Student Finance Package

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Isabel Lester
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1 Student Finance Package

2 Student Finance Package overview Tuition Fee Loans Living Cost Loans Repayable Grants National Scholarships Non Repayable Fee Waivers etc

3 Tuition Fee Loan Loan from the Government to cover the cost of your higher education tuition. Will be paid directly to your chosen university. From 6,000-9,000. You do not have to find the money to pay for your tuition costs before or while you are studying. You don t have to start repaying the loan until you graduate and are earning over 21,000 a year.

4 Living Costs Loan To help with accommodation, travel, cost of books and living expenses. 65% of the overall non means-tested (available for everyone). How much you receive of the remaining35% will depend on your household income (and the amount of Grant you receive). Paid directly to into your student bank account.

5 How much Living Cost Loan can I get? The amount you can get is based on: where you live and study your household income how much non-repayable grant you are entitled to The maximum amounts you can get per year are: Living away from home and studying in London: 7,675 Living away from home and studying outside London: 5,500 Living at your parent s home: 4,375

6 Living Cost Grants Non-repayable If your household income under 25,000 you can have the full grant of 3,354. Under 30,00-2,416 Under 35,00-1,478 Under 40, Under 42,611 up to 50 Over 42,611 no grant Paid in three instalments directly to student bank account together with the Living Costs Loan.

7 How to Apply Apply as soon as possible before 31 May Information required: National Insurance Number Birth Cert/Passport Household income details Student bank account details

8 Repayments interest rates Tuition Fee Loans and Living Cost Loans added together. Interest will be applied at inflation (RPI) plus 3% while you are studying, and up until the April after you leave university. From the April after you leave university if you are: earning below 21,000, interest will be applied at the rate of inflation (RPI) earning between 21,000 a year and 41,000 a year, interest will be applied between RPI and RPI + 3% on a gradual scale depending on income earning above 41,000, interest will be applied at RPI + 3%.

9 Repayments Repayments start the year after you leave your course and when you are earning over 21,000 a year. Students repay 9% of earnings above 21,000 a year. The more you earn the quicker you will end up paying it off. Collected by PAYE automatically. Outstanding balance written off after 30 years. The debt is manageable.

10 Repayments Graduate Salary Amount of Salary from which 9% will be deducted Weekly repayment Monthly repayment 25,000 4, ,000 9, ,000 14, ,000 19, ,000 24, ,000 29, ,000 34, ,000 39,

11 National Scholarship Programme and additional help from universities The NSP is a new 150m government programme. The programme benefits students entering Higher Education from Autumn Offers students from low income families (25k a year) additional finance support The National Scholarship programme offer at Middlesex University: 1,095 new scholarships. 2 types of offers We are currently reassessing our criteria at Middlesex see for the most up to date details

12 Scholarships If you apply to study at Middlesex and are offered a place, we will send you an application form for our scholarships with your offer letter. For further information on any of our scholarships and to find out more about our privately funded scholarships please visit http: // For all queries please contact our scholarships officer Christina Gallagher on or her at C.Gallagher@mdx.ac.uk

13 More information available Further information on Finance ndex.aspx Budget yourself udgeting/budget_calculator Gov.UK

14 Questions

Parent s Guide to Finance Post -16

Parent s Guide to Finance Post -16 Parent s Guide to Finance 2014 Post -16 1 In this session: Why Higher Education? Changes in HE Finance: the facts What financial help is there? Repayments How to Apply Why Higher Education? A Higher Education