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Expenses at university fall broadly into two
categories:
• Tuition costs
– Access to lecturers and academics
– Library and IT facilities
– Lab and practical activities and facilities
– Does not usually cover fieldtrips
• Living costs
– Accommodation and food
– Travel
– Course books and stationery
Overview
Tuition Fees: 2014 Entry
Universities can charge up to £9000 per year if they
meet criteria on access
• UCS fees:
• £8500 BA/BSc
• £7500 Foundation degrees
Students can take a non-means tested tuition fee
loan
• Tuition fee loans are paid directly to the University
from the Student Loans Company
• Loans are repaid from the April after graduation, over
30 years
• Some courses are funded by the NHS
Living Costs: Maintenance Loans
Most students take a maintenance loan to help with
living costs
• Maximum maintenance loans for students
starting University in 2014:
• Student living away from home and in London:
£7751
• Student living away from home: £5555
• Student living at home: £4418
• You have to apply for the tuition fee loan,
maintenance loan and grant each year of study
• All students are entitled to 65% of the loan. The
remaining 35% is means-tested on household
income
Living Costs: Maintenance Grants
The Maintenance Grant is a non-repayable means-
tested grant to help with living costs.
• It is paid for each year of study
• You must apply EVERY year
• Not available to NHS students
Household Income Maintenance Grant
Up to £25,000 Full grant: £3387
£30,000 £2439
£35,000 £1491
£40,000 £545
£42,620 £50
More than £42,620 No grant
Total Support 2014 Entry
Household Income
Maintenance Loan Maintenance Grant
Total
Home Away Home Away
<£25,000 £2725 £3862 £3387 £6112 £7249
£30,000 £3198 £4335 £2441 £5639 £6776
£35,000 £3671 £4808 £1494 £5165 £6302
£40,000 £4145 £5282 £547 £4692 £5829
£42,620 £4393 £5530 £50 £4443 £5580
£42,621 £4418 £5555 £0 £4418 £5555
£45,000 £4204 £5288 £0 £4204 £5288
£50,000 £3699 £4836 £0 £3699 £4836
£55,000 £3194 £4288 £0 £3194 £4288
£60,000 £2871 £3826 £0 £2871 £3826
Over £62,132
£2871 £3610 £0 £2871 £3610
All students are also entitled to a tuition fee loan
NHS Funded Courses
The NHS will pay the tuition fees for some courses,
and provide a means-tested bursary. These courses
are:
• Nursing and Midwifery
• Radiography/Radiotherapy
• Operating Department Practice
• Physiotherapy
• Speech and Language Therapy
• Dental Hygiene
• Maximum Maintenance loan of £2324 per year
for NHS students living away from home and not
in London
• Social Work students pay tuition fees but can
also access a bursary from the NHS
Support for NHS students
• NHS students are also eligible to a £1000 Grant
in each year of study to help towards living costs
• In your final year of study, the maintenance loan
is reduced slightly
• If you study up to 45 weeks a year, you’ll get:
Where you study and live
Grant Bursary Maintenance Loan
In London £1,000 Up to £5,460 Up to £3,263
Outside London
£1,000 Up to £4,395 Up to £2,324
With parents £1,000 Up to £3,351 Up to £1,744
Other Support available
• Disabled Students’ Allowance: Available for full-
time students, or students studying 50% of a course.
Maximum support £5212 (if helper required, maximum
is £20,725) per year
• Childcare Grant: Based on household income, and
grant is calculated as 85% of actual childcare costs
• Adult Dependent’s Grant: For students with an adult
member of the family who is financially dependent on
them
• Access to Learning Fund: Administered by
individual universities
• More information is available at www.gov.uk/studentfinance
How to Apply
Students apply online via Student Finance England
(www.gov.uk/studentfinance)
• Applications are normally available from December -
check the website for more information
• The information you provide will be used to assess the
means-tested support
If you do not want to provide all the information
requested, students will be assessed for the
minimum support: Tuition fee loan and 65% of the
maintenance loan
• You will not be assessed for the maintenance grant if
you do not provide all information
Repayment of Loans
• Tuition fee loans and maintenance loans are combined into a single
monthly payment
• Graduates start repaying the loans from the April after graduation, but
only if they are earning over £21,000 per year
• The repayment is 9% of earnings above £21,000 and payments are
taken directly from the salary via the tax system
• Any remaining loan is written-off after 30 years
• Student Finance England will ‘write off’ any outstanding 24+ Advanced
Learning Loans you owe for an Access to HE course once you
complete a higher education course. This means you don’t have to
repay it.
