Going to university

1
Going to university?

• Overview of available funding

2
Things to consider for 2009/10

• Tuition Fees and Fee Loan
• Student Loans
• Maintenance Grants
• Bursaries
• How to apply

3
Estimated Living Costs (per week)

• Halls of residence 73 - 111
• Private accommodation 58 - 65
• Food / housekeeping 25 - 30
• Utility bills 8 - 10(gas, water,
  electricity)
• Other costs include
• Travel 5 - 10
• Phone 5 - 10
• Contents Insurance 2
• Books / study equipment 350 (per year)
• TV licence 139.50 (per year)
• Leisure 20 - 30

4
Tuition Fees

• up to 3,225 in 2009/10
• for full-time Home and EU students
• inflationary rises for subsequent years
• reduced fee charge for any placement year
• a fee loan is available
• student can defer payment until they have
  finished the course and are earning over 15,000
• this is not income-assessed
• paid direct to university
• Interest set at rate of inflation

5
Help with living course costs

• Maintenance Grants up to 2,906 in 2009/10
• available for each year of the course
• non-repayable
• targeted at students with lower household
  incomes
• paid in 3 termly instalments
• if student receives a grant, they will be
  eligible for a lower rate of student loan

6
Maintenance Grants who gets what?
Income of over 50,020
Nil
No maintenance grant payable
1,105 to 50
Income between 34,001 and 50,020
Receive some grant
2,905 to 1,106
Income between 25,001 and 34,000
Receive some grant
Income up to 25,000
2,906
Receive full grant
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Help with living course costs

• Maintenance Loans
• paid in 3 instalments directly to bank account
• Interest at rate of inflation

• Assessment based on
• where you will live whilst studying
• how much of the maintenance grant you receive
• your household income 25 income assessed at
  50,020

8
Help with living course costs

• University Bursaries
• More money that does not have to be repaid
• All English universities must give a minimum 319
  bursary per year to Home students who are
• being charged the maximum 3,225 tuition fee
• and in receipt of the full 2,906 maintenance
  grant
• Each University can choose to increase this offer
  and apply their own eligibility criteria.
• Look at university websites for details

9
University of Portsmouth Bursary

• The University of Portsmouth offers non-repayable
  bursaries to students paying the full 3,225 fee

to Home students with an assessed household
income up to 25,000
OR
to Home students with an assessed household
income between 25,001 and 32,000
Half paid in December half paid in May EU
students are eligible for a maximum of 600
10
Local Colleges Bursary

• The University of Portsmouth offers a further
  non-repayable bursary to students who have
  studied at an eligible local college.

• University of Portsmouth
• Cowes High School
• Medina High School
• Ryde High School
• Sandown High School
• Oaklands RC School
• Bay House School
• Carisbrooke High School

• Eligible Colleges
• Havant College
• Portsmouth College
• Isle of Wight College
• Highbury College
• St Vincents College
• South Downs College
• Fareham College

This bursary is NOT income-assessed Conditions
apply
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When and how to apply

• studentfinancengland.co.uk will go live
• early 2009.
• DeadlinesApril 2008 if you DO NOT want to be
  income assessedJune 2008 if you DO want
  to be income assessed

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How do loan repayments work?

• start the April after finishing the course if
  earning 15,000 or over (gross)
• Flexible repayment holidays of up to 5 years
• repay 9 of gross salary above 15,000 threshold
  
• earn 17,000 repay 15 per month (3.46
  per week)
• earn 20,000 repay 37.50 per month (8.65
  per week)
• deducted from pay via the tax systemalternative
  arrangements if self-employed or decide to work
  abroad

• any balance is written off after 25 years (not
  arrears)

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Student Finance Centre

• For further information
• Tel [phone]
• Email student.finance_at_port.ac.uk
• Web www.port.ac.uk/money
• www.direct.gov.uk/studentfinance

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Any questions?