Student Finance

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Student Finance
Tim Pilkington Higher Education Adviser
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Introduction

• What university will cost
• Financial support available
• How to apply

UEA Square
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Tuition Fees

• Cost of courses - 6,000 - 9,000 / year
• Fees dont have to be paid before or during the
  course!
• Fee loan available to full time students, paid
  directly to the university
• 21,000 repayment threshold
• Repayments linked to what you earn not what you
  owe
• Apply through Student Finance England

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NHS courses

• Nursing Midwifery Physiotherapy Occupational
  Therapy Speech and Language Therapy pay NO
  FEES
• Non-means tested Grant from NHS - 1,000
• Means tested Bursary from NHS
• Reduced rate Living Cost Loan
• Medicine and Dentistry courses final year
  funded by NHS
• Social Work
• www.nhsbsa.nhs.uk/students

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Living Cost Loan

• Living costs books, accommodation
• 65 of loan for everyone (35 is means tested
• Paid in 3 installments (direct to student)
• Repayable (21,000)
• Apply through Student Finance England

Parental home 4,375
London 7,675
Elsewhere 5,500
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Living Cost Grant

• Non-repayable grant (Living cost grant)

Household income Grant available
lt 25,000 3,250
25,000 - 42,611 Part of 3,250
gt 42,611 No grant

• Apply for grant through Student Finance England

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University support Bursaries

• Bursaries dependent on household income
• Non-repayable

Criteria Support Duration
Household income less than 16,000 3,000 per annum for up to four years of undergraduate study.
Household income 16,001 to 20,000 2,000 per annum for up to four years of undergraduate study.
Household income 20,001 to 25,000 1,000 per annum for up to four years of undergraduate study.
Science Foundation Year household income less than 42,611 4,500 Foundation Year only.
Care Leaver 3,000 per annum for up to four years of undergraduate study.
This includes any support that may be given for
a Foundation Year.
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University support Scholarships

• Based on academic achievement
• Non-repayable

Scholarship Criteria Value
Entry Scholarship Awarded to students who achieve AAA at A level (excluding General Studies) or equivalent. 1,500 one off payment
Excellence Award Excellent academic achievement during undergraduate study. Students are considered for award at the end of each academic year based on their end of year results. 1,000 one off payment.
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University support Scholarships

• Subject specific scholarships

Subject specific Scholarships Criteria Value
American studies - Arthur Miller scholarship Top A level grades who study abroad 1000 paid at end of 2nd yr
Chemistry scholarship 2000 Choose UEA as firm (prior to clearing), A in A2 chemistry plus AB 2000 One off payment
Chemistry scholarship 1000 Choose UEA as firm (prior to clearing), A in A2 chemistry plus BB 1000 One off payment
Panasonic scholarship AAA - Science subjects only 1000 / pa (1 award)
Undergraduate Student Scholarships - Norwich Business School Grade A achieved at A2 level or equivalent including IB HL 6 or BTEC Distinction 500 per A grade, one off payment
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What you may be eligible for

Household income Living Cost Grant Living Cost Loan Total
25,000 or less 3,250 3,875 7,125
30,000 2,341 4,330 6,671
35,000 1,432 4,784 6,216
40,000 523 5,239 5,762
45,000 0 5,288 5,288
50,000 0 4,788 4,788
55,000 0 4,288 4,288
60,000 0 3,788 3,788
Over 62,500 0 3,575 3,575
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How to apply Student Finance England

• Tuition Fee Loan, Living Cost Loan, Living Cost
  Grant
• Apply online www.gov.uk/student-finance
• Apply in the Spring of the year you go to
  university
• Need NI number, bank details, income course
  information
• Deadline to submit
• Fewer screens list of eliminating questions
• Enhanced student finance calculator

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How to apply
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Making repayments

• An example
• A student finishes their degree in July 2016
• Their salary is 25,000, so they earn 4,000 in
  excess of 21,000
• Their repayments are calculated at 30 per month
  (9 of 4,000/12)
• From April 2017 30 is deducted from the
  graduates wages via PAYE

• Interest rates

Salary Interest rate
Less than 21,000 RPI (Retail Price Index)
Between 21,000 - 41,000 Between RPI and RPI plus 3
Over 41,000 RPI plus 3

• During course you will be charged RPI plus 3

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Repayment system
Income each year before tax Approximate monthly repayment Approximate monthly repayment
Income each year before tax Previous 2011 system Current 2012 system
15,000 0 0
16,000 8 0
18,000 23 0
21,000 45 0
24,000 68 23
27,000 90 45
30,000 113 68
33,000 135 90
36,000 158 113
40,000 188 143
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More information

• www.gov.uk/studentfinance
• www.nhsbsa.nhs.uk/students
• www.uea.ac.uk/finance

UEA accommodation
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Additional income

• Part time work over 40 have term time jobs
• Holiday work 90 of students work in holidays
• University job shops
• Work related to course/career

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Any questions?
OPEN DAYS 2013 22 June 5 July 14
September www.uea.ac.uk www.facebook.com/studya
tuea
3rd in the Times Higher Education Student
Experience Survey 2011 World top 150, European
top 100, UK top 20 (Guardian League Table 2012)