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Careers Advisors and Teachers Conference

Student Finance

17h April 2012

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Alison Barnard

Financial Support Team

The University of Nottingham

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Key Questions

• What financial support can a home, UG student studying for a 1st degree, get?

• How do you apply?

• Is it worth it?

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• 1998/99 - Tuition fees, to be paid by the students, were introduced at £1,000 per year.

• 2006/07 - “Variable Fees” or “Top-Up Fees” of up to £3,000 per year.

• 2012/13 –Government funding is being reduced so students have to pay more. Fees up to £9,000 per year

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Tuition Fees 2012/13 (per year)

From home country From elsewhere in UK

England up to £9,000 Up to £9,000

Scotland Free Up to £9,000 (some capping at £27,000 for 4 year course)

Wales Up to £9,000 but fee grant of £5,535

Up to £9,000

Northern Ireland £3,465 Up to £9,000

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Tuition Fees 2012/13 cont….

• EU students pay the same as those locally and are eligible for a Tuition Fee Loan from the SLC

• University can set their own fees for International students

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1. What financial support is

available?

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NHS funded courses• Nursing; Physiotherapy; Dietetics; Midwifery;• Dentistry; 5th year of Medical course

• £1,000 grant – not income assessed• Income assessed bursary plus flat rate student

loan• NHS pays fees• 2012 funding is interim; may change for 2013 entry

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For 2012/13 for ENGLISH students• Tuition Fee Loan to cover the cost of tuition

fees up to £9,000 per year. The Tuition Fee Loan is paid directly to the university

• Loan for living costs

• Means-tested Grant for living costs for students from lower income backgrounds

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Loan for living costs

Maximum loan for new students in 2012/13

• Students living at home: £4,375• Students living away from home: £5,500• Students living in London & away from home:

£7,675

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Grant for living costs

• The maximum amount of grant for 2012/13 is £3,250

• The grant does not need to be paid back

• Entitlement for the grant is means tested – if household income is less than £42,600 student will receive a grant for between £50 and £3,250

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Household income

Non repayable grant

Living cost loan

Total

£25,000 or less £3,250 £3,875 £7,125

£30,000 £2,341 £4,330 £6,671

£35,000 £1,432 £4,784 £6,216

£40,000 £ 523 £5,239 £5,762

£45,000 £ 0 £5,288 £5,288

£50,000 £ 0 £4,788 £4,788

£55,000 £ 0 £4,288 £4,288

£60,000 £ 0 £3,788 £3,788

Over £62,500 £ 0 £3,575 £3,575

2012/13 Support Package

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Other Government Grants

• Supplementary Grants:

- Childcare Grant

- Parents’ Learning Allowance

- Adult Dependant Grant

• Disabled Students Allowance• (non income assessed)

• Interest rate: RPI plus 3% while studying, then RPI to RPI plus 3% depending on salary

• No repayments until after graduation (or left university)• Repayments start when salary is over £21,000 per year• No income = no repayments• Pay 9% of salary above £21,000 • After 30 years further repayments are cancelled

Repaying student loans

Salary Monthly repayment

£15,000 Nil

£18,000 Nil

£21,000 Nil

£25,000 £30

£35,000 £105

£45,000 £180

£60,000 £292.50

Repaying student loans contd…

University Core Bursary 2012

• Bursary award based on income assessment carried out by Student Finance England, Wales, NI, SAAS

Residual household income (RHI)

Core Bursary

Up to £15,000 £3,000

£15,001 - £25,000 £2,000

£25,001 - £35,000 £1,000

£35,001 - £42,600 £ 750

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Bursaries - Nottingham Potential

• Nottingham Potential bursaries of £1,000 a year for students who meet one of the following criteria;

• Entering via an Access / vocational route and RHI up to £42,600

• Students under the age of 25 who are/have been in public care for a minimum of three months

• Students with children or adult dependants and RHI up to £42,600

• Students who have attended a University of Nottingham Summer School

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National Scholarship Programme (NSP)

Fee waivers of £9,000 for:• Students enrolled on foundation year of a course

and with a household income up to £25,000 (paid in entry year only)

• Students who have been in local authority care with a household income up to £25,000 (paid in entry year and then a continuing fee waiver £3,000 per year)

National Scholarship Programme contd…

• Students from the East Midlands (household income up to £25,000)

• In entry year only

– Partial fee waiver £3,000– Cash bursary £1,000– Accommodation (or other service) discount £500

Students who receive NSP will not receive a Core Bursary in entry year (except Care

Leavers) but may receive Nottingham Potential Bursary

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2. How do I apply?

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• student finance england• student finance wales • student finance ni• Student Awards Agency for Scotland (SAAS)

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http://www.nhsbsa.nhs.uk/students

New online application system called ‘BOSS’

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3. Is it worth it?

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Research shows that Graduates earn more over their working life than those who don’t attend University

• Browne report states £100,000

• Institute of Fiscal Studies states can be up to £1m

• www.courses-careers.com/student-advice/student-finance/7180-student-debt-and-graduate-earnings.html?start=2

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• Indepth knowledge of chosen subject

• Improved career opportunities

• Employability skills

• Life skills

• Lifelong friends

• Independence

• A good time!

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alison.barnard@nottingham.ac.uk