Student Finance Explained Kevin Betts Student Recruitment Officer.

Student

Finance

Explained

Kevin Betts

Student Recruitment Officer

STUDENT FINANCEOverview

• Tuition Fees

• Fee Loans

• Maintenance Loans

• Maintenance Grants

• Bursaries and Scholarships

• Further Information

STUDENT FINANCETuition Fees and Fee Loan

• Tuition fees for 2014 entry:

• Universities will be able to charge up to £9,000

• Fee levels were published in July 2011 for ALL Universities

• Most universities fees remain at £9,000

• Placement and year abroad at 20% and 15%, respectively

To charge up to £9,000 Universities have to meet strict criteria to ensure that all eligible students, regardless of background, can access these courses

STUDENT FINANCETuition Fees and Fee Loan

• Tuition fees can be covered by a FEE LOAN

• This loan is paid to the university directly from the

Student Loan Company

• The fee loan is NOT means tested

• Applies to students domiciled in UK

and most member states of the EU

You DO NOT have to pay for your course yourself upfront

STUDENT FINANCELoan for living costs

• Loan is paid in three instalments directly to the student

• The Loan for Living Costs is to help towards food,

accommodation and travel

• Means tested (35%)

2014 figures Maximum loan

Living at home £4,418

Living away from home £5,555

Living away from home, and in London £7,751

STUDENT FINANCENon-repayable Grant

Non-repayable Grants

• Available to help with living costs such as food, accommodation

and travel.

• If your household income is up to £25,000 you will be entitled to

a full grant, of £3,387, which you won’t have to pay back.

• If your household income is between £25,000 and £42,622 you

would be entitled to a grant of between £50 and £3,387, which

you won’t have to pay back.

Maintenance Grants: Non-repayable and paid to the student in three instalments

STUDENT FINANCENon-repayable Grant

Household Income

Package of support for 2014/15

Non-repayable grant Living cost loan Total

£25,000 or less £3,387 £3,862 £7,249

£30,000 £2,441 £4,335 £6,776

£35,000 £1,494 £4,808 £6,302

£40,000 £547 £5,282 £5,829

£45,000 £0 £5,341 £5,341

£50,000 £0 £4,836 £4,836

£55,000 £0 £4,331 £4,331

£60,000 £0 £3,826 £3,826

£62,500+ £0 £3,610 £3,610

STUDENT FINANCEApplying

Application is carried out line at www.gov.uk/student-finance

STUDENT FINANCEAccess Agreements

In order to charge fees of up to £9,000, Universities must have an Access Agreement approved by the Office for Fair Access (OFFA)

• This will include support for students, and may include:• Bursaries

• Scholarships (such as first generation scholars)

• Tuition fee ‘discounts’

• Accommodation ‘discounts’

• Other support

• National Scholarship Programme

• Worth £150million by 2014/2015

Means of application vary from institution to institution

STUDENT FINANCEInterest

The Government’s plans are that:

• Interest on your loan will be applied at inflation (RPI – Retail Price Index)

plus 3% while you are studying, and up until the April after you leave

university.

• From the April after you leave university or college, if you are earning below

£21,000, interest will be applied at the rate of inflation.

• For graduates earning between £21,000 and £41,000, interest will be

applied between RPI and RPI + 3% on a gradual scale depending on income.

• For graduates earning above £41,000, interest will be applied at RPI + 3%.

Interest varies depending on earnings

STUDENT FINANCERepayments

• You only start to pay back when you are earning over £21,000 a year.

• You repay 9% of your income above £21,000.

• If your salary falls below £21,000, your repayments stop – for example if you

take a career break or are unemployed. Repayments only start again when you

earn over £21,000.

• Loan repayments will be deducted from your salary, normally through the tax

system.

• If you have not repaid your loan after 30 years it is written off.

• Loans should NOT impact on the ability to get a mortgage

See Moneysavingexpert.com student finance calculator

STUDENT FINANCERepayment

SalaryAmount of salary from

which 9%will be deducted

Monthlyrepayment

£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

New system means graduates pay back less than previous graduates

Sussex Bursaries and ScholarshipsFirst-Generation Scholars

• Support before, during and after university

• Two elements:

1) No parental history

2) Those from low income families

• Financial support to those with family income of up to £42,622

• £1,000 per year cash and £2,000 fee waiver or accommodation discount

• Work study programme to help/encourage work whilst studying

• 1:1 study skills, careers and leadership and personal development coaching

• Funded work placements

• 3 years aftercare

STUDENT FINANCEMore detailed information

Further queries about Sussex fees, scholarships and bursaries:

www.sussex.ac.uk/funding

For information on government sources of support:

http://www.gov.uk/student-finance

Independent and comprehensive information:

http://www.moneysavingexpert.com/students/

You can find this presentation online at www.sussex.ac.uk/study/finance2014

STUDENT FINANCEOther sources of income…

There are other ways of increasing your income:

• Working - pre arrival / vacation periods.... SAVE!• Working at university• Family / Supporter Contributions

STUDENT FINANCEOther sources of income…

• Freshers’ Week – there’s lots to pack in!– And it can be expensive!

• Books – don’t rush out and buy everything!– Check out the library provision, campus bookshops and second

hand books on sale from returning year students• Bank accounts – shop around for incentives

– Banks want student customers!

Kevin BettsStudent Recruitment Officer

[email protected]

Questions?