Alice Carney Education Liaison Officer Queen Mary, University of London

1. Alice Carney Education Liaison Officer Queen Mary, University of London Student Finance www.qmul.ac.uk

2. Summary • Tuition fees • Maintenance loans • Maintenance Grants • Other forms of financial support

3. Tuition Fees • What do tuition fees cover? Autumn 2012 onwards • Can charge up to £6000 per year and up to a maximum of £9000 a year • Any institution charging above £6000 must offer support to low income families • By applying for a student loan, any payment is deferred until after graduation • You can pay the tuition fees up front if you wish • Paid directly to the university

4. Living Costs • As important as fees - students must eat! • Types of support available: • Maintenance loans • Maintenance grants • Bursaries/Scholarships

5. Maintenance Loans • Paid into student’s bank account • Paid in termly instalments The amount the student receives depends on: • Where the student will live whilst they are at university • Household income

6. Maintenance Loans Amounts for 2013/2014 • Q1. Where will the student live? • Living with parents • Maximum loan = £4,375 • Q2. What is your household income? • 65% non-means tested = £2,843.75 • 35% means tested = £1,531.25

7. Maintenance Loans Amounts for 2013/2014 • Q1. Where will the student live? • Away from the parental home and in London • Maximum loan = £7,675 • Q2. What is your household income? • 65% non-means tested = £4,988.75 • 35% means tested = £2,686.25

8. Maintenance Loans Amounts for 2013/2014 • Q1. Where will the student live? • Away from the parental home and outside London • Maximum loan = £5,500 • Q2. What is your household income? • 65% non-means tested = £3,575 • 35% means tested = £1,925

9. Repayment • Tuition fee loan and maintenance loans will be totaled up after graduation • Payments will be taken directly from the graduates’ salary the April after they graduate • Graduates must be earning at least £21,000 to trigger repayment • It is based on what you earn NOT what you owe • 9% of whatever the graduate earns above £21,000 • If a student earns £21,500 per year • 9% of £500 • £4.00 per month

10. Repayments • If earnings fall below £21,000 payment will stop • Any money still owed after 30 years will be cancelled

11. Interest • Interest rate • Whilst studying: inflation plus 3% • Post graduation: If earning below £21,000 = based on inflation • £21,000 - £41,000: Up to a maximum of inflation plus 3% • Above £41,000: Full rate of inflation plus 3%

12. Maintenance Grant • Non-repayable and entirely dependant on family income • If household income is below £25,000 • £3,354 • If household income Is between £25,001 - £42,600 • Between £50 - £3,354

13. University Support • Will differ from university to university • QMUL bursary • £1,500 each year – household income less than £25,000 • £1,200 each year – household income between £25,001 and £42,600 • QMUL MFL bursary • £6,000 over first two years • AAA/38 points in IB

14. National Scholarship Programme For students whose household income is no greater than £25,000 a year Each institution sets its own eligibility criteria for awarding a scholarship. You can apply direct to the institution if you meet the criteria A scholarship is worth at least £3,000 for full-time students QMUL will be offering 522 students the NSP. £1,500 will be given as a fee waiver and £1,500 will be given as a cash bursary

15. Applying Online • www.direct.gov.uk/studentfinance • You can apply from early 2013 • Spring 2013 deadline

16. Useful websites www.direct.gov.uk/studentfinance http://www.moneysavingexpert.com/ http://www.qmul.ac.uk/undergraduate/feesandfunding/

17. Any questions? Thank you for listening!