Student Funding 2013 & Beyond

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

Tuition fees• Universities can charge between £6,000 - £9,000 each

year for their 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 £3,354 (means tested)

- you don’t pay this back- full grant up to £25,000 – partial grant up to £42,600

• Maintenance loan - partially means tested- £3,575+ (living away from parental home rate)

- £2,843+ (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 2013 Living away from home outside London

All students should have access to around £5,500

20k

£1,000

£2,000

£3,000

£4,000

£5,000

£6,000

£7,000

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

Student Funding 2013 Living away from home outside London

£25K

Maintenance Loan (£3,823)

Maintenance Grant (£3,354)

20k

£1,000

£2,000

£3,000

£4,000

£5,000

£6,000

£7,000

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

Student Funding 2013 Living away from home outside London

C42.6K Maintenance Loan Maintenance Loan

Maintenance Grant Maintenance Grant

20k

£1,000

£2,000

£3,000

£4,000

£5,000

£6,000

£7,000

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

Student Funding 2013

Maintenance Loan Maintenance Loan

Maintenance Grant Maintenance Grant

Parental Contribution

Money for living costs• National Scholarship Programme

– Targeted package of funding worth a minimum of £3,000– Every university will have a different scheme and details

are available on university websites• Bursaries and Scholarships• Fee waivers• Discounted accommodation• Free foundation year

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

How to applyApply to Student Finance England at www.sfengland.slc.co.uk

NHS funding 2012

NHS Funding• 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 £4,395 for

45+ weeks living away from parents

– Up to £3,351 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 earn

over £21,000 per year• Low monthly repayments• Outstanding debt written-off after 30 years

10k

15k

18k

20k

30k

If you earn less than £21,000

Percentage of income0%

Monthly repayments£0

Weekly repayments

£0

Student loan repayments

10k

15k

18k

20k

30k

£22,000pa

9% of £1,000

Payback 9% of earnings above £21,000

Percentage of income£90 (0.41%)

Monthly repayments£7.50

Weekly repayments

£1.73

Student loan repayments

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

– Monthly gross income £2,500– Pension (6%) £150– Tax £345– National insurance £195– Net income £1,810– Student loan repayment £67.50 – INCOME £1,743.50

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

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

help with living costs • Students from households earning less than £42,600 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– Government services website– 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?