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MEDICINE OPEN DAY

MEDICINE OPEN DAY. Student Finance 2014/2015. Introduction. Details relating to funding arrangements for academic year 2014/15 yet to be fully confirmed. Arrangements subject to amending legislation Updates available in Summer/Autumn of 2013. Aims.

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MEDICINE OPEN DAY

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  1. MEDICINE OPEN DAY Student Finance 2014/2015

  2. Introduction • Details relating to funding arrangements for academic year 2014/15 yet to be fully confirmed. • Arrangements subject to amending legislation • Updates available in Summer/Autumn of 2013

  3. Aims To provide an overview of funding arrangements from 2014/5 onwards Allow prospective students to gain a better understanding of the types of support they may be entitled to To ensure prospective students know where to get further advice and guidance

  4. Funding • The funding arrangements vary depending on where you normally live: • England • Northern Ireland • Scotland • Wales • Non-UK European Union

  5. Modes of Study • The MBChB is offered as either a 5-year course or a 4-year graduate entry . The funding differs in three ways: • 5-year, first degree • 5-year, graduate • 4-year, graduate entry

  6. Tuition Fees 2014/2015 • All new, full time, Home (UK and EU) students will be charged £9,000 by the University of Leicester in academic year 2014-15

  7. Tuition Fees 2014/2015UK students from England First degree students • No up-front fees • Years 1 to 4 = Fee Loan • Year 5 = NHS Fee Grant • Repayment of all borrowing after graduation

  8. Living CostsUK students from England First degree • Parents/spouse means-tested to determine level of funding

  9. Living Costs 2014/15 UK students from EnglandYears 1 to 4, first degree Maintenance Grant • Fully means-tested • payable on sliding scale up to income of £42,620 • max £3,387 if income £25,000 or less Maintenance Loan • 35% means-tested • Maximum Maintenance Loan rates 2014/15 - Students living away from home £5,555 (min £3,610) - Students living at home £4,418 (min £2,871)

  10. Living CostsUK students from England Years 1 to 4, first degree • Maintenance LOAN entitlement is reduced if student receives a GRANT • LOAN is reduced by 50p for every £1 of Maintenance GRANT payable • E.G. Maintenance Grant of £1,000 = £500 reduction in Maintenance Loan

  11. Living CostsUK students from England Years 1 to 4, first degree

  12. Living Costs 2014/15UK students from EnglandYear 5, first degree • Partial non means-tested Maintenance Loan • *£2,324 – Final Year £1,811 • NHS Bursaries • (2013-14 rates) • Non means tested grant £1,000 • *Means tested bursary max £2,591 (30 weeks) , £4,395 (45 weeks +) *Away from home rates

  13. Tuition Fees 2014/2015UK students from Northern Ireland First degree students • No up-front fees • Years 1 to 4 = Fee Loan • Year 5 = Fees paid by Department of Health, Social Services and Public Safety • Repayment of all borrowing after graduation

  14. Living Costs 2014/15 UK students from Northern IrelandYear 1-4, first degree 2013-2014 rates Maintenance Grant Level of support depends on household income Up to £3,475 per year if income below £19,203. Partial grant if income between £19,204 and £41,065 Maintenance Loan Maximum £4,840 if living away from home whilst studying An extra £84 per week if studying more than 30 weeks during the academic year and ‘living away from home’

  15. Living Costs 2014/15UK students from Northern IrelandYear 5, first degree • Maintenance Loan • 2014/15 details to be confirmed • 2012/13 rate £2,370 - £1,850 in Final Year • Department of Health, Social Services and Public Safety Bursary – fully means-tested • 2014/15 details to be confirmed • 2012/13 max approx.£2,335

  16. Tuition Fees 2014/2015UK students from Scotland First degree students • No up-front fees • Years 1 to 4 = Fee Loan • Year 5 = SAAS Fee Grant • Repayment of all borrowing after graduation

  17. Living Costs 2014/15UK students from ScotlandYear 1-5, first degree 2013-2014 rates All support based on household income

  18. Tuition Fees 2014/2015UK students from Wales First degree students • No up-front fees • Years 1 to 4 = Fee Loan + Fee Grant • Year 5 = NHS Wales Fee Grant • Repayment of all borrowing after graduation

  19. Tuition Fees 2014/2015UK students from Wales First degree students • Welsh Assembly Fee Grant to cover the increase in fee costs. • E.g. In 2014-2015 a pre-2012 entry CONTINUING student will pay a tuition fee of £3,465 • Welsh Assembly Fee Grant will cover difference between this rate and the Tuition Fee being charged to NEW students. • This will allow students to take out a Tuition Fee Loan of £3,465 and be awarded a Fee Grant of £5,535

  20. Living Costs 2014/15UK students from WalesYear 1-4, first degree 2013-14 rates Assembly Learning Grant Amount received depends on your household income £18,370 or less: Full £5,161 grant, Between £18,371 and £50,020: Partial grant Over £50,020: No grant Maintenance Loan The maximum available to students ‘living away from home’ and studying outside of London is £5,150

  21. Living Costs 2014/15UK students from WalesYear 5, first degree • Partial non means-tested Maintenance Loan • 2014/15 details to be confirmed • 2013/14 rate £2,522 - £1,966 in Final Year • NHS Bursaries • 2014/15 rates to be confirmed • 2013/14 • Non means tested grant £1,000 • Means tested bursary max £2,591

  22. Tuition Fees 2014/2015UK students from England Graduate entry student: 4-year course • Year 1 • Tuition Fee Loan available to cover gap between fees charged to pre 2012 entry returning students and fees charged to new students. E.g. 2014/15 continuing students fees = £3,465, new students fees = £9,000. Tuition Fee Loan available = £5,535. • Years 2 to 4 • NHS Fee Grant to cover level of fees charged to continuing students • Tuition Fee Loan to cover rest of fees

  23. Living Costs 2014/15UK students from England4-year graduate entry • Year 1 • Full Maintenance Loan available • 65% means-tested • Between £3,610 and £5,555 (away from home rate) • Years 2 to 4 • Partial non-means-tested Maintenance Loan • 2013/14 rate £2,324, drops to £1,811 in Final Year • NHS Bursaries • Non means tested grant £1,000 • Means tested bursary max £2,591 (30 weeks), £4,395 (45 weeks +)

  24. Tuition Fees 2014/2015UK students from England Graduate entry students: 5-year course • Years 1 to 4 • Fees payable by student, no Tuition Fee Loan available • Year 5 • Partial NHS Fee Grant of £3,465 • Student pays remaining liability

  25. Living Costs 2014/15UK students from England5-year, second degree • Years 1 to 4 • Full Maintenance Loan available only • 65% means-tested • Between £3,610 and £5,555 (away from home rate) • Year 5 • Partial non-means-tested Maintenance Loan • 2013/4 - £2,324 or £1,811 in final year • NHS Bursaries • Non means tested grant £1,000 • Means tested bursary max £2,591 (30 weeks), £4,395 (45 weeks +)

  26. Tuition Fees 2014/2015 UK students from Northern Ireland • Graduate entry student: 5-yearand4-yearcourses • Fees payable by student for full course – no Tuition Fee Loan or DHSSPS Grant

  27. Living Costs 2014/15UK students from Northern Ireland • Graduate entry student: 5-yearand4-yearcourses • Means tested Maintenance Loan of up to £4,840 (2013-2014) available each year, if living away from home whilst studying • Extra Weeks Allowance of £84 per week • Final Year rate currently £4,480

  28. Tuition Fees 2014/2015 UK students from Scotland Graduate entry student 4-year course • Years 1 to 4 • Fees payable by student, no fee loan available

  29. Living Costs 2014/15UK students from Scotland4 - year graduate entry • Years 1 - 4 • Can apply for a Maintenance Loan of up to £6,500 during each year of study (£5,500 if classed as a ‘Young Student’)

  30. Tuition Fees 2014/15UK students from Scotland • Graduate entry student: 5-year course • Years 1 to 4 • Fees payable by student, no loan available • Year 5 • Fee Grant available from the Student Awards Agency for Scotland

  31. Living Costs 2014/15UK students from Scotland5 -year graduate entry Years 1 - 4 Can apply for a Maintenance Loan of up to £6,500 during each year of study (£5,500 if classed as a ‘Young Student’) Year 5 Students can apply for:

