Transcript Student Finance produced by the University of Oxford (PPT)

2012/13 Fees and Funding
(for English students)
Wadham College Open Day – 2011
Caroline Mawson, Jenny Tamplin & Will McCallum
Overview
 What government support is available to ‘home’ students living in
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England entering HE in 2012/2013
Oxford University Support
Wadham College Support
Case studies
Paying back the loans
Additional information
Financial help will be available for tuition and living costs.
Students will not have to pay up-front for their tuition.
The Main Package
 Tuition Fees and Tuition Fee Loans
 Maintenance Loans
 Maintenance Grants
 National Scholarship Programme
 Additional support from Oxford University
 Additional support from Wadham College
Tuition Fee Loans and Maintenance (Living-Support) Loans
Oxford University will charge between £3,500 and £9,000 per year
(dependent on household income) to students arriving in 2012.
Tuition fee and maintenance loans are provided by the government to
ensure that you will not have any upfront costs to pay to the university
when you arrive. £9,000 per year is the amount you will repay after
you have left university and are earning over £21,000 per year.
Tuition Fee Loan
(repayable after course – NO upfront costs)
 Tuition Fee Charge £ 9,000 per year
 A Tuition Fee Loan of up £9,000 per year is
available, repayable after you have left university*
 The Tuition Fee Loan is paid direct to the
university by the Student Loan Company
 Not means-tested
 No age limit
*Oxford will charge less than £9,000 to students whose household income is
under £25,000
Maintenance Loan
(repayable after course)
 Will be available for all eligible students, 65% of
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maximum amount (£3,575) will be available
irrespective of family income
Paid directly into student bank account
Must be under 60 at the start of the course
Paid in three instalments
Loan written off after 30 years
For students who receive a grant - up to £1,625 will
substitute the loan
Maintenance Loan Rates
2012/13
Maximum
maintenance loan
(i.e. income
assessed)
Non income assessed
loan (65%)
Maximum load if
living with parents
while studying
Amount available
Loan rate if in receipt
of full grant
£5,500
£3,875
£3,575
n/a
£4,375
£2,750
Scholarships, Grants and Bursaries
Scholarships, Grants and Bursaries are funds from either the government
or the university that are non-repayable.
They are awarded to students on the basis of household income. All
students at Oxford University with a household income of less than
£42,600 are eligible for some money in the form of either a grant or
bursary.
Governmental Maintenance Grant
(non-repayable)
 Available on a sliding scale to all students with a
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household income of under £42,600
Means-tested Maintenance Grant of £3,250 (for
students with household income of less than £25,000)
Paid in three instalments
Not available to students who are eligible for meanstested benefits
Grant will substitute up to £1,625 of the Student Loan
Governmental Special Support Grant
(non-repayable)
 For students who fall within the following categories:
- Single parent
- Partner who is a student
- Certain types of disabilities
 Means-tested grant of up to £3,250
 Paid to students who are eligible for means-tested
benefits
 Paid in three instalments
 Will NOT substitute part of the maintenance loan
Governmental Grant Income Thresholds
Household Income
Level of Grant
Up to £25,000
£3,250
£25,000 to £42,600
£3,250 to £50
Over £42,600
n/a
Full Support Package
(approximate figures)
Household
Income
Maintenance
Grant
Maintenance
Loan
Total Living
Support
<£25,000
£3,250
£3,446
£6,696
£30,000
£2,341
£4,028
£6,369
£35,000
£1,432
£4,611
£6,042
£40,000
£523
£5,191
£5,714
£42,600
£50
£5,500
£5,550
National Scholarship Programme
(non-repayable)
 To qualify your household income should be under
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£25,000, however, not all students that qualify will
receive a scholarship
Payment of £3,000 from Government in first year
Further £3,000 matched by the university to fund student
support at Oxford
No more than £1,000 can be a cash payment
Institutions will decide their own eligibility criteria and how
to allocate the matched funding – after the Office of Fair
Access has confirmed Oxford’s fees, the university will
publish how it intends to match the NSP funding
Oxford University – Why £9,000?
 Following cuts to higher education, it has been calculated that a fee of
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£8,000 would need to be charged just to maintain the status quo.
The difference between the new charges of £9,000 and the status quo of
£8,000 will be used to pay for bursaries and fee waivers for those from
financially disadvantaged backgrounds.
It has been estimated that the current cost of an Oxford undergraduate
education is £16,000 per student per annum.
