Student Finance

2012 Entry

Widening Participation Team

Key facts

Tuition fees do not have to be paid up front whilst studying full or part-time

Repayments based on what you earn, not what you owe Government financial help with living costs available for

full-time UK students Should be viewed as a contribution to cost of studying

not debt £150m National Scholarship Programme – targeted

support – universities decide to allocate funds eg: Fee reductions

Discounts for accommodation

Cash (Government limit of £1,000)

Key elements of student finance

Living Costs Grant

Tuition Fee Loan

Living Costs Loan

Other Grants

University Scholarships

University Bursaries

Other funding

Tuition fees - examples

Kent - £9,000

Southampton - £9,000

Hertfordshire - £9,000

Sussex - £9,000

Brighton - £9,000

Portsmouth - £8,500

Chichester - £8,500

Gloucestershire - £8,250

Aberystwyth - £9,000

Bangor - £9,000

Edinburgh - £9,000

Aberdeen - £9,000

Cambridge - £9,000

Oxford- £9,000

Bristol - £9,000

Liverpool- £9,000

Hull - £9,000

Lincoln - £9,000

Loughborough - £9,000

Manchester - £9,000

Tuition Fee Loan

Government Loan to cover the full cost of tuition fees whilst you are studying

Non-income assessed Paid directly to the university Increase replaces government funding

Student loan for living costs

Partly on basis of family income Maximum annual loan available:

Living at home: £4,375

Studying outside London: £5,500

Studying in London: £7,675

Paid direct to the student in three instalments per year To help pay for:

Rent Food Books & materials Travel Entertainment / leisure

Repayment of loans

Start repaying April after graduation only IF you earn above £21,000 (updated annually from 2016)

Collected ‘at source’ If earnings fall below £21,000 a year – between jobs, return

to study, parental leave – payments will stop Payments deducted directly from salary by employer All outstanding payments will be written off after 30 yrs. Repayments are set at 9% of income above £21,000 Interest rates are linked with inflation:

traditionally very low + 3%

credit card interest is between 15% & 35% and most store cards charge over 30%

Payments are more affordable than current system

SalaryFrom which 9% will be deducted

Repayment

£25,000 £4,000 £30

£30,000 £9,000 £67.50

£35,000 £14,000 £105

£40,000 £19,000 £142.50

£45,000 £24,000 £180

£50,000 £29,000 £217.50

£55,000 £34,000 £255

£60,000 £39,000 £292.50

Repayments made on 9% of income above £21,000

Currently a student earning £25,000 would be paying £74 per month

Proposed student loan repayment

Source: Department for Business, Innovation & Skills March 2011

Monthly repayments same whether loan for £6,000 or £9,000 per year.

How much will you repay (at actual prices)?

Starting salary Salary in 30 years

Total amount repaid

Will I fully repay it?

£10,000 £41,000 Nothing No

£15,000 £62,000 Nothing No

£20,000 £82,000 £14,000 No

£21,000 £86,000 £20,000 No

£25,000 £103,000 £43,000 No

£30,000 £123,000 £73,000 No

£35,000 £144,000 £103,000 No

£40,000 £165,000 £133,000 No

£45,000 £185,000 £108,000 Yes – 24 years

£50,000 206,000 £94,000 Yes – 21 years

www.moneysavingexpert.com

Living cost grant

Maximum of £3,250 per year Means-tested on family income Then sliding scale of amounts:

Income up to £25,000 = £3,250

Income greater than £42,000 = £0

Paid direct to the student in three instalments per year To help pay for:

Rent Food Books & materials Travel Entertainment / leisure

Household income

£25,000

£30,000

£40,000

£50,000

£62,500 plus

Maintenance grant

3,250 2,341 523 Nil Nil

Student loan for maintenance

3,875 4,330 5,239 4,788 3,575

Part-time work£7.00 x 15 hrs/pw

4,095 4,095 4,095 4,095 4,095

Total 11,220 10,766 9,857 8,883 7,670

Weekly income 39 weeks

287 276 252 227 196

NB: students from lower income families may also be eligible for university bursaries – maximum cash pay out of £1,000 per year, fee discounts may also be available

Examples of possible weekly term-time income based on 39 week accommodation contract period

Other Government Grants

Disabled Students Allowance: Helps disabled students meet additional study costs

Special Support Grant: Instead of Maintenance Grant if the student is on Income

Support or Housing Benefit

Child Care Grant Parent’s Learning Allowance Adult Dependants’ Grant Dance & Drama Awards Social Work Bursaries NHS Bursaries

