Student Funding 2012 & Beyond. Sarah McLeod Student Services

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1 Student Funding 2012 & Beyond Sarah McLeod Student Services

2 Agenda Background 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 Background Lord Browne asked to look at finding a sustainable way to finance Higher Education Set up by the Labour government Reported to the Coalition Recommendations made and further consideration of proposals in light of Government cuts since Changes to tuition fees but also to the way students are funded

4 Tuition fees Government announced that universities will be allowed to charge higher tuition fees from 2012 Universities are charging 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

5 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) Many students will be better off while studying under these proposals than under the current system

6 Student Funding 2013 Living away from home outside London 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

Student Funding 2013 7,000 6,000 5,000 4,000 3,000 2,000 1,000 25K Living away from home

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

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

9 Student Funding ,000 Parental Contribution 6,000 5,000 Maintenance Grant 4,000 3,000 2,000 Maintenance Loan 1,000 10k 20k 30k 40k 50k 60k 70k

10 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

11 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 or

12 Social Work Course must be designated as eligible by the GSCC You apply to Student Finance England for them to asses your eligibility for tuition fee and maintenance loans and grants Application pack will be available at the above website Additional 4,575 non-repayable grant

13 How to apply Apply to Student Finance England at

14 NHS funding 2012

15 NHS funded students NHS funding 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)

16 Non-repayable funding NHS funding 2012 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 2,324 (living away from home) 1,744 (living at home) You pay it back like everyone else

17 More info The NHS Business Services Authority Teesside University Student Services

18 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, 45 per month lower than under the current system Outstanding debt written-off after 30 years

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

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

21 Student loan repayments 28,000pa 30k 20k 18k 15k 10k 9% of 7,000 Percentage of income 630 (2.2%) Monthly repayments Weekly repayments 12.11

22 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 INCOME 1,743.50

23 Summary You don t have to pay anything until after you have left education everyone can afford to study Risk free investment in your future Many students will have more money for living costs than current students More of this living cost money will be non-repayable

24 Useful websites Direct Gov Government services website More information about funding University websites Information about courses, bursaries, fee waivers etc Money Saving Expert

25 ANY QUESTIONS??

A QUICK GUIDE TO STUDENT FINANCE

A QUICK GUIDE TO STUDENT FINANCE Alex Kennedy Student Recruitment Officer According to Welsh Government..the most generous student finance support package for full time, part time and postgraduate students