Student Finance

Katie ProctorKatie ProctorStudent Recruitment OfficerStudent Recruitment Officer

Overview

Expenses whilst at university or college fall broadly into two categories:

• Tuition fees – help meet the cost of a course

• Living costs – accommodation, food, travel, books, etc.

Tuition Fees• Higher Education Institutions can charge up to £3,290 per year for tuition fees• Students will be able to take out a loan to cover the cost of the tuition fees –

this is not means tested• The loan for tuition fees gets paid direct to the university or college by the

Student Loans Company• Loans do not have to be repaid until a graduate’s income exceeds £1250 per

month (equivalent of £15,000 a year)

Health related courses

NHS (Dental Hygiene, Speech & LanguageTherapy, Radiography, Nursing, Physiotherapy):• Tuition fees continue to be paid• Degree students – entitled to a means tested bursary and

reduced rate student loan• Diploma students – entitled to a non-means tested bursary

but not a student loan

Social Work:• Tuition fees will be the responsibility of the student• Entitled to a tuition fee loan and a maintenance loan• Entitled to a non-means tested bursary (from GSCC)• Entitled to a maintenance grant

TeachingThere are 2 routes into teaching:• Teaching Degree• Any degree plus PGCE (Post Graduate Certificate of

Education)Teaching Degree• Same financial rules apply as with other degreesPGCE• Tuition fees will be £3,290• A proportion of the maintenance grant for all students

and up to £2,906 for those less well off • Tax-free bursary of £4,000 to £9,000• ‘Golden Hello’ after completing 1st year

Studying elsewhere?

Northern Ireland: £3,225

Wales: £3,225

Scotland: £1,820 (4 year course)

Help with living expenses

• Non-Repayable Government grants• Maintenance Loans• Bursaries

Non-repayable Government Grants

• A Maintenance Grant is money to help with your accommodation and living expenses that you do not have to repay

• Students can claim up to £2,906 a year depending on household income:

£25,000 or less - £2,906

£25,000 - £50,000 – partial grant

£50,000 - 0

Maintenance Loans

• There are also loans to help pay for living costs

• Maximum maintenance loans for 2009/10:• Student living at home: £3,838• Student living away from home in London: £6,928• Student living away from home & outside London:

£4,950

• All students are entitled to 78% of the loan. The remaining 22% is means-tested

Repayment of loans

• Loans for fees and loans for maintenance are combined into a single payment

• Repayments are based on how much how much a graduate earns not how much they owe, and is worked out as a % of income above £15,000, (currently 9%): • £20,000 - £8.65 a week

• £25,000 - £17.30 a week

• Repayments will be deducted automatically along with tax and national insurance contributions

Bursaries from individual universities

• All institutions charging £3,290 for tuition fees must provide extra help to students who are receiving the full maintenance grant

• The minimum amount they are required to offer is £319, but most will offer more

University Campus Suffolk

Full-time courses• Will be charging the maximum fee permissible:

£3,290• UCS’ bursary scheme may provide generous

payments to less well off students

Govt. Maintenance Grant UCS Bursary

£2,906 £1,000

£1,000 to £2,906 £500

For more information about other universities’ bursary schemes, visit:

http://bursarymap.direct.gov.uk/

or their own websites

Other support available

Disabled Student’s Allowance• Helps with the extra costs incurred as a direct

result of someone’s disability such as additional travel costs, or specialist equipment

• Available for full-time students or students studying 50% of a full-time course

• For more information, please go to:

www.dfes.gov.uk/studentsupport

How to apply

• You will need to apply online through www.direct.gov.uk/studentfinance

• Applications should be made as early as possible – you will be able to apply from December 2009 onwards

• The information you provide will be used to calculate how much support you are entitled to

Is it worth it?

• You could potentially come out of university with debts up to £20,000

• However, according to the Higher Education Careers Services Unit:

• 21–30 year old graduates have average earnings of £22,300 pa compared to £15,950 for non-graduates in the same age bracket

• By age 31-40, graduates earn £12,950 pa more (£33,470 compared to £20,520)

• By the time they reach 41-50, graduates earn on average £14,550 pa more (£34,950 compared to £20,400

• You should look at HE as an investment into your future

Any questions?

www.ucs.ac.uk