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• School of Management- Accounting & Finance, Business Administration (BBA), International Management and Modern Languages (IMML)
• Humanities and Social Sciences-Economics, Politics, European Studies & Modern Languages, Psychology, Sociology
Higher Education Higher Education FundingFundingSue Garrett, University of BathSue Garrett, University of Bath
• Tuition fees• Books and course extras• Accommodation (rent
and bills)• Food• Insurance • Travel• Social life • Clothes• Telephone
What are the main What are the main costs at University?costs at University?
These vary according to:
• Where you study• Length and type of
course• Year of study• Type of accommodation• Placements• Any additional needs
e.g.dyslexia software
Specific Living costsSpecific Living costs
Planning a budgetPlanning a budget
• Cost of Accommodation - University and Privately rented• Course costs – ask at the department for costs of course material, books, field trips etc• Check University web sites for their living cost guides• Part time work opportunities
Plan a budget for your First and Insurance choice University
How much will I need? How much will I need?
Rent – Academic Yr c 3230.00
Food @ £30 per week 1248.00
Personal Toiletries @ £17 per month 153.00
Laundry & Housekeeping @ £21 per month 189.00
Clothes @ £30 per month * 270.00
Travel, local & outside of Bath 431.00
Leisure/Social/Sport @ £30 per week 1,170.00
TV licence 143.00
Telephone/mobile 360.00
Health Costs (e.g. Contact lenses, Dentist, Prescriptions) 125.00
Books, photocopying, materials & equipment ** 300.00
Contents Insurance (£3,000 belongings & £1,000 laptop) 115.00
Emergencies 100.00
Other ?
Total £7,834.00
2011 UK Government Student support includes:-• Fee loan
• Maintenance loan (usually up to £4950)• Maintenance Grant for students from families on incomes of
up to £50020 (max is £2906 where family income is £25000 or less)
• Disabled Students Allowance DSA (for students with dyslexia or a disability/chronic illness (up to £20520 to cover extra annual costs plus equipment up to £5161)
What funding is What funding is available?available?
• Most Universities will charge tuition fees of £3375 in 2011 (Scotland has lower fees but courses usually longer)
• Inflationary increase each year but will not go up to higher 2012 entrants level
• Higher Overseas rate fees for Non UK students• Fees do not have to be paid upfront• All “home” UK students qualify for a Fee loan to fully cover their
full tuition fees regardless of family income• The Student Loan Company pays the fee loan direct to the
University
Tuition FeesTuition Fees
• If you are applying for in 2011 but request to be deferred until 2012 you are likely be charged the same 2012 fee as other new entrants ( up to £9000!)
Tuition Fees and gap Tuition Fees and gap yearsyears
Known as the Student loan• 72% non means-tested• Higher rate loan for
London - max £6928
• Lower rate for living at home - max £3838
• Elsewhere living away from home - max £4950 (min £3564)
• Paid directly to the student in three instalments (along with any maintenance grant)
Maintenance Loan
Maintenance GrantMaintenance Grant
Max Grant of £2906 pa for students whose family income is less than £25000
Partial Grant for students whose family income is less than around £50000
e.g. Grant of around £700 pa where family income is £40000
Grant is intended for living costs not for fees, paid directly into students bank account
2010 Entitlement guide
Family Household Income
£25000 £40000
£50020
£55000 £57800
Maintenance Loan Full year(not London)
£3497 £4595 £4925 £4106 £3564 (min loan)
Maintenance Grant
£2906 £711 £50(min grant)
£0 £0
Total £6403 £5306
£4975
£4106 £3564
Plus fee loan for all
Entitlement for 2011 (frozen at 2010 levels)
Applying for Applying for Student SupportStudent Support
• Centralised On line application at Student Finance England (linked from UCAS) www.direct.gov/studentfinance • Applications open 16th March • Deadline 31st May • Centralised On line application at Student Finance England (linked from UCAS) www.direct.gov/studentfinance• UCAS application information can be pulled into Student Finance application• Or you can apply separately
Under Finance for new students click Full-time students
Go to www.direct.gov.uk/studentfinance
Retrieve an estimate saved earlier or create a new one
www.direct.gov.uk/studentfinancecalculator(direct link)
2. Here you can Edit details about yourself to get a more precise quotation
1. Initial illustration of non-income assessed support
Select up to 5 courses
Then click to View your
entitlement
• Two loans – one for tuition fees and one for living costs
• Interest charged is reviewed regularly , usually once a year, based on RPI in March or the Bank of England Bank rate plus 1%, depending on which is lower ( currently 1.5% )
• Interest starts accruing as soon as the first instalment is paid
• Both loans are usually repaid through salary – like a tax after graduation but only if earning £15000 plus
• System of loan repayment will change for 2012 entrants but 2011 entrants repayments expected to remain as above
Repaying Student Repaying Student loansloans
Repayment optionsRepayment options
• Min repayments based on students earnings not level of loan e.g. earnings at £18,000 pay back £5.19 a week
• Payments stop if earnings stop or drop below £15,000 (it is not your parents loan!) • New 5 year repayment holiday option from 2012 • Can opt to repay more than the minimum or make additional repayments
Repaying your Repaying your loanloan
Income each year before tax
Monthly salary Approximate monthly repayment
up to £15,000 Below £1,250 0
£16,000 £1,333 £7
£18,000 £1,500 £22
£21,000 £1,750 £45
£24,000 £2,000 £67
£27,000 £2,250 £90
£30,000 £2,500 £112
• Scholarships – usually awarded on academic merit but can also be for Sporting or Musical excellence
• Bursaries – more likely to be income related but may have additional criteria
• All Universities must offer means tested Bursary minimum award of £338 per year in 2011
Bursaries and Bursaries and ScholarshipsScholarships
Bath Bursary Bath Bursary 20112011
Household Income Bath Bursary per year
£25,000 & below £1,200.00
£25,001 - £30,000 £900.00
£30,001 - £35,000 £600.00
£35,001 - £50,000 £300.00
• Apply early• Check that you meet the criteria e.g. Regional awards to encourage
students to study at a local UniversityWyman Somerset Bursary, University of Bath, £3000 per year any subject
ScholarshipsScholarships
Courses with additional fundingCourses with additional funding
Social Work• Up to around £4500 ,higher in London NHS courses• Must be accepted on a NHS funded place• Courses include Nursing, Physiotherapy,
Radiography, Dental Health• Students studying Medicine or Dentistry can
receive bursaries in their latter stages of their course
• See www.nhsstudentgrants.co.uk for both NHS or Social work courses
Funding for Part time study Funding for Part time study
Means tested Fee Grant and Course Grant
• Fee Grant - to help with tuition fees
• Course Grant - to help with study costs, such as books, materials and travel
• Maximum available through the Fee Grant and Course Grant combined is £1,495 for 2010/11.
Good Luck!Good Luck!