Student finance in 2015/16

Jo TolleyWidening Participation Coordinator

Starting Salaries… Non-Graduate Graduate

Builder £15,807 £21,864

Vet

£18,880

£25,690

Accountant

£16,179

£21,383

Nurse

----------

£22,626

Lawyer

£14,916

£19,629

Doctor ---------- £29,383

2015/16 HE Student Funding package

• Tuition fees do not have to be paid up front• Tuition Fee and Maintenance Loans available• Maintenance Grants up to £3,387 • Check individual university arrangements for: - Bursaries: for students with children/mature students with existing financial commitments/low-income family/disabled/previously in care/homeless or living in a foyer

- Scholarships - usually linked to academic or sporting performance

Extra help available:

Students from low income families can apply for:

National Scholarship Programme

• Income under £25,000

• Either £1000, help with fees & accommodation, or free foundation year

Income Support

• Min. £57.35 per week

• Bursaries/hardship funds through University

Extra help available:

Students with children or dependent adults can apply for:Childcare Grant • up to £150.23 a week for 1 child, or £257.55 a week for 2 or more children

• Helps with childcare costs for children under 15, or under 17 if they have special educational needs.

Parents’ Learning Allowance • up to £1,523 a year to help pay for books, study materials and travel. Adult Dependents’ Grant• Up to £2,642 per yearChild Tax CreditBursaries/hardship funds through University

Extra help available:

• Students with a disability, long-term health condition or specific learning difficulty can apply for:

Disabled Students’ Allowances

• Amount depends on individual needs rather than income

You may also qualify for disability related benefits

Bursaries/hardship funds through University

Extra help available:

Medical, social work and teacher training students can apply for:

NHS bursaries

Help with travel costs to UK clinical placements

• medical, dentistry or healthcare students

Social Work Bursaries

Extra help for teacher training students

Student type Tuition fee

UK/EU £9,000

International £10,500

International lab-based £12,500

Students on placement £750

Most universities charging £8,500 - £9,000 tuition fee

Lower fees for courses delivered within FE colleges: £6,000 - £7,500

Variable Placement Year fees: £500 to £4,500

e.g. The University of Brighton

• Bursaries (linked to income) for: Care leavers UoB Compact Plus students Access to Architecture, Pharmacy and Teaching

• Scholarships: Academic – £1,000 based on results in Year 1 Sports - elite and national performance Disabled Athletes’ Scholarships

• Student Support Fund

Maintenance Loan dependent on income:

Max. studying outside

London: £5,740

Max. studying in

London: £8,009

Max. living at home:

£4,565

Max. Studying

overseas as part of

course: £6,820

Maintenance grants available when family income below £42,611

Government funding for full-time UK Undergraduates: 2015 entry

Living away from home and studying outside London

Household Income

Maintenance Loan

Non-repayableMaintenance

Grant

Total

£25,000 or less £3,861 £3,387 £7,248£30,000 £4,335 £2,440 £6,775£35,000 £4,808 £1,492 £6,300£40,000 £5,282 £545 £5,827£42,611 £5,740 £50 (min. grant) £5,605

£42,875 £5,555 £0 £5,555

£45,000 £5,340 £0 £5,340£50,000 £4,836 £0 £4,836£55,000 £4,330 £0 £4,330£60,000 £3,825 £0 £3,825Over £62,125 £3,610 £0 £3,610

www.gov.uk/student-finance-calculator

Weekly Outgoings Living in Halls Living off Campus

Rent £120 -150 £75-115Utilities £0 £8Phone £2 - £7 £2 - £7TV Licence £0-4 £4Contents Insurance £0 £2

Food/Domestic Items £10-£40 £30 - £40Travel £0 - £15 £0 - £15Clothing £5 - £10 £5 - £10Laundry £2 - £5 £2 - £5Study materials £5 £5Entertainment £10 - £100 £10 - £100Totals £174 - 336 £143 - £311

Average weekly cost of living:

Brighton - £210Eastbourne - £190

NB: for some courses, such as Art and Design and Architecture, study materials costs will be much higher

The cost of living

Household Income

£25,000

£30,000

£40,000

£50,000

£62,125+

Maintenance Grant

3,387 2,440 545 Nil Nil

Maintenance Loan 3,861 4,335 5,282 4,836 3,610

Part-time work£6.50 x 15 hrs/pw

3,802 3,802 3,802 3,802 3,802

Annual Total 11,050 10,577 9,629 8,638 7,412

Weekly Income (39 weeks)

283 271 246 221 190

Average weekly cost of living:Brighton - £210Eastbourne - £190

Students from lower income families may also be eligible for university bursaries (max. £1,000 per year)

Fee discounts may also be available

Possible weekly term-time income based on 39 weeks:

NHS funded courses• NHS will continue to fully fund:

DieticiansMidwivesNursesOccupational TherapistsOrthoptistsPhysiotherapistsPodiatristsProsthetistsOrthotistsRadiographersSpeech Therapists

• All students eligible for £1,000 grant

• Reduced Maintenance Loan available to all

• Apply through SFE for loan

Affordable repayment system:

Interest rate based on RPI (1.5% for 2013-14)

Student loans do not go on credit files

Cleared after 30 years

Early repayments - no penalties

Source: Student Finance England

RepaymentsEach month the graduate pays back 9% of any income over £21,000

Annual Income Monthly Repayments

£21,000 and under No repayments

£25,000 £30

£30,000 £67

£40,000 £142

£50,000 £217

£60,000 £292

Student Finance

• Martin Lewis – Money Saving Expert

www.moneysavingexpert.com

www.youtube.com/watch?v=1izMDidvJtE

Applying for funding

HEFCE courses: Student Finance England (SFE)One application to assess eligibility for grants, loans and university bursariesApply online: www.gov.uk/apply-for-student-financeStudent Passport Number for identificationHousehold income confirmation - NI number and income identified on last P60Apply spring of entry year Deadline – end of May to guarantee money available for start of term• NHS funded courses: NHS for fees, grant and means-tested bursary, apply online: www.nhsbsa.nhs.uk/Students.aspx

Getting the money

Enrol in person at beginning of autumn term:

University confirms that student has enrolled

Money transferred to student bank account via BACS

Paid in termly instalments

Useful websites

www.ucas.com

www.gov.uk/student-finance-calculator

www.nhsbsa.nhs.uk/Students

bursarymap.direct.gov.uk

https://www.youtube.com/watch?v=1izMDidvJtE