Who am I?
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Who am I? Student Money Adviser in the Student Advice Centre (part of Staffordshire University Students’ Union). - PowerPoint PPT Presentation
Transcript of Who am I?
Who am I?
• Student Money Adviser in the Student Advice Centre (part of Staffordshire University Students’ Union).
• Part of The Money Advice Service Money Doctors project. Aims to support students in understanding and managing their finances prior to and during their time at University. See www.moneyadviceservice.org.uk for further information.
In this section we will look at:
• Help available to pay tuition fees and living costs for non-nursing and nursing students.
• Additional financial support available for students with a disability or children.
• The application process.
• Other financial help and how students can prepare for the financial transition into HE.
1. Help with paying tuition fees:
a) Tuition fee loan - as long on you don’t already have a previous Honours degree)
Not income-assessed on household income
Student living at parental home
£4375 per year
Student living in London £7675 per year
Student living elsewhere £5500 per year
a) Student Maintenance Loan:
65% NOT income-assessed on residual household income so all students will receive this as long as under 60 at start of course and do not already have previous Honours degree.
35% income-assessed on residual household income.
2) Help with living costs - rent, food, bills, course costs, etc:
b) Long Course loans – added on to the maintenance loan. i.e in case of fast-track degree – income-assessed.
Students living at the parental home
£54 per extra week
Students living in London £106 per extra week
Students living elsewhere £83 per extra week
c) Maintenance Grant -
Not repayable. Students entitled to this will have their maintenance loan reduced.
Residual Household Income
Maintenance Grant
Student Maintenance Loan (away rate)
£25,000 or below £3,354 £3,823
£30,000 £2,416 £4,292
£35,000 £1,478 £4,761
£40,000 £540 £5,230
£45,000 £0 £5,288
£50,000 £0 £4,788
£55,000 £0 £4,288
£60,000 £0 £3,788
£65,000 £0 £3,575
OR Special Support Grant: (instead of Maintenance Grant – same amount)
Must be one of following to qualify: - single parent
- have a partner who’s also a student - over 60
- have a disability AND be eligible for certain disability benefits (this grant is not counted as income for benefits).
Household Income
Special Support Grant
Student Maintenance Loan (away rate)
£25,000 £3,354 £5,500
£30,000 £2,416 £5,500
£35,000 £1,478 £5,500
£40,000 £540 £5,500
£45,000 £0 £5,288
£50,000 £0 £4,788
£55,000 £0 £4,288
Quick recap….
Students can apply for the following:
• Help to pay tuition fees:Tuition Fee loan (re-payable)
• Help to pay living costs:
Student Maintenance loan (re-payable)Maintenance grant or Special Support Grant (not repayable)
National Scholarship Programme
Social Work Bursary – to be confirmed
What’s repayable? – New system• Fee loan and Student Maintenance loan are the only elements of
student finance that are repayable. • Deducted from earnings via employer after graduation. Interest
added from point at which loan is taken out. Repay 9% of your income above £21,000 for a period of 30 years.
Income Monthly repayment
£25,000 £30
£30,000 £67.50
£35,000 £105
£40,000 £142.50
£45,000 £180
£50,000 £217.50
£55,000 £255
£60,000 £292.50
More about interest rates….
• Interest on the Loan will be RPI plus 3% whilst studying and up until April after leave University.
• If earning below £21K after graduation, interest will be applied at the rate of inflation (RPI).
• If earning between £21K and £41K after graduation, interest will be applied between RPI and RPI plus 3% on a gradual scale depending upon income.
• Graduates earning above £41K will be charge interest at RPI plus 3%.
Nursing Students (2012/13 rates)
• Tuition fees paid in full by the NHS.
• Income-assessed non-repayable Bursary of up to £4395 (away from home) and £3351 (home).
• Non-income assessed grant of £1000 per year.
• Extra weeks allowance - £54 p/w (home rate) and £82 p/w (away rate)
• Student Loan of up to £1744 (home), £2324 (away) – not income assessed
• Help with clinical placement costs and additional accommodation costs whilst on placement.
• Additional grants for students with dependent adult/children and/or a disability.
3. Additional support for students with children or a disability (non-nursing and nursing students):
• Disabled Students Allowance for those who incur extra course costs as a direct result of their disability (not income assessed and non-repayable)
• Parents Learning Allowance (income assessed but not repayable) for those with childrenNon nursing students: £1508 Nursing students: £1303
• Childcare Grant (for people with children using registered or accredited childcare)- can assist with up to 85% of childcare costs which is higher than tax credits system (income assessed but not repayable) up to £148.75 (£126.65 for nurses) if 1 child and up to £255 (£187.75 for nurses) if have 2 children. Not repayable.
