Embed Size (px)
Citation preview
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?
