Financial Support for new full-time UK undergraduates

2015/16

Student Financial Support Team Student Wellbeing Service

Introduction• For new full-time undergraduate

students from England• Overview of the main sources of

funding available to help cover fees and living costs

• Cost of living estimates• Useful contact details

Funding to help with Tuition Fees• Newcastle University will be charging a tuition fee of

£9,000 per year for new undergraduates who start University in September 2015.

• Tuition Fee Loan– available to all eligible students– not income assessed– paid directly to the University

Funding to help with living costs• Student Maintenance Loan

– maximum living at home £4,565– maximum living away from home £5,740– 65% of the maximum loan is non-income assessed

so all eligible students can receive this– remaining 35% is income assessed– 3 instalments– maintenance grant

Household Income Assessment• Income assessed element of maintenance loan

– household income from 2013/14 tax year– ‘residual’ household income

• taxable income of each person who forms part of the household

• make permitted deductions e.g. £1,130 for any child (other than the student)

– current year income assessment

Repayment of Student Loans• Start repaying from April after graduation if earning

£21,000 or more (before tax)• If your income drops below £21,000 you stop

repaying your loan• Repay 9% of your income over £21,000

– e.g. earning £25,000 would repay 9% of £4,000 which is £30 per month

• Repayments are taken directly from your salary• After 30 years any remaining debt is written off

Interest Rate on Student Loans• Charged interest from the time you receive your first

instalment until it is paid back in full• The amount of interest varies and the actual interest

also depends on the rate of inflationYour income per year Interest rate on your loan

While you are studying Rate of inflation + 3%

£21,000 or less Rate of inflation

£21,000 - £41,000 Varies between rate of inflation & the rate of inflation + 3% depending upon your income

£41,000 or more Rate of inflation + 3%

Funding to help with living costs• Maintenance Grant

– must apply for income assessed funding– maximum grant of £3,387 if household income of £25,000

or less– partial grant if household income between £25,001 &

£42,620– not eligible if household income is more than £42,620– paid to the student in 3 instalments at the start of each

term & non repayable– for every £1 of grant awarded the loan is reduced by £0.50

Funding to help with living costs

• Special Support Grant– paid instead of Maintenance Grant– for those students who have an underlying

eligibility to means-tested benefits such as Housing Benefit or Income Support

– maximum SSG £3,387– does not affect the amount of Maintenance Loan

entitlement

Total Loan & Grant Support (Elsewhere)Household Income

MaintenanceGrant

Maintenance Loan

Total Grant plus Loan Support

£25,000 £3,387 £4,047 £7,434

£30,000 £2,441 £4,520 £6,961

£35,000 £1,494 £4,993 £6,487

£40,000 £547 £5,467 £6,014

£42,620 £50 £5,715 £5,765

£42,875 £0 £5,740 £5,740

£45,000 £0 £5,519 £5,519

£50,000 £0 £4,998 £4,998

£55,000 £0 £4,476 £4,476

£60,000 £0 £3,955 £3,955

£62,143 £0 £3,731 £3,731

£65,000 £0 £3,731 £3,731

Targeted Funding• Students with Dependants

– Parents’ Learning Allowance up to £1,573 payable to students with dependent children.

– Childcare Grant up to £155.24 p/w for one child & up to £266.15 p/w for two or more children if you use registered or approved childcare

– Adult Dependants’ Grant of up to £2,757 for an adult who is financially dependent on you

– amount payable will depend on the level of your household income.

Targeted Funding• Disabled Students

– Disabled Students’ Allowances to help cover the extra costs a student might incur as a result of a disability, long term illness, specific learning difficulty or mental health condition

– non-income assessed

Allowance Maximum Amount

Non-medical personal helper £20,725 (per year)

Major items of specialist equipment

£5,212 (whole course)

Other disability-related expenditure

£1,741 (per year)

Applying for FundingStudents from England:

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

0300 100 0607

Should open in January

Students from Northern Ireland:

www.studentfinanceni.co.uk

0300 100 0077

Usually apply from February

Students from Scotland:

http://www.saas.gov.uk/

0300 555 0505

Usually apply from April

Students from Wales:

www.studentfinancewales.co.uk

0300 200 4050

Usually apply from February

Newcastle University Opportunity Scholarship

• New UK studentsHousehold income at or below £25,000

– £2,000 cash bursary each year

Household income between £25,001-£35,000– £1,000 cash bursary each year

• No separate application • Paid in 3 instalments (Nov, Feb, Apr)

Newcastle University Access Scholarship• £500 cash bursary per year to any UK student who:

– Has household income of less than £42,600

And who meets one of the following:– have entered the University through the PARTNERS Programme Supported Entry route – have entered the University through the Realising Opportunities Programme– live in an area of the UK from which very few students progress to higher education (use

our postcode look-up system)

• Do not need to make a separate application• Paid in two equal instalments (Nov, Feb)• Paid in addition to Opportunity Scholarship

Newcastle University Promise Scholarship• 20 Promise Scholarships £9,000 per year• For UK and EU students with high ability but from low income

backgrounds• Need to achieve AAB (at A Level or equivalent) • Have household income of £15,000 or less and meet at least

one of the following:– live in an area which is among the 10% most deprived in the UK (use

our postcode look-up system)

– receive (or be eligible) to receive Free School Meals– attend a school/college where average point score attainment is below

550– lived in Local Authority care for at least 3 months in the 10 years prior

to commencing university

Newcastle University Promise Scholarship

• Two-stage application process– Stage One

• Assesses eligibility• Closing date 8th May 2015

– Stage Two• Personal statement by student• Reference by tutor/teacher• Closing date 17th July 2015

• Promise Scholarship awardees are not eligible to receive Opportunity or Access Scholarships

Cost of University• Tuition Fees - £9,000• Approximately £8,000 - £9,000 per year to cover living costs

– Per month• Rent £300 - £500• Utility Bills £85• Food & household £165 - £225• Personal £50• TV Licence £13• Insurance £20 • Mobile £40• Travel £26 - £50• Course £10 - £50• Discretionary spend £100 - £200

Contact Details• Student Financial Support Team

Student Wellbeing Service, King’s Gate

• Website: www.ncl.ac.uk.students/wellbeing/

Web enquiry form: http://www.ncl.ac.uk/enquiries

• Twitter: @NCLMoneyMatters