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Student Finance in 2011/12

Student Finance in 2011/12. Browne Review into Student Finance. Earliest introduction will be for new students from 2012 Students already in University before 2012 should not be affected by the changes. Going to University?. Student support in 2011/12 The application process

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Student Finance in 2011/12

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  1. Student Finance in 2011/12

  2. Browne Review into Student Finance • Earliest introduction will be for new students • from 2012 • Students already in University before 2012 • should not be affected by the changes.

  3. Going to University? • Student support in 2011/12 • The application process • Costs of living

  4. Things to consider • Tuition fees and fee loans • Maintenance loans • Maintenance grants • University bursaries • Additional support

  5. Tuition Fees • Up to £3,375 per year in 2011/12 • For full-time Home and EU students • This amount will rise in subsequent years • There is a reduced fee for placement years • A fee loan is available • The tuition fee loan is not income assessed • It is paid directly to the university • The interest rate is linked to inflation (it’s currently set at 1.5%) • You don’t start repaying until after you finish your course and are earning over £15,000.

  6. Help with living costs – Maintenance loans • Paid in three termly instalments directly to your bank account • Interest rate and repayments are the same as tuition fee loans • Assessment is based on: • Where you will be living whilst studying • How much maintenance grant you receive • Household income – 72% is non income assessed.

  7. Help with living costs – Maintenance grants • Maintenance grants of up to £2,906 are available to some students • These are available for each year of your course • They do not have to be repaid • They are income assessed • Also paid in three termly instalments • If you receive a grant you will get a lower rate of maintenance loan

  8. Help with living costs – Maintenance grants • Household income of • up to £25,000 • Full grant of £2,906 • Household income of £25,001 to £50,020 • Partial grant between £2,905 and £50 • Household income of • over £50,020 • No grant payable

  9. Help with living costs – University bursaries • Additional money that you don’t have to repay • All English universities must give a minimum bursary of £338 to home students who are: • paying the full £3,375 fee and • in receipt of the full £2,906 grant. • Each university can choose to increase this offer and can apply their own eligibility criteria – check university websites or ask at open days

  10. University of Portsmouth bursaries The University of Portsmouth offers an income assessed bursary to students paying the full £3,375 fee: £900 To home students with a household income up to £25,000 £600 To home students with a household income up to £32,000 £600 To EU students with a household income up to £32,000

  11. Basic Student Support 2011/12 Summary Students living away from home but not living in London

  12. How can I find out what I may be entitled to? • Go to www.direct.gov.uk/studentfinancecalculator

  13. When and how to apply • Applications can be made from January 2011 • Apply online at www.direct.gov.uk/studentfinance • Or, fill in a paper form (PN1), available on-line or from • Student Finance England – 0845 300 50 90 • Recommended deadlines are: • end April 2011 If you don’t want to be income assessed • end June 2011 If you do want to be income assessed

  14. Stages of assessment • Student’s personal eligibility: • - must be classed as a home student and studying on a designated • course. • - previous study can affect eligibility. • - students’ passport numbers are required as evidence of ID. • - students’ national insurance numbers must be provided. • Financial Assessment • - based on household income for the 2009/10 tax year. • Notification is sent to the student.

  15. If you change your mind • Going to a different University? - notify Student Finance England either online or via a Change of Circumstances form (available via www.direct.gov.uk/studentfinance) • Not sure which University/Course? State your first choice and change this later if necessary. • Taking a Gap Year? - apply for financial support in the year you start (i.e. Autumn 2011 if you’re starting in September 2012)

  16. Loan repayments • Repayments start the April after you finish your course, if at that point you are earning over £15,000 (gross) p.a. • You repay 9% of your gross salary above £15,000 • if you are earning £17,000 you repay £15 per month • if you are earning £20,000 you repay £37.50 per month • Payments are deducted via the PAYE system (unless you are self employed or work abroad) • Any balance is written off after 25 years

  17. Additional support for Social Work Courses • BSc (Hons) Social Work students receive an non-income assessed additional bursary: • £4,000 bursary • £575 towards placement travel costs • You can still apply for all the statutory support mentioned previously • Apply via www.nhsstudentgrants.co.uk or call 0845 610 1122

  18. Support for NHS Courses – Tuition Fees Your tuition fees are likely to be paid by the NHS if you are a home or EU student studying on an NHS course which leads to professional registration.

  19. Support for NHS Courses – Living costs Degree level students apply for an income-assessed bursary from the NHS and a (reduced rate) maintenance loan from Student Finance England. Diploma level students apply only for a non-income assessed bursary from the NHS www.nhsstudentgrants.co.uk

  20. Estimated weekly living costs Halls of residence £74 - £117 Private accommodation £70 - £75 Food and housekeeping £30 - £35 Utility bills £10 - £15 Other variable costs include: Travel £5 - £10 Phone £5 - £10 Contents insurance £2- £3 Books and study equipment £350 (average per year) TV Licence £145.50 (per year) Social and leisure costs £20 - £30 You will also need to pay towards your accommodation before you get your student funding paid. This could be £200 advance rent for a room in halls, or a deposit plus possible fees for a room in a shared house, so try and save over the summer

  21. Student Bank accounts • Choose your account wisely • Look at the branch locations – do they have specialist • student advisers? • Do not be swayed purely by opening incentives like • vouchers or railcards • Check out how much interest free overdraft is available • Look at how much the account charges are • Can your student terms be extended after graduation? • Only open one student bank account

  22. Getting in touch: Drop in: Second Floor, Nuffield Centre, St Michael’s Road Phone: (023) 9284 3014 Email us: student.finance@port.ac.uk Web: www.port.ac.uk/money

  23. Any Questions?

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