  32. Tuition Fees 2014/2015UK students from Wales Graduate entry student: 4-year course Year 1 • Tuition Fee Loan available to cover gap between fees charged to continuing students and fees charged to new students. E.g. 2013/14 continuing students fees = £3,465, new students fees = £9,000. Tuition Fee Loan available = £5,535. Years 2 to 4 • NHS Fee Grant to cover level of fees charged to pre- 2012 entry continuing students • Tuition Fee Loan to cover rest of fees

  33. Living Costs 2014/15UK students from Wales4-year graduate entry • Year 1 • Full means tested Maintenance Loan • Up to £5,150 (away from home rate) • Years 2 to 4 • Partial non-means-tested Maintenance Loan • 2013/14 rate £2,522, drops to £1,966 in Final Year • NHS Bursaries • Non means tested NHS Grant £1,000 • Means tested bursary max £2,591

  34. Tuition Fees 2014/2015UK students from Wales Graduate entry students: 5-year course • Years 1 to 4 • Fees payable by student, no Tuition Fee Loan available • Year 5 • NHS Wales Fee Grant covering £3,465 • SFW Tuition Fee Loan available to cover the outstanding liability

  35. Living Costs 2014/15UK students from Wales5-year, second degree • Years 1 to 4 • Full Maintenance Loan available • Up to £5,150 (away from home rate) • Year 5 • Partial non-means-tested Maintenance Loan • 2013/4 - £2,522 or £1,966 in Final year • NHS Wales Bursaries • Non means tested grant £1,000 • Means tested bursary max £2,591

  36. EU Students • Students can apply for fee support on the same basis as English domiciled students via the student loan and NHS grant • Ineligible for living cost support • Some exceptions linked to: • Length of time in UK • Family situation

  37. Repayment of Borrowing Repayments begin from April after graduation if earning more than £21,000 p.a. You repay 9% on income above £21,000 • Income £25,000 per year - repayments £30:00 per month • Income £40,000 per year - repayments £142:50 per month • Income £50,000 per year - repayments £217:50 per month

  38. Repayment of Borrowing(subject to Parliamentary approval) Interest on loans will be applied at inflation (RPI) + 3% up until the April after you leave university If you are earning below £21,000 from the April after you leave university, interest will be applied at the rate of inflation If you earn between £21,000 and £41,000, interest will be applied between RPI and RPI + 3% on a gradual scale Earning above £41,000 interest will be applied at RPI + 3%

  39. National Scholarship Programme 2014/15 bursary/scholarship arrangements to be confirmed. 2013-14 University of Leicester National Scholarship Only available to First Degree students from England (Years 1-4) £3,000 award - £2,000 towards your tuition fee each year - £1,000 cash each year Eligibility linked to household income and academic achievement Application information provided after you receive your offer of a place at Leicester CULN College Transition Scholarship £1,000 cash available in your first year only For students from colleges which are members of the Colleges-University of Leicester Network (CULN)  Apply through your local college Further information at www.le.ac.uk/study/fees

  40. How to meet additional needs If you are a parent or have an adult dependant you may be eligible for assistance through additional means tested support • Parents Learning Allowance £1,523 max • Childcare Grant max of £150:23 per week for one child and £257:55 per week for two or more children • Adult Dependants Grant maximum of £2,668 SFE 2014-2015 rates shown – support may vary regionally

  41. Sources of additional support • Part-time work • Bank overdraft / services • Family • Savings • Charities / Trusts • http://www.turn2us.org.uk/ • http://www.family-action.org.uk • http://www.money4medstudents.org

  42. Further Information • University of Leicester funding • www.le.ac.uk/fees • Student Welfare Service • www.le.ac.uk/welfare • 0116 223 1185 • welfare@le.ac.uk • @uolsupport • University of Leicester Student Support Services • www.le.ac.uk\sss

  43. Further Information Where you normally live determines who you apply to for support and information: • England 0845 300 5090 www.direct.gov.uk/studentfinance • Northern Ireland Call local ELB www.studentfinanceni.co.uk • Scotland0300 555 0505 www.saas.gov.uk

  44. Further Information • Wales 0845 602 8845 www.studentfinancewales.co.ukwww.cyllidmyfyrwyrcymru.co.uk • NHS England 0300 330 1345 http://www.nhsbsa.nhs.uk/Students.aspx • NHS Wales 02920 196 167 http://www.wales.nhs.uk/sitesplus/829/home • SFE EUTeam +44 (0) 141 243 3570 www.direct.gov.uk/studentfinance

  45. Thank you for listening - any questions?

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