Student Finance: Eligibility, Costs, and Support

1. Student Finance Ben Leventhall, Widening Participation and Undergraduate Recruitment Officer University of Bristol Ben Leventhall

2. Key messages • Eligibility • Costs • Support If you want to go to university, finance should not mean that you are unable to do so. • Financial Benefits of Higher Education • How to apply for financial support

3. Eligibility for government support Whether you qualify for student finance depends on: • your university or college • your course • if you’ve studied a higher education course before • your age • your nationality or residency status

4. Eligibility –Nationality/Residency Status You can only apply if: • you’re a UK national or have ‘settled status’ (no restrictions on how long you can stay) • you normally live in England • you’ve been living in the UK for 3 years before starting your course You may also be eligible if your residency status is one of the following: • EU national, or family member of one • refugee • humanitarian protection (as a result of a failed application for asylum) • migrant worker • child of a Swiss national • child of a Turkish worker TALKING ABOUT FUNDING AVAILABLE THROUGH STUDENT FINANCE ENGLAND – THERE’S A DIFFERENT PROCESS FOR WELSH STUDENTS AND CHECK INFORMATION FOR INTERNATIONAL STUDENTS

5. Tuition Fees / Costs Universities able to charge up to £9,000 per year subject to meeting certain conditions. Can charge less! Up to £6,750 for part time Also will be living costs - Rent, Travel, Food, Bills, Social Bristol – expensive city to live in; average £370 pm rent

6. Tuition Fee Loan Student Loan for Tuition Fees available to all; no ‘up front’ fees (paid back at the end of the course) Loan isn’t compulsory, students can pay all or part of tuition fee upfront themselves Paid directly to your university / college

7. Student Loan for Maintenance There is one loan for your fees and another loan for your living costs. Loans are paid in three termly instalments. The amount you get depends on: - where you study and live - your parents’ (or household) income (for 35%) - must be studying full time

8. Student Loan for Maintenance

9. Repaying your loans You start repaying your Tuition Fee and Maintenance loans after you graduate and get a job with a salary over £21,000 a year (9% of income over £21,000). Those earning less than £21,000 would not pay any real interest on loans, and wouldn’t have to make repayments. Eg: - £30 a month if you earn £25,000

10. Loan Repayments Written off after 30 years; Interest payments from start of study but then depend upon earnings; Can pay it off in one chunk with no penalty

11. Maintenance Grant For 2015, you can get up to £3,387 which is yours to keep; you don’t pay it back Dependant on Household (usually parental) Income - Full Grant if under £25,000 - Partial Grant if between £25,001 and £42,620 - No Grant if over £42,620 The amount of maintenance grant a student receives affects the amount of maintenance loan they can borrow.

12. Maintenance/Loan Grant, 2015 entry

13. Maintenance Loan/Grant Distribution example demonstrates 2013 figures

14. Bursaries / Scholarships Universities and Colleges charging tuition fees must offer bursaries Bursaries are yours to keep; like the Maintenance Grant you don’t pay them back i.e. Access to Bristol bursary Universities also offer scholarships for various things e.g. excelling in a certain area

15. Where to find bursary/scholarship information www.thescholarshiphub.org.uk

16. 2014/15 examples of university funding • South Wales: £1500 off accommodation if you live more than 45 miles from Glamorgan University • Surrey £3000 for first year plus sports pass if you have A*AA or A*A*B at A level

17. University of Bristol Bursary Students whose residual household income is £25,000 or below: £2,000 cash bursary Students whose residual household income is £25,001 - £30,000 or below: £1,500 cash bursary Students whose residual household income is £30,001 - £35,000 or below: £1,250 cash bursary Students whose residual household income is £35,001 - £40,000 or below: £750 cash bursary Students whose residual household income is £40,001 - £42,620 or below: £500 cash bursary Also linked bursary for eligible students completing Access to Bristol scheme

18. Other Sources of Funding The Access to Learning Fund • If you can demonstrate you are experiencing real financial hardship • Administered by individual universities Specific Grants (non-repayable; yours to keep) • Disabled Students’ Allowance, Adult Dependants’ Grant, Care Leavers Grant, Childcare Grant, Parents’ Learning Allowance NHS Bursaries • Medical, dentistry or healthcare students Social Work Bursaries, Extra help for Teacher Training Students Charities or Employers

19. Part time jobs • A number of students have part time jobs • Universities have Student Job Shops to help students find suitable jobs • Most universities recommend no more than 15 hrs per week of work • Many students use vacation periods for earning money

20. What are the benefits of going to university? • It is the chance to study a subject you love for at least three years • Opportunity to meet wide range of people from variety of backgrounds and cultures • Development of team work, time management,communication and leadership skills • Experience a whole new social life.

21. Financial benefits of going to university? • There are also important financial benefits for going to University: • More and more employers are expecting students to have an HE qualification • Some careers demand it • 60% of graduate jobs don’t favour a particular subject • Better chance of getting a job e.g. In 201186% of all graduates were in work compared with 72.3% of non-graduates.

22. Likely to earn a higher salary e.g. In 2011 the median hourly rate of pay for all graduates aged 21 to 64 was £15.18, 70% more than the non-graduate rate of £8.92. e.g. In 2013 average starting salary for a graduate was £21,762, compared to £14,801 for a non-graduate. (Complete University Guide) e.g. University graduates can expect to be earning between 20 and 100 per cent more by the middle of their working lives than non-graduates, and all tertiary education graduates spend on average considerably longer in employment - typically six years more (OECD report, 2013) • Graduates are half as likely than non graduates to be unemployed • On average, graduates earn more over the course of their working lifetimes, than non-graduates • Over the past 5 years, graduates have had double the number of promotions at work. Financial benefits of going to university? Some universities/courses have higher employability rates and some employers prefer graduates from certain institutions

23. How to apply • Apply online through www.gov.uk/apply-online-for-student-finance from January to May of academic year you apply • Recommended: about an hour to complete application form 1) Set up a student finance online account. 2) Log in and complete the online application form. 3) If needed, include details of your household income and get your parents (or partner) to support your application. 4) If needed, send in proof of identity. 5) Usually, within 6 weeks you’ll get a loan declaration in the post - sign and return it.

24. Any questions? https://www.gov.uk/student-finance