Transcript Student Finance 2014-2015 - Oxford Brookes University

STUDENT FINANCE
Ali Chandler
Schools and Colleges Liaison
MAIN TOPICS
 What are the costs?
 How will students pay for it?
 What are the repayments?
OFFA
 Office for Fair Access (OFFA) proposal written
April 2014
 OFFA Agreements confirmed July 2014
Check university website for details
WHAT ARE THE COSTS?
Two main costs:
 Tuition Fees
 Living Costs
TUITION FEES
£6,000 - £9,000 per year (2014 entry)
(Check individual universities and courses for details)
Oxford Brookes University
£9,000 per year
(Undergraduate degrees taught at Oxford Brookes)
FOUNDATION DEGREES
Foundation degree costs may differ to onsite degrees
Oxford Brookes University
£6,000 per year / £7,000 per year for top up year
(Foundation/Bachelor degrees taught in
Further Education Colleges)
LIVING COSTS
HOW WILL STUDENTS PAY FOR IT ALL?
LOANS
Non-Repayable
Sources
Tuition fee loan
Maintenance Grant
Maintenance loan
Bursaries
Scholarships
HOW WILL STUDENTS PAY FOR IT ALL?
LOANS
Non-Repayable
Sources
Tuition fee loan
Maintenance Grant
Maintenance loan
Bursaries
Scholarships
TUITION FEE LOAN
£6,000 - £9,000 per year (2014 entry)
Tuition fee
available to all
Fees are paid
directly to the
university
MAINTENANCE LOAN
To help pay for living costs
All full-time UK students eligible
(for 65%)
Means-tested
(35%)
MAXIMUM MAINTENANCE LOAN
ALLOWANCE
Students living at
home with parents
Up to £4,418
Students living away
from home
(Outside of London)
Up to £5,555
Students living away
from home
(Studying in London)
Up to £7,751
HOW DO THE LOANS WORK?
Loans combined into one amount
Repayments start:
• April after the course finishes
• Student earning at least £21,000 per year
Inland
Revenue
Interest
Rates
Loan
wiped after
30 years
REPAYMENTS
Repay tuition fee and maintenance loan at:
9% of income over £21,000
Salary
Repayment
Up to £21,000
No repayment
£24,000
£22 per month
£30,000
£67 per month
£40,000
£142 per month
PAYSLIP
Name
Mr. A. Non
Pay Date
28th April
NI number
NI12345A
Tax Code
AB12
Earnings
Salary
Deductions
£2,083.33 Tax
National Insurance
Total Pay
£292.08
£177.72
Student Loan
£30.00
£2,083.33 Total Reductions
£499.80
Net Pay
£1,583.53
HOW WILL STUDENTS PAY FOR IT ALL?
LOANS
Non-Repayable
Sources
Tuition fee loan
Maintenance Grant
Maintenance loan
Bursaries
Scholarships
MAINTENANCE GRANT
Payment up to £3,387 per year
(means-tested – not all are eligible)
Household Income
Grant allowance
Up to £25,000
Full Grant
£25,001 - £42,620
Partial Grant
£42,620 +
No grant
Household
Income
Maintenance
Loan
Maintenance
Grant
Total Available
£25,000 or less £3,862
£3,387
£7,249
£30,000
£4,335
£2,441
£6,776
£35,000
£4,808
£1,494
£6,302
£40,000
£5,282
£547
£5,829
£42,620
£5,530
£50 (min)
£5,580
£45,000
£5,341
£0
£5,341
£50,000
£4,836
£0
£4,836
£55,000
£4,331
£0
£4,331
£60,000
£3,826
£0
£3,826
Over £62,132
£3,610
£0
£3,610
APPLICATION NOT DEPENDENT ON
HOUSEHOLD INCOME
 Applying for:
o Tuition Fee loan and
o Basic maintenance loan (non means-tested)
 Student can fill in application without parental information
APPLICATIONS DEPENDENT ON
HOUSEHOLD INCOME
Before starting online application, the following
information is needed:
