Student Funding

Report
Student Funding
Gino Graziano
Widening Participation Outreach Manager
Student funding
Same arrangements
for courses included
within HEFCE & DfE
contracts
Tuition fees payable
Tuition fee and
maintenance loans
available from Student
Loans Company
Includes Medicine and
Social Work, but NHS
also provide funding
NHS funded courses
have different
arrangements
Higher Education funding
• Tuition fees of up to £9,000 per year
• Tuition fees do not have to be paid up front whilst studying, full or part-time
• Tuition fees and maintenance loans still available – repayments based on what
students earn, not what they owe
• Maintenance grants up to £3,354 will be available - £25,001 - £42,611 – partial
grant
• Special support grants replace maintenance grants for students in receipt of
income support or housing benefit
• Disabled Student Allowance
• £150m National Scholarship Programme – universities make individual decisions
about bursaries
Government funding for full-time UK
undergraduates 2013 entry
Household
income
Living away from home and studying outside
London
Package of support for 2013/14
Maintenance
Loan
Non repayable
Maintenance
Grant
Total
£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
£5,770
£42,600
£5,457
£50 (minimum
grant)
£5,525
£42,875
£5,500
£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
Maintenance
grants available
for UK students
with family
income below
£42,611
Living Cost loan
dependent on
income
Max. living at
home: £4,375
Max. Studying
outside London:
£5,500
Max. studying in
London: £7,675
Part-time work whilst studying
Important that students balance study and work commitments
• No more than 15 hours work per week recommended
• Flexible working hours
• Opportunities: transfer from home town or visit the university job shop
• Consider working for the Student Union or the university, as a student
ambassador
Examples of possible weekly term-time
income - based on 39 week accommodation
contract period
£
25,000
£
30,000
£
40,000
£
50,000
£
62,125
plus
Maintenance grant
3,354
2,416
540
Nil
Nil
Student loan for
maintenance
3,823
4,292
5,230
4,788
3,575
Part-time work
£6.50 x 15 hrs/pw
= £97.50 pw
3,802
3,802
3,802
3,802
3,802
Total
10,979
10,510
9,572
8,590
7,377
Weekly income 39
weeks
281
269
245
220
189
Household
income
NB: students
from lower
income families
may also be
eligible for
university
bursaries –
maximum cash
payout of £1,000
per year, fee
discounts may
also be available
The cost of living (based on 2012 figures)
Weekly outgoings
Living in Halls
£
Living off campus
£
Rent
123 -150
85-115
Utilities
0
8
Phone
2-7
2-7
TV licence
0-4
4
Contents insurance
0
2
Food, domestic
items
10-40
30 - 40
Travel
0-15
0-15
Clothing
5 - 10
5 - 10
Laundry
2-5
2-5
Study materials
5
5
Entertainment
10-100
10-100
Totals
£177 - 336
£153-311
Average weekly
cost of living:
Brighton - £210
Eastbourne £190
Student loans DO
NOT go on credit
files
Differential rates
of interest - RPI to
RPI plus 3%
Repayments
Annual
Income
Before Tax
Graduates, Current &
11-12 entrants
2012-13 entrants
Annual
Monthly
Annual
Monthly
£15,000
£0
£0
£0
£0
£16,000
£90
£7.50
£0
£0
£21,000
£540
£45
£0
£0
£22,000
£630
£52.50
£90
£7.50
£24,000
£810
£67.50
£270
£22.50
£30,000
£1,350
£112.50
£810
£67.50
£35,000
£1,800
£150
£1,260
£105
£40,000
£2,250
£187.50
£1,710
£142.50
£45,000
£2,700
£225
£2,160
£180
£50,000
£3,150
£262.50
£2,610
£217.50
Repayments made
on 9% of income
above £21,000
Monthly
repayments same
whether loan for
£6,000 or £9,000
per year.
Debt cleared after
30 years
Early repayments
- no penalties
Source: National Association of Student Money Advisers
Other funding
 Scholarships - No national system – research with each university – very popular awarded for various things
 Merit
 Means tested
 Sporting abilities
 local students
 Sponsorship
 Charities
 some charities and trusts offer financial help, but their eligibility rules
vary. The Educational Grants Advisory Service (EGAS) provides
information and advice on sources of funding through their Directory,
helpline and website.
Applying for funding
 Once the student has completed their UCAS from they register
on line at:
www.direct.gov.uk/studentfinance
 One application to assess eligibility for grants and loans
 national insurance and passport (if they have one) number required
 Apply spring of entry year
 Linked to UCAS application and gives useful information about
bursaries at chosen universities
 Deadline for completion - end of May to guarantee money
available for start of term.
Applying for funding
 Student registers in person at beginning of term:
 University confirms to SFE that student has enrolled
 Money transferred to student bank account via BACS
 Money paid in 3 instalments
Funding for NHS courses
•
NHS will fully fund: Dietetics; Dental hygiene or Dental Therapy; Occupational Therapy;
Operating Department Practitioner; Orthoptics; Physiotherapy; Podiatry; Prosthetics and
Orthotics; Radiography; Speech and Language Therapy
•
Check funding arrangements for: Audiology and Paramedic Practice/Science
•
All students eligible for up to £3,263 non-means tested reduced maintenance loan through SFE
•
All students eligible for £1,000 non-means tested grant through NHS Bursaries
•
Some students eligible for up to £5,460 means tested bursary through NHS Bursaries
Useful websites
• www.brighton.ac.uk/money
• www.gov.uk/student-finance
• www.gov.uk/student-finance-calculator
• www.moneysavingexpert.com/family/student-loans-tuitionfees-changes
• www.studentloanrepayment.co.uk
• www.nhsbsa.nhs.uk/816.aspx

similar documents