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Financing studies at Durham 2012/13

Financing studies at Durham 2012/13. Neville Hallam Deputy Head Student Immigration and Financial Support Office Office Contact Details T: 0191 334 6116 E: financialsupport.undergraduate@durham.ac.uk June 2011. 01-1/1. Going to University. Why Durham University

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Financing studies at Durham 2012/13

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  1. Financing studies at Durham 2012/13 Neville Hallam Deputy Head Student Immigration and Financial Support Office Office Contact Details T: 0191 334 6116 E: financialsupport.undergraduate@durham.ac.uk June 2011 01-1/1

  2. Going to University • Why Durham University • How much will a degree cost? • What income is available? • How to apply for financial support? • How to manage financially? • How do loan repayments work? • What help is available? • Durham Student’s Union 02-1/1

  3. Why Durham University? 03-1/4

  4. Why Durham University? 98% completion rate, highest in UK 57% of graduates found work and 29% or went on further study (86% of 2010 graduates) 79% of students achieved 1st Class or 2:1 degrees in 2010 24th globally for employer reputation 04-2/4

  5. Why Durham University? 05-3/4

  6. Why Durham University? 06-4/4

  7. How much will a degree cost? • There two types of cost to be considered: • Up-front/Concurrent costs • Deferred costs 07-1/5

  8. Up-front/Concurrent Costs Durham colleges have a 38 week room letting policy (3 terms + Christmas and Easter Vacations) Students are guaranteed a place in college managed accommodation for the first year; generally live out in the second and can apply to return to college accommodation in the third year. 2012 prices will be published in October 2011 08-2/5

  9. Up-front/Concurrent Costs Estimated average weekly expenditure of £238 for a student in Durham during 2010/11 for living and course costs.i.e. £9044 for a 38 week academic year • “Living and Course Costs” include: • Fees other than Tuition Fees, accommodation, food,books and equipment, photocopying and printing, utilities, laundry, insurance, clothing, travel, leisure. There are extra costs for some students e.g. students with dependants or disabilities, or significant extra-curricular activities such as sport, music etc.. We would expect living costs for 2012/13 to be around £9800 09-3/5

  10. Deferred Costs • Durham University is charging tuition fees of £9,000 for the academic year 2012/13 (as are two-thirds of Universities). • The Government offers Tuition Fee loans which will pay these fees directly to the University. Money for these fees is not required upfront, and eligibility is not means-tested. • Loan repayments are deferred until after graduation, and will not commence until the graduate is earning over £21,000 10-4/5

  11. How much will a degree cost? Estimates for the academic year 2012/13 Including both upfront & deferred costs Course and Living Costs £9,800 Tuition Fees £9,000 Year One, total approx. £18,800 11-5/5

  12. What income is available? Maintenance Grant Maintenance Loan National Scholarship Programme, Durham Grant Scheme Vice-Chancellor’s Scholarships Other Scholarships Allowance and Benefits Parental Contributions, Part-time Employment Tuition Fee Loan 12-1/17

  13. Maintenance Grant • Up to £3,250 for 2012/13. • Actual amount depends on Household Income Maximum if < £25,000, less than max if £25,000-£42,600 • Paid to you in three termly instalments. • Non-repayable. 13-2/17

  14. Maintenance Loan • Up to £5,500 per year living away from home (£4,375 at home). • You can apply for 65% of the maximum maintenance loan without household income being assessed (i.e. £3,575). • Paid out in three termly instalments. • You only start repaying it when you start earning over £21,000. 14-3/17

  15. What income is available? 15-4/17

  16. What income is available? Department for Business, Innovation and SkillsDocument 10-1259 16-5/17

  17. National Scholarship Programme NSP is a national (England) scheme being introduced from 2012/13 in conjunction with the change in tuition fees. £50 million in 2012/13 rising to £150 million by 2014/15. No one with a declared income over £25k (eligibility for a full grant) will be eligible but receipt of a full grant does not represent an entitlement to NSP. (i.e. It depends upon the particular university’s scheme) Each eligible student will receive a benefit of not less than £3,000. * * * Department for Business, Innovation and SkillsDocument 11-730 17-6/17

