1 Student Finance 2016/17
2 Please note, the information in these slides has been put together by the University of Portsmouth, and is correct at the time of the presentation delivery. If you are looking at these slides later we recommend that you also visit for the most upto-date information. It is the Department for Business, Innovation & Skills, in collaboration with Student Finance England, who dictate student loan and grant rates, not individual universities.
3 Tuition fees and tuition fee loans Maintenance Loans for living costs University bursaries and scholarships Costs of living Loan repayments For students currently living in England. Different support arrangements are in place for students from Scotland, Wales and Northern Ireland.
4 Tuition Fees Fees at the University of Portsmouth will be 9,000 for full-time courses. Placement year fees are charged at ten per cent Fees may rise each year in line with inflation.
5 Tuition Fee Loans Tuition fees do not have to be paid upfront. Eligible Home (UK) and EU students can apply for a loan to cover these costs, whether they study part or full time. Eligibility for the loan depends on residency status in the UK, and any previous study students may have done (either in the UK or elsewhere). Loans are repaid after graduation, depending on income.
6 Maintenance Loans Maintenance loans (for living costs) are available to eligible full-time students from England. These loans are partially income-assessed. The repayment terms are exactly the same as the tuition fee loan. The amount of loan available depends on: o Where the student lives o Household income
7 Maintenance Loans Minimum loan Maximum loan Living in parental home 3,039 6,904 Living away from home in the rest of the UK Living away from home in London 3,821 8,200 5,330 10,702 Loans are paid directly to the student s bank account, in three termly instalments
8 University Bursaries & Scholarships Each institution will have its own bursary and / or scholarship scheme. Usually bursaries depend on household income and scholarships depend on achievement. May be discounts on tuition fees, money towards living costs or other benefits. Check university websites for what s on offer, eligibility criteria and application processes.
9 University of Portsmouth Bursary Subject to agreement by OFFA Available to eligible full-time students from England Household Income Award in first year Award in later years 25,000 or less 1,500 1,000 From 25,001-32, Over 32, Bursaries are paid in three instalments Bursaries are not paid to NHS students, or those on placement or repeat years
10 Summary of support First year students living away from home Household Income Tuition Fee Loan Maintenance Loan UoP Bursary Total towards living costs 25,000 or less 9,000 8,200 1,500 9,700 30,000 9,000 7, ,112 35,000 9,000 7,023-7,023 40,000 9,000 6,434-6,434 42,875 9,000 6,095-6,095 45,000 9,000 5,845-5,845 50,000 9,000 5,256-5,256 55,000 9,000 4,667-4,667 58,201 9,000 4,078-4,078 60,000 9,000 3,821 (+) - 3,821 Over 65,000 9,000 3,821-3,821
11 What counts as household income? Students under 25 years old are classed as dependent o The total taxable income of both parents will be used for the assessment (2014/15 tax year) o If parents have separated, the income of the parent that the student normally lives with will be used o If that parent lives with a partner then their income will also be included.
12 What counts as household income? Students over 25 years old are classed as independent o The total taxable income of any spouse or co-habiting partner will be used for the assessment (2014/15 tax year) Students under 25 may be treated as independent if they: o Are or have been married or in a civil partnership o Have a dependant child or children o Have spent time in local authority care o Are estranged from their parents or o Have supported themselves financially for at least three years
13 It s never too late There s no upper age limit for Tuition Fee Loans or grants. Anyone under the age of 60 is eligible to apply for a maintenance loan. Must be applying for your first higher education qualification, or topping up a HNC, HND or Foundation Degree and now want to do an honours degree. Independent rules apply for household income.
14 Extra help students with disabilities Disabled Students Allowance o Up to 20,725 for a non-medical helper o Up to 5,212 for equipment - Students are required to meet the first 200 of any computer based claims o Up to 1,741 for general costs o DSA is non income-assessed and based on the specific needs of the student.
15 Extra help students with dependants Parents Learning Allowance o For students with children o Income assessed, up to 1,573 Childcare Grant o Income assessed, up to 85% of the costs of registered childcare (subject to a maximum cap) Adult Dependants Grant o For students with a partner who has no income o Income assessed, up to 2,757
16 Extra help for all students University Support funds o For students experiencing financial difficulty o Distributed by institutions Care Leavers and Foyer Residents bursaries o 1,650 per year at the University of Portsmouth o Check for other support available, e.g. guaranteed accommodation
17 Studying outside England Wales o Tuition fees up to 9,000 depending on institution (loan available) o Maintenance loan and grant available from SFE (if eligible) o Institutional support / bursaries unlikely Scotland o Tuition fees up to 9,000 depending on institution (loan available) o Maintenance loan and grant available from SFE (if eligible) o Institutional support / bursaries unlikely Northern Ireland o Tuition fees up to 9,000 depending on institution (loan available) o Maintenance loan and grant available from SFE (if eligible) o Institutional support / bursaries unlikely
18 Studying outside England Other EU countries o Tuition fees that match students from that country i.e. if no fee charged to them, no fee charged to UK student o No living costs support from either country Rest of the world (US, Australia) o No support for either fees or living costs
19 NHS funded courses Courses leading to registration as an NHS healthcare professional (not medicine / dentistry): BSc Radiography BSc Dental Hygiene & Therapy DipHE Operating Department Practice (Based on 2014/15 rates) Some or all tuition fees will be paid by the NHS Students can apply for: o A non income-assessed maintenance loan of up to 2,324 o A non income-assessed NHS grant of 1,000 o An income-assessed NHS Bursary of up to 4,491 depending on household income and number of weeks studied.
20 BSc Social Work Students can apply for the same package as other undergraduates: o Tuition fee loan to cover fees o Maintenance loan towards living costs o Maintenance grant towards living costs (incomeassessed) o University bursaries and / or scholarships A non income-assessed Social Work bursary of 4,862 may be available in the second and third years of the course
21 Weekly living costs Halls of residence Private accommodation Food and housekeeping Utility bills Other variable costs include: Travel 5-10 Phone 5-10 Contents insurance 2-3 Books and study equipment 400 (average per year) TV Licence (per year) Social and leisure costs Total (39 week academic year) Roughly 6,500-9,500 You will also need to pay towards your accommodation before you get your student funding paid. This could be 250 advance rent for a room in halls, or a deposit and first month s rent plus possible fees for a room in a shared house, so try and save over the summer
22 When and how to apply One online application to Student Finance England covers loans, grants and usually bursaries Apply from late January 2016 Deadline will be end of May 2016
23 Loan repayments Loan repayments start the April after the student has left the course, only if they are earning over 21,000 (gross). Graduates repay 9% of their income over 21,000. The repayment threshold is set to increase from 2022 in line with average wages. Any outstanding balance is written off 30 years after entering repayment. Repayments still have to be made if the graduate lives abroad, but there may be different thresholds.
24 Gross annual salary Monthly pay after tax and NI Monthly student loan repayment 20,000 1, ,000 1, ,000 1, ,000 2, Repayments are only based on graduate s income (and are taken directly from salary through PAYE) Interest accrued will vary based on income level maximum = RPI + 3%
25 Further information
26 Contact us Drop in: Second Floor, Nuffield Centre, St Michael s Road Phone: (023)