Student Funding – 2015 and beyond Phil Bakstad Student Support Coordinator Student Advice and...
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![Page 1: Student Funding – 2015 and beyond Phil Bakstad Student Support Coordinator Student Advice and Wellbeing Services.](https://reader034.fdocuments.in/reader034/viewer/2022051115/56649cac5503460f9496e0bc/html5/thumbnails/1.jpg)
Student Funding – 2015 and beyond
Phil BakstadStudent Support Coordinator
Student Advice and Wellbeing Services
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How to apply for your funding• Students commencing in September 2015 can apply
for funding now!• www.gov.uk/studentfinance • Apply early – doesn't matter if you change your mind
about going to university • Deadlines apply – end of May• Student Finance England will contact your parent(s)
and then work out your household income and assess you eligibility and entitlement
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Household income?• The gross annual taxable income for the prior
tax year for any parents or step parents the student may live with– Step parent includes parents’ partner – If prior tax year is not a true reflection of income (drop of
15% or more) then they will look at current year but you will still need to provide prior tax year information to show the drop
– Part time wages of student do not count
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Evidence
Student
- Valid National Insurance number
- Valid passport or proof of ID
- Bank account details
Parent
- Details of household income
- Valid National Insurance number
Independent Students – evidence of circumstances (teacher’s letter etc)
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Eligibility- set out in student support legislation
Not straightforward but is roughly based on:
• Age – under 60• Residency – broadly based on where you have lived
before your course and if you have any restrictions on your stay in the UK
• The course of study• If you have studied previously – regardless of where
in the world that study was undertaken
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Tuition fees/tuition fee loans
• In 2015, universities can charge tuition fees of up to £9,000 per year
• Eligible students can have a non-means tested loan to cover all or part of their fees if they choose
• Apply for this when you apply for your funding• Does not matter how much your parents earn• This will be paid to the University direct – not you• No need to pay upfront unless you want to• Important to quote the right fee when you apply for
your funding
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What will I live off when I am a student?
• Students normally live off a combination of grants and loans
• You apply for everything via the gov.uk website
• Don't forget you can supplement your income via part time work.
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Maximum Maintenance Loans
• £5,740 for students living away from home• £4,565 if living in parental home• Oversees rate of loan for students on a year
abroad• 35% means tested on household income• Paid to students in three instalments at the start of
each term
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Maintenance Grant
• £3,387 for students with a Household income below £25,000
• Partial grant if income between £25,001 and £42,620
• Paid to students in three instalments• Loan substitution applies to Maintenance Grant
– loan reduced by £0.50 for every £1 of grant awarded
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Financial Support by Household Income
Household Income
Non-repayable grant
Repayable loan
Non repayable LJMU Bursary
Total
≤ £25,000 £3,387 £4,047 £500 £7,934
£30,000 £2,441 £4,520 0 £6,961
£40,000 £547 £5,467 0 £6,014
£50,000 £0 £4,998 0 £4,988
£60,000 £0 £3,955 0 £3,955
> £62,143 £0 £3,731 0 £3,731
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• Childcare Grant – up to 85% of childcare• Parents Learning Allowance – for students with
children• Adult dependant grant – for students that have
an adult (normally a partner) that is financially dependant upon them
• Travel grant – for years abroad• All grants are means tested
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Disabled Students Allowance• Applicable for those with a seen or unseen disability
or ongoing health problem• Anything that affects your ability to study on a day to
day basis• Equipment and/or support to ensure you are not
disadvantaged• LJMU also have own provisions• Disability team – including mental health worker• Not means tested – based on need• Takes a while to sort out – so make sure you talk to
the uni you plan to attend
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Loan Repayment• All loans added together – so only one monthly
payment• Repayments start April after Graduation• Only once earning £21,000• 9% of income over £21,000• Deducted at source like Tax and National Insurance• Any outstanding loan written off after 30 years• Interest on the loans is charged from the day you take
the loan out• Repayment will stop and start if your income goes up
and down• Can be collected via other means if you go abroad for
example
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Annual Income Before Tax
Annual Monthly
£15,000 £0 £0
£16,000 £0 £0
£21,000 £0 £0
£22,000 £90 £7.50
£24,000 £270 £22.50
£30,000 £810 £67.50
£35,000 £1,260 £105
£40,000 £1,710 £142.50
£45,000 £2,160 £180
£50,000 £2,610 £217.50
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NHS funded students• Doctors, dentists and vets – same as all other
students for 1st three years• Nurses, midwives, OTs, speech therapists etc
have to make two funding applications• One for NHS bursary – this will also cover the
tuition fees• One for your student loan (if you want one).
Question on the application for the loan about being in receipt of a means tested NHS bursary.
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• Timescales for this slightly different to other students:-
• Reduced Student Loan – NOW!• NHS bursary – APRIL 2015
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2014 Support for NHS students – 45 week academic year
Non-means-tested grant
Means-tested bursary (max)
Non-means-tested maintenance loan
Total support available (maximum)
living in student/rented accommodation/own home £1,000 £4,443 £2,324 £7,767
living with parents£1,000 £3,395 £1,744 £6,139
NHS Funding 2014
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Case Study
Single student aged 18 ( parents earning below £24,000) living away from home
Non- Means tested Grant£1,000
Bursary£4,443
Student Loan£2,324
Total£7,767
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Additional support from HEIs
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Scholarships – given for excellence
May need to apply• Academic Excellence - £1,000 per year for course
duration • Community Excellence - £1,000 per year for course
duration• Vice Chancellors - £10,000 per year for course
duration• Michael Brown Scholarships - £1,000 per year for
course duration
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How to apply for a scholarship at LJMU• Application forms on the LJMU web by Jan 2015• Also in Applicant Guide• Closing date end of May 2015• Considered by a committee• Make sure you include references, photos,
certificates etc. as this will be what the committee see
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Bursaries• Given because of circumstances – normally
household income• Non repayable Paid on top of other funding• In most cases no need to apply – paid
automatically but check• At LJMU we pay £500 to those with an income
below £25,000• Check uni websites for criteria
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Support for care leavers• Most HEIs are keen to support anyone that
has been in care before coming to University• Support may be through things such as
additional finances or a mentor • The support is confidential – so tutors etc. will
not find out• John Lennon Imagine Awards at LJMU
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• Accessing money is one thing but managing it is the challenge for most new students
• Be clear about what funding is available and how this equates to living costs (incl. accommodation)
• Draw up a budget and try to stick to it!
• Don’t be afraid to speak to Student Services
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0151 231 3153 / 3154
www.ljmu.ac.uk/justask