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Financing Higher EducationType the author’s name and date of presentation here
Why do I need to think about finance?
• Tuition fees
• Living Costs
• Support
What are tuition fees?
• Universities and colleges can charge between £6,000 and £9,000 per year
• The majority charge the full fees of £9,000
• You do not need to pay upfront!
What finance could I be entitled to?
Student support 2014/2015
• Tuition Fee Loan
• Living Cost Support
• Maintenance Loan
• Maintenance Grant
• Institutional Support
Type of funding
Sources of Income: Government
Maintenance grant
Maintenance loan
Maintenance loan
£3,387 (max)
Amount RepayableNon-
repayableMeans tested
Non-means tested
Full value up to
£9,000Tuition fee loan
£3,610to
£5,555
Total support for living costsHousehold
IncomeMaintenance
grantMaintenance
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
£50,000 £0 £4,836 £4,836
£60,000 £0 £3,826 £3,826
£62,500 £0 £3,610 £3,610
Type of funding
Sources of Income: Institution
Fee waivers and bursaries (Including National Scholarship
Programmes)
Scholarships for music and sport
Scholarships for specific schemes
RepayableNon-
repayableMeans tested
Non-means tested
Scholarships for academic excellence
What are universities doing?
• Exeter National Scholarships – for incomes below £16,000• £2,000 bursary for Year 1 and £1,400 bursary for subsequent years of
study
• Access to Exeter bursaries – for incomes above £16,000• £1,000 per year for household incomes between £16,000 and £25,000• £750 per year for household incomes between £25,000 and £35,000• £500 per year for household incomes between £35,000 to £42,600
• Care leavers will receive a full fee waiver for all years of study and support for additional accommodation costs
Is there any more help?
• Other forms of funding
• Disabled Students Allowance• Access to Learning Fund• Dependence Allowance• Parental contribution• Bank overdraft• Vacation and term time earnings
Paying back your loansAnnual Salary TOTAL MONTHLY REPAYMENT Amount of salary from which
9% will be deducted
<£21,000 £0 £0
£25,000 £30.00 £4,000
£30,000 £67.50 £9,000
£35,000 £105.00 £14,000
£40,000 £142.50 £19,000
£50,000 £217.50 £29,000
£60,000 £292.50 £39,000
Will I be able to afford to pay it back?
• If you do not earn over £21,000, you do not pay
• If your earnings fall, you pay less
• You start repaying April after graduation
• Interest is variable and is a lot less than normal loans
• After 30 years, the balance of the loan will be written off
How do I apply?
• Visit the student finance website (www.gov.uk/studentfinance)
• Complete the online application
• You will need to provide evidence of your household income
• You can apply in early spring of your year of entry• Early 2014 for 2014/15 entry
• Make sure you apply by the set deadline• May 2014 for 2014/15 entry
Where can I find out more?
• Search online for…
• University of Exeter
• Student Finance Calculator 2014
• Student Loans Company
• Student Application Demo
• Whatuni Scholarships
