STUDENT FINANCE. MAIN TOPICS What are the costs? How will students pay for it? What are the...

STUDENT FINANCE

MAIN TOPICS

What are the costs?

How will students pay for it?

What are the repayments?

OFFA

Office for Fair Access (OFFA) proposal written April 2013

OFFA Agreements confirmed July 2013

Check university website for details

WHAT ARE THE COSTS?

Two main costs:

Tuition Fees

Living Costs

TUITION FEES

£6,000 - £9,000 per year (2013 entry)(Check individual universities and courses for details)

Oxford Brookes University

£9,000 per year(Undergraduate degrees taught at Oxford Brookes)

FOUNDATION DEGREES

Foundation degree costs may differ to onsite degrees

Oxford Brookes University

£6,000 per year / £7,000 per year for top up year

(Foundation/Bachelor degrees taught in Further Education Colleges)

LIVING COSTS

HOW WILL STUDENTS PAY FOR IT ALL?

LOANS Non-RepayableSources

Tuition fee loan

Maintenance loan

Maintenance Grant

Bursaries

Scholarships

HOW WILL STUDENTS PAY FOR IT ALL?

LOANS Non-RepayableSources

Tuition fee loan

Maintenance loan

Maintenance Grant

Bursaries

Scholarships

TUITION FEE LOAN

£6,000 - £9,000 per year (2013 entry)

Tuition fee available to all

Fees are paid directly to the

university

MAINTENANCE LOAN

To help pay for living costs

All full-time UK students eligible (for 65%)

Means-tested (35%)

MAXIMUM MAINTENANCE LOAN ALLOWANCE

Students living at home with parents

Up to £4,375

Students living away from home(Outside of London)

Up to £5,500

Students living away from home(Studying in London)

Up to £7,675

HOW DO THE LOANS WORK?

Loans combined into one amountRepayments start:

• April after the course finishes

• Student earning at least £21,000 per year

Inland Revenue

Interest Rates

Loan wiped after 30 years

REPAYMENTS

Repay tuition fee and maintenance loan at:

9% of income over £21,000

Salary Repayment

Up to £21,000 No repayment

£25,000 £30 per month

£30,000 £68 per month

£40,000 £143 per month

PAYSLIP    

Name Mr. A. Non Pay Date 28th April

NI number NI12345A Tax Code AB12

Earnings Deductions

Salary £2,083.33 Tax £292.08

    National Insurance £177.72

    Student Loan £30.00

Total Pay £2,083.33 Total Reductions £499.80

Net Pay £1,583.53

HOW WILL STUDENTS PAY FOR IT ALL?

LOANS Non-RepayableSources

Tuition fee loan

Maintenance loan

Maintenance Grant

Bursaries

Scholarships

MAINTENANCE GRANT

Payment up to £3,354 per year

(means-tested – not all are eligible)

Household Income Grant allowance

Up to £25,000 Full Grant

£25,000 - £42,600 Partial Grant

£42,600 + No grant

Household Income

Maintenance Loan

Maintenance Grant

Total Available

£25,000 or less £3,823 £3,354 £7,177

£30,000 £4,292 £2,416 £6,708

£35,000 £4,761 £1,478 £6,239

£40,000 £5,230 £540 £5,525

£42,600 £5,475 £50 (min) £5,525

£42,875 £5,500 (max) £0 £5,500

£45,000 £5,288 £0 £5,288

£50,000 £4,788 £0 £4,788

£55,000 £4,288 £0 £4,288

£60,000 £3,788 £0 £3,788

Over £62,125 £3,575 £0 £3,575

APPLICATION NOT DEPENDENT ON HOUSEHOLD INCOME

Applying for:

o Tuition Fee loan and

o Basic maintenance loan (non means-tested)

Student can fill in application without parental information

APPLICATIONS DEPENDENT ON HOUSEHOLD INCOME

Before starting online application, the following information is needed:

