Student Finance

The UCS Campus

UCS Degrees

Student Life and Employment

Prospects

Expenses at university fall broadly into two

categories:

• Tuition costs

– Access to lecturers and academics

– Library and IT facilities

– Lab and practical activities and facilities

– Does not usually cover fieldtrips

• Living costs

– Accommodation and food

– Travel

– Course books and stationery

Overview

Tuition Fees: 2014 Entry

Universities can charge up to £9000 per year if they

meet criteria on access

• UCS fees:

• £8500 BA/BSc

• £7500 Foundation degrees

Students can take a non-means tested tuition fee

loan

• Tuition fee loans are paid directly to the University

from the Student Loans Company

• Loans are repaid from the April after graduation, over

30 years

• Some courses are funded by the NHS

Living Costs: Maintenance Loans

Most students take a maintenance loan to help with

living costs

• Maximum maintenance loans for students

starting University in 2014:

• Student living away from home and in London:

£7751

• Student living away from home: £5555

• Student living at home: £4418

• You have to apply for the tuition fee loan,

maintenance loan and grant each year of study

• All students are entitled to 65% of the loan. The

remaining 35% is means-tested on household

income

Living Costs: Maintenance Grants

The Maintenance Grant is a non-repayable means-

tested grant to help with living costs.

• It is paid for each year of study

• You must apply EVERY year

• Not available to NHS students

Household Income Maintenance Grant

Up to £25,000 Full grant: £3387

£30,000 £2439

£35,000 £1491

£40,000 £545

£42,620 £50

More than £42,620 No grant

Total Support 2014 Entry

Household Income

Maintenance Loan Maintenance Grant

Total

Home Away Home Away

<£25,000 £2725 £3862 £3387 £6112 £7249

£30,000 £3198 £4335 £2441 £5639 £6776

£35,000 £3671 £4808 £1494 £5165 £6302

£40,000 £4145 £5282 £547 £4692 £5829

£42,620 £4393 £5530 £50 £4443 £5580

£42,621 £4418 £5555 £0 £4418 £5555

£45,000 £4204 £5288 £0 £4204 £5288

£50,000 £3699 £4836 £0 £3699 £4836

£55,000 £3194 £4288 £0 £3194 £4288

£60,000 £2871 £3826 £0 £2871 £3826

Over £62,132

£2871 £3610 £0 £2871 £3610

All students are also entitled to a tuition fee loan

NHS Funded Courses

The NHS will pay the tuition fees for some courses,

and provide a means-tested bursary. These courses

are:

• Nursing and Midwifery

• Radiography/Radiotherapy

• Operating Department Practice

• Physiotherapy

• Speech and Language Therapy

• Dental Hygiene

• Maximum Maintenance loan of £2324 per year

for NHS students living away from home and not

in London

• Social Work students pay tuition fees but can

also access a bursary from the NHS

Support for NHS students

• NHS students are also eligible to a £1000 Grant

in each year of study to help towards living costs

• In your final year of study, the maintenance loan

is reduced slightly

• If you study up to 45 weeks a year, you’ll get:

Where you study and live

Grant Bursary Maintenance Loan

In London £1,000 Up to £5,460 Up to £3,263

Outside London

£1,000 Up to £4,395 Up to £2,324

With parents £1,000 Up to £3,351 Up to £1,744

Other Support available

• Disabled Students’ Allowance: Available for full-

time students, or students studying 50% of a course.

Maximum support £5212 (if helper required, maximum

is £20,725) per year

• Childcare Grant: Based on household income, and

grant is calculated as 85% of actual childcare costs

• Adult Dependent’s Grant: For students with an adult

member of the family who is financially dependent on

them

• Access to Learning Fund: Administered by

individual universities

• More information is available at www.gov.uk/studentfinance

How to Apply

Students apply online via Student Finance England

(www.gov.uk/studentfinance)

• Applications are normally available from December -

check the website for more information

• The information you provide will be used to assess the

means-tested support

If you do not want to provide all the information

requested, students will be assessed for the

minimum support: Tuition fee loan and 65% of the

maintenance loan

• You will not be assessed for the maintenance grant if

you do not provide all information

Repayment of Loans

• Tuition fee loans and maintenance loans are combined into a single

monthly payment

• Graduates start repaying the loans from the April after graduation, but

only if they are earning over £21,000 per year

• The repayment is 9% of earnings above £21,000 and payments are

taken directly from the salary via the tax system

• Any remaining loan is written-off after 30 years

• Student Finance England will ‘write off’ any outstanding 24+ Advanced

Learning Loans you owe for an Access to HE course once you

complete a higher education course. This means you don’t have to

repay it.

