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For students from England who start in 2014

Student Funding. For students from England who start in 2014. Previous Study. If you have studied in Higher Education before starting this course, we strongly recommend seeking specialist advice such as contacting our Money Advice Team because this can affect fees and funding entitlement.

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For students from England who start in 2014

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  1. Student Funding For students from England who start in 2014

  2. Previous Study If you have studied in Higher Education before starting this course, we strongly recommend seeking specialist advice such as contacting our Money Advice Team because this can affect fees and funding entitlement.

  3. Tuition Fee Support - 2014 Tuition Fee Loans • Available to all eligible undergraduate students, available to both full-time and part-time students • Not income-assessed • Paid direct to university by Student Loans Company

  4. Living cost support - 2014 Student maintenance loan for living costs • Living away from their parents’ home between £3,610 and £5,555 depending on household income • Living in their parents’ home between £2,871 and £4,418 depending on their household income

  5. Living cost support - 2014 Non-repayable maintenance grant • Students can get £3,387 grant where their household income is £25,000 or less • Partial grant to students where household income between £25,000 and £42,620

  6. Other Support • National Scholarship Programme • Extra help for students in special circumstances, e.g. students with a disability or with dependants • NHS and Social Work courses funded differently • Access to Learning Fund • Other university bursaries and scholarships • Charity and Trust funds • Welfare benefits

  7. Living cost loan and grant

  8. Living cost loan and grant

  9. Living Costs • Maximum Loan and Grant is £7,249 per year • £186 per week over 39 weeks academic year • To cover: • Accommodation • Course costs • Travel • Food • Socialising and university activities

  10. Living Costs From: NUS/HSBC Student Experience Report 2010, figures rounded

  11. Student BudgetMaximum Student Finance

  12. National Scholarship Programme • Purpose is to provide a direct benefit to eligible students • Students whose household income is below £25,000 will be eligible • £150 million contributed by the government in 2014/15 • Governments contribution to be matched by the institutions • Administered by the universities • See www.offa.org.uk for Access agreements • And www.unistats.co.uk for University Course data

  13. Social Work and NHS Bursary • At the moment there is extra support for Social Work and NHS courses. • See www.nhsbsa.nhs.uk/Students for details about NHS and Social Work bursaries

  14. Social Work Paid in addition to other SFE funding • Bursary currently £4,575 (2012/13) • Includes an amount for travel placement costs • Not income-assessed • From 2013 no new undergraduate student starting a course will receive a bursary for their first year • Bursary is available from the second year of the course • There is a cap which limits the number of bursary recipients • No guarantee that if you pass the first year of your course, you will receive a bursary

  15. NHS Courses The current package of support (which could change in 2014/15) will provide new students on NHS Courses with • fees paid by the NHS • a small non-means tested grant • a means tested bursary • a reduced rate non-means-tested loan

  16. NHS Courses A healthcare student on an eligible course of 45 weeks in duration and studying outside London can currently receive • a non-means tested grant of £1,000, • a means tested bursary of up to £4,395  • a non-means tested loan of up to £2,324 from Student Finance England • In total £7,719 for living costs per year

  17. How is the student loan repaid

  18. Loan Repayment – from 2016

  19. It's repaid through the income tax system You only pay if you earn over a certain amount The amount paid increases with earnings It does not go on credit files Debt collectors will not chase for it Bigger borrowing doesn't increase repayments Many will pay for the majority of their working life System is designed to make the graduate who benefits from the education pay for it Think of it as a tax…

  20. Problems getting a mortgage? The Council for Mortgage Lenders "A student loan is very unlikely to impact materially on an individual's ability to get a mortgage but the amount of mortgage available may depend on net income."

  21. Useful contacts & websites Student Money Advice www.leedsmet.ac.uk/moneyadvice Student Finance England Tel: 0845 300 50 90 www.gov.uk/studentfinance http://practitioners.studentfinanceengland.co.uk/ NHS and Social Work course www.nhsbsa.nhs.uk/students Money Saving Expert www.moneysavingexpert.com

  22. Any questions?

  23. The accuracy of the guidance in this Powerpoint is based on the best information available at the time of writing. However, such information is subject to change, sometimes at short notice. Be aware that the Powerpoint may be misleading if used in isolation. Whilst care has been taken to ensure that all information is correct, the Leeds Met Student Money Advice service does not accept responsibility for errors, omissions or inaccuracies 14/06/2013.

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