Higher Education Finance2009/10

Hannah Archer

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 £3,225 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 £15,000 a year

Health related coursesNHS (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 (administered by

the NHS Business Services Authority)• Entitled to a maintenance grant

Teaching

There 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 degrees

PGCE• Tuition fees will be £3,225• 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: likely to be £3,225

Wales: £3,225

Scotland: £1,735 (4 year

course)

Help with living expenses

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£50,020 - £50

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 72% of the loan.

The remaining 28% is means-tested

Maintenance LoansThe amount of maintenance loan a student can get is dependant on household income and where they study

Income (£)

Living at home(£)

Studying in London(£)

Studying outside London (£)

25,000 2,835 5,475 3,497

30,000 2,885 5,975 3,997

34,000 3,285 6,375 4,397

40,000 3,483 6,573 4,595

45,000 3,648 6,738 4,760

50,020 3,813 6,903 4,925

50,778 3,838 6,928 4,950

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 £3,225 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:

£3,225• UCS’ bursary scheme may provide generous

payments to less well off students

Govt. Maintenance Grant UCS Bursary

£2,906 £1,000£1,000 to £2,905 £500

Universities in the region

UEA• Students who are entitled to the maximum

maintenance grant will receive £600• Others will receive support on a sliding scale if

family income is below £50,020

Anglia Ruskin University • £319 to all students in receipt of the full

maintenance grant • Will provide a non-repayable, non means-tested

award of £500 a year to those who complete the year successfully

Universities elsewhere

University of Leeds• £1,540 to students who have a household

income of less than £25,600• £335 to students who have a household

income of between £35,601 and £36,600

Keele University• Household income of £25,000 or less: £800

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.direct.gov.uk/studentfinance

How to apply• Apply online through

www.direct.gov.uk/studentfinance • Applications should be made as early as

possible • The information provided will be used to

calculate how much support the student is entitled to

Learn how to budget!Incomings Essential Outgoings Other costs

• Student loans• Grant/bursary• Sponsorship/

scholarship• Income from a

job• Parental/guardian

contributions• Savings

• Tuition fees• Rent• Travel• Contents insurance• Credit card payments• Utility bills – gas,

water, electric• Phone bills• Food• Books

• Household goods

• Clothes/shoes• Toiletries• Music/films• Socialising• TV licence

Budget Calculators:

www.ucas.com/students/studentfinance www.studentmoney.org

Look out for…

• Student discounts: certain shops, cinemas, theatres, etc. offer discounts to students. Students will need to apply for a NUS card (National Union of Student’s) to be eligible for these discounts

• Local jobs: there are many opportunities for part-time work at the university or college, or even local pubs, restaurants, supermarkets, etc.

• Student bank accounts: there are many different bank accounts available

Any questions?