Student Funding 2014 & Beyond

Student Funding 2014 & Beyond

Sarah McLeodStudent Services

Agenda• Tuition fees• Money for living costs

– Grants, loans, bursaries, fee waivers etc...• NHS funding• Student loan repayments

– How this works– How much you could be expected to pay

Tuition fees• Universities can charge between £6,000 - £9,000 each

year for their courses• Tuition fee rates are available on university websites

• All students can take a tuition fee loan each year so everyone can afford to study

Money for living costs• Maintenance grant up to £3,387 (means tested)

- you don’t pay this back- full grant up to £25,000 – partial grant up to £42,600

• Maintenance loan - partially means tested- £3,610+ (living away from parental home rate)

- £2,871+ (living in parental home rate)

10k 20k 30k 40k 50k 60k 70k

Household Income£1,000

£2,000

£3,000

£4,000

£5,000

£6,000

£7,000

Student Funding 2014 Living away from home outside London

All students should have access to around £5,555

20k

£1,000

£2,000

£3,000

£4,000

£5,000

£6,000

£7,000

10k 30k 40k 50k 60k 70k

Student Funding 2014 Living away from home outside London

£25K

Maintenance Loan (£3,862)

Maintenance Grant (£3,387)

20k

£1,000

£2,000

£3,000

£4,000

£5,000

£6,000

£7,000

10k 30k 40k 50k 60k 70k

Student Funding 2014 Living away from home outside London

C42.6K Maintenance Loan Maintenance Loan

Maintenance Grant Maintenance Grant

20k

£1,000

£2,000

£3,000

£4,000

£5,000

£6,000

£7,000

10k 30k 40k 50k 60k 70k

Student Funding 2014

Maintenance Loan Maintenance Loan

Maintenance Grant Maintenance Grant

Parental Contribution

Money for living costs• Scholarship Schemes

– Every university has a different scheme and details are available on university websites. Each university has their own eligibility criteria:

• Who qualifies – grades, household income etc• What you receive – bursary, fee waiver etc• How to apply

Additional Government Funding• Disabled Students Allowance (DSA’s)

– Specialist equipment allowance– Non-medical helpers allowance– General disabled students’ allowance– Extra travel costs

• Contact Disability Services– 01642 342277 or [email protected]

Social Work• Yr 1 – no bursary• Yr 2 & 3 – limited number of bursaries available• Eligibility criteria will apply, full details are TBC• Apply via the NHS at www.nhsbsa.nhs.uk• You apply to Student Finance England who will

assess your eligibility for the tuition fee loan and maintenance loan and grant

How to applyApply to Student Finance England at www.studentfinanceengland.co.uk

NHS funding 2013

NHS Funding• NHS funded students

– doctor or dentist (eligible for an NHS Bursary during the latter stages of their pre-registration training

– chiropodist (including podiatrist), dietician, occupational therapist, orthoptist, physiotherapist, prosthetist, and orthotist, radiographer, audiologist or a speech and language therapist

– dental hygienist or dental therapist – nurse, midwife or operating department practitioner (degree

course)

NHS fundingNon-repayable funding• Not means tested

– Payment of Fees– NHS Grant of £1,000

• Means tested– NHS Bursary up to £4,395 for

45+ weeks living away from parents

– Up to £3,351 living with parents

www.nhsbsa.nhs.uk

Repayable funding• Not means tested

– Apply to Student Finance England on PN1 form

– £2,324 (living away from home

– £1,744 (living at home)– You pay it back like everyone

else

How to apply • Apply online at www.nhsbsa.nhs.uk• Supplementary paper forms; DSA, Childcare• Re-apply yearly• Paid by equal monthly instalment until following

August

Loan repayments• Student loans are very different to commercial credit• Interest rate linked to inflation plus up to 3%• How much you pay depends on how much you earn• Nothing to pay until you have left education and earn

over £21,000 per year• Low monthly repayments• Outstanding debt written-off after 30 years

10k

15k

18k

20k

30k

If you earn less than £21,000

Percentage of income0%

Monthly repayments£0

Weekly repayments

£0

Student loan repayments

10k

15k

18k

20k

30k

£28,000pa

9% of £7,000

Percentage of income£630 (2.2%)

Monthly repayments£52.50

Weekly repayments

£12.11

Student loan repayments

Loan repayment example• Graduate earning £30,000pa gross

– Monthly gross income £2,500– Pension (6%) £150– Tax £345– National insurance £195– Net income £1,810– Student loan repayment £67.50 – INCOME £1,743.50

Summary• You don’t have to pay anything until after you have left

education – everyone can afford to study• Full-time students can apply for a maintenance loan to

help with living costs • Students from households earning less than £42,600 will

also receive a non-repayable maintenance grant• Repayments are based on what you earn, not on what you

owe

Useful websites• Government services website

– www.gov.uk/studentfinance– www.studentfinanceengland.co.uk– More information about funding

• University websites– Information about courses, bursaries, fee waivers etc.– www.tees.ac.uk

• Money Saving Expert– www.moneysavingexpert.com

ANY QUESTIONS?