Student Finance 2012 Entry Widening Participation Team.
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Transcript of Student Finance 2012 Entry Widening Participation Team.
Student Finance
2012 Entry
Widening Participation Team
Key facts
Tuition fees do not have to be paid up front whilst studying full or part-time
Repayments based on what you earn, not what you owe Government financial help with living costs available for
full-time UK students Should be viewed as a contribution to cost of studying
not debt £150m National Scholarship Programme – targeted
support – universities decide to allocate funds eg: Fee reductions
Discounts for accommodation
Cash (Government limit of £1,000)
Key elements of student finance
Living Costs Grant
Tuition Fee Loan
Living Costs Loan
Other Grants
University Scholarships
University Bursaries
Other funding
Tuition fees - examples
Kent - £9,000
Southampton - £9,000
Hertfordshire - £9,000
Sussex - £9,000
Brighton - £9,000
Portsmouth - £8,500
Chichester - £8,500
Gloucestershire - £8,250
Aberystwyth - £9,000
Bangor - £9,000
Edinburgh - £9,000
Aberdeen - £9,000
Cambridge - £9,000
Oxford- £9,000
Bristol - £9,000
Liverpool- £9,000
Hull - £9,000
Lincoln - £9,000
Loughborough - £9,000
Manchester - £9,000
Tuition Fee Loan
Government Loan to cover the full cost of tuition fees whilst you are studying
Non-income assessed Paid directly to the university Increase replaces government funding
Student loan for living costs
Partly on basis of family income Maximum annual loan available:
Living at home: £4,375
Studying outside London: £5,500
Studying in London: £7,675
Paid direct to the student in three instalments per year To help pay for:
Rent Food Books & materials Travel Entertainment / leisure
Repayment of loans
Start repaying April after graduation only IF you earn above £21,000 (updated annually from 2016)
Collected ‘at source’ If earnings fall below £21,000 a year – between jobs, return
to study, parental leave – payments will stop Payments deducted directly from salary by employer All outstanding payments will be written off after 30 yrs. Repayments are set at 9% of income above £21,000 Interest rates are linked with inflation:
traditionally very low + 3%
credit card interest is between 15% & 35% and most store cards charge over 30%
Payments are more affordable than current system
SalaryFrom which 9% will be deducted
Repayment
£25,000 £4,000 £30
£30,000 £9,000 £67.50
£35,000 £14,000 £105
£40,000 £19,000 £142.50
£45,000 £24,000 £180
£50,000 £29,000 £217.50
£55,000 £34,000 £255
£60,000 £39,000 £292.50
Repayments made on 9% of income above £21,000
Currently a student earning £25,000 would be paying £74 per month
Proposed student loan repayment
Source: Department for Business, Innovation & Skills March 2011
Monthly repayments same whether loan for £6,000 or £9,000 per year.
How much will you repay (at actual prices)?
Starting salary Salary in 30 years
Total amount repaid
Will I fully repay it?
£10,000 £41,000 Nothing No
£15,000 £62,000 Nothing No
£20,000 £82,000 £14,000 No
£21,000 £86,000 £20,000 No
£25,000 £103,000 £43,000 No
£30,000 £123,000 £73,000 No
£35,000 £144,000 £103,000 No
£40,000 £165,000 £133,000 No
£45,000 £185,000 £108,000 Yes – 24 years
£50,000 206,000 £94,000 Yes – 21 years
www.moneysavingexpert.com
Living cost grant
Maximum of £3,250 per year Means-tested on family income Then sliding scale of amounts:
Income up to £25,000 = £3,250
Income greater than £42,000 = £0
Paid direct to the student in three instalments per year To help pay for:
Rent Food Books & materials Travel Entertainment / leisure
Household income
£25,000
£30,000
£40,000
£50,000
£62,500 plus
Maintenance grant
3,250 2,341 523 Nil Nil
Student loan for maintenance
3,875 4,330 5,239 4,788 3,575
Part-time work£7.00 x 15 hrs/pw
4,095 4,095 4,095 4,095 4,095
Total 11,220 10,766 9,857 8,883 7,670
Weekly income 39 weeks
287 276 252 227 196
NB: students from lower income families may also be eligible for university bursaries – maximum cash pay out of £1,000 per year, fee discounts may also be available
Examples of possible weekly term-time income based on 39 week accommodation contract period
Other Government Grants
Disabled Students Allowance: Helps disabled students meet additional study costs
Special Support Grant: Instead of Maintenance Grant if the student is on Income
Support or Housing Benefit
Child Care Grant Parent’s Learning Allowance Adult Dependants’ Grant Dance & Drama Awards Social Work Bursaries NHS Bursaries
All students eligible for £1,000 grant
Maintenance loan reduced in final year of study
additional allowances are available for disabled students and students with dependent adults and/or children
Apply through SFE for loan
NHS Funded – 30 week courses
If you will be studying and living:
Non-means tested grant
Means tested bursary (maximum)
