Student Funding 2017 & Beyond Sarah McLeod Student Services

Agenda Tuition fees Money for living costs Loans, bursaries, fee waivers etc Student loan repayments How this works How much you could be expected to pay

University Tuition Fees Universities can charge up to £9,250 each year for their full time undergraduate degree courses Fees may rise with inflation (RPI) from 2017 onwards Increase would be linked to quality of student satisfaction, retention and graduate employment Tuition fee rates are available on university websites Eligible students can take a tuition fee loan each year so everyone can afford to study

Money for living costs Maintenance loan Partially means tested Living away from parental home rate - Maximum £8,430 - Minimum £3,928+ Living in parental home rate - Maximum £7,097 - Minimum £3,124+

All students should have access to around £6,266 Student Funding 2017 Living away from home outside London £1,000 £2,000 £3,000 £4,000 £5,000 £6,000 £8,000 £7,000 All students should have access to around £6,266 Household Income £25K or less £42,815 £55k £65k +

Living away from home outside London £1,000 £2,000 £3,000 £4,000 £5,000 £6,000 £8,000 £7,000 £25K or less £42,815 £55k £65k + Maintenance loan £8,430 Parental Contribution Maintenance loan £6,266 £1,467 £2,338 Maintenance loan £4,799 Maintenance loan £3,928

Additional Government Funding Disabled Students’ Allowance (DSA’s) can help with the cost of: Non-medical help Specialist equipment and software Travel and other course related costs Non- repayable Support based on individual needs not income Contact Disability Services 01642 342277 or disability@tees.ac.uk

Money for living costs Scholarship Schemes Every university has a different scheme and details are available on university websites. Each university has their own eligibility criteria: Who qualifies – grades, household income etc What you can get – bursary, fee waiver etc How to apply

How to apply Apply to Student Finance England: www. gov How to apply Apply to Student Finance England: www.gov.uk/apply-online-for-student-finance

Loan repayments Student loans are very different to commercial credit; - How much you pay depends on your income - Nothing to pay until you have left education and have an income above £21,000 per year - Affordable monthly repayments - Bigger borrowing doesn't increase repayments - Any outstanding debt is written off after 30 years - It does not go on credit files - It shouldn’t affect a graduates ability to secure a mortgage - Debt collectors will not chase for it - It's repaid through the income tax system Interest rate linked to inflation (RPI) plus up to 3%

Student loan repayments 9% of £7,000 10k 15k 18k 20k 30k Percentage of income £630 (2.2%) Monthly repayments £52.50 Weekly repayments £12.11

Loan repayment example Graduate earning £30,000pa gross Monthly gross income £2,500 Pension (6%) £150 Tax £293 National insurance £191 Net income £1,866 Student loan repayment £67.50 INCOME £1,798.50

Summary You don’t have to pay anything until after you have left education – everyone can afford to study All full-time eligible students can apply for a maintenance loan to help with living costs Most students will receive more help with their living costs than current students Repayments are based on what you earn, not on what you owe

Useful websites Government services website www.gov.uk/student-finance More information about funding University websites Information about courses, bursaries, fee waivers etc. www.tees.ac.uk Money Saving Expert www.moneysavingexpert.com

ANY QUESTIONS?