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For students from England who start in 2013

Student Funding. For students from England who start in 2013. Tuition F ee Support - 2013. 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.

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For students from England who start in 2013

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  1. Student Funding For students from England who start in 2013

  2. Tuition Fee Support - 2013 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

  3. Living cost support - 2013 Student loan for living costs • Living away from their parents’ home between £3,575 and £5,500 depending on household income • Living in their parents’ home between £2,843 and £4,375 depending on their household income

  4. Living cost support - 2013 Non-repayable grant • Students can get £3,354 grant where their household income is £25,000 or less • Partial grant to students where household income between £25,000 and about £42,600

  5. 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

  6. Living cost loan and grant

  7. Living cost loan and grant

  8. Living Costs • Maximum Loan and Grant is £7,125 per year • £180 per week over 39 weeks academic year • To cover: • Accommodation • Course costs • Travel • Food • Socialising and university activities

  9. Living Costs • Student weekly spending • Course costs £25 • Food & Household £53 • Rent £103 • Socialising £31 • Travel £36 • Other £50 • TOTAL per week £298 Annual total (x 39 weeks) £11,622 From: NUS/HSBC Student Experience Report 2010, figures rounded

  10. National Scholarship Programme • Purpose is to provide a direct benefit to eligible students • Students whose household income is below £25,000 will be eligible • £100 million contributed by the government in 2013/14 proposed to increase to £150 million by 2014/15 • Governments contribution to be matched by the institutions • Administered by the universities

  11. 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

  12. Social Work Paid in addition to other SFE funding • Bursary currently £4,575 (2011/12) • Includes an amount for travel placement costs • Not income-assessed • No information yet on availability for 2013 starters but Government is planning changes for 2013

  13. NHS Courses The current package of support 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

  14. NHS Courses A healthcare student on an eligible course of 45 weeks in duration and studying outside London could 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.

  15. Student loans – repayment • All loans together in one account • Interest at rate of inflation (RPI) plus 3% while on course up till the April after course ended • April after leaving university, if earnings are below £21,000 interest will be applied at the rate of inflation • Repaid when earnings are above £21,000

  16. Student loans – repayment • Between £21,000 and £41,000 interest applied between RPI and RPI+ 3% (on a gradual scale) • Earnings above £41,000 interest applied at RPI + 3% • Loans cancelled after 30 years

  17. Loan Repayment – from 2016

  18. It's repaid through the income tax system System is designed to make the graduate who benefits from the education pay for it You only repay it if you earn over a certain amount The amount repaid 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 repay for the majority of their working life Think of it as a tax…

  19. 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."

  20. Useful contacts & websites Student Money Advice www.leedsmet.ac.uk/moneyadvice Student Finance England Tel: 0845 300 50 90 www.direct.gov.uk/studentfinance http://practitioners.studentfinanceengland.co.uk/ Department Business Innovation and Skill www.bis.gov.uk Money Saving Expert www.moneysavingexpert.com

  21. Any questions?

  22. 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 services does not accept responsibility for errors, omissions or inaccuracies 14/06/2012.

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