Financial help for students entering higher education Jackie BryantMoney Adviserwww.worcester.ac.uk/moneyadvice

Help from Student Finance

Help with expenses whilst at university can be split into twocategories:

• Help with Tuition fees

• Help with living & study costs

2014/15 Tuition Fees

• Fees for students starting in 2014 set at £8900pa for most full time undergraduate courses.

• Most Foundation Degree & HND courses delivered at partner institutions will be between £6200 and £7680 (Some may vary).

2014/15 Help with Tuition Fees

• Loans to pay tuition fees will be available to eligible full-time and part-time students

• Cover whole tuition fee

• No income assessment involved

• Repayment of loans will not start until individuals are earning over £21,000

Amount to be Repaid

• Once liable to repay the repayment rate is 9% on earnings over £21000.

• Interest applied is Rate of inflation (RPI – Retail Price Index) plus 3% while you are studying, and up until the April you become liable to repay.

• Those earning less than £21,000 will only have the rate of inflation added to loan (once ceased the course)

• Earning between £21,000 and £41,000 will have real interest added on a sliding scale up to a maximum of the Retail Price Index(RPI) plus 3%

• Earning over £41,000 have RPI plus 3%

Full time undergraduates • Maintenance Loan

• Max £5,555 if living away from parents’ home

• Max £4418 if living at home

• Only 35% is assessed on household income.

• Repayment under the same terms as the tuition fee loan.

2014/15 Help with living expenses

Maintenance Grant /Special Support Grant

•Maximum of £3387 a year

•Maximum paid if household income under £25,000 a year.

•Reduced amount paid if income between £25,001 and £42,620 a year

2014/15 Help with living expenses

Full time undergraduates

• If you are awarded a maintenance grant then your maintenance loan is reduced by 50p for every £1 awarded.

• Special Support Grant does not reduce the maintenance loan.

• Grant & Maintenance loan are paid in three instalments

• Grant doesn’t have to be paid back

Full time undergraduates

2014/15 Help with living expenses

Treatment of Household Income

• Where financial assessment is required and a student is under age 25 their parents’ income is usually taken into account.

• If a student is over age 25 then their partner’s income is used.

• Full-time student’s own income from part-time, vacation work etc does not affect HE support.

Treatment of Household Income

Higher Education Student Finance –How You Are Assessed And Paid

download from: http://www.practitioners.slc.co.uk/resources/201415-resources/guides.aspx#full-time

2014/15 Help for students with dependents

Extra help includes:

• Parents’ Learning Allowance of up to £1,523 a year

• Childcare Grant up to 85% of childcare costsCapped at £150.23 for 1 child, £257.55 for 2+ children

• Adult Dependants’ Grant of up to £2,668 a year

Full time undergraduates

Full time undergraduates

2014/15 - Part time students

• Non means tested tuition fee loan of up to £6750, depending on actual tuition fees charged.

• In 2014/15 a 15 credit undergraduate module is set at £1110.

• Repayable once the course is ended or after 3 years (if the course will last over 3 years)

• and

• once the student is earning over £21,000 PA

Disabled Students’ Allowances

• Available to Full time and Part time students

• Non-means tested help for students whose disability incurs extra study expenses.

• The universities Disability & Dyslexia Service (01905 855531) can advise you on applications.

Applying to Student Finance

• You can apply for funding over 12 months before you start – as soon as UCAS application made. Try not to leave it less than three to four months before you start.

• If you don’t apply within 9 months of the start of your course you may lose your right to apply.

• Apply online at www.gov.uk/student-finance

Full time undergraduates

Scholarships

Scholarships are financial awards that you don’t have to pay back

www.worcester.ac.uk/your-home/scholarships

Scholarships

National Scholarship Programme• Eligible first year home students who come from households with an income of

£25,000 or less will be awarded a £3,000 scholarship in the form of:

– A £2,000 fee waiver in the student’s first year – which means that your first year tuition fee will be reduced by £2,000 in 2014/15.

– A £1,000 cash scholarship which will be paid in 3 instalments: £250 in December, £250 in February, and £500 in May.