Against these costs the University currently receives tuition fees and
teaching grants amounting to some £7,500. The shortfall in income of
some £8,500 is in effect a subsidy funded from other sources of University
revenues such as its endowment.
This level of subsidy is expected to continue for the foreseeable future.
Oxford University Support
Tuition Charge
Oxford University will be charging between £3,500 and £9,000 per year to English
students arriving in 2012. The tuition charge will vary depending on household
income.
Household
Income
Total tuition
charge (per year)
Amount funded
by collegiate
university (1st
year)
Amount funded
by collegiate
university
(further years)
Total amount
repayable after
leaving
university (3 year
courses)
<£16,000
£9,000
£5,500
£3,000
£11,500
£16-20,000
£9,000
£2,000
£2,000
£21,000
£20-25,000
£9,000
£1,000
£1,000
£24,000
£25-42,600
£9,000
n/a
n/a
£27,000
£42,600+
£9,000
n/a
n/a
£27,000
Oxford University Support
Living Support
We estimate basic living costs during term time at Oxford will be around £7,600. This figure
includes College accommodation, food, going out and study costs. You will also need to
consider the cost of travelling to and from Oxford, out of term opportunities and the additional
costs of living out of College accommodation which you might do for some of your course.
Household
Income
Amount
awarded by
university
(1st year)
Amount
awarded by
university
(further years*)
Government
support
(every year)
Total amount
available (1st
year)
<£16,000
£4,300
£3,300
£7,125
£11,425
£16-20,000
£3,500
£3,000
£7,125
£10,625
£20-25,000
£3,000
£2,500
£7,125
£10,125
£25-42,600
£500-2,000
£500-2,000
£5,262-7,125
£5,762-9,125
£42,600+
n/a
n/a
Up to £5,500
Up to £5,500
* This figure is subject to change, it may well increase year on year
Wadham College Support
Student Support
Wadham gives a variety of grants and allowances to
students, not all of which are income assessed, last year
the college gave over £85,000:
 Student Support Fund – last year over £11,000
 Assistance with rent – last year nearly £50,000, or £320 per student
 Free accommodation in Wadham during the holidays – over £17,000 (14
nights per student)
 Educational Support Grant – last year over £5,500 – or about £200 per
student
 Subject-specific grants – Normally range from £200-400 per student.
Wadham College Support
Scholarships, Grants & Prizes
Wadham also supports students in their non-academic life, as well as
rewarding those who perform well academically. Last year the College
gave over £45,000 in scholarships, grants and prizes to students:
£23,000 worth of prizes for academic excellence and
performing well in exams! (About £100 per student)
£50 book vouchers are given to
every first year student!
£12,000 in travel grants!
(About £175 per student)
CB Fry Fund for students who compete for the university
totalling about £3,000 – or around £200 per student
Moser Fund – students involved in the arts can apply for a fund
of up to £500
Repayments
Tuition Fee Loans and Living Support Loans are to be repaid
after students finish their course.
 Students will only be expected to contribute when they are earning
over £21,000.
 The repayment will be on 9% of income above £21,000 (e.g. a
student earning £25,000 will only pay 9% of £4,000 – which works
out as £30/month)
 All outstanding repayments will be written off after 30 years.
Repayment rates
Income
£20,000
Repayment per Repayment per
week under new week under old
system
system
£0.00
£8.65
£25,000
£6.92
£17.31
£30,000
£15.58
£25.96
£40,000
£32.88
£43.27
£60,000
£67.50
£77.88
Value for money
National Average (6
months after leaving)
Oxford Average (6
months after leaving)
Graduate unemployment
8.9%
5.9%
Salary
£19,677 (source: HESA)
£25,500
• Material Sciences graduates were the highest average earners of 2009
graduates with an average salary of £35,300
• They were followed by E&M and Computer Science graduates
• Teaching was the most popular profession, followed by researchers and
then financial analysts/advisors
Non-English Students
Further Information
 Students living in Wales
www.studentfinancewales.co.uk/
 Students living in Northern Ireland
www.education-support.org.uk/
 Students living in Scotland
www.student-support-saas.gov.uk
Further Information
 General Student Finance
www.direct.gov.uk/studentfinance
 2012-13 Government Funding Information
http://www.studentfinance-yourfuture.direct.gov.uk
 Student Loan Company
www.slc.co.uk/
 Oxford University funding information
www.admissions.ox.ac.uk/finance
Any questions?