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Careers Advisors and Teachers Conference

Student Finance

4th April 2011

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Alison Barnard

Financial Support Team

The University of Nottingham

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Key Questions

• What support can a home, UG student studying for a 1st degree, get?

• How do they apply for the loans and grant?

• 2012 – what’s changing?

• Is it worth it?

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1. What financial support is

available?

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For 2011/12• Tuition Fee Loan to cover the cost of tuition

fees. The Tuition Fee Loan is paid directly to the university

• Maintenance Loan to help with living costs

• Means-tested Maintenance Grant for students from lower income backgrounds

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• Tuition fees were introduced in 1998/99 - £1,000 per year.

• “Variable Fees” or “Top-Up Fees” were introduced in 2006/07 - £3,000 per year.

• 2010/11 £3,290 – will increase to £3,375 in 2011/12

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Tuition Fees 2011/12

England

£3,375

Scotland

free to Scots

£1,820 to other UK

students

N. Ireland

£3,375

Wales

£3,375

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Tuition Fees 2011/12 cont….

• EU students pay the same as those locally and are eligible for a Tuition Fee Loan from the SLC

• University can choose the fees that International students pay

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Maintenance Loan

Maximum loans for new students in 2011/12

• Students living at home: £3,838• Students living away from home: £4,950• Students living in London & away from home:

£6,928

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Maintenance Grant

• The maximum amount of grant for 2011/12 is £2,906

• The grant does not need to be paid back

• Entitlement for the grant is means tested – if household income is less than £50,020 student will receive a grant for between £50 and £2,906

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Package of financial support for 2012/13

Household income

Non repayable grant

Living cost loan

Total for 2011/12

£25,000 or less

£2,906 £3,497 £6,403

£30,000 £1,906 £3,997 £5,903

£34,000 £1,106 £4,397 £5,503

£40,000 £ 711 £4,595 £5,306

£45,000 £ 381 £4,760 £5,141

£50,020 £ 50 £4,925 £4,975

£55,000 £ 0 £4,106 £4,106

£57,708 £ 0 £3,564 £3,564

Over £60,000 £ 0 £3,564 £3,564

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Other Government Grants

• Supplementary Grants:

- Childcare Grant

- Parents’ Learning Allowance

- Adult Dependant Grant

• Disabled Students Allowance

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University of Nottingham Bursaries 2011• Core Bursary 2011/12

• £1,130 (income below £36,100)• £285 - £845 (income £36,101 - £46,700)

• Non Traditional Route Bursary – Access course, BTEC• Dependants Bursary • Care Leavers Bursary

• All £1,130 for the year

• First in the Family Scholarship - £1,000 per year• For regional, state educated students with low household

income

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NHS funded courses• Nursing; Physiotherapy; Dietetics; Midwifery;• Year 5 Medicine; Yrs 2-4 Graduate Entry Medicine;

• Income assessed bursary plus flat rate student loan• Non income assessed bursary (Dip Nursing only)• NHS pays fees• 2012 – funding under review: Nursing to degree only

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2. How do I apply for the loans and grant?

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• student finance england• student finance wales • student finance ni• Student Awards Agency for Scotland (SAAS)

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3. 2012 – What is changing?

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From September 2012…

• Teaching grants from HEFCE are being cut

• Funding only for STEM subjects

• Capital grants (towards buildings and facilities) also being cut

• New OFFA agreements (improved University bursary/scholarship schemes)

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From September 2012..

• Universities can charge fees of up to £6000 per year

• In ‘exceptional’ circumstances they can charge up to £9000 per year

• A higher rate of interest will be applied to loans during the period of study

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From September 2012..• Grants will increase to £3,250 for those whose

household income is below £25,000

• Partial grant where household income is between £25,001 and £42,000

• Loan for living cost – up to £5,500 (£7,675 if studying in London)

• National Scholarship Programme

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Package of financial support for 2012/13

Household income

Non repayable grant

Living cost loan

Total for 2012/13

£25,000 or less

£3,250 £3,875 £7,125

£30,000 £2,341 £4,330 £6,671

£35,000 £1,432 £4,784 £6,216

£40,000 £ 523 £5,239 £5,762

£45,000 £ 0 £5,288 £5,288

£50,000 £ 0 £4,788 £4,788

£55,000 £ 0 £4,288 £4,288

£60,000 £ 0 £3,788 £3,788

Over £62,500 £ 0 £3,575 £3,575

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From September 2012..• Change to repayments2011 2012

*Salary Monthly repayment

£15,000 NIL

£18,000 £22.50

£21,000 £45.00

£25,000 £75.00

£35,000 £150.00

£45,000 £225.00

£60,000 £337.50

£100,00 £637.50

Salary Monthly repayment

£15,000 Nil

£18,000 Nil

£21,000 Nil

£25,000 £30,00

£35,000 £105.00

£45,000 £180.00

£60,000 £292.50

£100,00 £592.50

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4. Is it worth it?

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Research shows that Graduates earn more over their working life than those who don’t attend University

• Browne report states £100,000

• Institute of Fiscal Studies states can be up to £1m

• www.courses-careers.com/student-advice/student-finance/7180-student-debt-and-graduate-earnings.html?start=2

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• Indepth knowledge of chosen subject

• Improved career opportunities

• Employability skills

• Life skills

• Lifelong friends

• Independence

• A good time!

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alison.barnard@nottingham.ac.uk