Transcript Slide 1

Financial help for students
entering higher education
Jackie Bryant
Money Adviser
www.worcester.ac.uk/moneyadvice
Help from Student Finance
Help with expenses whilst at university can be split into two
categories:
• Help with Tuition fees
• Help with living & study costs
2014/15 Tuition Fees
• Fees for students starting in 2014 set at £8900pa for most
full time undergraduate courses.
• Most Foundation Degree & HND courses delivered at
partner institutions will be between £6200 and £7680 (Some
may vary).
2014/15 Help with Tuition Fees
• Loans to pay tuition fees will be available to eligible full-time
and part-time students
• Cover whole tuition fee
• No income assessment involved
• Repayment of loans will not start until individuals are earning
over £21,000
Amount to be Repaid
• Once liable to repay the repayment rate is 9% on earnings
over £21000.
• Interest applied is Rate of inflation (RPI – Retail Price Index)
plus 3% while you are studying, and up until the April you
become liable to repay.
• Those earning less than £21,000 will only have the rate of
inflation added to loan (once ceased the course)
• Earning between £21,000 and £41,000 will have real interest
added on a sliding scale up to a maximum of the Retail Price
Index(RPI) plus 3%
• Earning over £41,000 have RPI plus 3%
2014/15 Help with living expenses
Full time undergraduates
• Maintenance Loan
• Max £5,555 if living away from parents’ home
• Max £4418 if living at home
• Only 35% is assessed on household income.
• Repayment under the same terms as the tuition fee loan.
2014/15 Help with living expenses
Full time undergraduates
Maintenance Grant /Special Support Grant
• Maximum of £3387 a year
• Maximum paid if household income under £25,000 a year.
• Reduced amount paid if income between £25,001 and
£42,620 a year
2014/15 Help with living expenses
Full time undergraduates
• If you are awarded a maintenance grant then your
maintenance loan is reduced by 50p for every £1
awarded.
• Special Support Grant does not reduce the
maintenance loan.
• Grant & Maintenance loan are paid in three
instalments
• Grant doesn’t have to be paid back
Treatment of Household Income
• Where financial assessment is required and a student is
under age 25 their parents’ income is usually taken into
account.
• If a student is over age 25 then their partner’s income is
used.
• Full-time student’s own income from part-time, vacation
work etc does not affect HE support.
Treatment of Household Income
Higher Education Student Finance –How You Are
Assessed And Paid
download from:
http://www.practitioners.slc.co.uk/resources/201415resources/guides.aspx#full-time
Full time
undergraduates
2014/15 Help for students with dependents
Full time undergraduates
Extra help includes:
• Parents’ Learning Allowance of up to £1,523 a year
• Childcare Grant up to 85% of childcare costs
Capped at £150.23 for 1 child, £257.55 for 2+
children
• Adult Dependants’ Grant of up to £2,668 a year
2014/15 - Part time students
• Non means tested tuition fee loan of up to £6750,
depending on actual tuition fees charged.
• In 2014/15 a 15 credit undergraduate module is set at
£1110.
• Repayable once the course is ended or after 3 years (if the
course will last over 3 years)
•
and
• once the student is earning over £21,000 PA
Disabled Students’ Allowances
• Available to Full time and Part time students
• Non-means tested help for students whose disability incurs
extra study expenses.
• The universities Disability & Dyslexia Service (01905
855531) can advise you on applications.
Applying to Student Finance
Full time undergraduates
• You can apply for funding over 12 months before you start
– as soon as UCAS application made. Try not to leave it
less than three to four months before you start.
• If you don’t apply within 9 months of the start of your course
you may lose your right to apply.
• Apply online at www.gov.uk/student-finance
Scholarships
Scholarships are financial awards that you don’t have to pay
back
www.worcester.ac.uk/your-home/scholarships
Scholarships
National Scholarship Programme
• Eligible first year home students who come from households with an income of
£25,000 or less will be awarded a £3,000 scholarship in the form of:
– A £2,000 fee waiver in the student’s first year – which means that your first year
tuition fee will be reduced by £2,000 in 2014/15.
– A £1,000 cash scholarship which will be paid in 3 instalments: £250 in
December, £250 in February, and £500 in May.
– pro-rata amount in the case of part-time students
• Fee waiver of £1000 for year 1 tuition fees to all eligible first year students in
receipt of a partial maintenance grant (residual income of between £25,000 and
£42,620)
ABB scholarship
•£1000 to eligible new students
Scholarships
.
