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Student Funding 2013 & Beyond

Student Funding 2013 & Beyond. Agenda. Tuition fees Money for living costs Grants, loans, bursaries, fee waivers etc... NHS funding Student loan repayments How this works How much you could be expected to pay. Tuition fees.

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Student Funding 2013 & Beyond

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  1. Student Funding 2013 & Beyond

  2. Agenda • Tuition fees • Money for living costs • Grants, loans, bursaries, fee waivers etc... • NHS funding • Student loan repayments • How this works • How much you could be expected to pay

  3. Tuition fees • Universities can charge between £6,000 - £9,000 each year for their courses • Tuition fee rates are available on university websites • All students can take a tuition fee loan each year so everyone can afford to study

  4. Money for living costs • Maintenance grant up to £3,354 (means tested) - you don’t pay this back - full grant up to £25,000 – partial grant up to £42,600 • Maintenance loan - partially means tested - £3,575+ (living away from parental home rate) • £2,843+ (living in parental home rate)

  5. Living away from home outside London Student Funding 2013 £7,000 All students should have access to around £5,500 £6,000 £5,000 £4,000 £3,000 £2,000 £1,000 Household Income 10k 30k 40k 20k 50k 60k 70k

  6. Living away from home outside London Student Funding 2013 £7,000 Maintenance Grant (£3,354) £6,000 £5,000 £4,000 Maintenance Loan (£3,823) £3,000 £25K £2,000 £1,000 10k 30k 40k 20k 50k 60k 70k

  7. Living away from home outside London Student Funding 2013 £7,000 Maintenance Grant £6,000 £5,000 £4,000 Maintenance Loan £3,000 C42.6K £2,000 £1,000 10k 30k 40k 20k 50k 60k 70k

  8. Student Funding 2013 Parental Contribution Maintenance Grant £7,000 £6,000 £5,000 £4,000 Maintenance Loan £3,000 £2,000 £1,000 10k 30k 40k 20k 50k 60k 70k

  9. Money for living costs • National Scholarship Programme • Targeted package of funding worth a minimum of £3,000 • Every university will have a different scheme and details are available on university websites • Bursaries and Scholarships • Fee waivers • Discounted accommodation • Free foundation year

  10. Additional Government Funding • Disabled Students Allowance (DSA’s) • Specialist equipment allowance • Non-medical helpers allowance • General disabled students’ allowance • Extra travel costs • Contact Disability Services • 01642 342277 or disability@tees.ac.uk

  11. How to applyApply to Student Finance England at www.sfengland.slc.co.uk

  12. NHS funding 2012

  13. NHS Funding • NHS funded students • doctor or dentist (eligible for an NHS Bursary during the latter stages of their pre-registration training • chiropodist (including podiatrist), dietician, occupational therapist, orthoptist, physiotherapist, prosthetist, and orthotist, radiographer, audiologist or a speech and language therapist • dental hygienist or dental therapist • nurse, midwife or operating department practitioner (degree course)

  14. NHS funding Non-repayable funding • Not means tested • Payment of Fees • NHS Grant of £1,000 • Means tested • NHS Bursary up to £4,395 for 45+ weeks living away from parents • Up to £3,351 living with parents Repayable funding • Not means tested • Apply to Student Finance England on PN1 form • £2,324 (living away from home • £1,744 (living at home) • You pay it back like everyone else www.nhsbsa.nhs.uk

  15. How to apply • Apply online at www.nhsbsa.nhs.uk • Supplementary paper forms; DSA, Childcare • Re-apply yearly • Paid by equal monthly instalment until following August

  16. Loan repayments • Student loans are very different to commercial credit • Interest rate linked to inflation plus up to 3% • How much you pay depends on how much you earn • Nothing to pay until you have left education and earn over £21,000 per year • Low monthly repayments • Outstanding debt written-off after 30 years

  17. Student loan repayments If you earn less than £21,000 Percentage of income 0% 30k Monthly repayments 20k £0 18k Weekly repayments 15k £0 10k

  18. Student loan repayments £22,000pa Percentage of income 9% of £1,000 £90 (0.41%) 30k Monthly repayments 20k £7.50 18k Weekly repayments 15k £1.73 10k Payback 9% of earnings above £21,000

  19. Loan repayment example • Graduate earning £30,000pa gross • Monthly gross income £2,500 • Pension (6%) £150 • Tax £345 • National insurance £195 • Net income £1,810 • Student loan repayment £67.50 • INCOME £1,743.50

  20. Summary • You don’t have to pay anything until after you have left education – everyone can afford to study • Full-time students can apply for a maintenance loan to help with living costs • Students from households earning less than £42,600 will also receive a non-repayable maintenance grant • Repayments are based on what you earn, not on what you owe

  21. Useful websites • Government services website • www.gov.uk • Government services website • More information about funding • University websites • Information about courses, bursaries, fee waivers etc • www.tees.ac.uk • Money Saving Expert • www.moneysavingexpert.com

  22. ANY QUESTIONS?

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