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Undergraduate Funding from 2012 New, full-time students

Undergraduate Funding from 2012 New, full-time students. Contents Financial support from the Government (Loans & Grant) Loan Interest & Repayment Financial Support from the University Key Messages. Meeting costs of university – Government funding

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Undergraduate Funding from 2012 New, full-time students

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  1. Undergraduate Funding from 2012New, full-time students

  2. Contents • Financial support from the Government (Loans & Grant) • Loan Interest & Repayment • Financial Support from the University • Key Messages

  3. Meeting costs of university – Government funding • Two main costs: Fees and Living Costs • Three main strands of funding from the government to meet these costs: • Tuition Fee Loan • Living Costs Loan • Living Costs Grant

  4. Living Costs Funding (from the Government)

  5. Loan Interest • Interest is payable from day one • Interest charged at up to RPI + 3%: • Not in employment or earning below £21K after graduation – interest at RPI • Between £21K and £41K annual earnings, the interest rate that is applied (on a sliding scale) will be between RPI only and RPI + 3% • Earnings over £41K PA will attract interest of RPI + 3%

  6. Loan Repayment • Begins the April following graduation • Repayment direct from wages through PAYE • Repay 9% of income over £21,000 ONLY • Income drops below £21K PA repayments automatically stop • Student loan balances written off after 30 years

  7. Key Finance Support Messages – Government • No upfront payments for tuition fees • Loans and grants more generous for most • Repay only if you benefit financially from a degree: repayment threshold increased from £15K to £21K • Repayment threshold will rise annually after 2016 (previous threshold static at £15K) • Repayments can be seen as a finite ‘graduate tax’

  8. Our Financial Support – Automatic Funding • No application required • Awards available to students with an income of up to £42.6K • Worth up to £6k year 1 and £3k year 2 onwards • Choice of funding to receive: • Bursary • Partial Fee Waiver • University Accommodation Contribution • Part-funded by the National Scholarship Programme

  9. Non-Financial Support • Targeting those receiving automatic £6k award or those receiving non-automatic scholarships • Transition and Retention Activities: • Pre registration day • Regular meetings with staff • Social events for scholars • Employability: • Volunteering & paid work opportunities • Business mentoring

  10. Summary per year: • Help from the Government • Tuition fee loan: up to full cost of course • Maximum: £7,125 loan for living costs andgrant(2012 entrants living away from home) • Minimum: £3,575 loan for living costs (2012 entrants living away from home) • Help from the University & National Scholarship Programme • Up to £6,000 in year 1 and £3k per year in subsequent years (automatic) • Money paid as fee waiver or bursary or accommodation contribution • Scholarships (non automatic)

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