Non-means tested maintenance loan
in London and living in student/rented accommodation/ your own home
During TERMTIME
£1,000 £3,128 £3,263
elsewhere in England (UK for medical and dental students) and living in student/rented accommodation/ your own home
During TERMTIME
£1,000 £2,591 £2,324
anywhere in England (UK for medical and dental students) and living with your parents
During TERMTIME
£1,000 £2,163 £1,744
All students eligible for £1,000 grant
Maintenance loan reduced in final year of study
additional allowances are available for disabled students and students with dependent adults and/or children
Apply through SFE for loan
NHS funded – 45 weeks
If you will be studying and living:
Non-means tested grant
Means tested bursary (maximum)
Non-means tested maintenance loan
in London and living in student/rented accommodation/ your own home
During TERMTIME
£1,000 £5,460 £3,263
elsewhere in England (UK for medical and dental students) and living in student/rented accommodation/ your own home
During TERMTIME
£1,000 £4,395 £2,324
anywhere in England (UK for medical and dental students) and living with your parents
During TERMTIME
£1,000 £3,351 £1,744
University of Brighton bursaries
Care leavers bursary: young people leaving local authority care
Widening access bursary: students from low income families who are from
neighbourhoods where fewer people than average go to university
Aimhigher bursary: students from local area previously participating in University of
Brighton or Aimhigher Sussex widening participation programme
Also bursaries for students from lower income families studying four year courses in architecture, pharmacy and teaching
University bursary
Total value two-year taught course
Total value three-year taught course
Total value four-year taught course
Care leavers £5,000 £7,000 £9,000
Widening access
£5,000 £7,000 £9,000
Aimhigher £4,000 £6,000 £8,000
Access to architecture
N/A N/A £4,000
Access to pharmacy
N/A N/A £4,000
Access to teaching
N/A N/A £4,000
Bursaries not paid during salaried industrial placement year.
University of Brighton bursaries
University of Brighton scholarships
Elite athletes scholarship: Bursary up to maximum of £1,500 per year
Sports / academic mentor
Talented sports performers scholarship: Financial assistance up to maximum of £500 per year
Access to sports coaches
Disabled athletes scholarship: Five bursaries at £1,000 each
Sports / academic mentor
University of Brighton Student Support Fund
Students apply for means tested support funds For those students in real need who do not meet
access bursary thresholds
Other funding
Scholarships - No national system – research with each university – very popular - awarded for various things
Merit
Means tested
Sporting abilities
local students
Sponsorship Charities
some charities and trusts offer financial help, but their eligibility rules vary. The Educational Grants Advisory Service (EGAS) provides information and advice on sources of funding through their Directory, helpline and website.
Applying for funding
Once the student has completed their UCAS from they register on line at:
www.direct.gov.uk/studentfinance
One application to assess eligibility for grants and loans
national insurance and passport (if they have one) number required
Apply spring of entry year Linked to UCAS application and gives useful information
about bursaries at chosen universities Deadline for completion - end of May to guarantee money
available for start of term.
Applying for funding
Once student completed, you, ‘the sponsor’, will be sent details of how to log on to Student Finance
Required to provide personal information about finances
Your son/daughter does not see any of this – it is totally confidential
Once completed send evidence of income to Student Finance England (usually P60)
You may fill in a paper from if you don’t have access to a suitable (ie private) computer.
Applying for funding
Student registers in person at beginning of term:
University confirms to SFE that student has enrolled
Money transferred to student bank account via BACS
Money paid in 3 instalments
Useful websites
www.brighton.ac.uk/money
www.direct.gov.uk/studentfinance
bursarymap.direct.gov.uk
www.moneysavingexpert.com
Special Support Grant
If you get or qualify for Income Support or Housing Benefit you may get the Special Support Grant instead of the Maintenance Grant.
The amount you can get through the Special Support Grant is the same as that available through the Maintenance Grant but it won’t reduce how much you get for your Maintenance Loan.
You are likely to qualify for the Special Support Grant if:
you’re a single parent
your partner is also a student
you have certain disabilities
The Special Support Grant doesn’t count as income when working out if you’re entitled to income-related benefits or tax credits.