Transcript Centre for Learning Professional Development (CLPD)

Undergraduate Study
Fees and Finance
2013/14 entrants
Birkbeck, University of London
Widening Access and Retention Team
Aims of the session
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To provide an overview of the fees and funding for
courses starting in 2013
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To provide information on student loans and how
they are repaid
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To provide an overview of the financial support
Birkbeck has made available
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Help with next steps
You can afford to go to
university
Who is eligible for loans and what does it
cover?
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Undergraduate and Certificate of Higher
Education students who:
o
don’t already have an equivalent qualification
o
are studying at least 25% of a full time course or
modules worth 30 credit points
o
are Home and EU students
Course eligibility
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Courses must be of a certain type and be leading to
recognised higher education qualification:
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First degree (BSc, BA, BEd)
Certificate of Higher Education (Cert HE)
Foundation degree (FdA, FdSc, FdEng)
Higher National Diploma or Higher National Certificate
(HND/C)
Diploma of Higher Education (DipHE)
Postgraduate Certificate of Education (PGCE)
General Residency Requirements
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Settled status
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Ordinarily resident in England on the first day of
the first academic year of their course
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Been living in the UK for the three years
immediately prior to this date
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EU students who do not meet UK residency
requirements are eligible for tuition fee loan but
not the maintenance loan
Overview of the facts: borrowing
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Student Loans Company lend the requested
amount and pay the university/college directly
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No upfront fees for you to pay
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Tuition loan will cover the total fee for course
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Interest is charged on your loan while you’re
studying – first day of first term
Full time students (UCAS) only:
Maintenance loans and grants
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Maintenance Loans are available to cover living
costs and are paid directly to you.
•
Maintenance Grants are means tested so not
everyone will be eligible for them.
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Repayment: added to your tuition loan and the
same criteria applies
•
Not available to those over 60 years old
Full time studentsonly:
Maintenance loans and grants
65% Non
Means
Tested
35% Means
Tested
Maximum
Loan
Parental
Home
£2,843
£1,532
£4,375
Elsewhere
£3,575
£1,925
£5,500
London
£4,988
£2,687
£7,675
Overseas
£4,247
£2,288
£6,535
Full-Year
Student
Dependents Grants for FT students only
Childcare Grant (additional form – CCG1)
Based on 85% of actual registered/approved childcare costs up to
maximum of: £148.75 per week for one child £255 per week for two or
more children
Parents’ Learning Allowance
Help with course-related costs for students with dependent children.
Amount received will be between £50 and £1,508.
Adult Dependants’ Grant
Normally for the student’s partner. Can be for another adult who is
financially dependent on the student where the adult’s net income is not
more than £3,796 p.a. Maximum grant available: £2,642.
Disabled Students Allowance
• Help towards the additional costs that a student may face as a
result of their disability, mental-health condition or specific
learning difficulty.
• In addition to the standard student finance package
• Does not have to be repaid
• Is not affected by the household income
• Looks at the specific needs of the individual in relation to their
circumstances and studies
Part time students
• not entitled to a loan or grant towards living costs but can access
Disabled Students Allowance (DSA)
• PT students from a low-income household may get support
through the National Scholarship Programme
• Part-time students can usually still claim benefits that depend
on household income (means-tested benefits) such as; Incomebased Jobseekers Allowance, Housing Benefit, and Council Tax
Benefit if unemployed.
Overview of the facts: repayment
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Repay the April after leaving your course and only
when income is over £21,000
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9% of income over £21,000 is repaid
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The amount of interest you’re charged depends on
how much you earn
•
Loan is written off after 30 years; nothing to do
with your estate
Think of it as a tax ….
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Repayments depend on the size of your pay
packet after graduation, not on the size of your
loan
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Repayments stop the moment your earnings fall
below £21,000
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Repaid through the income tax system
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Does not go on credit files
Repaying your student loan
Income each year
before tax
Monthly salary
Monthly repayment
Up to £21,000 £1,750
£0
£25,000
£2,083
£30
£30,000
£2,500
£67
£35,000
£2,917
£105
£40,000
£3,333
£142
Birkbeck Financial Support
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Fee waiver is applicable to first 120 Credits of study
Cash bursary is annual, pro-rata to study
Fee waiver for courses with fee of £6,000 or above
You do not have to pay back the Birkbeck cash bursary
Apply during the enrolment process with Birkbeck
Household
income
Reduced Fees
Cash Bursaries
Less than £20k
Yes – up to
£3000
Yes – up to
£1000
£20k - £25k
No
Yes – up to
£1000
£25k +
No
No
Can you afford not to go to university?
University study is an opportunity to:
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Invest in your future
Gain new opportunities and life choices
Change your life
Build your career alongside study and be better
placed to get the job you want when you graduate
Resources
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Birkbeck’s overview of fees and funding:
www.bbk.ac.uk/fees
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Martin Lewis’ overview of the new fees system:
www.moneysavingexpert.com/students/student-loanstuition-fees-changes
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Government’s student finance pages:
http://www.direct.gov.uk/en/EducationAndLearning/Uni
versityAndHigherEducation/StudentFinance/index.htm
Monthly workshops:
• Career Workshops for HE Study and Finance
workshops
• Preparing for HE Study workshops
• Application Workshop (and online tutorial)
• Financing you studies in 2013 (and online tutorial)
More information and sign up to the workshops at
www.bbk.ac.uk/tryit
Birkbeck’s Open Evenings: