UWE Bristol Student Finance Presentation Presentation by Kate White Head of Money Advice and Funds Service Tuition fees Funding for fees Funding for living costs Your student budget The small print terms and conditions of student loans Tuition Fees 1.Tuition fees only cover the cost of tuition you will need to find money for books, course materials, field trips, travel and living costs. 2.UK and EU undergraduates pay between 6,000 to 9,000 tuition fees per year for degree courses.UK and EU undergraduates 3.UWE fees are 9,000 apart from Foundation Degrees which are 7,500 when delivered at one of our local partners, 4.Fees for a placement year - 1,125 to 1,800 5.Fees for part-time courses are usually on a pro-rata basis: 50% of a full-time course at 9,000 would cost 4,500 per year. Tuition Fee Loan For UK & EU students For full-time & part-time study Choice of taking out all or part of the loan Does not depend on household income Paid directly to the university Living Cost Funding Student Finance England Maintenance Loan UWE Bursary Learner Support Fund Student Part-time work/support from family/savings/benefits Maintenance Loan paid termly Max 10,702 studying in London Max 8,200 study elsewhere Max 6,904 if living with your parents Lone parents/students in receipt of PIP or DLA Max 11,671 London Max 9,347 Elsewhere Max 8,144 Parents Working out your money! Whose income counts? Under 25: the income of your natural/adoptive parents If parents do not live together, it will be the income of the parent that you live with If that parent lives with a partner, it will be their income too If you are over 25 and live with a partner, their income Your income Under 25 & independent from parents 1.If you are responsible for a child 2.If you are a care leaverIf you are a care leaver 3.If you have fallen out with your parents permanentlyIf you have fallen out with your parents permanently 4.If you have supported yourself for 36 months before the start of the courseIf you have supported yourself for 36 months before the start of the course Working out your money! What income counts? 1.Parents and/or partners gross taxable income for tax year 2014/15 2.an estimate of your unearned income from September Reassessment if your household incomeReassessment drops by 15%! Household income Living Elsewhere Maintenance Loan Parental contribution ? Per Week (40 weeks) Under 25,0008,2000205 30,0007,612588190 40,0006,434 1,766160 50,0005,2562,944131 60,0004,0784,122101 Over 62,0003,8214,37995 Disabled Students Allowances Available help for extra costs incurred because of: long-term health conditions, specific learning difficulty such as dyslexia. mental health condition Not dependant on household income and non-repayable APPLY FOR FUNDING EARLY! Apply for funding every year One application form for: fee loan living cost loan disabled students allowances, childcare grant Apply atWhen February 2016? Dont wait until you accept your offer apply as soon as possible and then update your application Non means-tested funding Income above 62k (after deductions): Fee Loan Minimum maintenance loan Disabled Student Allowances Simpler application as no parental income details are required. Financial support from UWE Interest-free short-term loans Bursaries Learner Support Fund UWE Bursary Who is eligible? English-resident student starting year one at UWE in ,300 500 each year of study Lowest income students paid first The Enhanced Bursary 80 3,000 first year, 1,000 subsequent years of study Care Leavers Estranged students no contact with parents Students who are living with and providing significant care for an ill or disabled family member. Contact us! The Learner Support Fund aka hardship fund Non-repayable awards between 200 - 4,500 each year Assumption that those student who are able to, get a part-time job Priorities for support: Lone parents Students with medical conditions or disabilities that prevent part-time work Final year students Apply after starting at UWE Mind the gap Your Student Budget! Household income Living Elsewhere Maintenance Loan Per Week (40 weeks) Under 25,0008,200205 30,0007,612190 40,0006,434160 50,0005,256131 60,0004,078101 Over 62,0003,82195 A basic student budget (40 weeks) weekly Rent 5, Food, toiletries etc 2, Travel Books/course costs Basic cost 9, Cost for living at home3,800 95 Household income Maintenance Loan Minding the Gap 235 Under 25,000205 - 30 5 hours ptw 30,000190 - 45 40,000160 - 75 14 hours ptw 50,000131- 104 60,000101- 134 Over 62,00095- 140 Student loans Repayments Loan term Interest rate Repaying the loans 1.Liability to repay the April after graduation for full- time students 2.Only repay if earning above 21,000 gross taxable income 3.Repayments are 9% of earnings above the threshold Repaying the loans 1.Repayments are deducted by Revenue and Customs 2.Student loans do not go on credit files and should not affect you getting a mortgage 3.Any debt is wiped after 30 years of liability to repay Interest rates Retail price index (RPI) + 3% charged during study RPI is currently 0.9% Interest rates after study depends on level of earnings. Student loan debt Fees 9,000 Living cost loan 8,200 17,200 x 3 years 51,600 + 4,025 interest accrued after 3 years of study Gross Taxable Income Net monthly wage Monthly repayments Annual Repayment Annual interest on 55,600 Interest rate RPI = 0.9% 20,000 1,391004650.9% 26,000 1,73137.50450 % 31,000 2,014759001,2382.4% 36,000 2,2971121,3501, % 41,000 2,5811501,8002,0123.9% 46,000 2,8341872,2502,0123.9% 56,0003,3172623,1502,0123.9% How much will your degree cost? Will depend on: Interest rates Earning threshold increasing or not Your earnings EarningsRepayment over 30 years Amount written-off (excluding interest) 20,000055,600 26,00013,50042,100 36,00040,50015,100 46,00054,0001,600 interest accrued during study More information Remember! 1.Reassessment if family income drops 2.Financial commitment of the decision Tenancy agreement Using up a year of funding even if you only stay a fortnight. Contract with the university Contract with SLC for loans Student overdraft Council tax 3.Entitlement until 60 years of age theres no rush! Any Questions? Support once you have applied to UWE Pre-entry Money Advice Line: Every Wednesday Tel: Support for Students with Children 1.Adult Dependant Grant2,757 2.Parent Learning Allowance1,573 3.Childcare Allowance 85% of cost up to maximum of: 1 child 155 pw 2+ children 266 pw How much you receive will depend on your partners/childrens income. Income under 10,000 can reduce entitlement Step 1 Calculating maximum allowances Case Study of student, partner + 2 children. Partners gross taxable income is 20, Childcare allowance 2 175 per week each = 85% = 297..maximum award is 266 x 40 = 10, Parents Learners Allowance 1, Adult Dependants Grant 2,757 Maximum award 14,970 Non repayable funding Step 2 Calculating income of partner/children Student, partner + 2 children Partners income from 2014/15:20,000 gross taxable Deduct set amount for family: 9,627 2 children, 2 adults Residual income: 10,373 Actual Award 4,597 Maximum award 14,970 - 10,373 = Actual Award 4,597