student finance in 2015/16 jo tolley widening participation coordinator
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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