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Financing studies at Durham 2014/15

Financing studies at Durham 2014/15. Neville Hallam Deputy Head Student Immigration and Financial Support Office Office Contact Details T: 0191 334 6116 E: financialsupport.undergraduate@durham.ac.uk June 2011. 01-1/1. Going to University. Why Durham University

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Financing studies at Durham 2014/15

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  1. Financing studies at Durham 2014/15 Neville Hallam Deputy Head Student Immigration and Financial Support Office Office Contact Details T: 0191 334 6116 E: financialsupport.undergraduate@durham.ac.uk June 2011 01-1/1

  2. Going to University • Why Durham University • How much will a degree cost? • What income is available? • How to apply for financial support? • How to manage financially? • How do loan repayments work? • What help is available? • Durham Student’s Union 02-1/1

  3. Why Durham University? 03-1/4

  4. Why Durham University? 95% completion rate, one of the highest in UK 53% of graduates found work,6% work and further study, 27% went on to further study (86% of 2011/12 graduates) 84% of students achieved 1st Class or 2:1 degrees in 2012 15th globally for employer reputation 04-2/4

  5. Why Durham University? 05-3/4

  6. Why Durham University? 06-4/4

  7. How much will a degree cost? • There two types of cost to be considered: • Up-front/Concurrent costs • Deferred costs 07-1/5

  8. Up-front/Concurrent Costs Durham colleges have a 39 week room letting policy (3 terms + Christmas and Easter Vacations) Students are guaranteed a place in college managed accommodation for the first year; generally live out in the second and can apply to return to college accommodation in the third year. 2014 prices are: Durham £6289Queen’s £4905 (self-catering) 08-2/5

  9. Up-front/Concurrent Costs Estimated average weekly expenditure of £238 for a student in Durham during 2010/11 for living and course costs.i.e. £9044 for a 38 week academic year • “Living and Course Costs” include: • Fees other than Tuition Fees, accommodation, food,books and equipment, photocopying and printing, utilities, laundry, insurance, clothing, travel, leisure. There are extra costs for some students e.g. students with dependants or disabilities, or significant extra-curricular activities such as sport, music etc.. We would expect living costs for 2014/15 to be around £10,000 09-3/5

  10. Deferred Costs • Durham University is charging tuition fees of £9,000 for the academic year 2014/15. • The Government offers Tuition Fee loans which will pay these fees directly to the University. Money for these fees is not required upfront, and eligibility is not means-tested. • Loan repayments are deferred until after graduation, and will not commence until the graduate is earning over £21,000 10-4/5

  11. How much will a degree cost? Estimates for the academic year 2014/15 Including both upfront & deferred costs Course and Living Costs £10,000 Tuition Fees £9,000 Year One, total approx. £19,000 11-5/5

  12. What income is available? Maintenance Grant Maintenance Loan National Scholarship Programme, Durham Grant Scheme Vice-Chancellor’s Scholarships Allowance and Benefits Parental Contributions, Part-time Employment Tuition Fee Loan 12-1/17

  13. Maintenance Grant • Up to £3,387 for 2014/15. • Actual amount depends on Household Income Maximum if < £25,000, less than max if ≥£25,000 to ≤ £42,620 • Paid to you in three termly instalments. • Non-repayable. 13-2/17

  14. Maintenance Loan • Up to £5,555 per year living away from home (£4,418 at home). • You can apply for 65% of the maximum maintenance loan without household income being assessed (i.e. £3,610). • Paid out in three termly instalments. • You only start repaying it when you start earning over £21,000. 14-3/17

  15. What income is available? 15-4/17

  16. What income is available? 16-5/17

  17. National Scholarship Programme NSP is a national (England) scheme was introduced from 2012/13 in conjunction with the change in tuition fees. No one with a declared income over £25k (eligibility for a full grant) will be eligible but receipt of a full grant does not represent an entitlement to NSP. (i.e. It depends upon the particular university’s scheme) * * Department for Business, Innovation and SkillsDocument 11-730 17-6/17

  18. National Scholarship Programme At Durham, the National Scholarship Programme will be administered through the “Durham Grant Scheme” 18-7/17

  19. Durham Grant Scheme 2014 The full details of the Durham Grant Scheme (DGS) in 2014 will be: Where household income is less than £25,000 The university will provide support of £2,500 a year (this is our method of administering the NSP). Support would be in the form of discount on college costs and or money. The DGS would apply to all home nation students*. * Does not include CI or IoM 19-8/17

  20. Vice-Chancellor’s Scholarships For 2014 the current scheme is offering a minimum of 25 Vice-Chancellor’s scholarships for the Sport, Music and the Arts, each worth £2000 per year, renewable yearly subject to satisfactory progress. 5 Vice-Chancellor’s scholarships for Academic Excellence are also currently awarded for specific subject areas, also for £2000 per year. http://www.dur.ac.uk/study/undergraduate/finance/afford/vc/ 20-9/17

  21. Scholarships College and Departmental Administered Scholarships and Bursaries The Colleges and Departments have many (generally smaller) scholarships and bursaries which have usually been established by alumni for specific objectives or achievements. 23-12/17

  22. Students Studying Abroad Tuition fees for the year abroad will be capped at 15% of the standard tuition fee. 25-14/18

  23. Benefits and Allowances As a general rule students are not eligible for benefits or allowances, but exceptions do exist, e.g. Disabled Students Allowance • To help with costs incurred as a result of a physical or mental disability, a progressive medical condition or a specific learning difficulty. • Up to about £30,000 per year. • Not means-tested. • Can pay for a non-medical helper, equipment or travel and other allowances. • Non-repayable. 24-13/17

