Financial Support for Undergraduate Students

1. Financial Support for Undergraduate Students

2. Financial Support for Undergraduate Students Fay Sherrington Student Assistance Office Humphrey Booth House The Crescent Salford 0161 295 0475 F.Sherrington@salford.ac.uk

3. Costs of Higher Education 2008- New Students • Tuition fees (up to £3145 per year in England) • Accommodation (£60 - £100 per week) • Maintenance (£50 - £100 per week) • Additional costs: field trips accommodation deposits

4. Criteria for all Support Funds • Conditions for all support funds therefore check with your LEA to be sure of eligibility • The following is for students who normally live and will study in England

5. Financial Support for Undergraduate Students • Student loan for fees • Student loan for maintenance • Higher Education Maintenance Grant • University bursaries • Support for students with dependants • Disabled students allowances • Access to Learning Fund (ALF)

6. Student Loans for Fees - 2008 • Repayable • Not means tested • Borrow up to costs of course fees (up to £3145)

7. Student Loans for Maintenance - 2008 • Repayable • 25% of loan is means-tested: 75% available to all. • Up to £4625 per year living away • Up to £3580 living at home • But students on HEMG will lose up to £1260 of their loan for maintenance

8. Higher Education Maintenance Grant (HEMG) - 2008 • The Government recently announced changes to eligibility thresholds • From 2008 many more students will be entitled to this support

9. Higher Education Maintenance Grant (HEMG) - 2008 • Not repayable • Up to £2835 • Special Support Grant • If you get the Special Support Grant you will not receive the Maintenance Grant. • no effect on the amount of Student Loan for Maintenance you can borrow. • Jobcentre Plus and HM Revenue & Customs do not count the Special Support Grant for working out your entitlement to benefits or tax credits.

10. Higher Education Maintenance Grant (HEMG) - 2008 • Income £25000 or less, full amount of grant • Income between £25000 and £60005, partial grant • Income over £60005, no grant

11. University Bursaries • Not repayable • Means-tested • Vary between Universities • Must be at least £310 if university charges max fee

12. University Bursaries 2008 • £1,000 each year for students attaining AAB grades at A Level (or equivalent) • £1,000 each year for students who are studying selected courses in Physics, Engineering or Modern Languages • Up to £1,000 for students who are studying or working abroad as part of their course • £500 each year for students living in Salford at the time of application (subject to postcode). • Salford bursary of £310 if you're eligible for the full Higher Education Maintenance Grant (HEMG). Students eligible for more than one bursary will be awarded the highest one.

13. Students with Children - 2007 • The exact rates for 2008 entry not yet announced • Childcare Grant • Up to 85% or childcare costs up to a maximum • Means tested • Parents’ Learning Allowance • Between £50 and £1435 • Means tested

14. Students with Adult Dependants - 2007 • The exact rates for 2008 entry not yet announced • Adult Dependants’ Grant • Financially dependant partner or family member • Max grant £2510 • If not a partner the adult must have a net income of £3610 or less

15. How to Apply • New students need to fill in a PN1 form • These are not yet available for 2008/9 • www.studentsupportdirect.co.uk • This must be sent to your Local Education Authority (LEA) or Central Processing unit (CPU)

16. Information to Include • National Insurance Number • Birth certification or valid passport or other evidence • Details of student’s income and that of their household (previous financial year) • Student bank account details

17. Repaying Loans • Low interest rate • Linked to the rate of inflation • The interest rate for student loans applies from 1 September to 31 August each year • From 1 September 2007 to 31 August 2008, the rate is 4.8 per cent

18. Repaying Loans • 9% of gross income above: • £15,000 per year • £1,250 a month • £288 a week

19. Repaying Loans • Examples: • income of £18000 repayment £22 per month • income of £20000 repayment £37 per month • income of £25000 repayment £75 per month • 2007 loans not repaid after 25 years written off

20. Repaying Loans • New government announcement • Anyone who is due to start repaying their student loan on or after April 2012 may be entitled to take a break from their loan repayments of up to five years.

21. Examples of support Living at Home – income £20000, taking fee loan Money to live on £5465

22. Examples of support Living at Home – income £20000, NOTtaking fee loan Money to live on £2320

23. Examples of support Living at Home – income £65000, taking fee loan Money to live on £3166

24. Examples of support Living at Home – income £65000, NOT taking fee loan Money to live on £21

25. Further Information on Fees and Bursaries • Salford University Website www.salford.ac.uk • Student Support Website (government) www.dfes.gov.uk/studentsupport

26. Further Information on Funding • Student Finance Direct www.studentsupportdirect.co.uk • Student Assistance http://www.academic.salford.ac.uk/finance/ 0161 295 0475 sao-acd@salford.ac.uk

27. Conclusion • Costs of higher education • Sources of support • Higher education is affordable and an excellent investment for the future