Liam Dowson 13 September 2015 Student finance. The costs of university Tuition fees Universities are...
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Transcript of Liam Dowson 13 September 2015 Student finance. The costs of university Tuition fees Universities are...
Liam Dowson19 April 2023
Student finance
The costs of university
Tuition fees
•Universities are able to charge up to £9,000 per year•Can charge less•Sounds scary but…
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Living costs
•Everything it costs to live as a student•E.g. food, travel, accommodation, bills & social activities
There is lots of support available tohelp you meet these costs!
Most support comes from the government,but also some from many other places
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Eligibility for government support
• Whether you qualify depends on:- your university or college- your course- if you’ve studied a HE course before- your age- your nationality or residential status
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Tuition fees
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• Covers full cost of tuition fees
• Loan isn’t compulsory (students can pay all or part of tuition fee upfront themselves)
• Paid directly to your university/college
Tuition fee loan available to all;
no ‘up front’ fees
The costs of university
Tuition fees
•Universities are able to charge up to £9,000 per year•Can charge less•Sounds scary but…
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Living costs
•Everything it costs to live as a student•E.g. food, travel, accommodation, bills & social activities
Living costs
Government support currently comes in two forms:
- Maintenance loan
- Maintenance grant
The new plan is to scrap the maintenance grant,but increase the amount of loan
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Maintenance loan
• Maintenance loan available to all• Paid directly to student• Not everybody gets same amount, depends on:
- where you study and live- your parents’ (or household) income- full time or part time study
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Maintenance loan
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FULL YEAR STUDENTS
(for 2015 courses)
NON-INCOME ASSESSED
(65%)
INCOME ASSESSED
(35%)
TOTAL(100%)
Parental home £2,967 £1,598 £4,565
Elsewhere £3,731 £2,009 £5,740
London £5,205 £2,804 £8,009
Maintenance grant
• A grant is money you don’t have to pay back
• For 2015 you can get up to £3,387 per year as a grant
• This is dependent on household income:- full grant if under £25,000- partial grant if between £25,001 and £42,620- no grant if over £42,620
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Maintenance support
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The amount of maintenance grant a student receives affects the amount of maintenance loan they can borrow.
Household Income
Maintenance Grant
Maintenance Loan
Total
£25,000 & under £3,387 £4,047 £7,434
£30,000 £2,441 £4,520 £6,961
£35,000 £1,494 £4,993 £6,487
£40,000 £547 £5,467 £6,014
£42,620 £50 £5,715 £5,765
£42,875 £0 £5,740 £5,740
£50,000 £0 £4,998 £4,998
£62,143 & over £0 £3,731 £3,731
This is the bit that is being
scrapped
This bit is being
increased
We don’t know yet what all the new totals will
be, but the maximum is
actually going up to £8,200!
Maintenance support
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example demonstrates 2013 figures
Repaying the loans
• Your tuition fee and maintenance loans are added together
• You only repay after you graduate
• You only repay if you have a job with a salary over £21,000 per year
• You pay 9% of any income over £21,000
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Repaying the loans
• If your salary drops below £21,000 a year you stop paying
• Not everybody pays it all back (you are not expected to!)
• Any remaining loan is wiped off after 30 years
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Repaying the loans
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Income each year before tax
Income from which 9% is deducted
Monthly Repayment (Approx)
£21,000 £0 £0
£25,000 £4,000 £30
£30,000 £9,000 £67
£35,000 £14,000 £105
£40,000 £19,000 £142
£45,000 £24,000 £180
£50,000 £29,000 £217
£60,000 £39,000 £292
Interest rates• You are charged interest on your loans
• The amount is variable as follows: Whilst studying = inflation (RPI) + 3% Whilst working and earning less than £21,000 = inflation Whilst working and earning between £21,000 and £41,000 = inflation + up to 3% Whilst working and earning over £41,000 = inflation + 3%
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Bursaries/scholarships
• All fee-charging universities must offer bursaries
• Like a grant, bursaries are yours to keep
• Universities also offer various scholarships, e.g. for excelling in a certain area
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www.thescholarshiphub.org.uk
For each year of study:
University of Bristol bursary
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Household Income Bursary Amount
Below £25,000 £2,000
Between £25,001 and £30,000 £1,500
Between £30,001 and £35,000 £1,250
Between £35,001 and £40,000 £750
Between £40,001 and £42,620 £500
Other sources of funding• NHS bursaries
- Medical, dentistry or healthcare students
• Specific grants- Disabled Students’ Allowance, Adult Dependants’ Grant, Care Leavers
Grant, Childcare Grant, Parents’ Learning Allowance
• The Financial Assistance Fund- if you can demonstrate you are experiencing real financial hardship
• Extra help for teacher training students• Charities or employers• Part-time work
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Summary
• University is expensive, but everybody is entitled to loans to cover these costs
• The expensive £9,000 per year is the easy bit
• The amount students repay depends on their salary; they only pay back their loans when they can afford to
• The debt doesn’t count against you in any way20
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How to apply
• Online at www.gov.uk/studentfinance
• For 2015 entry - deadline of 29th May
• You don’t need a confirmed university place
• Easier to change details at a later date
• Agree to share information from your application
• Will need to be supported by parent(s)/carer(s)
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What are the benefits of going to university?• Study something you’re passionate
about
• Learn from the experts
• Develop new skills
• Increase job and salary prospects
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What are the benefits of going to university?
• Meet a wide range of new people• Live somewhere else, with friends• Become independent• Experience a whole new social life• Sports and societies• Opportunity for travel
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What are the benefits of going to university?
• Better chance of getting a jobe.g. In 2011 86% of all graduates were in work compared with 72.3% of non-graduates
• Likely to earn a higher salarye.g. In 2011 the median hourly rate of pay for all graduates aged 21 to 64 was £15.18, 70% more than the non-graduate rate of £8.92
24Source: The Graduates in the Labour Market 2012 report published by the Office for National Statistics (ONS)
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Any questions?
www.bristol.ac.uk
@ChooseBristolUG
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