Student Funding

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Student Funding

• Rachel Arulanantham
• Student Money Adviser,
• Staffordshire University Students Union
• Helen Johnson
• Head of Student Funding,
• Keele University

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• Who are we?
• Student Money Adviser in the Student Advice
  Centre (part of Staffordshire University
  Students Union).
• Head of Student Funding at Keele University.
• Both universities belong to the Financial
  Services Authoritys Money Doctors Project which
  exists to improve financial capability in higher
  education students. We are also members of the
  National Association of Student Money Advisers.

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• Summary of the Session
• 1. The current statutory funding system for UK
  undergraduate students.
• Other funding ALF and University Bursaries.
• Financial Support for students in HE including
  money management and advice
• 4. The future....

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Tuition fees

• Both Keele and Staffordshire will charge the full
  tuition fee of 3290 in 2010. This is an annual
  fee for all undergraduate degrees which increases
  by a small amount each year.
• Students can take out a non means-tested Tuition
  Fee Loan up to a maximum of 3290 (as long as you
  dont already have a previous Honours degree or
  substantial previous study)

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2) Help with living costs - rent, food, bills,
course costs, etc
a) Student Maintenance Loan 72 of the loan
is NOT means-tested, so all students can receive
this as long as they are under 60 at the start of
their course and do not already have previous
study which may affect their eligibility for
funding. This should be checked in advance. The
remaining 28 is means-tested on residual
household income.
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• Long Course loans added on to the maintenance
  loan. i.e in case of fast-track degree
  means-tested.

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Maintenance Grant (2010)

• Students in receipt of a grant will receive a
  reduced maintenance loan.

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OR Special Support Grant (instead of
Maintenance Grant same amount)

• Must be one of following to qualify - single
  parent
• - have a partner whos also a student - over 60
• - have a disability AND be eligible for certain
  disability benefits (this grant is not counted as
  income for benefits).

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• Quick recap.
• Students can apply/may be eligible for the
  following
• Help to pay tuition fees
• Tuition Fee loan (repayable)
• Help to pay living costs
• Student Maintenance loan (repayable, partially
  means-tested)
• Maintenance grant or Special Support Grant (not
  repayable, entirely means-tested)
• University Bursary (not repayable)

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• Additional support for students with dependents
  or additional support needs
• Disabled Students Allowance for those who incur
  extra course costs as a direct result of their
  disability (not means-tested and non-repayable)
• Parents Learning Allowance (means-tested but not
  repayable) for those with children
• 1508
• Childcare Grant (for people with children using
  registered or accredited childcare)- can assist
  with up to 85 of childcare costs which is higher
  than tax credits system (means-tested but not
  repayable) up to 148.75 if 1 child and up to
  255 have 2 children. Not repayable.
• Adult Dependant Grant (non-nursing)
• 2642 per year. Not repayable.

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NHS funded courses

• Students on the following courses
• Nursing and Midwifery (Diploma or Degree)
• Operating Department Practice
• Physiotherapy
• Final year medicine
• BA and MA in Social Work
• Receive funding through the NHS. Depending on
  their course they may have their fees paid by the
  NHS and/or be eligible for some or all UK
  Government funding available to students on other
  undergraduate courses.
• NHS Website http//www.nhsstudentgrants.co.uk/

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• Whats repayable?
• Fee loan and Student Maintenance loan are the
  only elements of student finance that are
  repayable.
• Deducted from earnings via employer after
  graduation. Interest added from point at which
  loan is taken out.

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• Applying for financial support
• Student Finance England
• www.direct.gov.uk/studentfinance
• (They answer enquiries and do assessments)
• Student Loans Company
• www.slc.co.uk
• (make payments to the student)
• NHS funded students http//www.nhsstudentgrants.
  co.uk

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University Bursaries

• In 2010, all universities charging the maximum
  tuition fee of 3290 have to give a bursary of at
  least 319 to any undergraduate student who
  receives a full maintenance grant or SSG.
• Most universities are offering in excess of that.
• Each university has a different scheme.

