Aimhigher Nottinghamshire Joanna Welch

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Aimhigher NottinghamshireJoanna Welch

• Finance and HE Practitioner Workshop

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Overview

• Financial support available to students living in
  England entering HE in 2006/07
• Tuition fees and tuition fee loans
• Maintenance loans
• Maintenance grants
• University and college bursaries
• Additional support

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Overview

• Case studies
• Applying for financial support
• Repayment of loans
• Where to go for further information

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Tuition Fees

• No up-front fees
• Can be up to 3,000 a year (for a full time
  degree course)
• Fees for HNDs and foundation degrees are normally
  lower
• Fees can vary between courses and universities
• Tuition fee loan is available

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Tuition Fee Loan

• Paid direct to the HEI by Student Finance Direct
  (Student Loans Company)
• Not means tested
• Available to all full time students
• Up to 3,000 a year (or the fee charged by the
  HEI if that is lower)
• Part loan available if parents/carers decide to
  contribute

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Questions.?
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Maintenance Grant

• Non-repayable
• Up to 2,700 depending on household income (means
  tested)
• Paid in three instalments
• 1,200 of the grant is paid in substitution for
  part of the Maintenance Loan

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Special Support Grant

• Paid instead of Maintenance Grant to students who
  are eligible to receive means tested benefits
  such as Housing Benefit and Income Support
• Up to 2,700 depending on household income (means
  tested)
• Paid in three instalments
• No substitution of Maintenance Loan

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Grant Income Thresholds

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Maintenance Loan

• Provided by the Student Loans Company to help
  with living and study costs
• Available to all full time students
• 75 non-means tested
• Paid directly to the student
• Paid in three instalments

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Maintenance Loan Rates 2006/07
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Questions?
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HEI Bursaries

• Some students will be entitled to a mandatory HEI
  bursary
• IF
• Student receives the full maintenance grant of
  2,700
• AND
• University or college is charging the maximum fee
  of 3,000
• THEN
• University or college must provide a minimum
  non-repayable bursary of 300

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Examples of Bursaries
Many institutions offer scholarships to students,
e.g. Nottingham Universitys First in the
Family Scholarship, available if you are from
the first generation in your family to attend
university.
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Means Testing

• The Local Authority will assess the household
  income to determine level of grant/loan
• For most students this is based on
• Gross taxable income of resident parent(s)/
  partner(s)/step parent(s)
• Gross taxable income of the student excluding any
  earnings during university term time and holidays
• LESS deductions for payments into pension funds
  and 1,050 for each other dependent child in the
  household

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Case Study

• Student A has a household income of 15,000.
  Their HEI is charging 3,000 pa. They will be
  studying outside London and living away from
  home.
• Student A should receive
• Maintenance grant 2,700
• Maintenance loan 3,205 (4,405 1,200)
• HEI bursary 300 min.
• Total 6,205
• plus
• Tuition fee loan 3,000

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Case Study

• Student B has a household income of 40,000.
  Their HEI is charging 3,000 pa. They will be
  studying outside London and living away from
  home.
• Student B should receive
• Maintenance grant 0
• Maintenance loan 4,184 (reduced due to means
  testing)
• HEI bursary no min payment required
• Total 4,184
• plus
• Tuition fee loan 3,000

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Case Study

• Student C is a lone parent who has been receiving
  Income Support. He/she has no other income and
  will studying outside London. Their HEI is
  charging 3,000 pa.
• Student C should receive
• Special Support Grant 2,700
• Maintenance loan 4,405 (max available)
• HEI bursary 300 (min)
• Total 7,405
• plus
• Tuition fee loan 3,000
• plus Supplementary Grants, Tax Credits and
  Benefits

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Repayment of Loans

• Tuition Fee Loan and Maintenance Loan combined
• Repayment starts upon leaving course and earning
  over 15,000 pa
• Repayments deducted by employer as tax and NI
• Additional early repayments can be made
• Outstanding balance written off after 25 years

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Repayment of Loans

• Repayment rate is 9 of earnings above 15,000 a
  year
• If annual salary drops below 15,000, loan
  repayments stop

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Questions?
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Additional DfES Support

• Supplementary grants
• Adult Dependant Grant
• Parents Learning Allowance
• Childcare Grant
• Disabled Students Allowance
• (See Adult Learner Fact Sheet for more
  information also contains financial information
  for part time students)

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How to Apply

• Online at www.studentfinancedirect.co.uk
• Print the form from the web , or
• Contact Local Authority for an application form
  (PN1)
• Paper-based forms are available from March, on
  line forms are available from April
• Type of info required
• National Insurance number
• Birth Certificate/passport
• Income details for student and household
• Students bank account details

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Deadlines

• These deadlines apply to both paper-based and on
  line applications
• All students applying for non means tested
  support - by 28 April 2006
• New students applying for means tested support
  - by 30 June 2006
•  Students are advised to apply as early as
  possible so that their application can be
  processed in good time. DO NOT wait for a firm
  offer from the HEI.

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Other Sources of Information

• www.uniburse.com
• www.dfes.gov.uk/studentsupport
• DfES helpline 01325 392822
• www.aimhigher.ac.uk/student_finance
• For initial teacher training and PGCE visit
  www.canteach.gov.uk
• www.nhsstudentgrants.co.uk or call 0845 3586655
• For help available to social work students visit
  www.gscc.org.uk
• Inland Revenue National Insurance registrations
  helpline 0845 915 7006

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Contact Details

• Joanna Welch, Aimhigher Nottinghamshire
• Tel [phone]
• Email joanna.welch_at_ntu.ac.uk