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Money, University and You!! 2012 onwards

Money, University and You!! 2012 onwards. Keith Houghton Kingston University. Overview. 1. The main costs of university in 2012: Tuition Fees Living costs 2. Financial help available 3. Interest and Repayments. Tuition Fees.

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Money, University and You!! 2012 onwards

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  1. Money, University and You!! 2012 onwards Keith Houghton Kingston University

  2. Overview 1. The main costs of university in 2012: Tuition Fees Living costs 2. Financial help available 3. Interest and Repayments

  3. Tuition Fees Universities and Colleges in England will charge up to £9000 per year for students who start a course in September 2012. Exceptions: 2yr Foundation Degrees & Yr 0’s Courses funded by the NHS such as Nursing & Physiotherapy (NHS pays the fees) (this exception does NOT apply to Medicine and Dentistry for the first 4 yrs of the course) HNC at Thanet College (£5,500)

  4. An example: Kingston has approved five different fee bands:

  5. Help with Paying Fees • Tuition Loans • Up to the level of the fee charged • No payment required ‘up front’ • Available to UK and EU students only • Paid direct to the University

  6. Living Costs: (what you will need money for) Rent – Halls Fees or private rented accommodation; Utility Bills – gas, electricity & water (these are usually included in Halls Fees); Mobile phone & internet; Food, household & laundry; Travel – to & from University; visits home; (CAR?) Books, Course Costs, Copying, Printing, Field Trips Clothes, cosmetics, hair , presents etc. Social & Recreation …. (there may be more!!)

  7. Example Summary of Living Costs (40 wks)

  8. Support for Living Costs Maintenance Loans London rate: £7,675 (increase of more than 10% on current loan) Outside London rate: £5,500 Parental Home rate: £4,375 Partly income assessed - 35% depends on household income, 65% does not. ‘Longer Courses’ Loan (for extra weeks of study)

  9. Support for Living Costs (cont) Maintenance Grants Increased to £3,250 Fully income-assessed Replaces part of the loan (up to £1,625) Maximum grant at Household Income of £25,000 or lower Minimum grant of £50 at income of £42,600 No grant above this level

  10. Example: Full Government Support (Student living out of home and studying in London) Maximum Maintenance Loan £6,050 (adjusted to take account of Loan/ Grant substitution of £1625) Maximum Maintenance Grant £3,250 Total £9,300 (Compared to current system: £ 8,275)

  11. Example Summary of Living Costs (40 wks)

  12. National Scholarship Programme • Government- backed scheme • Available to students entering English Universities from 2012 • Eligible students will receive £3000 for the first year of study only Who is eligible? • Students from households where gross income is less than £25000 • Fees of at least £6000 are charged • Not everyone from this income group will receive NSP funding • Additional selection criteria decided by each University How is it paid? • fee waivers or discounts; • a free foundation year; • accommodation discounts; • financial scholarship/bursary paid to students (limited to £1000 cash)

  13. Social Work Bursary • In addition to student loans and grant • Flat rate • Studying in London: £4,975 • Studying outside London: £4,575 • Paid termly (mid-term) http://www.nhsbsa.nhs.uk/Students/825.aspx

  14. Example Summary of Living Costs (40 wks) Social Work

  15. NHS Bursaries • EG Nursing, Midwifery, Physiotherapy, Radiography • Tuition is paid by the NHS • £1,000 flat-rate non-repayable maintenance grant • Income-assessed bursary • Three rates • Not repayable • Non income-assessed maintenance loan

  16. Summary: NHS Funding

  17. Applying for funding:Student Finance England • Online application: www.direct.gov.uk/studentfinance • Do it NOW • One application for all loans and grants • Declaration form to sign and return • Payment in three instalments • Helpline: 0141 243 3600 / 0845 300 5090

  18. Applying for funding:Social Work Bursary • Apply for maintenance loan and grant first • Refer to NHS Social Work Bursary Website: http://www.nhsbsa.nhs.uk/Students/825.aspx • Application available after Easter • Payment in three instalments (mid term)

  19. Applying for funding:NHS Bursary • Apply online once offered a NHS Funded Place: http://www.nhsbsa.nhs.uk/Students/816.aspx • Payment monthly (first payment covers first two months) • Helpline: 0845 358 6655

  20. Interest Charges Interest is charged from the time money is paid to you until it is repaid to the Government RPI (rate of inflation) plus 3% whilst studying and until April 2016 Rate then dependent upon earnings

  21. Repayment Tuition Fee and Maintenance Loans are added together. Liability for repayment starts from April 2016 but you do not start repaying until … You are earning at least £21,000 9% of earnings above this limit 30 year maximum period Amount paid per month based on earnings not on amount borrowed New repayment rates will be lower than rates under current system.

  22. Repayment Example 1 Earnings of £25,000 • Annual repayment is £360 • This works out as £30 per month • Or £6.92 per week regardless of total amount of loans • In the current system this student would be paying £75 per month

  23. Repayment Example 2 Earnings of £30,000 • Annual repayment is £810 • This works out as £67.50 per month • Or £15.58 per week

  24. Repayment Example 3 Earnings of £35,000 • Annual repayment is £1,260 • This works out as £105 per month • Or £24.23 per week

  25. Summary • Find out beforehand exactly what the funding entitlements are according to university choices • Apply for all funding in good time (NOW!) • Student finance is available and maximum amounts, if received, should cover both Tuition Fees and most living costs • Finances may need ‘topping up’ (e.g. by part time work) if maximum amounts are not received • Problem of cash flow - loan/grant are paid in 3 equal instalments; rent may be paid monthly; bills quarterly etc. • BUDGET PLANNING IS ESSENTIAL!!

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