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Student Finance

Student Finance. Specific information for students who will be entering university in September 2015. Finance at University. Tuition Fees Living Expenses What could students get in 2015? How does repayment work? Additional Support

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Student Finance

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  1. Student Finance Specific information for students who will be entering university in September 2015

  2. Finance at University Tuition Fees Living Expenses What could students get in 2015? How does repayment work? Additional Support The University of Manchester Financial Support Packages Application process Where to get further information

  3. Martin Lewis explains the facts about student finance

  4. Tuition fees and living costs

  5. Tuition fees at the University of Manchester The University of Manchester will charge a headline fee of £9,000 per year to UK and EU undergraduates in 2015. Alongside this, the University has committed funds to help ensure that talented students have the opportunity to study at Manchester, regardless of background or ability to pay.

  6. Tuition Fee Loan Students do not need to find the money for fees up-front. Loans are available, regardless of household income, up to the maximum tuition fee amount of £9,000 Students start to pay the loan back once they have graduated and are earning above £21,000 Student Finance England pay the tuition fee loan directly to the University.

  7. Living Cost Support(Maintenance loan & maintenance grant) Maintenance loans and grants are available to help with living costs Some of the support students receive depends upon parental / household income, but not all of it – everyone can get some support. Loans have to be paid back Grants do not have to be paid back

  8. Living Cost Support(Maintenance loan & maintenance grant) A loan of up to £5,740 will be available to students if they live away from home and study at a university outside London A loan of up to £4,565 will be available if they live with their parents A loan of up to £8,009 will be available if they live away from home and study at a university in London The Maintenance Grant will be up to £3,387

  9. Living cost support • Every student is entitled to receive the non-means tested amount of maintenance loan • The non-means tested loan is 65% of the total and is available to all eligible students. This equates to £3,731 per annum • The means-tested loan is 35% of the total and is dependent on household income

  10. Estimated living costs 2013/2014 (based on a 40 week undergraduate year at The University of Manchester) • Accommodation (self catered halls) - £4,850 • Meals - £1,495 • Books & stationery - £415 • Clothes - £415 • Transport - £540 • Other general expenses - £1,540 • Total - £9,255

  11. Living Cost Support(Government Maintenance loan & maintenance grant – away from home and outside of London )

  12. NHS Funded Courses • NHS Bursary is available for eligible courses including Nursing, Midwifery, Speech and Language Therapy, Medicine/Dentistry fifth year onwards. • All students eligible for an NHS Bursary will have the full cost of tuition paid for that academic year and receive a £1,000 maintenance grant. • An additional maintenance bursary of up to £2,591 is available depending on the assessed level of household income. • A reduced rate of maintenance loan is available from Student Finance England.

  13. Additional Support Additional support is available if students have a disability or learning difficulty in the form of the Disabled Students’ Allowance (DSA). Details can be found at www.gov.uk/disabled-students-allowances-dsas Additional support is available if students have adults or children who are dependent upon them

  14. Equivalent Level Qualifications • Students who have previously completed a UG degree will not be able to qualify for government support to undertake a second UG degree. • There are exceptions to this for students studying a second degree in: Medicine Dentistry Veterinary science Architecture Social work Courses which attract an NHS bursary

  15. Part-time courses • There have been significant changes for part-time courses when compared with pre 2012 • Previously, tuition fees were paid up front • Most courses now will offer a loan (same as full-time) • There is no maintenance loan available – living costs are covered by the student. • Repayment of loan: If the student is earning over £21,000 a year, repayments begin in the April 4 years after the start of the course.

