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Student Finance

Student Finance. Katie Proctor Student Recruitment Officer. Overview. Expenses whilst at university or college fall broadly into two categories: Tuition fees – help meet the cost of a course Living costs – accommodation, food, travel, books, etc. Tuition Fees.

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Student Finance

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  1. Student Finance Katie Proctor Student Recruitment Officer

  2. Overview Expenses whilst at university or college fall broadly into two categories: • Tuition fees – help meet the cost of a course • Living costs – accommodation, food, travel, books, etc.

  3. Tuition Fees • Higher Education Institutions can charge up to £3,290 per year for tuition fees • Students will be able to take out a loan to cover the cost of the tuition fees – this is not means tested • The loan for tuition fees gets paid direct to the university or college by the Student Loans Company • Loans do not have to be repaid until a graduate’s income exceeds £1250 per month (equivalent of £15,000 a year)

  4. Health related courses NHS (Dental Hygiene, Speech & Language Therapy, Radiography, Nursing, Physiotherapy): • Tuition fees continue to be paid • Degree students – entitled to a means tested bursary and reduced rate student loan • Diploma students – entitled to a non-means tested bursary but not a student loan Social Work: • Tuition fees will be the responsibility of the student • Entitled to a tuition fee loan and a maintenance loan • Entitled to a non-means tested bursary (from GSCC) • Entitled to a maintenance grant

  5. Teaching There are 2 routes into teaching: • Teaching Degree • Any degree plus PGCE (Post Graduate Certificate of Education) Teaching Degree • Same financial rules apply as with other degrees PGCE • Tuition fees will be £3,290 • A proportion of the maintenance grant for all students and up to £2,906 for those less well off • Tax-free bursary of £4,000 to £9,000 • ‘Golden Hello’ after completing 1st year

  6. Scotland: £1,820 (4 year course) Northern Ireland: £3,225 Wales: £3,225 Studying elsewhere?

  7. Help with livingexpenses • Non-Repayable Government grants • Maintenance Loans • Bursaries

  8. Non-repayable Government Grants • A Maintenance Grant is money to help with your accommodation and living expenses that you do not have to repay • Students can claim up to £2,906 a year depending on household income: £25,000 or less - £2,906 £25,000 - £50,000 – partial grant £50,000 - 0

  9. Maintenance Loans • There are also loans to help pay for living costs • Maximum maintenance loans for 2009/10: • Student living at home: £3,838 • Student living away from home in London: £6,928 • Student living away from home & outside London: £4,950 • All students are entitled to 78% of the loan. The remaining 22% is means-tested

  10. Repayment of loans • Loans for fees and loans for maintenance are combined into a single payment • Repayments are based on how much how much a graduate earns not how much they owe, and is worked out as a % of income above £15,000, (currently 9%): • £20,000 - £8.65 a week • £25,000 - £17.30 a week • Repayments will be deducted automatically along with tax and national insurance contributions

  11. Bursaries from individual universities • All institutions charging £3,290 for tuition fees must provide extra help to students who are receiving the full maintenance grant • The minimum amount they are required to offer is £319, but most will offer more

  12. University Campus Suffolk Full-time courses • Will be charging the maximum fee permissible: £3,290 • UCS’ bursary scheme may provide generous payments to less well off students

  13. For more information about other universities’ bursary schemes, visit: http://bursarymap.direct.gov.uk/ or their own websites

  14. Other support available Disabled Student’s Allowance • Helps with the extra costs incurred as a direct result of someone’s disability such as additional travel costs, or specialist equipment • Available for full-time students or students studying 50% of a full-time course • For more information, please go to: www.dfes.gov.uk/studentsupport

  15. How to apply • You will need to apply online through www.direct.gov.uk/studentfinance • Applications should be made as early as possible – you will be able to apply from December 2009 onwards • The information you provide will be used to calculate how much support you are entitled to

  16. Is it worth it? • You could potentially come out of university with debts up to £20,000 • However, according to the Higher Education Careers Services Unit: • 21–30 year old graduates have average earnings of £22,300 pa compared to £15,950 for non-graduates in the same age bracket • By age 31-40, graduates earn £12,950 pa more (£33,470 compared to £20,520) • By the time they reach 41-50, graduates earn on average £14,550 pa more (£34,950 compared to £20,400 • You should look at HE as an investment into your future

  17. Any questions? www.ucs.ac.uk

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