Financial Support for new full time UK undergraduates 2014/15

Student Financial Support Team Student Wellbeing Service

Introduction

• • • • For new full-time undergraduate students from England Overview of the main sources of funding available to help cover fees and living costs Cost of living estimates Useful contact details

Funding to help with Tuition Fees

• Newcastle University will be charging a tuition fee of

£9,000

per year for new undergraduates who start University in September 2014. •

Tuition Fee Loan

– available to all eligible students – not income assessed – paid directly to the University

•

Funding to help with living costs

Student Maintenance Loan

– maximum living at home

£4,418

– maximum living away from home

£5,555

–

65%

of the maximum loan is non-income assessed so all eligible students can receive this – remaining

35%

is income assessed – 3 instalments – maintenance grant

Household Income Assessment

•

Income assessed element of maintenance loan

– household income from

2012/13

tax year – ‘residual ’ household income • taxable income of each person who forms part of the household • make permitted deductions e.g. £1,130 for any child (other than the student) – current year income assessment

Repayment of Student Loans

• • • • • Start repaying from April after graduation if earning

£21,000

or more (before tax) If your income drops below £21,000 you stop repaying your loan Repay

9%

of your income over £21,000 – e.g. earning £25,000 would repay 9% of £4,000 which is £30 per month Repayments are taken directly from your salary After 30 years any remaining debt is written off

Interest Rate on Student Loans

• • Charged interest from the time you receive your first instalment until it is paid back in full The amount of interest varies and the actual interest also depends on the rate of inflation

Your income per year

While you are studying £21,000 or less £21,000 - £41,000 £41,000 or more

Interest rate on your loan

Rate of inflation + 3% Rate of inflation Varies between rate of inflation & the rate of inflation + 3% depending upon your income Rate of inflation + 3%

Funding to help with living costs

•

Maintenance Grant

– must apply for income assessed funding – maximum grant of or less

£3,387

if household income of £25,000 – partial grant if household income between £25,001 & £42,620 – not eligible if household income is more than £42,620 – paid to the student in 3 instalments at the start of each term & non repayable – for every £1 of grant awarded the loan is reduced by £0.50

Funding to help with living costs

•

Special Support Grant

– paid instead of Maintenance Grant – for those students who have an underlying eligibility to means-tested benefits such as Housing Benefit or Income Support – maximum SSG

£3,387

– does not affect the amount of Maintenance Loan entitlement

Total Loan & Grant Support (Elsewhere) Household Income Assessed Contribution (£) Maintenance Grant Maintenance Loan Total Grant plus Loan Support

£25,000 0

£3,387

£3,862

£7,249

£30,000 £35,000 £40,000 £42,620 £42,875 £45,000 £50,000 £55,000 £60,000 £62,132 £65,000 0 0 0 0 0 214 719 1,224 1,729 1,945 1,945 £2,441 £1,494 £547 £50 £0 £0 £0 £0 £0 £0 £0 £4,335 £4,808 £5,282 £5,530

£5,555

£5,341 £4,836 £4,331 £3,826 £3,610 £3,610 £6,776 £6,302 £5,829 £5,580 £5,555 £5,341 £4,836 £4,331 £3,826 £3,610 £3,610

•

Targeted Funding

Students with Dependants

– Parents’ Learning Allowance up to

£1,523

payable to students with dependent children.

– Childcare Grant up to

£150.23 p/w

for one child & up to

£257.55 p/w

for two or more children if you use registered or approved childcare – Adult Dependants’ Grant of up to

£2,668

for an adult who is financially dependent on you – amount payable will depend on the level of your household income.

•

Targeted Funding

Disabled Students

– Disabled Students’ Allowances to help cover the extra costs a student might incur as a result of a disability, long term illness, specific learning difficulty or mental health condition – non-income assessed

Allowance

Non-medical personal helper Major items of specialist equipment Other disability-related expenditure

Maximum Amount

£20,725 (per year) £5,212 (whole course) £1,741 (per year)

Applying for Funding

Students from

England:

 https://www.gov.uk/student-finance  0845 300 5090  Can apply now Students from

Wales:

 www.studentfinancewales.co.uk

 0300 200 4050  Usually apply from February Students from

Northern Ireland:

 www.studentfinanceni.co.uk

 0300 100 0077  Usually apply from February Students from

Scotland:

 http://www.saas.gov.uk/  0300 555 0505  Usually apply from April

Newcastle University Opportunity Scholarship

• New UK students

Household income at or below £25,000

– £3,000 cash bursary in year 1 – £2,000 cash bursary in years 2 and 3

Household income between £25,001-£35,000

– £1,000 cash bursary each year • • No separate application Paid in 3 instalments (Nov, Feb, Apr)

•

Newcastle University Access Scholarship £500 cash bursary

per year to any

UK

student who: – Has household income of

less than £42,600

– – – And who meets one of the following: have entered the University through the

PARTNERS

Programme Supported Entry route have entered the University through the

Realising Opportunities

Programme live in an area of the UK from which very few students progress to higher education (use

our

postcode

look-up system)

• • • Do not need to make a separate application Paid in two equal instalments (Nov, Feb) Paid in addition to Opportunity Scholarship

• • • •

Newcastle University Promise Scholarship 20

Promise Scholarships

£9,000

per year For

UK

students with high ability but from low income backgrounds Need to achieve

AAB

(at A Level or equivalent) Have household income of

£15,000 or less

and meet at least one of the following: – live in an area which is among the

10% most deprived

in the UK

(use our postcode look-up system)

– – receive (or be eligible ) to receive

Free School Meals

attend a school/college where average point score attainment is below

550

– lived in Local Authority care for at least 3 months in the 10 years prior to commencing university

Newcastle University Promise Scholarship

• • Two-stage application process – Stage One • Assesses eligibility • Closing date

9 th May 2014

– Stage Two • • • Personal statement by student Reference by tutor/teacher Closing date

18 th July 2014

Promise Scholarship awardees are not eligible to receive Opportunity or Access Scholarships

Cost of University

• • Tuition Fees -

£9,000

Approximately

£8,500

per year to cover living costs – Per month • Rent • Food & household • Personal • TV Licence • Insurance • Mobile • Travel • Course • Discretionary spend £300 - £500 £150 £50 £12 £20 £30 £30 - £55 £45 £155

Contact Details

•

Student Financial Support Team

Student Wellbeing Service, King’s Gate •

Website:

• www.ncl.ac.uk.students/wellbeing/ www.ncl.ac.uk/undergraduate/finance/scholarships/

Web enquiry form:

https://my.ncl.ac.uk/enquiries • Twitter: @NCLMoneyMatters