Finance - Teesside University

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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
• 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
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)
Living away from
home outside London
Student Funding 2013
£7,000
£6,000
All students should have access to around £5,500
£5,000
£4,000
£3,000
£2,000
£1,000
Household Income
10k
20k
30k
40k
50k
60k
70k
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
20k
30k
40k
50k
60k
70k
Living away from
home outside London
Student Funding 2013
£7,000
£6,000
Maintenance Grant
£5,000
£4,000
£3,000
£2,000
C42.6K
Maintenance Loan
£1,000
10k
20k
30k
40k
50k
60k
70k
Student Funding 2013
Parental Contribution
£7,000
£6,000
£5,000
Maintenance Grant
£4,000
£3,000
£2,000
Maintenance Loan
£1,000
10k
20k
30k
40k
50k
60k
70k
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
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 [email protected]
How to apply
Apply to Student Finance England at www.sfengland.slc.co.uk
NHS funding 2012
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)
NHS funding
Non-repayable funding
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
• 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
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
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
Student loan repayments
30k
If you earn less
than £21,000
Percentage of income
20k
0%
18k
Monthly repayments
£0
15k
Weekly repayments
10k
£0
Student loan repayments
£22,000pa
30k
20k
18k
15k
9% of
£1,000
Percentage of income
£90 (0.41%)
Monthly repayments
£7.50
Weekly repayments
£1.73
10k
Payback 9% of earnings
above £21,000
Loan repayment example
• Graduate earning £30,000pa gross
– Monthly gross income
– Pension (6%)
– Tax
– National insurance
– Net income
– Student loan repayment
– INCOME
£2,500
£150
£345
£195
£1,810
£67.50
£1,743.50
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
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
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