Student Finance 2012 entry. Claire Little

Transcription

1 Student Finance 2012 entry Claire Little Home/EU Student Recruitment Officer

2 Tuition fees for 2012 UK/EU applicants Surrey will be charging 9,000pa for all courses - 1,050 for professional training year The fee will not have to be repaid until after graduation Financial information applies to students from the UK studying in England International students will have different arrangements Some courses related to health sciences are funded by the NHS and therefore do not incur fees nor attract scholarships

3 Financial Support 2012 Loans - repayable after graduation Tuition Fee Loan Maintenance Loan Gifts - non-repayable Maintenance Grant Bursaries and scholarships from institution Disabled Student Allowance National Scholarship Programme Others

4 Loans Students can take a Tuition Fee Loan from Student Finance England - The amount available is up to the level of fees - The money will be paid directly to the university Students can take a Maintenance Loan from Student Finance England - This is provided to help cover living costs - This is paid into the student s bank account - The amount available varies: - Place of living - Household Income and whether you wish to have this assessed

5 Maintenance Loans 65% not means tested 35% means tested Max amount London Elsewhere Live at home

6 Maintenance Grants Some students can receive a Maintenance Grant This is provided to help cover living costs for students from the least well off backgrounds The maximum grant is 3,250 pa awarded to households with an income up to 25 k pa Households with income between 25k - 42,875 awards will be calculated on a sliding scale This is paid directly to the student s bank account If you are entitled to a Maintenance Grant, you will receive less Maintenance Loan

7 Overall Maintenance Support Grant Loan

8 Upon graduation Maintenance Loan Student Loan Fee Loan

9 Student Loan Repayment 2012 Interest set at RPI (currently 3.9%) + 3% whilst studying, up until the April after graduation From April after graduation: If you earn under 21,000, interest will be applied at RPI but no repayment of loans required. If you earn 21,000-41,000, interest will be applied between RPI and RPI + 3% on sliding scale and repayment of loans will begin If you earn above 41,000, interest will be applied at RPI + 3% Any outstanding loan will be written off after 30 years No penalty for early repayment

10 Student Loan Repayment Examples Automatically deducted from salary through PAYE Payback rate is 9% (at present) of earnings above 21,000 - if you move overseas the payback threshold is adjusted according to cost of living in that country Salary Amount of salary Monthly from which 9% will repayment be deducted 25,000 4, ,000 9, ,000 14, ,000 19, ,000 24, ,000 29, ,000 34, ,000 39,

11 Applying for Financial Support Applications for finance are done online through the Student Finance England website Financial entitlement calculator also available from Student Finance England If you think you are eligible for a university bursary, you must tick the box allowing financial information to be shared with universities

12 University Support Bursaries for students receiving the maintenance grant Support will vary between institutions Find out more at Scholarships Many universities are award academic scholarships to high achieving students These vary from university to university and from course to course Music, Sports and Arts scholarships

13 University of Surrey Support in 2012 Bursaries Household income 30,000-25,001 Level 1 Level 2 PTY Level 3 Total support 1,500 support cash bursary + 1,000 fee waiver 1,500 support cash bursary + 1,000 fee waiver N/A 1,500 support cash bursary + 1,000 fee waiver 4,500 - ( 1,500 cash bursary + 3,000 fee waiver 25, ,000 support 1,000 cash bursary + 2,000 fee waiver OR 3,000 university accommodation discount 3,000 support 1,000 cash bursary + 2,000 fee waiver Fee waiver in full ( 1,050) 3,000 support 1,000 cash bursary + 2,000 fee waiver 10,050 - ( 3,000 cash bursary + 7,050 fee waiver inc PTY) Award is paid in early March 2013

14 University of Surrey Support in 2012 The Chancellor s Scholarship 3,000 in year 1 plus free Surrey Sports Park membership for the duration of studies Open to all (except NHS funded) students who select Surrey as their Firm choice and achieve the following qualifications: A*AA OR A*A*B at A-level 36 IB points D3, D3, D3 in principal subjects of the Cambridge Pre-U D*DD in BTEC QCF Extended Diploma Award is paid in two equal instalments in December 2012 and March 2013

15 Student Spending Per Week (An Example) Accommodation Toiletries Laundry Phones / Internet Stationery / Photocopying Local travel Food Sports / Societies Socialising Clothing 30 x 180 = 5, TOTAL: 180

16 Other Sources of Income Part-time work (Looks good on their CV too) - Term-time (Max 15 hours per week) - Vacation - Professional placement Scholarships / sponsorship / bursaries Take advantage of student discount cards Teach them to cook!

17 Research studentfinance-yourfuture.direct.gov.uk

18 Questions?

19 Thank you for your time and good luck! Claire Little Home/ EU Student Recruitment Officer T: