Student Finance - Ben Leventhall
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Student Finance
Ben Leventhall, WPUR Officer
University of Bristol
Ben LeventhallKey messages
• Eligibility
• Costs
• Support
If
you
want
to
go
to
university,
finance
should
not
mean
that
you
are
unable
to
do
so.
• Financial
Benefits
of
Higher
Educa;on
• How
to
apply
for
financial
support
Eligibility for government support Whether you qualify for student finance depends on: • your university or college • your course • if you’ve studied a higher educa;on course before • your age • your na;onality or residency status
Eligibility –
Nationality/Residency Status
You
can
only
apply
if:
• you’re
a
UK
na;onal
or
have
‘seEled
status’
(no
restric;ons
on
how
long
you
can
stay)
• you
normally
live
in
England
• you’ve
been
living
in
the
UK
for
3
years
before
star;ng
your
course
You
may
also
be
eligible
if
your
residency
status
is
one
of
the
following:
• EU
na;onal,
or
family
member
of
one
• refugee
• humanitarian
protec;on
(as
a
result
of
a
failed
applica;on
for
asylum)
• migrant
worker
• child
of
a
Swiss
na;onal
• child
of
a
Turkish
worker
TALKING
ABOUT
FUNDING
AVAILABLE
THROUGH
STUDENT
FINANCE
ENGLAND
–
THERE’S
A
DIFFERENT
PROCESS
FOR
WELSH
STUDENTS
Tuition Fees / Costs Universities able to charge up to £9,000 per year subject to meeting certain conditions. Can charge less! Up to £6,750 for part time Also will be living costs - Rent, Travel, Food, Bills, Social Bristol – expensive city to live in; average £370 pm rent
Tuition Fee Loan
Student Loan for Tuition Fees
available to all; no ‘up front’ fees
(paid back at the end of the course)
Loan isn’t compulsory, students can pay all or part of tuition
fee upfront themselves
Paid directly to your university / collegeStudent Loan for Maintenance
There is one loan for your fees and another loan for
your living costs. Loans are paid in three termly
instalments.
The amount you get depends on:
- where you study and live
- your parents’ (or household) income (for 35%)
- must be studying full timeStudent Loan for Maintenance
FULL YEAR NON-INCOME INCOME TOTAL
STUDENTS ASSESSED ASSESSED (100%)
(65%) (35%) For 2014
courses
Parental home 2,872 1,546 4,418
London 5,038 2,713 7,751
Elsewhere 3,611 1,944 5,555Repaying your loans You start repaying your Tuition Fee and Maintenance loans after you graduate and get a job with a salary over £21,000 a year (9% of income over £21,000). Those earning less than £21,000 would not pay any real interest on loans, and wouldn’t have to make repayments. Eg: - £30 a month if you earn £25,000
Loan Repayments Written off after 30 years; Interest payments from start of study but then depend upon earnings; Can pay it off in one chunk with no penalty
Maintenance Grant
For 2014, you can get up to £3,387 which is yours to
keep; you don’t pay it back
Dependant on Household (usually parental) Income
- Full Grant if under £25,000
- Partial Grant if between £25,001 and £42,620
- No Grant if over £42,620
The amount of maintenance grant a student receives
affects the amount of maintenance loan they can
borrow.Maintenance/Loan Grant, 2014 entry Household income Maintenance Grant Maintenance Loan Total £25,000 and under £3,387 £3,862 £7,249 £30,000 £2,441 £4,335 £6,776 £35,000 £1,494 £4,808 £6,302 £40,000 £547 £5,282 £5,829 £42,620 £50 £5,530 £5,580 £42,875 £0 £5,555 £5,555 £50,000 £0 £4,836 £4,836 £62,132 and over £0 £3,610 £3,610
Maintenance Loan/Grant Distribution
example
demonstrates
2013 figuresBursaries / Scholarships RECENT CHANGES TO BURSARIES Universities and Colleges charging tuition fees must offer bursaries Bursaries are yours to keep; like the Maintenance Grant you don’t pay them back i.e. Access to Bristol bursary Universities also offer scholarships for various things e.g. excelling in a certain area
Where to find bursary/
scholarship information
www.thescholarshiphub.org.uk
2014/15 examples of
university funding
• South Wales: £1500 off accommodation if you live more
than 45 miles from Glamorgan University
• Surrey £3000 for first year plus sports pass if you have
A*AA or A*A*B at A level
• Warwick: Help with living costs if household income
below £42,611 a year, £500 at leastUniversity of Bristol Bursary
Students whose residual household income is £15,000 or below and in receipt of
a maintenance grant:
£5,500 contribution from University of Bristol
Either: Fee waiver £5,500, or Fee waiver £3,500 + £2,000 cash bursary
Students whose residual household income is between £15,001 and £20,000, and
in receipt of a maintenance grant:
£4,500 contribution from University of Bristol
Either: Fee waiver £4,500, or Fee waiver £2,500 + £2,000 cash bursary
Students whose residual household income is between £20,001 and £25,000, and
in receipt of a maintenance grant:
£3,000 contribution from University of Bristol
Either: Fee waiver £3,000, or Fee waiver £1,000 + £2,000 cash bursary
Also linked bursary for eligible students completing Access to Bristol schemeOther Sources of Funding The Access to Learning Fund – If you can demonstrate you are experiencing real financial hardship – Administered by individual universities Specific Grants (non-repayable; yours to keep) – Disabled Students’ Allowance, Adult Dependants’ Grant, Care Leavers Grant, Childcare Grant, Parents’ Learning Allowance NHS Bursaries – Medical, dentistry or healthcare students Social Work Bursaries, Extra help for Teacher Training Students Charities or Employers
Part time jobs • A number of students have part ;me jobs • Universi;es have Student Job Shops to help students find suitable jobs • Most universi;es recommend no more than 15 hrs per week of work • Many students use vaca;on periods for earning money
What are the benefits of
going to university?
• It
is
the
chance
to
study
a
subject
you
love
for
at
least
three
years
• Opportunity
to
meet
wide
range
of
people
from
variety
of
backgrounds
and
cultures
• Development
of
team
work,
;me
management,communica;on
and
leadership
skills
• Experience
a
whole
new
social
life.
Financial benefits of going
to university?
• There
are
also
important
financial
benefits
for
going
to
University:
• More
and
more
employers
are
expecWng
students
to
have
an
HE
qualificaWon
• Some
careers
demand
it
• 60%
of
graduate
jobs
don’t
favour
a
par;cular
subject
• BeEer
chance
of
gecng
a
job
e.g.
In
2011
86%
of
all
graduates
were
in
work
compared
with
72.3%
of
non-‐graduates.
Financial benefits of going
to university?
•Likely to earn a higher salary
e.g. In 2011 the median hourly rate of pay for all graduates aged 21 to 64 was £15.18, 70%
more than the non-graduate rate of £8.92.
e.g. In 2013 average starting salary for a graduate was £21,762, compared to £14,801 for a
non-graduate. (Complete University Guide)
e.g. University graduates can expect to be earning between 20 and 100 per cent more by the
middle of their working lives than non-graduates, and all tertiary education graduates spend on
average considerably longer in employment - typically six years more (OECD report, 2013)
-Graduates are half as likely than non graduates to be unemployed
- On average, graduates earn more over the course of their working
lifetimes, than non-graduates
- Over the past 5 years, graduates have had double the number of
promotions at work.
Some universities/courses have higher employability rates and some employers
prefer graduates from certain institutionsHow to apply
• Apply
online
through
www.gov.uk/apply-‐online-‐for-‐student-‐finance
from
March
of
academic
year
you
apply
• Recommended:
about
an
hour
to
complete
applica;on
form
1)
Set
up
a
student
finance
online
account.
2)
Log
in
and
complete
the
online
applica;on
form.
3)
If
needed,
include
details
of
your
household
income
and
get
your
parents
(or
partner)
to
support
your
applica;on.
4)
If
needed,
send
in
proof
of
iden;ty.
5)
Usually,
within
6
weeks
you’ll
get
a
loan
declara;on
in
the
post
-‐
sign
and
return
it.
" Any questions? https://www.gov.uk/student-finance
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