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Finance at University

Finance at University. The Facts. Overview. The Facts Costs of studying at The University of Manchester Changes to the finance application process Funding available Student Finance England - University * Scholarships and Bursaries * Access to Learning Fund

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Finance at University

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  1. Finance at University The Facts

  2. Overview • The Facts • Costs of studying at The University of Manchester • Changes to the finance application process • Funding availableStudent Finance England - University * Scholarships and Bursaries * Access to Learning Fund • Examples

  3. The Facts • “I can’t afford to send my child to University” • No fee payments needed upfront • Loans and Grants available • Loans are repaid when earning

  4. £ Undergraduate Tuition Fees (Home/EU Students) 3,225 Accommodation (Halls of Residence) Self Catering Halls (average) 3,530 Catered Halls (average – meals for 31 weeks) 4,320 Meals Self Catered - all meals and snacks 1,430Catered - lunches, weekend & vacation meals 920 Travel to and from University 470 Books (dependent on programme) new and second-hand 360 Clothes and Shoes 360 General e.g. telephone, photocopying, laundry 1,330 Costs of Studying at The University of Manchester (2009/10 Figures) Expenditure (Typical Expenditure based on 39 week term)

  5. Costs of Studying at The University of Manchester TOTALS • Self-Catering £10,705 • Catered £10,985 • Don’t Forget - these are just averages and include variable costs e.g. food.- figures included are estimates.- private accommodation is likely to cost more than Halls, and utility bills are not usually included.

  6. Funding your time at University Sources of Funding • Student Finance England • Other Sources (NHS) • University Funding (most degree courses)

  7. Finance Applications for new Entrants • For 2009 all new entrants applications will be dealt with centrally by Student Finance England (returning students will continue to be dealt with by Local Authorities) • Introduction of a a new on-line application process linked to UCAS application • Visit the DirectGov Student Finance website for more information and a link to the online application • Prior year tax to be used for all financial assessment (Eg. Students applying for entry in 2010/11, assessment will be based on 2008/09 tax year)

  8. Timeline for Funding Applications It will be possible for online applications to be made up to 12 months in advance of entry to University Student applying for 2010 entry can begin financial process in September 2009, in line with UCAS application. www.direct.gov.uk/studentfinance

  9. Paper Application Forms • Also processed centrally • Improved format and layout

  10. Funding from Student Finance England (subject to eligibility / financial circumstances) All students on degree courses able to apply for: • Loan for Fees • Student Loan for Maintenance(max. £4,950) • Maintenance Grant / Special Support Grant(max. £2,906)

  11. Funding from Student Finance England Certain students eligible for: • Disabled Students’ Allowance • Childcare Grant • Parents’ Learning Allowance • Adult Dependants’ Grant

  12. Maintenance Loan (2009/10 Figures) • Students receiving the MaintenanceGrant will find that the amount of loan they can borrow is less.e.g. students receiving max Maintenancegrant of £2,906 are able to borrow a maximum of £3,497 student loan. • All students not receiving the MaintenanceGrant are eligible for the 72% non income assessed part of the student loan. • The other 28% is income-assessed.

  13. MaintenanceGrant (2009/10 Figures) • The Maintenance Grant is also assessed on residual household income. Residual Household Income (£) Maintenance Grant (£) • 25,000 or less 2,906 (max) • 25,000 – 50,020 2,906 - 50 • 50,020 or more 0 The grant is non-repayable and paid with your Student Loan by Student Finance England.

  14. Student Loan Repayment • Pay back what borrowed • Repayments from April after graduation • 9% on earnings over £15,000Salary of £20k pay £8.65 a week • Interest in line with rate of inflation • Loans written off after 25 years

  15. Funding from other sources Subject – Related Funding • NHS Bursaries – students on NHS funded places and medical / dental students in yrs 5 & 6. • Social Work Bursaries • Travel Costs Grant – medical / dental students. • Training Bursary – Teacher training (PGCE) students. Please note: students on NHS funded places or Social Work need to apply for funding from the NHS (see handout for website).

  16. University Financial Support (2009/10 Figures) All Higher Education Institutions charging fees over £2,906 are required by the Office of Fair Access to provide financial support to the least well-off students, of at least £319.