  18. National Scholarship Programme At Durham, the National Scholarship Programme will be administered through the “Durham Grant Scheme” 18-7/17

  19. Durham Grant Scheme 2012 The full details of the Durham Grant Scheme (DGS) in 2012 are still being finalised. However it is likely that it will consist of two support packages similar too: Household income less than £25,000This would be the method of administering the NSP, and provide support of £3,000 a year. Household income between £25,000-£42,600Providing support of £1,000 a year Support would be in the form of discount on college costs and or money. The DGS would apply to all home nation students*. * Does not include CI or IoM 19-8/17

  20. Vice-Chancellor’s Scholarships For 2012 current proposals are to offer a minimum of 25 Vice-Chancellor’s scholarships for the Sport, Music and the Arts, each worth £2000 per year, renewable yearly subject to satisfactory progress. Vice-Chancellor’s scholarships for Academic Excellence are also currently awarded for specific subject areas, also for £2000 per year. http://www.dur.ac.uk/study/undergraduate/finance/afford/vc/ 20-9/17

  21. Other Scholarships Robert Young Scholarship Robert Young, a local entrepreneur and County Durham councillor has established an annual Scholarship worth up to £10,000 per year for state educated students from eligible County Durham postcodes and household income. Eligibility and the application procedures for 2012 will be posted during May 2012 www.dur.ac.uk/study/undergraduate/finance/afford/young/ 21-10/17

  22. Other Scholarships Choral and Organ Scholarships Durham University, in conjunction with Durham Cathedral offer a number of prestigious Choral Scholarships between £1,515 -£2,125. Choral Scholars are required to play an active part in the musical life of Durham Cathedral as detailed in the General Information about the scholarships. The deadline for applications will be during January 2012 www.dur.ac.uk/study/undergraduate/finance/afford/choral/ 22-11/17

  23. Other Scholarships Dangoor Scholarships Available to UK residents who are eligible for the maintenance grant and who are studying specific (science based) programmes College and Departmental Administered Scholarships and Bursaries The Colleges and Departments have many (generally smaller) scholarships and bursaries which have usually been established by alumni for specific objectives or achievements. 23-12/17

  24. Benefits and Allowances As a general rule students are not eligible for benefits or allowances, but exceptions do exist, e.g. Disabled Students Allowance • To help with costs incurred as a result of a physical or mental disability, a progressive medical condition or a specific learning difficulty. • Up to about £30,000 per year. • Not means-tested. • Can pay for a non-medical helper, equipment or travel and other allowances. • Non-repayable. 24-13/17

  25. Parental Contributions Parental Contribution and/or Household Income Some parents are able to make contributions to assist students, this can be in the form of regular payments, or assistance in vacations or for one-off costs such as dissertation costs for example. Even where such assistance is not possible, parents can still help by permitting the sharing of household income data during the Student Loans application process. Without this information the NSP/DGS processes cannot operate. 25-14/17

  26. Part-time/Vacation Employment Careers, Employability and Enterprise Centre The University’s CEEC provides services to undergraduates looking for part-time posts and vacation posts, as well as assisting final year students and graduates looking for work. Other opportunities may also be available within the city or the student’s home town 26-15/17

  27. Tuition Fee Loan (again) Deferred Cost • Up to £9,000 per year. • Not means-tested. • Not compulsory. • Paid directly by the Student Loans Company to the University. • You only start repaying it (combined with any maintenance loans) when you start earning over £21,000. • Repayments based on 9% of income, therefore £25K = £360 per year 27-16/17

  28. What income is available? Information for costs and sources of income are still being finalised for 2012 so keep an eye on www.dur.ac.uk for updated details 28-17/17

