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Student Funding 2015 & Beyond

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.

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Student Funding 2015 & Beyond

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  1. Student Funding 2015 & Beyond Sarah McLeod Student Services

  2. 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

  3. 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

  4. 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)

  5. Living away from home outside London Student Funding 2015 £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 40k 20k 50k 60k 70k

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

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

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

  9. 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

  10. 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

  11. 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

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

  13. NHS Funding 2014/15

  14. 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)

  15. NHS funding Non-repayable funding • Not means tested • Payment of Fees • NHS Grant of £1,000 • Means tested • NHS Bursary up to £4,443 for 45+ weeks living away from parents • Up to £3,373 living with parents 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 www.nhsbsa.nhs.uk

  16. 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

  17. 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

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

  19. 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

  20. 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

  21. 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

  22. ANY QUESTIONS?

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