• The higher education course must be eligible for student finance
Annual Salary Monthly salary after tax* Monthly Repayments
£21,000 £1225 0
£23,000 £1342 £15
£25,000 £1458 £30
£30,000 £1750 £67.50
* Tax/NI is calculated as 30% of earnings above £6000
Student Finance at UCS
Tuition fees for 2015 entry:
• £8500 per year BSc/BA degrees
• £7500 per year FdA degrees
Fee-waivers and Bursaries:
• National Scholarship Programme: £1000 fee
waiver and £1000 bursary in first year and £3000 fee
waiver in second year. Criteria found at
(www.ucs.ac.uk/nsp)
• Suffolk Access Champion Scheme: Bursary of
£2000 in return for 40hrs of mentoring in your old high
school
Student Finance at UCS
• UCS Bursary: For students who meet eligibility
criteria and who are living away from home: £1000 in
year 1, and £500 in years 2&3
• Excellence Bursary: £500 bursary in each year of
study for students achieving grades ABB (or
equivalent) and above
• Summer School Bursary: Students who participate
in the UCS Year 12 Summer School, will be eligible for
a total bursary of £4,000, (Bursary of £2,000 in year 1,
and £1,000 in year 2&3)
• Care Leavers Bursary: Students who live, or have
lived, in local authority care will be eligible to apply for
a bursary of £500 for each year
Other Sources of Income
• Part-time and vacation jobs
• Bursaries and scholarships
• Savings
• Overdraft
• Credit card
• Supplementary grants
Look Out For
• Student Discounts
• Local jobs
• Internships and vacation opportunities: Great for
getting good experience for future careers, and
they can be well-paid!
• Student bank accounts
• Travel opportunities
• Students societies and clubs
Old System vs. New System
Example 1 (old system):
• Old system student borrows £21,000 at end of
studies (£3,000 per year fees loan x 3 + £4,000
living cost loan per year x 3)
• Plus interest owes approx. £23,000 after studies
• Starting salary of £24,000
• Total repayments = £35,500 (repaying full
balance in approx. 24.5 years)
Assumptions: 2% salary growth, 3% average inflation/interest
Example 2 (new system):
• New system student owes £40,000 at end of
studies (£9,000 per year fees loan x 3 + £4,300
per year living cost loan x 3)
• Plus interest owes approx. £45,000 after studies
• Starting salary of £24,000
• Total repayments = £22,000 (balance written off
after 30 years)
Assumptions: 2% salary growth, 3% average inflation/interest
Old System vs. New System
Is It Worth It?
Debt of up to £40,000. Is it worth it?
Graduates earn an average of £200,000 more in
their lifetime than non-graduates
• Average starting salary for graduates: £20,000
• Average starting salary non-graduates: £11,000
Graduates:
• Greater career flexibility (changing jobs)
• Less likely to be unemployed – and would spend
less time unemployed
• A degree opens the door to a wide range of
employment opportunities
BUT: You have to take opportunities at university to
expand your experience and skills and to make
yourself more employable
Finding out more
Student Finance: www.gov.uk/student-finance
Unistats: www.unistats.co.uk
www.ucs.ac.uk
Contact us on [email protected]
Open events:
Friday 20th June 2014, 10.30am – 3.00pm
Friday 18 July 2014, 10.30am - 3.00pm
Saturday 27 September 2014, 10.30am - 3.00pm
Saturday 1 November 2014, 10.30am - 3.00pm
see www.ucs.ac.uk/openevents