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University Bursaries (2)
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Keele University Bursaries

• Keele Bursary 800 - Income below 25,000 and a
  full grant (not NHS funded)
• Minimum Bursary 319 Income below 25,000 and a
  full grant (NHS funded and PGCE)
• Keele Scholarship 1,000 - attain 3 A grades at
  A level (or equivalent in other quals) and income
  below 40,000 and a grant

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Keele Bursaries (2)

• The KeeleLink Award 400 meet grade offer,
  attend a KeeleLink school or college and income
  below 40,000 and a grant
• Care Leavers Bursary - 1,000 rising to 2,000
  in the final year for looked after children
• Study Abroad Bursary for students on the Study
  Abroad Programme
• Eligible students can receive more than one
  bursary

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Staffordshire University Bursaries
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Access to Learning Fund

• All universities are allocated ALF
• Distributed on the basis of financial hardship
• Application needed
• Non-repayable
• Fund is reducing annually
• Usually based in Student Support/welfare offices

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Hardship/Emergency Loans

• Most universities have at least one emergency
  loan fund
• Short-term loans available
• For emergencies
• Repayable to the university

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Money Doctors

• 2004 Financial Services Authority publishes its
  strategy Building Financial Capability in the
  UK. Aimed to improve the financial literacy of
  the UK population.
• 7 priority groups identified School, FE, HE,
  Young Adults, NEETS, Workplace and Families.
• Money Drs project in HE developed at Roehampton
  University in 2005 in partnership with the FSA.
• 80 Universities now participating

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Part of the Students Union Student Advice
Centre. Free, independent, impartial and
confidential. Helping you to keep your finances
healthy and your money achieve what you want it
to by

• Providing up to date and relevant information on
  student finance.
• Checking students are receiving everything they
  are entitled to financially .
• assessing if they can reduce their expenditure or
  increase their income.
• Helping students to learn key skills to help
  avoid pitfalls and keep track of cash.
• Assisting students with looking at how beliefs
  and feeling about money can affected use of it.
• generally helping students to become smarter
• with their money.
• www.staffsunion.com/moneydoctors
• moneydoctors_at_staffs.ac.uk

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Keele University

• Student Funding Office
• - negotiates with the university on behalf of
  students who owe money
• - chases SFE
• - money management talks
• Anyone with serious debt problems is referred to
  the Independent Advice Unit.

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Future Funding

• Currently there is a limit on how much
  universities can charge for tuition (3290 in
  2010)
• Review of tuition fees announced by David Lammy
  in November 2009
• In Summer 2009, grants and loans were frozen
  whilst tuition fees continued to rise. The
  minimum bursary rose but not in proportion to the
  rise in the tuition fee
• EMA guarantee removed now means-tested

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Future Funding (2)

• December 2009 - announcement of cuts in HE
  funding
• Emphasis on developing two-year degrees to reduce
  costs
• Russell Group, 1994 group and CBI believe higher
  fees are desirable
• UCU and NUS do not agree

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Future Funding (3)

• The Browne Review will look at widening
  participation, affordability and simplification
  of the student support system
• Policy options from the review could be made
  public before the election
• Final recommendations Autumn 2010
• Implementation 2011/2012?

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Implications of higher fees

• Impact on recruitment at certain universities if
  tuition fees rise?
• Poorer students going to local /cheaper
  universities?
• Emphasis on vocational courses?
• Would SFE put a limit on the amount of tuition
  fee loan available, to protect public spending,
  regardless of actual costs?

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Support available at Keele University

• The Student Funding Office www.keele.ac.uk/studen
  tfunding
• Bursaries_at_keele.ac.uk
• The Independent Advice Unit Keele Students
  Union
• www.kusu.net/iau
• Independent.advice.unit_at_keele.ac.uk

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OUR CONTACT DETAILS AND QUESTIONS

• Money Doctors
• Student Advice Centre
• Staffordshire University Students Union
• College Road
• Stoke on Trent
• ST4 2DE
• [phone]
• moneydoctors_at_staffs.ac.uk
• www.staffsunion.com/moneydoctors