All students eligible for £1,000 grant

Maintenance loan reduced in final year of study

additional allowances are available for disabled students and students with dependent adults and/or children

Apply through SFE for loan

NHS Funded – 30 week courses

If you will be studying and living:

Non-means tested grant

Means tested bursary (maximum)

Non-means tested maintenance loan

in London and living in student/rented accommodation/ your own home

During TERMTIME

£1,000 £3,128 £3,263

elsewhere in England (UK for medical and dental students) and living in student/rented accommodation/ your own home

During TERMTIME

£1,000 £2,591 £2,324

anywhere in England (UK for medical and dental students) and living with your parents

During TERMTIME

£1,000 £2,163 £1,744

All students eligible for £1,000 grant

Maintenance loan reduced in final year of study

additional allowances are available for disabled students and students with dependent adults and/or children

Apply through SFE for loan

NHS funded – 45 weeks

If you will be studying and living:

Non-means tested grant

Means tested bursary (maximum)

Non-means tested maintenance loan

in London and living in student/rented accommodation/ your own home

During TERMTIME

£1,000 £5,460 £3,263

elsewhere in England (UK for medical and dental students) and living in student/rented accommodation/ your own home

During TERMTIME

£1,000 £4,395 £2,324

anywhere in England (UK for medical and dental students) and living with your parents

During TERMTIME

£1,000 £3,351 £1,744

University of Brighton bursaries

Care leavers bursary: young people leaving local authority care

Widening access bursary: students from low income families who are from

neighbourhoods where fewer people than average go to university

Aimhigher bursary: students from local area previously participating in University of

Brighton or Aimhigher Sussex widening participation programme

Also bursaries for students from lower income families studying four year courses in architecture, pharmacy and teaching

University bursary

Total value two-year taught course

Total value three-year taught course

Total value four-year taught course

Care leavers £5,000 £7,000 £9,000

Widening access

£5,000 £7,000 £9,000

Aimhigher £4,000 £6,000 £8,000

Access to architecture

N/A N/A £4,000

Access to pharmacy

N/A N/A £4,000

Access to teaching

N/A N/A £4,000

Bursaries not paid during salaried industrial placement year.

University of Brighton bursaries

University of Brighton scholarships

Elite athletes scholarship: Bursary up to maximum of £1,500 per year

Sports / academic mentor

Talented sports performers scholarship: Financial assistance up to maximum of £500 per year

Access to sports coaches

Disabled athletes scholarship: Five bursaries at £1,000 each

Sports / academic mentor

University of Brighton Student Support Fund

Students apply for means tested support funds For those students in real need who do not meet

access bursary thresholds

Other funding

Scholarships - No national system – research with each university – very popular - awarded for various things

Merit

Means tested

Sporting abilities

local students

Sponsorship Charities

some charities and trusts offer financial help, but their eligibility rules vary. The Educational Grants Advisory Service (EGAS) provides information and advice on sources of funding through their Directory, helpline and website.

Applying for funding

Once the student has completed their UCAS from they register on line at:

www.direct.gov.uk/studentfinance

One application to assess eligibility for grants and loans

national insurance and passport (if they have one) number required

Apply spring of entry year Linked to UCAS application and gives useful information

about bursaries at chosen universities Deadline for completion - end of May to guarantee money

available for start of term.

Applying for funding

Once student completed, you, ‘the sponsor’, will be sent details of how to log on to Student Finance

Required to provide personal information about finances

Your son/daughter does not see any of this – it is totally confidential

Once completed send evidence of income to Student Finance England (usually P60)

You may fill in a paper from if you don’t have access to a suitable (ie private) computer.

Applying for funding

Student registers in person at beginning of term:

University confirms to SFE that student has enrolled

Money transferred to student bank account via BACS

Money paid in 3 instalments

Useful websites

www.brighton.ac.uk/money

www.direct.gov.uk/studentfinance

bursarymap.direct.gov.uk

www.moneysavingexpert.com

Special Support Grant

If you get or qualify for Income Support or Housing Benefit you may get the Special Support Grant instead of the Maintenance Grant.

The amount you can get through the Special Support Grant is the same as that available through the Maintenance Grant but it won’t reduce how much you get for your Maintenance Loan.

You are likely to qualify for the Special Support Grant if:

you’re a single parent

your partner is also a student

you have certain disabilities

The Special Support Grant doesn’t count as income when working out if you’re entitled to income-related benefits or tax credits.