Alice Carney Education Liaison Officer Queen Mary, University of London
Post on 15-Feb-2016
68 Views
Preview:
DESCRIPTION
Transcript
Alice CarneyEducation Liaison Officer
Queen Mary, University of London
www.qmul.ac.ukwww.qmul.ac.uk
Student FinanceStudent Finance
Summary
• Tuition fees• Maintenance loans• Maintenance Grants• Other forms of financial support
Tuition Fees
• What do tuition fees cover?
Autumn 2012 onwards• Can charge up to £6000 per year and up to a maximum of £9000 a
year• Any institution charging above £6000 must offer support to low
income families• By applying for a student loan, any payment is deferred until after
graduation• You can pay the tuition fees up front if you wish• Paid directly to the university
Living Costs
• As important as fees - students must eat!
• Types of support available:– Maintenance loans– Maintenance grants– Bursaries/Scholarships
Maintenance Loans
• Paid into student’s bank account
• Paid in termly instalments
The amount the student receives depends on:
1. Where the student will live whilst they are at university
2. Household income
Maintenance Loans
Amounts for 2013/2014– Q1. Where will the student live?
• Living with parents– Maximum loan = £4,375
– Q2. What is your household income?• 65% non-means tested = £2,843.75• 35% means tested = £1,531.25
Maintenance Loans
Amounts for 2013/2014
– Q1. Where will the student live?• Away from the parental home and in London
–Maximum loan = £7,675
– Q2. What is your household income?–65% non-means tested = £4,988.75–35% means tested = £2,686.25
Maintenance Loans
Amounts for 2013/2014
– Q1. Where will the student live?• Away from the parental home and outside London
–Maximum loan = £5,500
– Q2. What is your household income?–65% non-means tested = £3,575–35% means tested = £1,925
Repayment• Tuition fee loan and maintenance loans will be
totaled up after graduation
1. Payments will be taken directly from the graduates’ salary the April after they graduate
2. Graduates must be earning at least £21,000 to trigger repayment
3. It is based on what you earn NOT what you owe
• 9% of whatever the graduate earns above £21,000– If a student earns £21,500 per year
• 9% of £500• £4.00 per month
Repayments
• If earnings fall below £21,000 payment will stop
• Any money still owed after 30 years will be cancelled
Interest
• Interest rate
– Whilst studying: inflation plus 3%
– Post graduation: If earning below £21,000 = based on inflation
– £21,000 - £41,000: Up to a maximum of inflation plus 3%
– Above £41,000: Full rate of inflation plus 3%
Maintenance Grant
• Non-repayable and entirely dependant on family income
– If household income is below £25,000• £3,354
– If household income Is between £25,001 - £42,600• Between £50 - £3,354
University Support
• Will differ from university to university
– QMUL bursary• £1,500 each year – household income less than £25,000• £1,200 each year – household income between £25,001 and
£42,600
– QMUL MFL bursary• £6,000 over first two years• AAA/38 points in IB
National Scholarship Programme
• For students whose household income is no greater than £25,000 a year
• Each institution sets its own eligibility criteria for awarding a scholarship. You can apply direct to the institution if you meet the criteria
• A scholarship is worth at least £3,000 for full-time students
• QMUL will be offering 522 students the NSP. £1,500 will be given as a fee waiver and £1,500 will be given as a cash bursary
Applying Online
• www.direct.gov.uk/studentfinance– You can apply from early 2013– Spring 2013 deadline
Useful websites
• www.direct.gov.uk/studentfinance
• http://www.moneysavingexpert.com/
• http://www.qmul.ac.uk/undergraduate/feesandfunding/
Any questions?
Thank you for listening!
top related