Title: School of Management- Accounting
1Higher Education Funding Sue Garrett, University
of Bath
- School of Management- Accounting Finance,
Business Administration (BBA), International
Management and Modern Languages (IMML) - Humanities and Social Sciences-Economics,
Politics, European Studies Modern Languages,
Psychology, Sociology
2What are the main costs at University?
- Tuition fees
- Books and course extras
- Accommodation (rent and bills)
- Food
- Insurance
- Travel
- Social life
- Clothes
- Telephone
-
3Specific Living costs
- These vary according to
- Where you study
- Length and type of course
- Year of study
- Type of accommodation
- Placements
- Any additional needs e.g.dyslexia software
4Planning a budget
- Cost of Accommodation - University and
Privately rented - Course costs ask at the department for costs
of course material, books, field trips etc - Check University web sites for their living cost
guides - Part time work opportunities
Plan a budget for your First and Insurance choice
University
5How much will I need?
Rent Academic Yr c 3230.00
Food _at_ 30 per week 1248.00
Personal Toiletries _at_ 17 per month 153.00
Laundry Housekeeping _at_ 21 per month 189.00
Clothes _at_ 30 per month 270.00
Travel, local outside of Bath 431.00
Leisure/Social/Sport _at_ 30 per week 1,170.00
TV licence 143.00
Telephone/mobile 360.00
Health Costs (e.g. Contact lenses, Dentist, Prescriptions) 125.00
Books, photocopying, materials equipment 300.00
Contents Insurance (3,000 belongings 1,000 laptop) 115.00
Emergencies 100.00
Other ?
Total 7,834.00
6What funding is available?
- 2011 UK Government Student support includes-
- Fee loan
- Maintenance loan (usually up to 4950)
- Maintenance Grant for students from families on
incomes of up to 50020 (max is 2906 where
family income is 25000 or less) - Disabled Students Allowance DSA
- (for students with dyslexia or a
disability/chronic illness (up to 20520 to cover
extra annual costs plus equipment up to 5161) -
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8Tuition Fees
- Most Universities will charge tuition fees of
3375 in 2011 (Scotland has lower fees but
courses usually longer) - Inflationary increase each year but will not go
up to higher 2012 entrants level - Higher Overseas rate fees for Non UK students
- Fees do not have to be paid upfront
- All home UK students qualify for a Fee loan to
fully cover their full tuition fees regardless of
family income - The Student Loan Company pays the fee loan direct
to the University
9Tuition Fees and gap years
- If you are applying for in 2011 but request to be
deferred until 2012 you are likely be charged the
same 2012 fee as other new entrants ( up to
9000!)
10Maintenance Loan
- Known as the Student loan
- 72 non means-tested
- Higher rate loan for London - max 6928
- Lower rate for living at home - max 3838
- Elsewhere living away from home - max 4950 (min
3564) - Paid directly to the student in three instalments
(along with any maintenance grant)
11Maintenance Grant
Max Grant of 2906 pa for students whose family
income is less than 25000 Partial Grant for
students whose family income is less than around
50000 e.g. Grant of around 700 pa where family
income is 40000 Grant is intended for living
costs not for fees, paid directly into students
bank account
122010 Entitlement guide
Entitlement for 2011 (frozen at 2010 levels)
Family Household Income 25000 40000 50020 55000 57800
Maintenance Loan Full year (not London) 3497 4595 4925 4106 3564 (min loan)
Maintenance Grant 2906 711 50 (min grant) 0 0
Total 6403 5306 4975 4106 3564
Plus fee loan for all
13Applying for Student Support
- Centralised On line application at Student
Finance England (linked from UCAS)
www.direct.gov/studentfinance - Applications open 16th March
- Deadline 31st May
- Centralised On line application at Student
Finance England (linked from UCAS)
www.direct.gov/studentfinance - UCAS application information can be pulled into
Student Finance application - Or you can apply separately
14Go to www.direct.gov.uk/studentfinance
Under Finance for new students click Full-time
students
15www.direct.gov.uk/studentfinancecalculator (direct
link)
Retrieve an estimate saved earlier or create a
new one
16- Here you can Edit details about yourself to get a
more precise quotation
- Initial illustration of non-income assessed
support
17Select up to 5 courses
Then click to View your entitlement
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19Repaying Student loans
- Two loans one for tuition fees and one for
living costs - Interest charged is reviewed regularly , usually
once a year, based on RPI in March or the Bank of
England Bank rate plus 1, depending on which is
lower ( currently 1.5 ) - Interest starts accruing as soon as the first
instalment is paid - Both loans are usually repaid through salary
like a tax after graduation but only if earning
15000 plus - System of loan repayment will change for 2012
entrants but 2011 entrants repayments expected to
remain as above -
20Repayment options
- Min repayments based on students earnings not
level of loan e.g. earnings at 18,000 pay back
5.19 a week - Payments stop if earnings stop or drop below
15,000 (it is not your parents loan!) -
- New 5 year repayment holiday option from 2012
-
- Can opt to repay more than the minimum or make
additional repayments
21Repaying your loan
Income each year before tax Monthly salary Approximate monthly repayment
up to 15,000 Below 1,250 0
16,000 1,333 7
18,000 1,500 22
21,000 1,750 45
24,000 2,000 67
27,000 2,250 90
30,000 2,500 112
22Bursaries and Scholarships
- Scholarships usually awarded on academic merit
but can also be for Sporting or Musical
excellence - Bursaries more likely to be income related but
may have additional criteria - All Universities must offer means tested Bursary
minimum award of 338 per year in 2011 -
23 Bath Bursary 2011
Household Income Bath Bursary per year
25,000 below 1,200.00
25,001 - 30,000 900.00
30,001 - 35,000 600.00
35,001 - 50,000 300.00
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26Scholarships
- Apply early
- Check that you meet the criteria
- e.g. Regional awards to encourage students to
study at a local University - Wyman Somerset Bursary, University of Bath,
3000 per year any subject -
27Courses with additional funding
- Social Work
- Up to around 4500 ,higher in London
- NHS courses
- Must be accepted on a NHS funded place
- Courses include Nursing, Physiotherapy,
Radiography, Dental Health - Students studying Medicine or Dentistry can
receive bursaries in their latter stages of their
course - See www.nhsstudentgrants.co.uk for both NHS or
Social work courses
28Funding for Part time study
- Means tested Fee Grant and Course Grant
-
- Fee Grant - to help with tuition fees
- Course Grant - to help with study costs, such as
books, materials and travel - Maximum available through the Fee Grant and
Course Grant combined is 1,495 for 2010/11.
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30 Good Luck!