2015 & Beyond Sarah McLeod Student Services Agenda Tuition - PowerPoint PPT Presentation

Student Funding 2015 & Beyond Sarah McLeod Student Services

Agenda • Tuition fees • Non-NHS 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)

Living away from Student Funding 2015 home outside London £7,000 All students should have access to around £5,740 £6,000 £5,000 £4,000 £3,000 £2,000 £1,000 Household Income 10k 30k 20k 40k 50k 60k 70k

Student Funding 2015 Living away from home outside London £7,000 Maintenance Grant (£3,387) £6,000 £5,000 Maintenance Loan £4,000 (£4,047) £3,000 £25K £2,000 £1,000 10k 20k 30k 40k 50k 60k 70k

Living away from Student Funding 2015 home outside London £7,000 £6,000 Maintenance Grant £5,000 £4,000 £3,000 Maintenance Loan £2,000 C42.6K £1,000 10k 20k 30k 40k 50k 60k 70k

Student Funding 2015 Parental Contribution £7,000 £6,000 Maintenance Grant £5,000 £4,000 £3,000 Maintenance Loan £2,000 £1,000 10k 20k 30k 40k 50k 60k 70k

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 University Support Teesside Extra Scholarship 2014/15 • Cash bursary up to £2,500 • Predicted and/or achieve at least BBB at A’level (or equivalent) • Full eligibility criteria apply, please see the website for further details

How to apply Apply to Student Finance England: www.sfengland.slc.co.uk

NHS Funding 2014/15

NHS Funding 2014/15 • 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 funding Repayable funding Non-repayable funding • • Not means tested Not means tested – Apply to Student Finance – Payment of Fees England on PN1 form – NHS Grant of £1,000 – £2,324 (living away from • Means tested home – NHS Bursary up to £4,443 for – £1,744 (living at home) 45+ weeks living away from – You pay it back like everyone parents else – Up to £3,373 living with parents www.nhsbsa.nhs.uk

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

Student loan repayments £28,000pa 30k Percentage of income 9% of £630 (2.2%) £7,000 20k Monthly repayments 18k £52.50 Weekly repayments 15k £12.11 10k

Loan repayment example • Graduate earning £30,000pa gross – Monthly gross income £2,500 – Pension (6%) £150 – Tax £303 – National insurance £192 – Net income £1,855 – Student loan repayment £67.50 – INCOME £1,787.50

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 – www.sfengland.slc.co.uk – 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?