Student Grants - Help You Pay For University Living

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1 Student Finance

2 The UCS Campus

3 UCS Degrees

4 Student Life and Employment Prospects

5 Expenses at university fall broadly into two categories: Tuition costs Access to lecturers and academics Library and IT facilities Lab and practical activities and facilities Does not usually cover fieldtrips Living costs Accommodation and food Travel Overview Course books and stationery

6 Tuition Fees: 2014 Entry Universities can charge up to 9000 per year if they meet criteria on access UCS fees: 8500 BA/BSc 7500 Foundation degrees Students can take a non-means tested tuition fee loan Tuition fee loans are paid directly to the University from the Student Loans Company Loans are repaid from the April after graduation, over 30 years Some courses are funded by the NHS

7 Living Costs: Maintenance Loans Most students take a maintenance loan to help with living costs Maximum maintenance loans for students starting University in 2014: Student living away from home and in London: 7751 Student living away from home: 5555 Student living at home: 4418 You have to apply for the tuition fee loan, maintenance loan and grant each year of study All students are entitled to 65% of the loan. The remaining 35% is means-tested on household income

8 Living Costs: Maintenance Grants The Maintenance Grant is a non-repayable meanstested grant to help with living costs. It is paid for each year of study You must apply EVERY year Not available to NHS students Household Income Maintenance Grant Up to 25,000 Full grant: , , , , More than 42,620 No grant

9 Household Income Total Support 2014 Entry Maintenance Loan Maintenance Total Home Away Grant Home Away < 25, , , , , , , , , , Over 62, All students are also entitled to a tuition fee loan

10 NHS Funded Courses The NHS will pay the tuition fees for some courses, and provide a means-tested bursary. These courses are: Nursing and Midwifery Radiography/Radiotherapy Operating Department Practice Physiotherapy Speech and Language Therapy Dental Hygiene Maximum Maintenance loan of 2324 per year for NHS students living away from home and not in London Social Work students pay tuition fees but can also access a bursary from the NHS

11 Support for NHS students If you study up to 45 weeks a year, you ll get: Where you study and live Grant Bursary Maintenance Loan In London 1,000 Up to 5,460 Up to 3,263 Outside London 1,000 Up to 4,395 Up to 2,324 With parents 1,000 Up to 3,351 Up to 1,744 NHS students are also eligible to a 1000 Grant in each year of study to help towards living costs In your final year of study, the maintenance loan is reduced slightly

12 Other Support available Disabled Students Allowance: Available for fulltime students, or students studying 50% of a course. Maximum support 5212 (if helper required, maximum is 20,725) per year Childcare Grant: Based on household income, and grant is calculated as 85% of actual childcare costs Adult Dependent s Grant: For students with an adult member of the family who is financially dependent on them Access to Learning Fund: Administered by individual universities More information is available at

13 How to Apply Students apply online via Student Finance England ( Applications are normally available from December - check the website for more information The information you provide will be used to assess the means-tested support If you do not want to provide all the information requested, students will be assessed for the minimum support: Tuition fee loan and 65% of the maintenance loan You will not be assessed for the maintenance grant if you do not provide all information

14 Repayment of Loans Tuition fee loans and maintenance loans are combined into a single monthly payment Graduates start repaying the loans from the April after graduation, but only if they are earning over 21,000 per year The repayment is 9% of earnings above 21,000 and payments are taken directly from the salary via the tax system Any remaining loan is written-off after 30 years Student Finance England will write off any outstanding 24+ Advanced Learning Loans you owe for an Access to HE course once you complete a higher education course. This means you don t have to repay it. The higher education course must be eligible for student finance Annual Salary Monthly salary after tax* Monthly Repayments 21, , , , * Tax/NI is calculated as 30% of earnings above 6000

15 Student Finance at UCS Tuition fees for 2015 entry: 8500 per year BSc/BA degrees 7500 per year FdA degrees Fee-waivers and Bursaries: National Scholarship Programme: 1000 fee waiver and 1000 bursary in first year and 3000 fee waiver in second year. Criteria found at ( Suffolk Access Champion Scheme: Bursary of 2000 in return for 40hrs of mentoring in your old high school

16 Student Finance at UCS UCS Bursary: For students who meet eligibility criteria and who are living away from home: 1000 in year 1, and 500 in years 2&3 Excellence Bursary: 500 bursary in each year of study for students achieving grades ABB (or equivalent) and above Summer School Bursary: Students who participate in the UCS Year 12 Summer School, will be eligible for a total bursary of 4,000, (Bursary of 2,000 in year 1, and 1,000 in year 2&3) Care Leavers Bursary: Students who live, or have lived, in local authority care will be eligible to apply for a bursary of 500 for each year

17 Other Sources of Income Part-time and vacation jobs Bursaries and scholarships Savings Overdraft Credit card Supplementary grants

18 Look Out For Student Discounts Local jobs Internships and vacation opportunities: Great for getting good experience for future careers, and they can be well-paid! Student bank accounts Travel opportunities Students societies and clubs

19 Old System vs. New System Example 1 (old system): Old system student borrows 21,000 at end of studies ( 3,000 per year fees loan x 3 + 4,000 living cost loan per year x 3) Plus interest owes approx. 23,000 after studies Starting salary of 24,000 Total repayments = 35,500 (repaying full balance in approx years) Assumptions: 2% salary growth, 3% average inflation/interest

20 Old System vs. New System Example 2 (new system): New system student owes 40,000 at end of studies ( 9,000 per year fees loan x 3 + 4,300 per year living cost loan x 3) Plus interest owes approx. 45,000 after studies Starting salary of 24,000 Total repayments = 22,000 (balance written off after 30 years) Assumptions: 2% salary growth, 3% average inflation/interest

21 Is It Worth It? Debt of up to 40,000. Is it worth it? Graduates earn an average of 200,000 more in their lifetime than non-graduates Average starting salary for graduates: 20,000 Average starting salary non-graduates: 11,000 Graduates: Greater career flexibility (changing jobs) Less likely to be unemployed and would spend less time unemployed A degree opens the door to a wide range of employment opportunities BUT: You have to take opportunities at university to expand your experience and skills and to make yourself more employable

22 Finding out more Student Finance: Unistats: Contact us on Open events: Friday 20 th June 2014, 10.30am 3.00pm Friday 18 July 2014, 10.30am pm Saturday 27 September 2014, 10.30am pm Saturday 1 November 2014, 10.30am pm see