  29. How to apply for financial support? Apply for your Tuition Fee Loan, Maintenance Loan, Maintenance Grant and any other statutory support for which you are eligible through Student Finance England. You and your parent(s) will need to complete the secure online form at www.direct.gov.uk/studentfinance The application process will begin in “Late 2011”and you must submit your application by the deadline to guarantee funding for the start of the academic year. The deadline is likely to be in May 2012. 29-1/2

  30. 30-2/2

  31. How to manage financially? If you remember one thing…plan your student finances in advance, make a budget and then stick to it. You will be able to make the most of your time at university without the stress of worrying about your financial situation. 31-1/5

  32. How to manage financially? • Investigate – the University’s student finance website, www.dur.ac.uk/study/undergraduate/finance/www.nus.org.uk/en/Advice/Money-and-Funding/, www.thestudentroom.co.uk/, whilst doing the weekly shop, Open Days and Campus Tours, talk to friends and family. • Calculate – set a budget. • Maintain – get on-line banking, keep receipts and cash withdrawal slips, review your expenditure once a week, don’t bury your head in the sand! 32-2/5

  33. How to manage financially? Set a budget • Calculate your Income and Expenditure for the academic year (38 weeks) to work out how much you have to spend on Essential and Luxury items each week. • If there is a shortfall, how will you reduce it? Can you increase your income? Can you reduce your expenditure? • Be realistic, and don’t forget to allow for unexpected costs. 33-3/5

  34. How to manage financially? • Rent • Food • Utility bills (water, gas, electricity) • Contents Insurance • 5. Toiletries, transport, stationery / equipment. • Check university finance pages for estimates of university and • private rental accommodation costs. Once you have budgeted for your essential items you can then calculate how much you will have each week to spend on luxury items such as: Mobile, clothes, leisure, CDs/DVDs, holidays 34-4/5

  35. How to manage financially? Look out for discounts: 1/3 off rail fares with a Young Persons Railcard and NUS card money off at shops, cinemas and events. Don’t buy all the books on the reading list – make use of the free libraries and computer services. Look out for second hand textbooks. Why not investigate pay monthly phone deals with free texts and inclusive talk minutes or stick to a fixed weekly pay as you go budget. When planning your leisure activities consider joining one of the Student Union societies or using the university’s sporting facilities which are much cheaper than commercial gyms. Don’t forget you need a TV Licence or cash for birthday cards, and photocopying for example. 35-5/5

  36. How do loan repayments work? • You only start to repay your student loans once you are earning over £21,000. • You repay 9% of your income above £21,000, so if you were earning £25,000 you would repay 9% of £4,000 which is £360 per year or £30 per month. • Interest is applied at RPI +3% while you are studying. • Interest is applied at the rate of inflation if you earn less than £21,000. • Interest is applied from RPI to RPI +3% if you earn between £21,000 and £41,000. • Interest is applied at RPI +3% if you earn more than £41,000. 36-1/2

  37. How do loan repayments work? • Loan repayments will be deducted from your salary, normally through the tax system. • If you have not repaid your loan within 30 years it will be written off. • Your loan will not affect your credit rating. • Your loan will not affect your application for a mortgage. 37-2/2

  38. What help is available? • Your College: at Durham our unique College system means you always have someone to talk to one-to-one about any financial worries you might have. • Access to Learning Fund and University Hardship Fund: are for students who find themselves unexpectedly in financial hardship. Awards are strictly means tested and the value of the award depends on individual circumstances. For 2010/11, these funds had a total value of approx. £230,000 38-1/3

  39. What help is available? • DSU (Durham Students Union): has an excellent Advice Centre with staff who will be able to help you with budgeting and other financial matters. 39-2/3

  40. Sarah Elliot Head of Durham Student Union Members’ Services 40-3/3

  41. Thank you Any Questions? financialsupport.undergraduate@durham.ac.uk dsu.advice@durham.ac.uk http://www.dur.ac.uk/student.finance/ 41-1/1

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