Alice CarneyEducation Liaison Officer

Queen Mary, University of London

www.qmul.ac.ukwww.qmul.ac.uk

Student FinanceStudent Finance

Summary

• Tuition fees• Maintenance loans• Maintenance Grants• Other forms of financial support

Tuition Fees

• What do tuition fees cover?

Autumn 2012 onwards• Can charge up to £6000 per year and up to a maximum of £9000 a

year• Any institution charging above £6000 must offer support to low

income families• By applying for a student loan, any payment is deferred until after

graduation• You can pay the tuition fees up front if you wish• Paid directly to the university

Living Costs

• As important as fees - students must eat!

• Types of support available:– Maintenance loans– Maintenance grants– Bursaries/Scholarships

Maintenance Loans

• Paid into student’s bank account

• Paid in termly instalments

The amount the student receives depends on:

1. Where the student will live whilst they are at university

2. Household income

Maintenance Loans

Amounts for 2013/2014– Q1. Where will the student live?

• Living with parents– Maximum loan = £4,375

– Q2. What is your household income?• 65% non-means tested = £2,843.75• 35% means tested = £1,531.25

Maintenance Loans

Amounts for 2013/2014

– Q1. Where will the student live?• Away from the parental home and in London

–Maximum loan = £7,675

– Q2. What is your household income?–65% non-means tested = £4,988.75–35% means tested = £2,686.25

Maintenance Loans

Amounts for 2013/2014

– Q1. Where will the student live?• Away from the parental home and outside London

–Maximum loan = £5,500

– Q2. What is your household income?–65% non-means tested = £3,575–35% means tested = £1,925

Repayment• Tuition fee loan and maintenance loans will be

totaled up after graduation

1. Payments will be taken directly from the graduates’ salary the April after they graduate

2. Graduates must be earning at least £21,000 to trigger repayment

3. It is based on what you earn NOT what you owe

• 9% of whatever the graduate earns above £21,000– If a student earns £21,500 per year

• 9% of £500• £4.00 per month

Repayments

• If earnings fall below £21,000 payment will stop

• Any money still owed after 30 years will be cancelled

Interest

• Interest rate

– Whilst studying: inflation plus 3%

– Post graduation: If earning below £21,000 = based on inflation

– £21,000 - £41,000: Up to a maximum of inflation plus 3%

– Above £41,000: Full rate of inflation plus 3%

Maintenance Grant

• Non-repayable and entirely dependant on family income

– If household income is below £25,000• £3,354

– If household income Is between £25,001 - £42,600• Between £50 - £3,354

University Support

• Will differ from university to university

– QMUL bursary• £1,500 each year – household income less than £25,000• £1,200 each year – household income between £25,001 and

£42,600

– QMUL MFL bursary• £6,000 over first two years• AAA/38 points in IB

National Scholarship Programme

• For students whose household income is no greater than £25,000 a year

• Each institution sets its own eligibility criteria for awarding a scholarship. You can apply direct to the institution if you meet the criteria

• A scholarship is worth at least £3,000 for full-time students

• QMUL will be offering 522 students the NSP. £1,500 will be given as a fee waiver and £1,500 will be given as a cash bursary

Applying Online

• www.direct.gov.uk/studentfinance– You can apply from early 2013– Spring 2013 deadline

Useful websites

• www.direct.gov.uk/studentfinance

• http://www.moneysavingexpert.com/

• http://www.qmul.ac.uk/undergraduate/feesandfunding/

Any questions?

Thank you for listening!