Student finance. Adele Ruston Widening Participation and Undergraduate Recruitment Officer

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1 Adele Ruston Widening Participation and Undergraduate Recruitment Officer

2 Overview Cost of University What support is available? Living costs Government loans Repayment of loans Government grants University funding

3 Cost of university Tuition fees Currently set at between 6,000-9,000 for most courses Set at 9,000 at Bristol Living costs Accommodation, bills, food, socialising, books, course equipment, clothes, etc. Average cost is 7,000 per year

4 Living costs Rent & Bills Mobile Social life Study Materials Food shopping Other shopping Travel Other (TV licence, insurance, holidays etc) Weekly Costs

5 How can I pay for all this??!!

6 What support is available? Government loans Tuition fee loan Maintenance/living cost loan Government grants Maintenance grant University support Specific scholarships and bursaries

7 Government loans Tuition fee loan Available to all students regardless of household income The loan will only cover cost of tuition fees at university Loan is paid directly to the university Students apply online - They will need to know either UCAS ID or course details Applications usually open in January

8 Government loans Maintenance loan Amount available is dependent on household income Works on a sliding scale 65% of the loan is available to all students 35% of the loan is dependent on means testing Loan is effected by where students decide to study

9 Government loans Maintenance loan Amount available is dependent on: Household income If student in entitled to a Maintenance Grant Where student will be studying Where student will be living

10 Government loans Maintenance loan Minimum amount available is: 3,731 Maximum amount available is: 5,740 If household income is between < 25,000-62,125* students might qualify for some of additional loan * Student s choosing to study in London, this benchmark is slightly higher at 69,766

11 Government loans Maintenance loan Household income Living at home Living in London Living elsewhere in the UK 25,000 or less* 2,872 6,316 4,047 35,000* 3,345 6,789 4,520 42,620* 4,540 7,984 5,715 50,000 3,823 7,267 4,988 Over 69,766 2,967 5,205 3,731

12 Government loans What happens next The two loans get lumped together and the student will owe a set amount depending on how much borrowed. During their time at University they will have been charged interest on the borrowed money. The April after they have graduated from the University they will start paying it back. Repayments and interest rates will be dependant on how much the student earns.

13 Government loans Interest rates Charged at inflation and 3% while studying Once working and earning less then 21,000 inflation only interest rate Once working and earning between 21,000-42,000 inflation and up to 3% interest rate Once working and earning over 42,000 inflation and 3%

14 Government loans Repaying loan Start repaying once you earnings are over 21,000 Amount paid back is linked to earnings: 9% of earnings over 21,000 If students stop working, they will stop paying

15 Government loans Annual Salary Annual Repayment 21,000 or less 0 22, , , Under the new system, students will pay back less per month but will pay for longer. The student debt will not be recorded on any credit scores.

16 Government Grants Maintenance Grant Is paid directly to the student in combination with Maintenance Loan Only available if household income is below 42,620 If household income is between: < 25,000-42,620 entitled to a proportion of grant Maximum amount available: 3,387 Will effect how much Maintenance Loan is received.

17 Government grants Maintenance grant Household income 25,000 or less Amount of grant available Loan avail. Living at home Loan avail. Living in London 3,387 2,872 6,316 4,047 30,000 2,441 3,345 6,789 4,520 35,000 1,494 3,818 7,262 4,993 40, ,292 7,736 5,467 42, ,540 7,984 5,715 Loan avail. Living elsewhere in UK

18 Government loans Maintenance loan Amount available is dependent on household income Works on a sliding scale Minimum amount available is: 3,575 Maximum amount available is: 5,500 If household income is between < 25,000-62,125 you might qualify for some of additional loan

19 Additional support University initiatives Range of schemes available Academic, sports and art based schemes are most popular Faculty initiatives Means tested schemes Research what you might qualify for

20 Additional support Bristol initiatives University of Bristol Bursary Vice Chancellor s Scholarships Organ and Choral Scholarships Alumni Achievement Award Lots more available

21 Application form The application form is online and is available on the following website:

22 First set of questions You will need: passport

23 Second set of questions You will need to know: University applied to Course Type of course Start and end dates Where you will be living Tuition fees

24 Third set of questions You will need to know: How much loan you are applying for If you are applying for any other grants

25 FAQ What happens if parents are separated? Household income refers to the amount of money earned at the household the dependant spends most of their time. What happens if the student moves abroad? The money will not be taken out of their pay check on a monthly basis, students will have to fill out a self assessment form. Can the student pay it off earlier? This is possible and the Student Loan Company will except early repayments.

26 Summary Lots of support available Most of the funding is effected by where you study and household income Research into the funding that is available See if the course attracts additional funding Research the funding offered at specific universities Look into being able to work and costs of living at university

27 Any questions Student finance