– pro-rata amount in the case of part-time students

• Fee waiver of £1000 for year 1 tuition fees to all eligible first year students in receipt of a partial maintenance grant (residual income of between £25,000 and £42,620)

ABB scholarship •£1000 to eligible new students

Scholarships .Wychavon Scholarship - £500 for full time students from the Wychavon

Choral Scholarship – In partnership with Worcester Cathedral

Bosch Scholarships - £2,500 Scholarships are awarded for merit in year one of business, computing and related subjects

Sports Scholarships - Offered in partnership with four of the region’s top sports teams: 

oWorcestershire County Cricket Club (WCCC)oWorcester Hockey Club oWorcester Wolves Basketball Club oWorcester Warriors Rugby Club

Scholarships

Academic Achievement Scholarships –£1000 to eligible undergraduate students after completion of their first and second year of a degree course or first year of a Foundation degree or HND, on the basis of their academic achievement.–Automatically awarded to students with the best academic profiles across the University..University scholarships (Extra Curricular Activities)–up to £1000, to assist students with extra curricular activities:

Voluntary activities which are community based, either in the UK or abroad Activities related to a past-time or interest in which the student is involved

(e.g. music or some other arts-based area; elite sport)

Teacher Training (PGCE)

• Maintenance grant• • Maintenance loan

• Tuition fee loan

• Training Bursary for some subjects & dependent on qualifications also some subject based scholarships

• Some subject based scholarships

• www.education.gov.uk/get-into-teaching/funding/postgraduate-funding

Nursing and Midwifery

Financial support and payment of tuition fees through NHS Bursary Scheme:

•Non Means tested grant £1,000

•Means tested bursary maximum (courses 45 weeks or more):

•£3395 (parental home), £4443 (elsewhere)

•Additional allowances for dependents etc.

•You must apply even if you only require tuition fee assistance & non means tested grant.

www.nhsbsa.nhs.uk/Students/816.aspx

Nursing and Midwifery

• Non means tested maintenance loan from Student Finance England:

• £1744 (parental home)

• £2324 (elsewhere)

• www.gov.uk/student-finance

• Loans & Grants from student Finance England for all years of study (subject to eligibility)

• Bursary in years 2 and 3 only (not in year 1):

Non income assessed basic bursary (Including £862.50 fixed contribution towards placement travel costs (PTA)

No additional allowances via the bursary

Numbers of bursaries will be capped

No guarantee that an applicant will be awarded a bursary.

Those not awarded a bursary may still be able to receive the fixed contribution to travel costs (PTA) in years 2 &3 only.

Social Work Undergraduates

Social Work Postgraduate Bursaries

•Cap on numbers of bursaries available.• •Tuition fees paid (Up to £3996 for full time )

•Basic Grant of up to £3362.50 for a 52 week period (including £862.50 Placement Travel Allowance)

•Additional means tested maintenance grant up to £2634(52 weeks)

•Additional allowances for students with dependents, disability etc.

www.nhsbsa.nhs.uk/Students/841.aspx

Access to Learning Fund

• Non-refundable help administered by the university to help students in financial difficulty.

• Applicants must have taken out the full student loan available to them.

• Amounts awarded range from £100 to £3,500.

• Priority is given to certain groups e.g. Students with children, students with financial responsibilities, but all applications are considered.

Tax Credits

• Apply to the HMRC

• Do not count student loan as income

• NB New Welfare Benefits – Universal Credit will replace Tax credits for new applicants from Oct 2013 onwards.

Trust Funds and Charities

• Many of these are available to students.

• They can depend upon things like where you live, what you are studying, what your parent’s occupation is and so on.

• Example of fundraising websites : www.family-action.org.uk/educationalgrantssearch

www.turn2us.org.uk

Banks and Building Societies

• Student bank accounts offer interest-free overdraft facilities of up to £2,000, if you have your student finance paid into them.

• Find out how much they charge if you go over the agreed amount and how soon you must clear the overdraft when you graduate.

• Always avoid credit and store cards because of the high interest rates charged.

Budgeting

• Use a budget sheet to keep an eye on spending

• Save some money before you come to university • Don’t buy all the books on the list straight away

• Read the small print on contracts eg mobiles

Short-term Loans

If you have applied in good time but the first instalment of your

student loan is delayed and this is causing financial hardship

we may be able to arrange for you to have a short-term loan

to help until it arrives.

Sources of Information

• Firstpoint at the University Tel: 01905 542551

email: firstpoint@worc.ac.uk

• Student Finance England

Tel:0845 300 5090

www.gov.uk/student-finance