HE Context & Finance 2012

Vicki Carverv.l.carver@hud.ac.uk

Context

• Funding to HE has been reduced drastically• HEFCE block grant now no longer exists for majority of

subjects• Government hopes to create a ‘free market’ in HE• Allowing private providers to teach degree qualifications• Variable fees (up to a maximum of £9k a year)• No more student numbers!• AAB+ students unlimited• Removing numbers from established institutions to give

to new ones

The Huddersfield Picture

• UoH is losing the vast majority of it’s funding• Also losing approx 8% of current numbers to new

institutions• Fees are going to be £7,950 per year • We have no debt as an institution – the fees will only pay

for education received• Challenging times!

The Huddersfield Picture

• BUT – we are in a stronger position than many other HEIs

• Financially• Statstically:

– 11th in the UK for teaching excellence (no.1 in Yorkshire)– Top 15 in UK for graduate employment (94%)– Top 15 for student satisfaction (no.1 in Yorkshire)

Student Fees & Financial Support

Student fees and financial support can be broken down into three main areas:

•Tuition fees

•Living Cost Loans

•Living Cost Grants

Tuition Fees: changes for 2012

• Nobody has to pay fees ‘up front’- fees are paid by a tuition loan

• Universities will be able to charge a maximum of £9,000 a year – Huddersfield will charge £7,950 per year

• Graduates begin loan repayments once earning over £21,000 (rising with inflation)

• Interest on loans is charged at inflation plus 3% whilst studying. After graduation and once earning, the rate of interest will be dependent upon earnings i.e. lower earners pay less interest.

Living Cost Loans 2012

• Living away from home: maximum of £5,500

• Living at parental home: maximum of £4,375

• It will be paid back after graduation, once you are earning over £21,000, rising with inflation (along with your tuition fee loan)

• The amount you are entitled to is dependent on household income and how much non-repayable grant you are entitled to

Repayment 2012

• You will repay once you have graduated and are earning £21,000 or over, starting in the April after graduation

• Repayment levels rise with your earnings – you pay back 9% of anything you earn over £21,000

• Deducted automatically from your salary through the tax system

• If your income falls below £21,000, repayments will be suspended

• As an example, if you earn £25,000, you will repay your loan at the rate of just £1 per day

• You repay based on what you can afford, not on the total amount borrowed

• All outstanding repayments will be written off after 30 years

Repayment

Salary Amount of salary from which 9% will be deducted

Monthly repayment

£25,000 £4,000 £30.00

£30,000 £9,000 £67.50

£35,000 £14,000 £105.00

£40,000 £19,000 £142.50

£45,000 £24,000 £180.00

£50,000 £29,000 £217.50

£55,000 £34,000 £255.00

£60,000 £39,000 £292.50

Graduate on £25k

Living Cost Grants

• Non repayable

• Dependent on household income

• Full grant is £3,250 for family incomes under £25,000

• Family incomes up to £42,600 receive proportion of grant

• Remember that the amount of grant you receive will affect the amount of living cost loan you are entitled to

NHS related courses

• NHS courses are funded differently – students will not be required to pay tuition fees

• Finance is applied for directly through the NHS

* Amounts may be more if living in London

• For more information visit www.nhsbsa.nhs.uk/students or Department of Health website

Living Non means-tested grant

Means tested bursary (max)

Non means-tested loan

Away from parental home

£1,000 £4,395 £2,324

At parental home £1,000 £3,351 £1,744

National Scholarship programme

• A new government funded NSP available from 2012

• Eligible students will receive a minimum of £3,000 in year one (one-off payment)

• Only £1,000 could be paid as cash. Other options include fee reductions

• Awards to be made by institutions who will set their own criteria

• Full details from summer 2011 on UCAS and individual university websites

Additional support

• Childcare Grant – to help with the costs of childcare. Student can apply for up to 85% of the cost of childcare

• Parents Learning Allowance – to help with course related costs for students with dependent children

• Adult Dependants Grant – to help any student who has an adult who depends on them financially

Jobcentre Plus will not count Childcare Grant or Parents’ Learning Allowance when working out any other benefits. Adult Dependants’ Grant will be taken into account.

Any questions?

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Over 22,000 students study with us, on over 400 courses

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