• The higher education course must be eligible for student finance

Annual Salary Monthly salary after tax* Monthly Repayments

£21,000 £1225 0

£23,000 £1342 £15

£25,000 £1458 £30

£30,000 £1750 £67.50

* Tax/NI is calculated as 30% of earnings above £6000

Student Finance at UCS

Tuition fees for 2015 entry:

• £8500 per year BSc/BA degrees

• £7500 per year FdA degrees

Fee-waivers and Bursaries:

• National Scholarship Programme: £1000 fee

waiver and £1000 bursary in first year and £3000 fee

waiver in second year. Criteria found at

(www.ucs.ac.uk/nsp)

• Suffolk Access Champion Scheme: Bursary of

£2000 in return for 40hrs of mentoring in your old high

school

Student Finance at UCS

• UCS Bursary: For students who meet eligibility

criteria and who are living away from home: £1000 in

year 1, and £500 in years 2&3

• Excellence Bursary: £500 bursary in each year of

study for students achieving grades ABB (or

equivalent) and above

• Summer School Bursary: Students who participate

in the UCS Year 12 Summer School, will be eligible for

a total bursary of £4,000, (Bursary of £2,000 in year 1,

and £1,000 in year 2&3)

• Care Leavers Bursary: Students who live, or have

lived, in local authority care will be eligible to apply for

a bursary of £500 for each year

Other Sources of Income

• Part-time and vacation jobs

• Bursaries and scholarships

• Savings

• Overdraft

• Credit card

• Supplementary grants

Look Out For

• Student Discounts

• Local jobs

• Internships and vacation opportunities: Great for

getting good experience for future careers, and

they can be well-paid!

• Student bank accounts

• Travel opportunities

• Students societies and clubs

Old System vs. New System

Example 1 (old system):

• Old system student borrows £21,000 at end of

studies (£3,000 per year fees loan x 3 + £4,000

living cost loan per year x 3)

• Plus interest owes approx. £23,000 after studies

• Starting salary of £24,000

• Total repayments = £35,500 (repaying full

balance in approx. 24.5 years)

Assumptions: 2% salary growth, 3% average inflation/interest

Example 2 (new system):

• New system student owes £40,000 at end of

studies (£9,000 per year fees loan x 3 + £4,300

per year living cost loan x 3)

• Plus interest owes approx. £45,000 after studies

• Starting salary of £24,000

• Total repayments = £22,000 (balance written off

after 30 years)

Assumptions: 2% salary growth, 3% average inflation/interest

Old System vs. New System

Is It Worth It?

Debt of up to £40,000. Is it worth it?

Graduates earn an average of £200,000 more in

their lifetime than non-graduates

• Average starting salary for graduates: £20,000

• Average starting salary non-graduates: £11,000

Graduates:

• Greater career flexibility (changing jobs)

• Less likely to be unemployed – and would spend

less time unemployed

• A degree opens the door to a wide range of

employment opportunities

BUT: You have to take opportunities at university to

expand your experience and skills and to make

yourself more employable

Finding out more

Student Finance: www.gov.uk/student-finance

Unistats: www.unistats.co.uk

www.ucs.ac.uk

Contact us on schools@ucs.ac.uk

Open events:

Friday 20th June 2014, 10.30am – 3.00pm

Friday 18 July 2014, 10.30am - 3.00pm

Saturday 27 September 2014, 10.30am - 3.00pm

Saturday 1 November 2014, 10.30am - 3.00pm

see www.ucs.ac.uk/openevents