Student Finance

2015 - 2016

Overview

There are two main costs associated with starting university:

• Tuition Fee costs

• Living Costs

Students can apply for Government funded loans to assist in meeting these costs.

UK FEES for NI students (2014/15)

Location of institution

England Scotland Wales NI

Up to £9000 Up to £9000 Up to £9000 £3805

In the Republic of Ireland, all students are charged an annual registration fee of up to €3000 for which an interest bearing student loan will be available.

Colleges of FE & HE

• CAFRE : £1,465 per year

• BMC: £2,200 for HNDs & Foundation Degrees. £3,375 for BSc in Social Work.

• NRC : £1465 for all full-time higher education courses

Student Loan for Fees All Students can take out a Student Loan

for Fees for the full amount charged by the institution

No income assessment involved

Paid direct to the institution by SLC

Study first – pay back when earning

No payment required “up front”

Help with Living Expenses

Loan for living costs (means tested)

Maintenance Grant (means tested)

Loan for Living Costs

To help with living and study costs such as rent, food and books

2015/16 figures …

Max £6,780 if living away from parents’ home and studying in London

Max £4,840 if living away from parents’ home and studying outside London

Max £3,750 if living at home

Maintenance Grant• Worth up to £3,475 a year, depending

on household income

– no grant if household income is over £41,065.

– full grant where household income is below £19,204

• Grant paid in three instalments at the start of each term -doesn’t have to be paid back unless the student withdraws from their course.

Help from the UniversityInstitutions may offer one or more of• Access Bursary – NI institutions• Extra (non-repayable) grant for students who are in receipt of

full (or in some cases partial) Maintenance Grant or Special Support Grant

• No separate application involved – eligibility determined through your Student Finance application

• Each institution offers different amounts of support• Similar support throughout the UK – contact institution

for details.

Check university websites for scholarship or bursary opportunitieslinked to specific courses.

National Health Service bursaries for health professional courses Audiology

Podiatry

Dental Hygiene

Dental Therapy

Dietetics

Nursing

Midwifery

Occupational Therapy

Operating Department Practice

Orthoptics

Physiotherapy

Prosthetics & Orthotics

Radiography

Speech & Language Therapy

Social Work

• Non-means – tested financial support package available

• www.dhsspsni.gov.uk • Under review• QUB; UU; BMC

Scholarships, Sponsorships & Bursaries

• Given by universities & businesses• For academic, musical or sporting

excellence.• Can include UCAS or CAO tariff points eg.

NUI Galway; UU.• Or just for all students on entry eg Dundee• Info can be hard to find

Examples - companies

• Schlumberger - females in engineering• Institutes of Engineering• BDO Scholar• Sponsored degrees : PwC; EY etc

• Higher apprenticeships/earn as you learn – PwC; Deloittes; Kainos etc

University of Dundee: Scholarships & Bursaries

  Discover Dundee (RUK) Academic Excellence Rest of UK Bursary

Value of award £2,000 one off payment £3,000 per year £1,000 or £3,000 per year

Rest of UK (RUK) Fee Status

✓ ✓ ✓

Received an undergraduate offer

✓ ✓ ✓

Matriculate in September 2015 (on an eligible degree programme)

✓ ✓ ✓

UK Resident ✓ ✓ ✓Degree programmes eligible

All except Medicine, Dentistry, Nursing and Education

All except Medicine, Dentistry, Nursing and Education

All degrees

First year of entry at Dundee

✓    

ABB or above at A-level or equivalent

  ✓  

Household income less than £42,000 p.a. or £20,000 p.a.

    ✓

Repaying Student Loans…• Only repayable once students have left

their course and are earning over £16,910 a year, payments stop if earnings drop below this

• Repayments at a rate of 9% of earnings above £17,335

• Loans for Fees combined with Loans for Maintenance into a single payment

• The amount you pay back will have the same value in real terms as the amount you borrowed.

Typical repayment amounts would be around:

Annual Income Monthly Repayment

£17,334 £0

£24,000 £53

£30,000 £98

Any outstanding balance after 25 years is written off.

Paying Back

Things to remember…

• Council of Mortgage Lenders say student loan debt is “very unlikely” to impact on graduates’ ability to get a mortgage

• Over a lifetime graduates earn on average £100,000 more than non-graduates

• Paying for “life experience” as well as education

Further information

www.studentfinanceni.co.uk

www.ulster.ac.uk/finance/fees/

www.qub.ac.uk/directorates/sgc/finance/TuitionFees/

 http://www.moneysavingexpert.com/students/