXFORD BROOKES UNIVERSITY FINANCIAL SUPPORT (2014 ENTRY) Oxford Brookes Bursary Up to £4,000 Community Scholarship £1,000 (for Oxfordshire state schools and colleges only) (1st year only) Transition from Care Bursary Up to £2,000 Free Brookes Bus Pass (If paying £9,000 tuition fees) Mandatory Field Trips Included in course fee 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 http://www.nhsbsa.nhs.uk/Students/825.aspx 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 Other sources of income EXTRA INCOME EXTRA INCOME Student Account Overdraft Credit Card HOW TO SAVE MONEY! NUS Card Bulk Buy Value Food Mobile Phone tariff 16 – 25 Railway Card INCOME WEEKLY EXPENDITURE (£) Student loan Rent Maintenance grant Household bills Wages: part-time work Food University bursary Day-to-day essentials Parental contribution Travel Other Books & equipment Social Telephone Laundry Contents Insurance TV Licence Miscellaneous TOTAL TOTAL INCOME WEEKLY EXPENDITURE (£) Student loan Rent 109.50 Maintenance grant Household bills 10 Wages: part-time work Food 35 University bursary Day-to-day essentials 5 Parental contribution Travel 5 Other Books & equipment 10 Social 30 Telephone 7.50 Laundry 1 Contents Insurance 2 TV Licence 0.5 Miscellaneous 5 TOTAL 220.50 TOTAL INCOME WEEKLY 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 contribution Travel 5 Other Books & equipment 10 Social 30 Telephone 7.50 Laundry 1 Contents Insurance 2 TV Licence 0.5 Miscellaneous 5 TOTAL 220.50 TOTAL 211.15 BENEFITS April 2011, National Statistics It’s your choice! It opens doors Meet new people Learn new skills Gain a qualification More employers require you to have a degree On average, graduates will earn more than nongraduates HELPFUL INFORMATION www.unipodadvice.com www.twitter.com/brookesstudents www.facebook.com/brookesstudents USEFUL WEBSITES Government: www.gov.uk/studentfinance Student Room: www.thestudentroom.co.uk/studentfinance Brookes: www.brookes.ac.uk/studying/finance NHS: www.nhsbsa.nhs.uk/students (NHS and Social Care courses) Any Questions?