Passport (do not send) OR Birth Certificate

University and Course details

Bank account details

National Insurance number; and

Parent’s or partner’s National Insurance number and income details (parents must also register)

Applications cannot be processed until all information given

APPLYING FOR STUDENT FINANCE

1

2

3

Fill in and send application online:www.direct.gov.uk/studentfinance

Application assessed

Financial Notification letter sent

APPLYING FOR STUDENT FINANCE

4

5

6

Online declaration form signed and sent to SFE

Payment Schedule Letter sent

The student will not receive instalments until they have enrolled with a university

BURSARIES AND SCHOLARSHIPS

National Scholarship Programme

Hallsdiscount

Fee waivers

Cash bursaries

University specific financial packages

Check university websites for details

BURSARIES AND SCHOLARSHIPS

Oxford Brookes Bursary Up to £2,000

Fee Waiver Up to £2,500

Community Scholarship £1,000 (1st year only) (for Oxfordshire state schools and colleges only)

Transition from Care Bursary Up to £2,000

NHS AND SOCIAL CARE COURSES

Tuition paid in full (Nursing, Midwifery, Occupational Therapy, Operating Department Practice and Physiotherapy)

Grant and Loan (non-means tested)

Bursary (means tested)

Social Care

Bursary being reformed for 2013. Consultation will take place in the new year.

OTHER HELP

Access to Learning Fund(One off-payment)

Disabled Student Allowance

www.direct.gov.uk/studentfinance

Processed by Student Finance England

Student Services can help

Support available for dyslexic students

Other sources of

income

EXTRA INCOME

EXTRA INCOME

Student Account Overdraft

Credit Card

HOW TO SAVE MONEY!

NUS Card

Bulk Buy

Value Food

Mobile Phone tariff

16 – 25 Railway Card

INCOME WEEKLY EXPENDITURE (£)

Student loan Rent

Maintenance grant Household bills

Wages: part-time work Food

University bursary Day-to-day essentials

Parental contribution Travel

Other Books & equipment

Social

Telephone

Laundry

Contents Insurance

TV Licence

Miscellaneous

TOTAL TOTAL

INCOME WEEKLY EXPENDITURE (£)

Student loan Rent 109.50

Maintenance grant Household bills 10

Wages: part-time work Food 35

University bursary Day-to-day essentials 5

Parental contribution Travel 5

Other Books & equipment 10

Social 30

Telephone 7.50

Laundry 1

Contents Insurance 2

TV Licence 0.5

Miscellaneous 5

TOTAL TOTAL 220.50

INCOME WEEKLY EXPENDITURE (£)

Student loan 101.97 Rent 109.50

Maintenance grant 85.50 Household bills 10

University bursary 23.68 Food 35

Wages: part-time work

Day-to-day essentials 5

Parental contribution Travel 5

Other Books & equipment 10

Social 30

Telephone 7.50

Laundry 1

Contents Insurance 2

TV Licence 0.5

Miscellaneous 5

TOTAL 211.15 TOTAL 220.50

BENEFITS

It opens doors

Gain a qualification

More employers require you to have a degree

Meet new people

Learn new skills

On average, graduates will earn

more than non-

graduates

It’s your choice!

April 2011, National Statistics

THINGS TO REMEMBER

No upfront fees!o Tuition Fee Loan available to all

Living Cost loano Available to all (amount depends on household income)

Loan Repaymentso Tuition and Living Cost loan combinedo Repayment amount depends on salary o Loan wiped after 30 years

Grants, Bursaries and Scholarships available (not all eligible)

Part-time work

www.unipodadvice.com

ALL YOU NEED TO KNOW ABOUT UNIVERSITY

USEFUL WEBSITES

FINANCE:

www.gov.uk/studentfinance

www.brookes.ac.uk/studying/finance

www.nhsbsa.nhs.uk/students(NHS and Social Care courses)

BROOKES: www.brookes.ac.uk

Any Questions?