Student finance
Sarah Cullen
Head of Widening Participation
University of Sussex
Student finance - overview
• Tuition fees
• Fee loans
• Maintenance loans
• Maintenance grants
• Bursaries and scholarships
• Repayment
• Further information
• Please note there is a different system for NHS funded courses
Tuition fees- what you pay
•Tuition fees for 2014 entry
•Universities are able to charge up to £9000
•They can charge less
•Fees can vary according to the course you do
•You need to check!
Tuition fees – how you pay
• Tuition fees can be covered by a FEE LOAN
• You do not have to pay fees ‘up front’
• This loan is paid directly to the university
• The fee loan is not means tested
• Applies to students living in the UK and most
member states of the EU
Living costs – what you pay for
• Rent
• Food
• Travel
• Books and equipment
• Entertainment and leisure
Living costs - loans
2014 figures - Maximum loan
Living at home
£4,418
Living away from home
£5,555
Living away from home, and in London
£7,751
• loan is paid in three instalments direct to the student
• to cover living costs, accommodation, food, travel etc
Living costs - non-repayable grant
•Available to help with living costs such as food,
accommodation and travel
•If your household income is up to £25,000 you will
be entitled to a full grant of £3,387 which you won’t
have to pay back
•If your household income is between £25,000 and
£42,611 you would be entitled to a grant of between
£50 and £3250 which you won’t have to pay back
STUDENT FINANCE
Non-repayable Grant
Household
Income
Package of support for 2012/13
Non-repayable grant
Living cost loan
Total
£25,000 or less
£3,250
£3,875
£7,125
£30,000
£2,341
£4,330
£6,671
£35,000
£1,432
£4,784
£6,216
£40,000
£523
£5,239
£5,762
£45,000
£0
£5,288
£5,288
£50,000
£0
£4,788
£4,788
£55,000
£0
£4,288
£4,288
£60,000
£0
£3,788
£3,788
£62,500+
£0
£3,575
£3,575
Student finance – Access
agreements
In order to charge fees of up to £9,000 universities must have an
Access Agreement approved by the Office for Fair Access. This will
include support for students which can take different forms
•Bursaries
•Scholarships
•Tuition fee ‘discounts’
•Accommodation ‘discounts’
•Other support
University of Sussex –First-Generation
Scholars scheme
• Eligibility – family income up to £42,611 (maximum
for student grant)
• £3000 in year one, £2000 accommodation
discount, £1000 cash
• £1000 cash in subsequent years
• Careers and employability support during course
and for three years following graduation
King’s College, London
• 17 scholarships and bursaries
• King’s living bursary – below £25,000 £1000
• King’s living bursary – between £25,000 and
£42,611 - £500
• National Scholarship Programme - £6,000 fee
waiver
• 116 available – income below £25,000
How do you apply?
• For government support through Student Finance
England – in February/March 2014
• Online form
• This triggers fee loan, maintenance loan and
maintenance grant
• University bursaries/scholarships – you need to
check with each institution but many will be linked
to the Student Finance England system
Repayment
• You only start paying back when you are earning
over £21,000
• You repay 9% of your income above £9000
• If your salary falls below £21,000, your repayments
stop
• Loan repayments will be deducted from your salary,
normally through the tax system
• If you have not repaid your loan after 30 years it is
written off
• Loans should not impact on your ability to get a
mortgage
Interest
• Interest on your loan will be paid at inflation – Retail Price
Index (RPI) plus 3% while you are studying, and up until the
April after you graduate
• From the April after you leave university if you are earning
below £21,000 interest will be applied at the rate of inflation
• For graduates earning between £21,000 and £41,000 interest
will be applied between RPI and RPI + 3% on a gradual scale
depending on income
• For graduates earning above £41,000, interest will be applied
at RPI + 3%
STUDENT FINANCE
Repayment
Salary
Amount of salary from which 9%
will be deducted
Monthly
repayment
£25,000
£4,000
£30.00
£30,000
£9,000
£67.50
£35,000
£14,000
£105.00
£40,000
£19,000
£142.50
£45,000
£24,000
£180.00
£50,000
£29,000
£217.50
£55,000
£34,000
£255.00
£60,000
£39,000
£292.50
Any questions?
participate@sussex.ac.uk