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Student Funding – 2015 and beyond
Phil Bakstad Student Support Coordinator Student Advice and Wellbeing Services
•
How to apply for your funding
• Students commencing in September 2015 can apply for funding now!
www.gov.uk/studentfinance • Apply early – doesn't matter if you change your mind about going to university • Deadlines apply – end of May • Student Finance England will contact your parent(s) and then work out your household income and assess you eligibility and entitlement
www.gov.uk/studentfinance
Household income?
• The
gross
annual taxable income for the prior tax year for any parents or step parents the student may live with – Step parent includes parents’ partner – If prior tax year is not a true reflection of income (drop of 15% or more) then they will look at current year but you will still need to provide prior tax year information to show the drop – Part time wages of student do not count
Evidence Student
- Valid National Insurance number - Valid passport or proof of ID - Bank account details
Parent
- Details of household income - Valid National Insurance number
Independent Students –
evidence of circumstances (teacher’s letter etc)
Eligibility- set out in student support legislation
Not straightforward but is roughly based on: • Age – under 60 • Residency – broadly based on where you have lived before your course and if you have any restrictions on your stay in the UK • The course of study • If you have studied previously – regardless of where in the world that study was undertaken
Tuition fees/tuition fee loans
• In 2015, universities can charge tuition fees of up to £9,000 per year • Eligible students can have a non-means tested loan to cover all or part of their fees if they choose • Apply for this when you apply for your funding • Does not matter how much your parents earn • This will be paid to the University direct – not you • No need to pay upfront unless you want to • Important to quote the right fee when you apply for your funding
What will I live off when I am a student?
• Students normally live off a combination of grants and loans • You apply for everything via the gov.uk website • Don't forget you can supplement your income via part time work.
Maximum Maintenance Loans
• £5,740 for students living away from home • £4,565 if living in parental home • Oversees rate of loan for students on a year abroad • 35% means tested on household income • Paid to students in three instalments at the start of each term
Maintenance Grant
• £3,387 for students with a Household income below £25,000 • Partial grant if income between £25,001 and £42,620 • Paid to students in three instalments • Loan substitution applies to Maintenance Grant – loan reduced by £0.50 for every £1 of grant awarded
Financial Support by Household Income
Household Income Non repayable grant ≤ £25,000 £30,000 £3,387 £2,441 Repayable loan £4,047 £4,520 Non repayable LJMU Bursary £500 0 £40,000 £50,000 £60,000 > £62,143 £547 £0 £0 £0 £5,467 £4,998 £3,955 £3,731 0 0 0 0 Total £7,934 £6,961 £6,014 £4,988 £3,955 £3,731
• Childcare Grant – up to 85% of childcare • Parents Learning Allowance – for students with children • Adult dependant grant – for students that have an adult (normally a partner) that is financially dependant upon them • Travel grant – for years abroad • All grants are means tested
Disabled Students Allowance
• Applicable for those with a seen or unseen disability or ongoing health problem • Anything that affects your ability to study on a day to day basis • Equipment and/or support to ensure you are not disadvantaged • LJMU also have own provisions • Disability team – including mental health worker • Not means tested – based on need • Takes a while to sort out – so make sure you talk to the uni you plan to attend
Loan Repayment
• All loans added together – so only one monthly payment • Repayments start April after Graduation • Only once earning £21,000 • 9% of income over £21,000 • Deducted at source like Tax and National Insurance • Any outstanding loan written off after 30 years • Interest on the loans is charged from the day you take the loan out • Repayment will stop and start if your income goes up and down • Can be collected via other means if you go abroad for example
Annual Income Before Tax
£15,000 £16,000 £21,000 £22,000 £24,000 £30,000 £35,000 £40,000 £45,000 £50,000 Annual £0 £0 £0 £90 £270 £810 £1,260 £1,710 £2,160 £2,610 Monthly £0 £0 £0 £7.50
£22.50
£67.50
£105 £142.50
£180 £217.50
NHS funded students
• Doctors, dentists and vets – same as all other students for 1 st three years • Nurses, midwives, OTs, speech therapists etc have to make two funding applications • One for NHS bursary – this will also cover the tuition fees • One for your student loan (if you want one). Question on the application for the loan about being in receipt of a means tested NHS bursary.
• Timescales for this slightly different to other students: • Reduced Student Loan – NOW!
• NHS bursary – APRIL 2015
www.nhsbsa.nhs.uk/students
NHS Funding 2014
2014 Support for NHS students – 45 week academic year
Non means tested grant Means tested bursary (max) Non means tested maintenanc e loan Total support available (maximum) living in student/rented accommodation/own home £1,000 £4,443 £2,324 £7,767 living with parents £1,000 £3,395 £1,744 £6,139
Case Study
Single student aged 18 ( parents earning below £24,000) living away from home Non- Means tested Grant £1,000 Bursary £4,443 Student Loan £2,324 Total £7,767
Additional support from HEIs
Scholarships – given for excellence
May need to apply • Academic Excellence - £1,000 per year for course duration • Community Excellence - £1,000 per year for course duration • Vice Chancellors - £10,000 per year for course duration • Michael Brown Scholarships - £1,000 per year for course duration
How to apply for a scholarship at LJMU
• Application forms on the LJMU web by Jan 2015 • Also in Applicant Guide • Closing date end of May 2015 • Considered by a committee • Make sure you include references, photos, certificates etc. as this will be what the committee see
Bursaries
• Given because of circumstances – normally household income • Non repayable Paid on top of other funding • In most cases no need to apply – paid automatically but check • At LJMU we pay £500 to those with an income below £25,000 • Check uni websites for criteria
Support for care leavers
• Most HEIs are keen to support anyone that has been in care before coming to University • Support may be through things such as additional finances or a mentor • The support is confidential – so tutors etc. will not find out • John Lennon Imagine Awards at LJMU
• Accessing money is one thing but managing it is the challenge for most new students • Be clear about what funding is available and how this equates to living costs (incl. accommodation) • Draw up a budget and try to stick to it!
• Don’t be afraid to speak to Student Services