University of Bradford Student Finance 2017/18 Tanisha Singla

University Finance: The Main Points Changes for 2017/18 Tuition Fees and Tuition Fee Loans Living Cost (Maintenance) Loans Applying for Financial Support University Financial Support Repayments Key facts Useful Information and Contacts Welcome to the University of Bradford 2016/17 Sarah Verbickas

Student Costs It is estimated that a student living outside of London will need £1015 per month. Estimated minimum living costs in Bradford 2016/2017 42 weeks 51 weeks Accommodation depending on type £2140 to £4740* £2600 to £5755* Food, toiletries and laundry (based on £60 per week) £2520 £3060 Books, stationery, photocopying and printing (based on £10 per week) £420 £510 Mobile phone costs (based on £10 per week) Local Travel – if required (based on £10 pwk)  Set up costs (based on £500) £500 Insurance for personal possessions £70** Estimated minimum total for guidance only £6490 to £9090 £7760 to £10,915 This does not include socialising cost. These are all necessary costs. 2016/17 Sarah Verbickas

Different types of funding? Loans Bursaries Scholarships Job Savings

Changes for 2017/18 From September 2017 nursing students and other students who used to have their fees paid by the NHS, will come under the same funding arrangements as all other students. Loans of up to £10,000 to study a postgraduate Master’s course – something for the future. Some Universities will be allowed to make inflationary increases to tuition fees each year. Welcome to the University of Bradford 2016/17 Sarah Verbickas

You do not have to pay tuition fees upfront if you are going to university for the first time. From 2017 some Universities will be able to charge £9,250 for a standard degree programme, foundation years may be less and placements years will be lower still. Fees may increase by inflation each year. Welcome to the University of Bradford 2016/17 Sarah Verbickas

Tuition Fee Loans The amount of tuition fee loan is matched to the course fee You can take out a full or partial loan The loan is paid directly to your University in 3 instalments Pay it back when you finish your course and are earning over £21,000 – more about repayment later Welcome to the University of Bradford 2016/17 Sarah Verbickas

Living Cost (Maintenance) Loans Support is now provided through a loan – there are no maintenance grants To help with living and learning costs Paid directly into the student’s bank account each term – 3 instalments Amount depends on family income (means-tested) Welcome to the University of Bradford 2016/17 Sarah Verbickas

Living Cost Loans – 2017/18 Figures Where Will You Be Living? Maximum Loan London £11,002 Elsewhere (Living away from home but not in London) £8,430 Home £7,097 Welcome to the University of Bradford 2016/17 Sarah Verbickas

Living Cost (Maintenance) Loans Maximum Loans for family incomes of under £25,000 More money for students than when grants were available Students who qualify for benefits get a higher rate of loan Supplementary grants are still available – Childcare Grant, Parents Learning Allowance, Adult Dependants Grant and Disabled Students Allowances. Student Finance will calculate your entitlement. Welcome to the University of Bradford 2016/17 Sarah Verbickas

Living Costs Total Support for 2017/18 Household Income Living Cost Loan – living away from home Living Cost Loan – living at home £25,000 or less £8,430 £7,097 £30,000 £7,825 £6,499 £35,000 £7,220 £5,901 £40,000 £6,615 £5,303 £42,875 £6,266 £4,959 £45,000 £6,009 £4,705 £50,000 £5,404 £4,107 £55,000 £4,799 £3,509 £60,000 £4,193 £3,124 (lowest) £65,000 £3,928 (lowest) £3,124 Welcome to the University of Bradford 2016/17 Sarah Verbickas

Applying for Financial Support Apply for student finance online: www.gov.uk/apply-online-for- student-finance. Applications usually open in January Supply your parent(s’)/partner’s income details – you may get more support if you submit household income information Make sure you give consent for your information to be shared with the University so you can be assessed for scholarships and bursaries if available Welcome to the University of Bradford 2016/17 Sarah Verbickas

Scholarships, Grants and Bursaries Academic Excellence Musical Personal Circumstances Financial Need Sports Companies Interests and Hobbies Welcome to the University of Bradford 2016/17 Sarah Verbickas

University Financial Support Most Universities will offer their own scholarships and bursaries – visit their website to see what is available Scholarships are usually linked to academic achievement; bursaries are related to family income Hardship funds will also be available if you experience financial difficulties whilst you are studying – you can also access budgeting advice and other forms of support Welcome to the University of Bradford 2016/17 Sarah Verbickas

University of Bradford Scholarships Academic scholarships for AAA and AAB grades or equivalent and higher (as listed on our website) for UK and EU students All students will be assessed automatically – you do not need to apply AAA is worth £1,500 in year 1 (£1,000 cash and £500 Blackwell’s card) and £1,000 cash in subsequent years provided you progress with an average of 60%. AAB is worth £1,000 in year 1 (£500 cash and £500 Blackwell’s card) and £500 cash in subsequent years provided you progress with an average of 60%. Welcome to the University of Bradford 2016/17 Sarah Verbickas

The University of Bradford Bursary Income related bursary scheme for 2017/18 £500 in year 1, £600 in year 2 and £700 in year 3 and subsequent years for all Home and EU students whose family income is less than £30,000 Must be engaging with the course Can have this and the Academic scholarship. Additional support and grants for Care Leavers Welcome to the University of Bradford 2016/17 Sarah Verbickas

Repayments Repayments begin after you have finished/left your course, and are earning over £21,000 per year Repayments are automatically deducted from your earnings like tax The repayment rate is 9% of any earnings over £21,000 The more you earn, the more you repay After 30 years you won’t need to make any further repayments Welcome to the University of Bradford 2016/17 Sarah Verbickas

Approximate monthly repayment Repayments Salary Approximate monthly repayment £15,000 £0 £18,000 £21,000 £24,000 £23 £27,000 £45 £30,000 £68 £35,000 £105 £40,000 £143 £50,000 £218 Welcome to the University of Bradford 2016/17 Sarah Verbickas

Interest on Loans Interest starts to accrue on the loans whilst you are studying (RPI plus 3%) From the April after you’ve finished your course you’ll be charged: The rate of inflation plus up to 3% if you earn between £21,000-£41,000 The rate of inflation plus 3% if you earn over £41,000 Welcome to the University of Bradford 2016/17 Sarah Verbickas

Most students will never repay what they owe Student Finance - Key Facts Monthly repayments are the same no matter what fee the university charges Most students will never repay what they owe There is interest charged on student loans but it is much lower than rates charged on commercial loans Student loan debt does not impact on your credit rating Welcome to the University of Bradford 2016/17 Sarah Verbickas

FAQs What happens if my financial circumstances change during the academic year? What if I have a shortfall in money? When will my student loan get paid into my account? I haven’t confirmed my place at a University when should I apply? How is a household income assessed in separated or divorces household? Welcome to the University of Bradford 2016/17 Sarah Verbickas

Useful Information www.gov.uk/student-finance http://www.slc.co.uk/students/ http://www.moneysavingexpert.com/ students/ http://www.thestudentroom.co.uk/ https://www.ucas.com/ucas/undergraduate/finance-and-support/budget-calculator Welcome to the University of Bradford 2016/17 Sarah Verbickas