student finance explained kevin betts student recruitment officer
TRANSCRIPT
Student
Finance
Explained
Kevin Betts
Student Recruitment Officer
STUDENT FINANCEOverview
• Tuition Fees
• Fee Loans
• Maintenance Loans
• Maintenance Grants
• Bursaries and Scholarships
• Further Information
STUDENT FINANCETuition Fees and Fee Loan
• Tuition fees for 2014 entry:
• Universities will be able to charge up to £9,000
• Fee levels were published in July 2011 for ALL Universities
• Most universities fees remain at £9,000
• Placement and year abroad at 20% and 15%, respectively
To charge up to £9,000 Universities have to meet strict criteria to ensure that all eligible students, regardless of background, can access these courses
STUDENT FINANCETuition Fees and Fee Loan
• Tuition fees can be covered by a FEE LOAN
• This loan is paid to the university directly from the
Student Loan Company
• The fee loan is NOT means tested
• Applies to students domiciled in UK
and most member states of the EU
You DO NOT have to pay for your course yourself upfront
STUDENT FINANCELoan for living costs
• Loan is paid in three instalments directly to the student
• The Loan for Living Costs is to help towards food,
accommodation and travel
• Means tested (35%)
2014 figures Maximum loan
Living at home £4,418
Living away from home £5,555
Living away from home, and in London £7,751
STUDENT FINANCENon-repayable Grant
Non-repayable Grants
• Available to help with living costs such as food, accommodation
and travel.
• If your household income is up to £25,000 you will be entitled to
a full grant, of £3,387, which you won’t have to pay back.
• If your household income is between £25,000 and £42,622 you
would be entitled to a grant of between £50 and £3,387, which
you won’t have to pay back.
Maintenance Grants: Non-repayable and paid to the student in three instalments
STUDENT FINANCENon-repayable Grant
Household Income
Package of support for 2014/15
Non-repayable grant Living cost 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
£45,000 £0 £5,341 £5,341
£50,000 £0 £4,836 £4,836
£55,000 £0 £4,331 £4,331
£60,000 £0 £3,826 £3,826
£62,500+ £0 £3,610 £3,610
STUDENT FINANCEApplying
Application is carried out line at www.gov.uk/student-finance
STUDENT FINANCEAccess Agreements
In order to charge fees of up to £9,000, Universities must have an Access Agreement approved by the Office for Fair Access (OFFA)
• This will include support for students, and may include:• Bursaries
• Scholarships (such as first generation scholars)
• Tuition fee ‘discounts’
• Accommodation ‘discounts’
• Other support
• National Scholarship Programme
• Worth £150million by 2014/2015
Means of application vary from institution to institution
STUDENT FINANCEInterest
The Government’s plans are that:
• Interest on your loan will be applied at inflation (RPI – Retail Price Index)
plus 3% while you are studying, and up until the April after you leave
university.
• From the April after you leave university or college, if you are earning below
£21,000, interest will be applied at the rate of inflation.
• For graduates earning between £21,000 and £41,000, interest will be
applied between RPI and RPI + 3% on a gradual scale depending on income.
• For graduates earning above £41,000, interest will be applied at RPI + 3%.
Interest varies depending on earnings
STUDENT FINANCERepayments
• You only start to pay back when you are earning over £21,000 a year.
• You repay 9% of your income above £21,000.
• If your salary falls below £21,000, your repayments stop – for example if you
take a career break or are unemployed. Repayments only start again when you
earn over £21,000.
• Loan repayments will be deducted from your salary, normally through the tax
system.
• If you have not repaid your loan after 30 years it is written off.
• Loans should NOT impact on the ability to get a mortgage
See Moneysavingexpert.com student finance calculator
STUDENT FINANCERepayment
SalaryAmount of salary from
which 9%will be deducted
Monthlyrepayment
£25,000 £4,000 £30.00
£30,000 £9,000 £67.50
£35,000 £14,000 £105.00
£40,000 £19,000 £142.50
£45,000 £24,000 £180.00
£50,000 £29,000 £217.50
£55,000 £34,000 £255.00
£60,000 £39,000 £292.50
New system means graduates pay back less than previous graduates
Sussex Bursaries and ScholarshipsFirst-Generation Scholars
• Support before, during and after university
• Two elements:
1) No parental history
2) Those from low income families
• Financial support to those with family income of up to £42,622
• £1,000 per year cash and £2,000 fee waiver or accommodation discount
• Work study programme to help/encourage work whilst studying
• 1:1 study skills, careers and leadership and personal development coaching
• Funded work placements
• 3 years aftercare
STUDENT FINANCEMore detailed information
Further queries about Sussex fees, scholarships and bursaries:
www.sussex.ac.uk/funding
For information on government sources of support:
http://www.gov.uk/student-finance
Independent and comprehensive information:
http://www.moneysavingexpert.com/students/
You can find this presentation online at www.sussex.ac.uk/study/finance2014
STUDENT FINANCEOther sources of income…
There are other ways of increasing your income:
• Working - pre arrival / vacation periods.... SAVE!• Working at university• Family / Supporter Contributions
STUDENT FINANCEOther sources of income…
• Freshers’ Week – there’s lots to pack in!– And it can be expensive!
• Books – don’t rush out and buy everything!– Check out the library provision, campus bookshops and second
hand books on sale from returning year students• Bank accounts – shop around for incentives
– Banks want student customers!
