1 careers advisors and teachers conference student finance 4 th april 2011
TRANSCRIPT
1
Careers Advisors and Teachers Conference
Student Finance
4th April 2011
2
Alison Barnard
Financial Support Team
The University of Nottingham
3
Key Questions
• What support can a home, UG student studying for a 1st degree, get?
• How do they apply for the loans and grant?
• 2012 – what’s changing?
• Is it worth it?
4
1. What financial support is
available?
5
For 2011/12• Tuition Fee Loan to cover the cost of tuition
fees. The Tuition Fee Loan is paid directly to the university
• Maintenance Loan to help with living costs
• Means-tested Maintenance Grant for students from lower income backgrounds
6
• Tuition fees were introduced in 1998/99 - £1,000 per year.
• “Variable Fees” or “Top-Up Fees” were introduced in 2006/07 - £3,000 per year.
• 2010/11 £3,290 – will increase to £3,375 in 2011/12
7
Tuition Fees 2011/12
England
£3,375
Scotland
free to Scots
£1,820 to other UK
students
N. Ireland
£3,375
Wales
£3,375
8
Tuition Fees 2011/12 cont….
• EU students pay the same as those locally and are eligible for a Tuition Fee Loan from the SLC
• University can choose the fees that International students pay
9
Maintenance Loan
Maximum loans for new students in 2011/12
• Students living at home: £3,838• Students living away from home: £4,950• Students living in London & away from home:
£6,928
10
Maintenance Grant
• The maximum amount of grant for 2011/12 is £2,906
• The grant does not need to be paid back
• Entitlement for the grant is means tested – if household income is less than £50,020 student will receive a grant for between £50 and £2,906
11
Package of financial support for 2012/13
Household income
Non repayable grant
Living cost loan
Total for 2011/12
£25,000 or less
£2,906 £3,497 £6,403
£30,000 £1,906 £3,997 £5,903
£34,000 £1,106 £4,397 £5,503
£40,000 £ 711 £4,595 £5,306
£45,000 £ 381 £4,760 £5,141
£50,020 £ 50 £4,925 £4,975
£55,000 £ 0 £4,106 £4,106
£57,708 £ 0 £3,564 £3,564
Over £60,000 £ 0 £3,564 £3,564
12
Other Government Grants
• Supplementary Grants:
- Childcare Grant
- Parents’ Learning Allowance
- Adult Dependant Grant
• Disabled Students Allowance
13
University of Nottingham Bursaries 2011• Core Bursary 2011/12
• £1,130 (income below £36,100)• £285 - £845 (income £36,101 - £46,700)
• Non Traditional Route Bursary – Access course, BTEC• Dependants Bursary • Care Leavers Bursary
• All £1,130 for the year
• First in the Family Scholarship - £1,000 per year• For regional, state educated students with low household
income
14
NHS funded courses• Nursing; Physiotherapy; Dietetics; Midwifery;• Year 5 Medicine; Yrs 2-4 Graduate Entry Medicine;
• Income assessed bursary plus flat rate student loan• Non income assessed bursary (Dip Nursing only)• NHS pays fees• 2012 – funding under review: Nursing to degree only
15
2. How do I apply for the loans and grant?
16
• student finance england• student finance wales • student finance ni• Student Awards Agency for Scotland (SAAS)
17
3. 2012 – What is changing?
18
From September 2012…
• Teaching grants from HEFCE are being cut
• Funding only for STEM subjects
• Capital grants (towards buildings and facilities) also being cut
• New OFFA agreements (improved University bursary/scholarship schemes)
19
From September 2012..
• Universities can charge fees of up to £6000 per year
• In ‘exceptional’ circumstances they can charge up to £9000 per year
• A higher rate of interest will be applied to loans during the period of study
20
From September 2012..• Grants will increase to £3,250 for those whose
household income is below £25,000
• Partial grant where household income is between £25,001 and £42,000
• Loan for living cost – up to £5,500 (£7,675 if studying in London)
• National Scholarship Programme
21
Package of financial support for 2012/13
Household income
Non repayable grant
Living cost loan
Total for 2012/13
£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
22
From September 2012..• Change to repayments2011 2012
*Salary Monthly repayment
£15,000 NIL
£18,000 £22.50
£21,000 £45.00
£25,000 £75.00
£35,000 £150.00
£45,000 £225.00
£60,000 £337.50
£100,00 £637.50
Salary Monthly repayment
£15,000 Nil
£18,000 Nil
£21,000 Nil
£25,000 £30,00
£35,000 £105.00
£45,000 £180.00
£60,000 £292.50
£100,00 £592.50
23
4. Is it worth it?
24
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
25
• Indepth knowledge of chosen subject
• Improved career opportunities
• Employability skills
• Life skills
• Lifelong friends
• Independence
• A good time!