  24. Parental Contributions Parental Contribution and/or Household Income Some parents are able to make contributions to assist students, this can be in the form of regular payments, or assistance in vacations or for one-off costs such as dissertation costs for example. Even where such assistance is not possible, parents can still help by permitting the sharing of household income data during the Student Loans application process. Without this information the NSP/DGS processes cannot operate. 25-14/17

  25. Part-time/Vacation Employment Careers, Employability and Enterprise Centre The University’s CEEC provides services to undergraduates looking for part-time posts and vacation posts, as well as assisting final year students and graduates looking for work. Other opportunities may also be available within the city or the student’s home town 26-15/17

  26. Part-time/Vacation Employment Careers, Employability and Enterprise Centre …Working during term-time is probably the most popular option for students wanting to ease the financial strain. Although accurate figures are hard to come by, Tom Davie of Durham University estimates that as many as 60 to 70 per cent of students will do some type of part-time work during term……As well as the staples of bar, restaurant and shop work, a host of other avenues are open to students, says Davie……Universities recognise the value of working, and not just the financial imperative. “The skills they are gaining, whatever the work, will stand them in good stead when it comes to getting a job,” Davie says... Daily Telegraph 9 June 2013 26-15/17

  27. Tuition Fee Loan (again) Deferred Cost • Up to £9,000 per year. • Not means-tested. • Not compulsory. • Paid directly by the Student Loans Company to the University. • You only start repaying it (combined with any maintenance loans) when you start earning over £21,000. • Repayments based on 9% of income, therefore £25K = £360 per year 27-16/17

  28. How to apply for financial support? Apply for your Tuition Fee Loan, Maintenance Loan, Maintenance Grant and any other statutory support for which you are eligible through Student Finance England. You and your parent(s) will need to complete the secure online form at www.gov.uk/student-finance The application process has begun and you must submit your application by the deadline to guarantee funding for the start of the academic year. The deadline is likely to be in May 2014. 29-1/2

  29. 30-2/2

  30. How to manage financially? If you remember one thing…plan your student finances in advance, make a budget and then stick to it. You will be able to make the most of your time at university without the stress of worrying about your financial situation. 31-1/5

  31. How to manage financially? • Investigate – the University’s student finance website, www.dur.ac.uk/study/undergraduate/finance/www.nus.org.uk/en/Advice/Money-and-Funding/, www.thestudentroom.co.uk/, whilst doing the weekly shop, Open Days and Campus Tours, talk to friends and family. • Calculate – set a budget. • Maintain – get on-line banking, keep receipts and cash withdrawal slips, review your expenditure once a week, don’t bury your head in the sand! 32-2/5

  32. How to manage financially? Set a budget • Calculate your Income and Expenditure for the academic year (38 weeks) to work out how much you have to spend on Essential and Luxury items each week. • If there is a shortfall, how will you reduce it? Can you increase your income? Can you reduce your expenditure? • Be realistic, and don’t forget to allow for unexpected costs. 33-3/5

  33. How to manage financially? • Rent • Food • Utility bills (water, gas, electricity) • Contents Insurance • 5. Toiletries, transport, stationery / equipment. • Check university finance pages for estimates of university and • private rental accommodation costs. Once you have budgeted for your essential items you can then calculate how much you will have each week to spend on luxury items such as: Mobile, clothes, leisure, CDs/DVDs, holidays 34-4/5

  34. How to manage financially? Look out for discounts: 1/3 off rail fares with a Young Persons Railcard and NUS card money off at shops, cinemas and events. Don’t buy all the books on the reading list – make use of the free libraries and computer services. Look out for second hand textbooks. Why not investigate pay monthly phone deals with free texts and inclusive talk minutes or stick to a fixed weekly pay as you go budget. When planning your leisure activities consider joining one of the Student Union societies or using the university’s sporting facilities which are much cheaper than commercial gyms. Don’t forget you need a TV Licence or cash for birthday cards, and photocopying for example. 35-5/5

  35. How do loan repayments work? • You only start to repay your student loans once you are earning over £21,000. • You repay 9% of your income above £21,000, so if you were earning £25,000 you would repay 9% of £4,000 which is £360 per year or £30 per month. • Interest is applied at RPI +3% while you are studying. • Interest is applied at the rate of inflation if you earn less than £21,000. • Interest is applied from RPI to RPI +3% if you earn between £21,000 and £41,000. • Interest is applied at RPI +3% if you earn more than £41,000. 36-1/2

  36. How do loan repayments work? • Loan repayments will be deducted from your salary, normally through the tax system. • If you have not repaid your loan within 30 years it will be written off. • Your loan will not affect your credit rating. 37-2/2

  37. What help is available? • Your College: at Durham our unique College system means you always have someone to talk to one-to-one about any financial worries you might have. • Access to Learning Fund and University Hardship Fund: are for students who find themselves unexpectedly in financial hardship. Awards are strictly means tested and the value of the award depends on individual circumstances. For 2013/14, these funds had a total value of approx. £210,000 38-1/3

  38. What help is available? • DSU (Durham Students Union): has an excellent Advice Centre with staff who will be able to help you with budgeting and other financial matters. • www.dsu.org.uk 39-2/3

  39. Thank you Any Questions? financialsupport.undergraduate@durham.ac.uk http://www.dur.ac.uk/student.finance/ 41-1/1

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