Student Funding

For students from England who start in 2014

Previous Study

If you have studied in Higher Education before starting this course, we strongly recommend seeking specialist advice such as contacting our Money Advice Team because this can affect fees and funding entitlement.

The costs

• Tuition fees – Universities can charge up to £9000 fees • Living costs – Students need money for accommodation, course costs, travel, food and living expenses

Tuition Fee Support - 2014

Tuition Fee Loans

• Available to all eligible undergraduate students, available to both full-time and part-time students • Not income-assessed • Paid direct to university by Student Loans Company

Living cost support - 2014

•

Student maintenance loan for living costs

Living away from their parents’ home between £3,610 and £5,555 depending on household income • Living in their parents’ home between £2,871 and £4,418 depending on their household income

Living cost support - 2014

Non-repayable maintenance grant

• Students can get £3,387 grant where their household income is £25,000 or less • Partial grant to students where household income between £25,000 and £42,620

Other Support

• National Scholarship Programme • Extra help for students in special circumstances, e.g. students with a disability or with dependants • NHS and Social Work courses funded differently • Access to Learning Fund • Other university bursaries and scholarships • Charity and Trust funds • Welfare benefits

Living cost loan and grant

Household Income

£25,000 £30,000 £35,000 £42,875 £45,000 £50,000 Over £62,132 £0 £0 £0 £0

Non-repayable grant

£3,387 £2,441 £1,494

Living Cost Loan Total

£3,862 £4,335 £4,808 £5,555 £5,341 £4,836 £3,610 £7,249 £6,776 £6,302 £5,555 £5,341 £4,836 £3,610 Figures for students living away from home and outside London

Living cost loan and grant

Household Income

£25,000 £30,000 £35,000 £42,875 £45,000 £50,000 Over £58,195 £0 £0 £0 £0

Non-repayable grant

£3,387 £2,441 £1,494

Living Cost Loan Total

£2,725 £3,198 £3,671 £4,418 £4,204 £3,699 £2,871 Figures for students living at home and outside London £6,112 £5,639 £5,165 £4,418 £4,204 £3,699 £2,871

Living Costs

• Maximum Loan and Grant is £7,249 per year • £186 per week over 39 weeks academic year • To cover: – Accommodation – Course costs – Travel – Food – Socialising and university activities

Living Costs

Food and Household Rent Socialising Travel Other Course costs TOTAL Student Weekly Spending Annual Total over 39 weeks

£53 £103 £31 £36 £50 £25

£298 £11,622

From: NUS/HSBC Student Experience Report 2010, figures rounded

Maintenance Loan Maintenance Grant Part-time work TOTAL IN

Spending

Accommodation Food and household bills Travel Course costs Socialising Other TOTAL OUT

Student Budget

Maximum Student Finance Weekly

£99 £87 £103 £289

Weekly

£103 £53 £36 £25 £31 £50 £298

Annual

£3,862 £3,387 £4,024 £11,273

Annual

£4,017 £2,067 £1,404 £975 £1,209 £1,950 £11,622

National Scholarship Programme

• Students whose household income is below £25,000 will be eligible • Universities will set their own additional criteria which can be found in their access agreements • Leeds Met awards based on academic achievement.

• Students are assessed automatically if they have applied for funding from Student Finance England.

• See www.offa.org.uk

for Access agreements • And www.unistats.co.uk

for University Course data

Social Work and NHS Bursary

• At the moment there is extra support for Social Work and NHS courses.

• See www.nhsbsa.nhs.uk/Students for details about NHS and Social Work bursaries

Social Work

Currently paid in addition to other SFE funding • From 2013 no new undergraduate student starting a course will receive a bursary for their first year.

• Bursary is available from the second year of the course only • There is a cap which limits the number of bursary recipients • No guarantee that if you pass the first year of your course, you will receive a bursary • The government has not yet announced how much the bursary will be.

NHS Courses

The current package of support (which could change in 2014/15) will provide new students on NHS Courses with • fees paid by the NHS • a small non-means tested grant • a means tested bursary • a reduced rate non-means-tested loan

NHS Courses

A healthcare student on an eligible course of 45 weeks in duration and studying outside London can currently receive • a non-means tested grant of £1,000, • a means tested bursary of up to £4,395 • a non-means tested loan of up to £2,324 from Student Finance England • In total £7,719 for living costs per year

Loan Repayment – from 2016

Gross Salary

£25,000 £30,000 £35,000 £40,000 £45,000 £50,000 £55,000 £60,000

Salary over £21k from which 9% deducted

£4,000 £9,000 £14,000 £19,000 £24,000 £29,000 £34,000 £39,000

Monthly repayment

£30.00 £67.50 £105.00 £142.50 £180.00 £217.50 £255.00 £292.50

Think of it as a tax…

Like a tax: • It's repaid through the income tax system • You only pay if you earn over a certain amount • The amount paid increases with earnings • It does not go on credit files • Bigger borrowing doesn't increase repayments

Useful contacts & websites

Student Money Advice

www.leedsmet.ac.uk/moneyadvice

Student Finance England

Tel: 0845 300 50 90 www.gov.uk/studentfinance http://practitioners.studentfinanceengland.co.uk/

NHS and Social Work course

www.nhsbsa.nhs.uk/students

Money Saving Expert

www.moneysavingexpert.com

Any questions?

The accuracy of the guidance in this Powerpoint is based on the best information available at the time of writing. However, such information is subject to change, sometimes at short notice. Be aware that the Powerpoint may be misleading if used in isolation. Whilst care has been taken to ensure that all information is correct, the Leeds Met Student Money Advice service does not accept responsibility for errors, omissions or inaccuracies 14/06/2013.