 Passport (do not send) OR Birth Certificate
 University and Course details
 Bank account details
 National Insurance number; and
 Parent’s or partner’s National Insurance number and income
details (parents must also register)
Applications cannot be processed until all information given
APPLYING FOR STUDENT FINANCE
1
Fill in and send application online:
www.gov.uk/studentfinance
2
Application assessed
3
Student Entitlement and Declaration
letter sent
4
The student will not receive instalments
until they have enrolled with a university
BURSARIES AND SCHOLARSHIPS
Cash
bursaries
Fee
waivers
University specific
financial packages
Halls
discount
Check university
websites for details
OXFORD BROOKES UNIVERSITY
FINANCIAL SUPPORT (2014 ENTRY)
Oxford Brookes Bursary
Up to £4,000
Community Scholarship
£1,000
(for Oxfordshire state schools and
colleges only)
(1st year only)
Transition from Care Bursary
Up to £2,000
Free Brookes Bus Pass
(If paying £9,000
tuition fees)
Mandatory Field Trips
Included in
course fee
NHS AND SOCIAL CARE COURSES
 Tuition paid in full
(Nursing, Midwifery, Occupational Therapy, Operating
Department Practice and Physiotherapy)
 Grant and Loan (non-means tested)
 Bursary (means tested)
Social Care
http://www.nhsbsa.nhs.uk/Students/825.aspx
OTHER HELP
Access to Learning Fund
(One off-payment)
Disabled Student Allowance
www.direct.gov.uk/studentfinance
Processed by Student Finance England
Student Services can help
Support available for dyslexic students
Other
sources of
income
EXTRA INCOME
EXTRA INCOME
Student Account
Overdraft
Credit Card
HOW TO SAVE MONEY!
 NUS Card
 Bulk Buy
 Value Food
 Mobile Phone tariff
 16 – 25 Railway Card
INCOME
WEEKLY EXPENDITURE (£)
Student loan
Rent
Maintenance grant
Household bills
Wages: part-time work
Food
University bursary
Day-to-day essentials
Parental contribution
Travel
Other
Books & equipment
Social
Telephone
Laundry
Contents Insurance
TV Licence
Miscellaneous
TOTAL
TOTAL
INCOME
WEEKLY EXPENDITURE (£)
Student loan
Rent
109.50
Maintenance grant
Household bills
10
Wages: part-time work
Food
35
University bursary
Day-to-day essentials
5
Parental contribution
Travel
5
Other
Books & equipment
10
Social
30
Telephone
7.50
Laundry
1
Contents Insurance
2
TV Licence
0.5
Miscellaneous
5
TOTAL
220.50
TOTAL
INCOME
WEEKLY EXPENDITURE (£)
Student loan
101.97
Rent
109.50
Maintenance grant
85.50
Household bills
10
University bursary
23.68
Food
35
Wages: part-time work
Day-to-day essentials
5
Parental contribution
Travel
5
Other
Books & equipment
10
Social
30
Telephone
7.50
Laundry
1
Contents Insurance
2
TV Licence
0.5
Miscellaneous
5
TOTAL
220.50
TOTAL
211.15
BENEFITS
April 2011, National Statistics
It’s your choice!
It opens
doors
Meet new
people
Learn new
skills
Gain a
qualification
More
employers
require you
to have a
degree
On average,
graduates
will earn
more than
nongraduates
HELPFUL INFORMATION
www.unipodadvice.com
www.twitter.com/brookesstudents
www.facebook.com/brookesstudents
USEFUL WEBSITES
Government:
www.gov.uk/studentfinance
Student Room:
www.thestudentroom.co.uk/studentfinance
Brookes:
www.brookes.ac.uk/studying/finance
NHS:
www.nhsbsa.nhs.uk/students
(NHS and Social Care courses)
Any
Questions?