Student Funding 2015 & Beyond

Sarah McLeodStudent Services

Agenda• Tuition fees• Money for living costs

– Grants, loans, bursaries, fee waivers etc.• NHS funding • Student loan repayments

– How this works– How much you could be expected to pay

University Tuition Fees• Universities can charge up to £9,000 each year for their

full time undergraduate degree courses• Tuition fee rates are available on university websites

All students can take a tuition fee loan each year so everyone can afford to study

Money for living costs• Maintenance grant up to £3,387 (means tested)

- you don’t pay this back- full grant up to £25,000 – partial grant up to £42,620

• Maintenance loan - partially means tested- £3,731+ (living away from parental home rate)

- £2,967+ (living in parental home rate)

10k 20k 30k 40k 50k 60k 70k

Household Income£1,000

£2,000

£3,000

£4,000

£5,000

£6,000

£7,000

Student Funding 2015 Living away from home outside London

All students should have access to around £5,740

20k

£1,000

£2,000

£3,000

£4,000

£5,000

£6,000

£7,000

10k 30k 40k 50k 60k 70k

Student Funding 2015 Living away from home outside London

£25K

Maintenance Loan (£4,047)

Maintenance Grant (£3,387)

20k

£1,000

£2,000

£3,000

£4,000

£5,000

£6,000

£7,000

10k 30k 40k 50k 60k 70k

Student Funding 2015 Living away from home outside London

C42.6K

Maintenance Grant

Maintenance Loan

20k

£1,000

£2,000

£3,000

£4,000

£5,000

£6,000

£7,000

10k 30k 40k 50k 60k 70k

Student Funding 2015

Parental Contribution

Maintenance Loan

Maintenance Grant

Additional Government Funding• Disabled Students Allowance (DSA’s)

– Specialist equipment allowance– Non-medical helpers allowance– General disabled students’ allowance– Extra travel costs

• Contact Disability Services– 01642 342277 or disability@tees.ac.uk

Money for living costs• Scholarship Schemes

– Every university has a different scheme and details are available on university websites. Each university has their own eligibility criteria:

• Who qualifies – grades, household income etc• What you can get – bursary, fee waiver etc• How to apply

Teesside Extra Scholarship• Cash bursary of up to £2,500• Achieve at least BBBs at A’level (or

equivalent)• Full eligibility criteria apply, please see the

website for further details

How to applyApply to Student Finance England: www.gov.uk/apply-online-for-student-finance

NHS Funding 2015/16

NHS Funding 2015/16• NHS funded students

– doctor or dentist (eligible for an NHS Bursary during the latter stages of their pre-registration training

– chiropodist (including podiatrist), dietician, occupational therapist, orthoptist, physiotherapist, prosthetist, and orthotist, radiographer, audiologist or a speech and language therapist

– dental hygienist or dental therapist – nurse, midwife or operating department practitioner (degree

course)

NHS fundingNon-repayable funding• Not means tested

– Payment of Fees– NHS Grant of £1,000

• Means tested– NHS Bursary up to £4,491 for

45+ weeks living away from parents

– Up to £3,439 living with parents

www.nhsbsa.nhs.uk

Repayable funding• Not means tested

– Apply to Student Finance England on PN1 form

– £2,324 (living away from home

– £1,744 (living at home)– You pay it back like everyone

else

How to apply • Apply online at www.nhsbsa.nhs.uk• Supplementary paper forms; DSA, Childcare• Re-apply yearly• Paid by equal monthly instalment until following

August

Loan repayments• Student loans are very different to commercial credit• Interest rate linked to inflation plus up to 3%• How much you pay depends on how much you earn• Nothing to pay until you have left education and have

an income above £21,000 per year• Affordable monthly repayments• Outstanding debt written-off after 30 years

10k

15k

18k

20k

30k

£28,000pa

9% of £7,000

Percentage of income£630 (2.2%)

Monthly repayments£52.50

Weekly repayments

£12.11

Student loan repayments

Loan repayment example• Graduate earning £30,000pa gross

– Monthly gross income £2,500– Pension (6%)£150– Tax £293– National insurance £191– Net income £1,866– Student loan repayment £67.50 – INCOME £1,798.50

Summary• You don’t have to pay anything until after you have left

education – everyone can afford to study• All full-time students can apply for a maintenance loan to

help with living costs • Students from households earning less than £42,620 will

also receive a non-repayable maintenance grant• Repayments are based on what you earn, not on what

you owe

Useful websites• Government services website

– www.gov.uk/student-finance– More information about funding

• University websites– Information about courses, bursaries, fee waivers etc.– www.tees.ac.uk

• Money Saving Expert– www.moneysavingexpert.com

ANY QUESTIONS?