Student Funding 2013 Beyond Agenda Tuition fees Money

Student Funding 2013 & Beyond

Agenda • Tuition fees • Money for living costs – Grants, loans, bursaries, fee waivers etc. . . • NHS funding • Student loan repayments – How this works – How much you could be expected to pay

Tuition fees • Universities can charge between £ 6, 000 - £ 9, 000 each year for their courses • Tuition fee rates are available on university websites • All students can take a tuition fee loan each year so everyone can afford to study

Money for living costs • Maintenance grant up to £ 3, 354 (means tested) - you don’t pay this back - full grant up to £ 25, 000 – partial grant up to £ 42, 600 • Maintenance loan - partially means tested - £ 3, 575+ (living away from parental home rate) - £ 2, 843+ (living in parental home rate)

Living away from home outside London Student Funding 2013 £ 7, 000 £ 6, 000 All students should have access to around £ 5, 500 £ 5, 000 £ 4, 000 £ 3, 000 £ 2, 000 £ 1, 000 Household Income 10 k 20 k 30 k 40 k 50 k 60 k 70 k

Living away from home outside London Student Funding 2013 £ 7, 000 Maintenance Grant (£ 3, 354) £ 6, 000 £ 5, 000 Maintenance Loan (£ 3, 823) £ 4, 000 £ 3, 000 £ 25 K £ 2, 000 £ 1, 000 10 k 20 k 30 k 40 k 50 k 60 k 70 k

Living away from home outside London Student Funding 2013 £ 7, 000 £ 6, 000 £ 5, 000 Maintenance Grant £ 4, 000 £ 3, 000 £ 2, 000 C 42. 6 K Maintenance Loan £ 1, 000 10 k 20 k 30 k 40 k 50 k 60 k 70 k

Student Funding 2013 Parental Contribution £ 7, 000 £ 6, 000 £ 5, 000 Maintenance Grant £ 4, 000 £ 3, 000 £ 2, 000 Maintenance Loan £ 1, 000 10 k 20 k 30 k 40 k 50 k 60 k 70 k

Money for living costs • National Scholarship Programme – Targeted package of funding worth a minimum of £ 3, 000 – Every university will have a different scheme and details are available on university websites • Bursaries and Scholarships • Fee waivers • Discounted accommodation • Free foundation year

Additional Government Funding • Disabled Students Allowance (DSA’s) – Specialist equipment allowance – Non-medical helpers allowance – General disabled students’ allowance – Extra travel costs • Contact Disability Services – 01642 342277 or disability@tees. ac. uk

How to apply Apply to Student Finance England at www. sfengland. slc. co. uk

NHS funding 2012

NHS Funding • NHS funded students – doctor or dentist (eligible for an NHS Bursary during the latter stages of their pre-registration training – chiropodist (including podiatrist), dietician, occupational therapist, orthoptist, physiotherapist, prosthetist, and orthotist, radiographer, audiologist or a speech and language therapist – dental hygienist or dental therapist – nurse, midwife or operating department practitioner (degree course)

NHS funding Non-repayable funding Repayable funding • Not means tested – Payment of Fees – NHS Grant of £ 1, 000 • Means tested – NHS Bursary up to £ 4, 395 for 45+ weeks living away from parents – Up to £ 3, 351 living with parents • Not means tested – Apply to Student Finance England on PN 1 form – £ 2, 324 (living away from home – £ 1, 744 (living at home) – You pay it back like everyone else www. nhsbsa. nhs. uk

How to apply • • Apply online at www. nhsbsa. nhs. uk Supplementary paper forms; DSA, Childcare Re-apply yearly Paid by equal monthly instalment until following August

Loan repayments Student loans are very different to commercial credit Interest rate linked to inflation plus up to 3% How much you pay depends on how much you earn Nothing to pay until you have left education and earn over £ 21, 000 per year • Low monthly repayments • Outstanding debt written-off after 30 years • •

Student loan repayments 30 k 20 k If you earn less than £ 21, 000 Percentage of income 0% 18 k Monthly repayments £ 0 15 k Weekly repayments 10 k £ 0

Student loan repayments £ 22, 000 pa 30 k 20 k 18 k 15 k 10 k 9% of £ 1, 000 Percentage of income £ 90 (0. 41%) Monthly repayments £ 7. 50 Weekly repayments £ 1. 73 Payback 9% of earnings above £ 21, 000

Loan repayment example • Graduate earning £ 30, 000 pa gross – Monthly gross income – Pension (6%) – Tax – National insurance – Net income – Student loan repayment – INCOME £ 2, 500 £ 150 £ 345 £ 195 £ 1, 810 £ 67. 50 £ 1, 743. 50

Summary • You don’t have to pay anything until after you have left education – everyone can afford to study • Full-time students can apply for a maintenance loan to help with living costs • Students from households earning less than £ 42, 600 will also receive a non-repayable maintenance grant • Repayments are based on what you earn, not on what you owe

Useful websites • Government services website – www. gov. uk – Government services website – More information about funding • University websites – Information about courses, bursaries, fee waivers etc – www. tees. ac. uk • Money Saving Expert – www. moneysavingexpert. com

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