Wychavon Scholarship - £500 for full time students from the Wychavon
Choral Scholarship – In partnership with Worcester Cathedral
Bosch Scholarships - £2,500 Scholarships are awarded for merit in year one of
business, computing and related subjects
Sports Scholarships - Offered in partnership with four of the region’s top sports
teams:
o Worcestershire County Cricket Club (WCCC)
o Worcester Hockey Club
o Worcester Wolves Basketball Club
o Worcester Warriors Rugby Club
Scholarships
Academic Achievement Scholarships
– £1000 to eligible undergraduate students after completion of their first and
second year of a degree course or first year of a Foundation degree or HND, on
the basis of their academic achievement.
– Automatically awarded to students with the best academic profiles across the
University.
.
University scholarships (Extra Curricular Activities)
– up to £1000, to assist students with extra curricular activities:
 Voluntary activities which are community based, either in the UK or abroad
 Activities related to a past-time or interest in which the student is involved
(e.g. music or some other arts-based area; elite sport)
Teacher Training (PGCE)
• Maintenance grant
•
• Maintenance loan
• Tuition fee loan
• Training Bursary for some subjects & dependent on
qualifications also some subject based scholarships
• Some subject based scholarships
• www.education.gov.uk/get-intoteaching/funding/postgraduate-funding
Nursing and Midwifery
Financial support and payment of tuition fees through NHS
Bursary Scheme:
• Non Means tested grant £1,000
• Means tested bursary maximum (courses 45 weeks or
more):
• £3395 (parental home), £4443 (elsewhere)
• Additional allowances for dependents etc.
• You must apply even if you only require tuition fee
assistance & non means tested grant.
www.nhsbsa.nhs.uk/Students/816.aspx
Nursing and Midwifery
• Non means tested maintenance loan from Student Finance
England:
• £1744 (parental home)
• £2324 (elsewhere)
• www.gov.uk/student-finance
Social Work Undergraduates
• Loans & Grants from student Finance England for all years
of study (subject to eligibility)
• Bursary in years 2 and 3 only (not in year 1):
 Non income assessed basic bursary (Including £862.50
fixed contribution towards placement travel costs (PTA)
 No additional allowances via the bursary
 Numbers of bursaries will be capped
 No guarantee that an applicant will be awarded a bursary.
 Those not awarded a bursary may still be able to receive
the fixed contribution to travel costs (PTA) in years 2 &3
only.
Social Work Postgraduate Bursaries
• Cap on numbers of bursaries available.
•
• Tuition fees paid (Up to £3996 for full time )
• Basic Grant of up to £3362.50 for a 52 week period
(including £862.50 Placement Travel Allowance)
• Additional means tested maintenance grant up to £2634
(52 weeks)
• Additional allowances for students with dependents,
disability etc.
www.nhsbsa.nhs.uk/Students/841.aspx
Access to Learning Fund
• Non-refundable help administered by the university to help
students in financial difficulty.
• Applicants must have taken out the full student loan
available to them.
• Amounts awarded range from £100 to £3,500.
• Priority is given to certain groups e.g. Students with children,
students with financial responsibilities, but all applications
are considered.
Tax Credits
• Apply to the HMRC
• Do not count student loan as income
• NB New Welfare Benefits – Universal Credit will replace Tax
credits for new applicants from Oct 2013 onwards.
Trust Funds and Charities
• Many of these are available to students.
• They can depend upon things like where you live, what you
are studying, what your parent’s occupation is and so on.
• Example of fundraising websites :
www.family-action.org.uk/educationalgrantssearch
www.turn2us.org.uk
Banks and Building Societies
• Student bank accounts offer interest-free overdraft facilities
of up to £2,000, if you have your student finance paid into
them.
• Find out how much they charge if you go over the agreed
amount and how soon you must clear the overdraft when
you graduate.
• Always avoid credit and store cards because of the high
interest rates charged.
Budgeting
• Use a budget sheet to keep an eye on spending
• Save some money before you come to university
• Don’t buy all the books on the list straight away
• Read the small print on contracts eg mobiles
Short-term Loans
If you have applied in good time but the first instalment of your
student loan is delayed and this is causing financial hardship
we may be able to arrange for you to have a short-term loan
to help until it arrives.
Sources of Information
• Firstpoint at the University
Tel: 01905 542551
email: [email protected]
• Student Finance England
Tel:0845 300 5090
www.gov.uk/student-finance