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NHS Student Finance

NHS Student Finance. Contents. Non-repayable money summary Tuition fees Non-means tested bursary Means tested bursary. Repayable money Student loan Student loan figures Repayments How to apply Supplementary income. Tuition Fees. Non repayable

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NHS Student Finance

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  1. NHS Student Finance

  2. Contents • Non-repayable money summary • Tuition fees • Non-means tested bursary • Means tested bursary • Repayable money • Student loan • Student loan figures • Repayments • How to apply • Supplementary income

  3. Tuition Fees • Non repayable • No tuition fees payable for students studying NHS-funded courses. For example, Nursing, Midwifery, Physiotherapy, Audiology, Speech and Language Therapy and Social Work • Instead fees are paid in full by the NHS for students studying at: • Diploma (Dip HE) Level and • Degree Level (BA, BSc etc).

  4. Non-means tested bursary • Non repayable • To help cover living costs • Available to students studying at Diploma Level • Non-means tested • Funding received annually and paid in monthly instalments, entitlements as follows:

  5. Means testedbursary • Non repayable • To help cover living costs • Available to all students studying at Degree Level • Means tested • Funding received annually and paid in monthly instalments • Household income <£23,664 = full bursary • Household income >£23,664 = variable bursary • Entitlements as follows:

  6. Repayable money – Student Maintenance Loan • Available to Degree students only • Borrowed to cover living and studying costs • Administered by the Student Loans Company (SLC) • Paid in three instalments (at the start of each term) • NHS funded students receive less student loan as they have access to NHS bursaries and have their tuition fees paid for them

  7. The NHS Student Maintenance Loan figures 2008/09

  8. How to apply – Diploma students • Can’t apply for any funding until they have formally accepted a Diploma programme as their firm choice • The Student Grants Unit (SGU) will send a letter informing the student of their unique student reference number and will provide information on where to download the relevant application form. There are no longer any forms being sent through the post • Very important that this form is returned on time in order to calculate bursaries • Any course/university changes made on or after results day contact the SGU immediately.

  9. How to apply – Degree students • Can’t apply for tuition fee support until they have formally accepted a Degree programme as their firm choice • The SGU will send a letter informing the student of their unique student reference number and will provide information on where to download the relevant application form. There are no longer any forms being sent through the post • Very important that this form is returned on time in order to calculate bursaries • If student wishes to supplement entitlement with a Student Loan (reduced rate) • Student Loan is initially applied for on a PN1 form • This form is administered by the student’s LA and will be sent to their school/ college unless directed otherwise • The PN1 form will arrive in the March before the student plans to begin university • You will need to provide an original copy of either your passport or birth certificate

  10. Repayments for Student Maintenance Loan • Starts in the April after graduating • Loan repayments linked to your salary: • < £15,000 = no repayments • £18,000 = £22.50 a month (£5.19 a week) • £20,200 = £37.50 a month (£8.65 a week). • Interest linked to the rate of inflation • Repayments stay fixed regardless of amount borrowed • Debt belongs to the student and not their parent(s) • After 25 years remaining debt is cleared

  11. A typical example of weekly budget – fixed costs

  12. A typical example of weekly budget – cost you control

  13. Supplementary income • Part-time job • Work during holidays • Work placements (a chance to save) • Banks – overdrafts • Parents?

  14. Useful contacts • www.studentfinance.co.uk • www.nhsstudentgrants.co.uk • www.slc.co.uk • www.nhspa.gov.uk • For any other queries contact your potential universities admissions team

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