Student Funding
2014 & Beyond
Sarah McLeod
Student Services
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 £3,387 (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
- £3,610+ (living away from parental home rate)
- £2,871+ (living in parental home rate)
Living away from
home outside London
Student Funding 2014
£7,000
£6,000
All students should have access to around £5,555
£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 2014
£7,000
Maintenance Grant
(£3,387)
£6,000
£5,000
£4,000
Maintenance Loan
(£3,862)
£3,000
£25K
£2,000
£1,000
10k
20k
30k
40k
50k
60k
70k
Living away from
home outside London
Student Funding 2014
£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 2014
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
• Scholarship Schemes
– Every university has a different scheme and details are
available on university websites. Each university has
their own eligibility criteria:
• Who qualifies – grades, household income etc
• What you receive – bursary, fee waiver etc
• How to apply
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
Social Work
•
•
•
•
•
Yr 1 – no bursary
Yr 2 & 3 – limited number of bursaries available
Eligibility criteria will apply, full details are TBC
Apply via the NHS at www.nhsbsa.nhs.uk
You apply to Student Finance England who will assess
your eligibility for the tuition fee loan and
maintenance loan and grant
How to apply
Apply to Student Finance England at www.studentfinanceengland.co.uk
NHS funding 2013
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
£28,000pa
30k
20k
18k
15k
9% of
£7,000
Percentage of income
£630 (2.2%)
Monthly repayments
£52.50
Weekly repayments
£12.11
10k
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/studentfinance
– www.studentfinanceengland.co.uk
– 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?