  17. What The University of Manchester is Offering for 2009/2010 Entry Manchester Guarantee Bursaries£1,250/year for students from households with incomes below £25,000/year. Manchester Advantage Scholarships£3,000/year for students gaining 3 A grades at A Level (or equivalent) with income of £25,000 or less. Manchester Success ScholarshipsUp to£1,250/year regardless of income to students gaining 3 A grades at A level on certain degree programmes. Eligibility is assessed automatically by the University using information from the Student Loan Company, provided both the student and sponsors have given consent to share that information.

  18. Manchester Achievement Scholarships • Students that have successfully completed the Manchester Access Programme can qualify for a Manchester Achievement Scholarship of £1,750 per annum. • This award will be paid in three instalments along with other University scholarships & bursaries – 30% in early December, 20% in late January & 50% in mid March.

  19. What The University of Manchester is Offering for 2009/2010 Entry • Sports ScholarshipsFor talented athletes. • Faculty and School ScholarshipsFor details, contact the school or faculty that you are applying to. • You can receive a maximum of £3,000 a year in University awards, whether awarded centrally, or by your faculty. • Access to Learning FundAvailable to ‘home’ undergraduate students experiencing difficulty meeting their living costs. (Students can apply to the Access to Learning Fund via the University of Manchester student portal, once they have fully registered.)

  20. What needs to be paid back

  21. Examples

  22. Jane comes from a household with an annual income of £50,000 and lives away from home in University Halls. She attained AAA at A-level and is studying a course included in the Success Scholarship scheme. Tuition Fee Loan £3,225 Maintenance Loan £4,925 Maintenance Grant £50 (non repayable) Manchester Success Scholarship £1,250(non repayable) TOTAL£9,450

  23. Naomi comes from a household with an annual income of £24,000 and lives away from home in University Halls. She attained AAA at A-level and studies Medicine. Tuition fee loan £3,225 Maintenance loan £3,497 Maintenance grant £2,906 (non repayable) Manchester Advantage Scholarship £3,000 (non repayable) TOTAL £12,628

  24. Ali is from the Greater Manchester area and is living with his Mum. Their household income is £20,000. He gained ABC at A-Level and is studying BSc Chemistry. Tuition fee loan £3,225 Maintenance loan £2,385 Maintenance grant £2,906 (non repayable) Manchester Guarantee Bursary £1,250 (non repayable) TOTAL £9,766

  25. Note on Examples • You can obtain an estimate of the financial support you may be entitled to via the Student Finance England Financial Calculator at: www.studentfinance.direct.gov.uk/calculator/studentfinancecalculator • It should be noted that the Student Loan for Fees is not compulsory, and students can choose to part pay or fully pay their own tuition fees whilst studying. • Check the Student Finance website for up-to-date information.

  26. The Facts • Lots of help available • Non-repayable – Student Finance England and University • Grants and Allowances • Scholarships and Bursaries • Repayable – Student Finance England • Loans • Other support • Money Advice • Careers Service • Students Union

  27. “Student debt continues to rise” “How to escape from the student debt mountain” “Top-up fees - crippling students with debt?” “Student debt rises to £2.46bn” Graduates earn on average£160,000more in a lifetime than individuals with 2 or more ‘A’levels*Source – UUK report February 2007

  28. Any Questions?

  29. Contacts • Students domiciled in England can find details about the package available to them at www.direct.gov.uk/studentfinance, tel +44(0)845 300 5090 • Students domiciled in Scotland can get information from the Student Awards Agency for Scotland at www.saas.gov.uk, tel +44 (0)845 111 1711 • Students domiciled in Northern Ireland should contact the Education and Library Board in the area where they live. The contact details for these can be found at www.studentfinanceni.co.uk tel +44(0)845 600 0662 • Students domiciled in Wales can find details about the package available to them at www.studentfinancewales.co.uk, tel +44 (0)845 602 8845

  30. Contacts NHS Student Grants Unit +44 (0) 845 358 6655 www.nhsbsa.nhs.uk/students/students email eligibility@nhspa.gov.uk University of Manchester +44 (0) 161 275 5000 funding@manchester.ac.uk

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