  16. Repayment

  17. Loan Repayment Students will not start paying back their loans until they earn over £21,000 per annum gross (£1,750pm) gross Students pay back 9% of what they earn above £21,000 They are eligible to start repayment the April after they leave / graduate (providing they earn over £21,000) Any outstanding debt is written off after 30 years

  18. Loan Repayment

  19. Repayment process Repayments increase with how much you earn, not how much you owe! Information provided by Student Finance England

  20. Interest on Student Loans Interest added will vary, depending on a students circumstances: During study until entering repayment Interest rate is: Retail Price Index (RPI) +3% Income Income below £21,000 Interest rate is: Set at RPI Only Income: £21,000 to £41,000 Interest rate is: RPI plus up to 3% Above £41,000 Interest rate is: RPI +3% The interest rate applied is updated once a year in September, using the rate of RPI from that March which is carried forward

  21. Early repayment There will be no penalty for early repayments of Student Loans It may make more financial sense to pay back in instalments Depending what a student earns, they may never pay back the full amount

  22. Getting a mortgage • A student loan is very unlikely to affect an individual’s ability to get a mortgage • Mortgage lenders usually take account of a person’s monthly gross income before any deductions

  23. The University of Manchester financial support

  24. The University of Manchester Financial Support We want to admit the most talented students, regardless of background or ability to pay. The University of Manchester is committed to providing support to students from lower income households. • Opportunity Manchester Scholarship • The Manchester Bursary • Foundation Year Bursary • Year abroad / Year in industry Bursary

  25. The Manchester Bursary Available to UK students registered on an undergraduate degree programme (excluding NHS funded programmes)

  26. Foundation Year Bursary Support for students enrolling on foundation ‘Year 0’ programmes in Medicine, Dentistry, Pharmacy, Life Sciences, Science and Engineering

  27. Financial support for students on a year abroad/year in industry

  28. Opportunity Manchester Scholarship Opportunity Manchester Scholarships of £1,000 per year will be awarded to students meeting either of the following criteria: a) They have successfully applied for a place at the University having completed The Manchester Access Programme (MAP) for local year 12/13 students or b) they are under the age of 25 and are currently or have been in public care for a minimum of three months These awards are generously supported by our alumni community

  29. Faculty and School awards Some Faculties and Schools have their own awards allocated on the basis of a variety of criteria: • EPS Entrance Scholarships • Externally funded scholarships (eg BP STEM Scholarships) • Endowment funds Details can be found at www.manchester.ac.uk/studentfinance

  30. Sport Manchester Scholarships Students competing at regional or national level may be eligible for support and funding through the SPORT Manchester Scholarship scheme. These awards can provide up to £500 towards training and competition expenses, a free annual gym pass and a range of other benefits. Details of the scheme can be found at www.sport.manchester.ac.uk/sport-scholarships

  31. Application process

  32. Application Process • Students do not need to have a confirmed place on a course before they submit an application for student finance • Students should be encouraged to apply EARLY • Applications usually open at the end of January/beginning of February of the academic year when the student will start university. E.g. January/February 2015 • The deadline for submitting student finance applications is 31st May • Parents should be encouraged to give consent to share financial information with university – speeds up allocation of scholarships and bursaries • Students will receive a reminder from Student Finance England to re-apply for support for the following academic year

  33. Budgeting whilst studying at University

  34. It is essential that students budget wisely whilst studying at University! • It’s affordable to enjoy your university experience • Your loan will be paid into your account at the beginning of each term. • A part-time job whilst studying at university can provide you with extra cash on a regular basis.

  35. Further Information University websites: www.manchester.ac.uk/studentfinance UMASS: http://www.umass.manchester.ac.uk/studentlife/budget/ Direct.Gov: www.gov.uk/student-finance www.direct.gov.uk/yourfuture MSE: http://www.moneysavingexpert.com/students/student-loans-tuition-fees-changes The Student Room: http://www.thestudentroom.co.uk UCAS: http://ucasonline.blogspot.co.uk/2013/03/student-finance-your-questions-answered.html Student Finance calculator: http://www.moneysavingexpert.com/students/student-finance-calculator Student Loan Company fact sheets: http://www.practitioners.slc.co.uk/resources/201415-resources/factsheets.aspx#parents & partners twitter.com/sf_england facebook.com/SFEngland

  36. Further resources

  37. Any questions?

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