student finance
DESCRIPTION
Student Finance. Tim Pilkington Higher Education Adviser. Introduction. What university will cost Financial support available How to apply. UEA Square. Tuition Fees. Cost of courses - £6,000 - £9,000 / year Fees don’t have to be paid before or during the course! - PowerPoint PPT PresentationTRANSCRIPT
Student Finance
Tim Pilkington
Higher Education Adviser
Introduction
What university will cost
Financial support available
How to apply
UEA Square
Cost of courses - £6,000 - £9,000 / year
Fees don’t have to be paid before or during the course!
Fee loan available to full time students, paid directly to the university
£21,000 repayment threshold
Repayments linked to what you earn not what you owe
Apply through Student Finance England
Tuition Fees
Nursing; Midwifery; Physiotherapy; Occupational Therapy; Speech and
Language Therapy – pay NO FEES
Non-means tested Grant from NHS - £1,000
Means tested Bursary from NHS
Reduced rate Living Cost Loan
Medicine and Dentistry courses – final year funded by NHS
Social Work
www.nhsbsa.nhs.uk/students
NHS courses
Living costs – books, accommodation
65% of loan for everyone (35% is means tested
Paid in 3 installments (direct to student)
Repayable (£21,000)
Apply through Student Finance England
Living Cost Loan
Parental home £4,375
London £7,675
Elsewhere £5,500
Living Cost Grant
Non-repayable grant (Living cost grant):
Household income Grant available
< £25,000 £3,250
£25,000 - £42,611 Part of £3,250
> £42,611 No grant
Apply for grant through Student Finance England
University support: Bursaries
Bursaries – dependent on household income
Non-repayable
Criteria Support Duration
Household income less than £16,000
£3,000 per annum for up to four years* of undergraduate study.
Household income £16,001 to £20,000
£2,000 per annum for up to four years* of undergraduate study.
Household income £20,001 to £25,000
£1,000 per annum for up to four years* of undergraduate study.
Science Foundation Year household income less than £42,611
£4,500 Foundation Year only.
Care Leaver £3,000 per annum for up to four years* of undergraduate study.
* This includes any support that may be given for a Foundation Year.
University support: Scholarships
Based on academic achievement
Non-repayable
Scholarship Criteria Value
Entry Scholarship Awarded to students who achieve AAA at A level (excluding General Studies) or equivalent.
£1,500 one off payment
Excellence Award Excellent academic achievement during undergraduate study. Students are considered for award at the end of each academic year based on their end of year results.
£1,000 one off payment.
University support: Scholarships
Subject specific scholarships
Subject specific Scholarships Criteria Value
American studies - Arthur Miller scholarship Top A level grades & who study abroad £1000 paid at end of 2nd yr
Chemistry scholarship £2000Choose UEA as firm (prior to clearing), A in A2 chemistry plus AB
£2000 One off payment
Chemistry scholarship £1000Choose UEA as firm (prior to clearing), A in A2 chemistry plus BB
£1000 One off payment
Panasonic scholarship AAA - Science subjects only £1000 / pa (1 award)
Undergraduate Student Scholarships - Norwich Business School
Grade A achieved at A2 level or equivalent including IB HL 6 or BTEC Distinction
£500 per A grade, one off payment
What you may be eligible for
Household income Living Cost 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
How to apply – Student Finance England
Tuition Fee Loan, Living Cost Loan, Living Cost Grant
Apply online – www.gov.uk/student-finance
Apply in the Spring of the year you go to university
Need NI number, bank details, income & course information
Deadline to submit
Fewer screens – list of eliminating questions
Enhanced student finance calculator
How to apply
Making repayments
Salary Interest rate
Less than £21,000 RPI (Retail Price Index)
Between £21,000 - £41,000 Between RPI and RPI plus 3%
Over £41,000 RPI plus 3%
During course you will be charged RPI plus 3%
An example
A student finishes their degree in July 2016
Their salary is £25,000, so they earn £4,000 in excess of £21,000
Their repayments are calculated at £30 per month (9% of £4,000/12)
From April 2017 £30 is deducted from the graduates’ wages via PAYE
Interest rates:
Repayment system
Income each year before tax
Approximate monthly repayment
Previous – 2011 system Current – 2012 system
£15,000 £0 £0
£16,000 £8 £0
£18,000 £23 £0
£21,000 £45 £0
£24,000 £68 £23
£27,000 £90 £45
£30,000 £113 £68
£33,000 £135 £90
£36,000 £158 £113
£40,000 £188 £143
More information
www.gov.uk/studentfinance
www.nhsbsa.nhs.uk/students
www.uea.ac.uk/finance
UEA accommodation
Additional income
Part time work – over 40% have term time jobs
Holiday work – 90% of students work in holidays
University job shops
Work related to course/career
UEA bar
Any questions?
OPEN DAYS 2013:
22 June 5 July 14 September
www.uea.ac.uk
www.facebook.com/studyatuea
3rd in the Times Higher Education Student Experience Survey 2011World top 150, European top 100, UK top 20 (Guardian League Table 2012)