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 disability@tees.ac.uk 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 ANY QUESTIONS?