• Adult Dependant Grant (income assessed but not repayable): Non-nursing: £2642 per year. Nursing: £2640 for an adult or first dependent child .£539 for each subsequent child.
4. How to apply – non-nursing students:
Student Finance Englandwww.direct.gov.uk/studentfinance
Student Finance Wales www.studentfinancewales.co.uk
Student Finance Northern Irelandwww.studentfinanceni.co.uk
Student Awards Agency for Scotlandwww.saas.gov.uk
Student Loans Companywww.slc.co.uk (make payments to the student)
• Apply for your Student Finance once you have applied to UCAS. You can complete and return this by post or complete on-line. Do this asap so that your financial support is ready for the start of the academic year.
• They will then assess you and send a Financial Notification which tells you what student loan and grant, etc, you’ve been given.
• The Student Loans Company will then send you a Student Loan payment schedule. This will tell you when, over the academic year, they will pay your student loan, grant, etc, into your bank account.
• Student Loan Company pay this money into your bank
account 3-4 working days after you’ve enrolled.
How to apply – nursing students:
• Nursing Students need to apply to the NHS to be assessed for all their support. See http://www.nhsbsa.nhs.uk/students
• Nursing Degree students wanting to apply for a student loan should apply to Student Finance England.
(apart from nursing diploma students who do not qualify for this).
www.direct.gov.uk/studentfinance
5. Other Financial Help:
• Students with a disability, students with children and student couples may all have an eligibility for social security benefits and tax credits. If a student falls into one of these categories, they need to seek further information re what they can claim.
• University Access to Learning Fund (ALF). All Universities have one. Discretionary. Can do non-repayable awards up to £3500. Students can apply each year if they meet the criteria.
• Care Leavers: contact Local Authority Leaving Care Team. May be additional financial support they can offer. Also see Frank Buttle Trust website www.buttletrust.org – they offer grants to certain students.
6. And finally….
• Know what you’re entitled to and where to check if you’re receiving the correct amounts. Most Universities have a Student Advice Centre. See www.nasma.org.uk for contact details.
• Apply for financial support as soon as possible. You don’t need to wait until you’ve been offered a place on a course.
• Understand the process of applying and receiving support.
• Seek help to think about how they are going to manage their money if you think you may struggle to do this.
Useful Contacts….
• Student Finance Englandwww.direct.gov.uk/studentfinanceTel: 0845 300 5090
• Student Loans Companywww.slc.co.ukStudent Support helplineTel: 0845 6020583
• NHS Student Bursarieswww.nhsbsa.nhs.uk0845 358 6655
OUR CONTACT DETAILS AND QUESTIONS….
www.staffsunion.com/moneydoctors
Email: [email protected]
Like us:www.facebook.com/staffsmoneydoctors
Follow us: www.twitter.com/money_doctors
Student FinanceFees and Funding
2013
What are our fees for 2013/14?
Our Fees have been determined by: -
The diversity and breadth of our courses
Our commitment to offer our students choice in a fair and transparent fashion
Our ethos around fair access
Our commitment to quality
Our industry leading facilities
2013/14 Scholarship and fee waivers for full-time students
Financial Support Package [1]
Number Available
Amount Duration
National Scholarship Programme (NSP)
204 £2,500 tuition fee waiverand£500 bursary paid directly to the student in two equal instalments at the end of March and May respectively
£1,250 tuition fee waiverand£250 bursary
1 year only
Years 2 and 3
University Bursary 1,000 £500 bursary paid directly to the student in two equal instalments at the end of March and May respectively
Duration of course excluding placement year
University Fee Waiver
500 £1,000 tuition fee waiver Duration of course excluding placement year
2013/14 Scholarship and fee waivers for full-time students eligibility
Residual family income (must be less than £25,000 per annum).
You must be permanently resident in England or Northern Ireland.
Staffordshire University must be your firm/first choice institution.
Applicants who fulfil the eligibility criteria will be able to apply for any one of the financial support packages but they will only be entitled to one of the packages, in any one year
All payments will be subject to satisfactory engagement and/ or attendance and progress by the student.
It is important to note that meeting the eligibility criteria does not mean an automatic entitlement to a scholarship and/or other university financial support
UpdatesAny updates or additional information will be placed on the Staffordshire University Fees and Funding website and the Money Doctors website.
How can you help yourself?
Budget!- Even if you don’t always stick to it
Help and Support- Advisers – University Staff and Students’ Union- Parents
Get part time work– But don’t overdo it
Use bank overdraft facility wiselyDisabled Students AllowanceAccess to Learning Fund
