Student finance Liam Dowson 21 November 2018

The costs of university 21 November 2018 The costs of university Tuition fees Universities are able to charge up to £9,000 per year Can charge less Sounds scary but… Living costs Everything it costs to live as a student E.g. food, travel, accommodation, bills & social activities

21 November 2018 There is lots of support available to help you meet these costs! Most support comes from the government, but also some from many other places

Eligibility for government support 21 November 2018 Eligibility for government support Whether you qualify depends on: - your university or college - your course - if you’ve studied a HE course before - your age - your nationality or residential status

Tuition fee loan available to all; 21 November 2018 Tuition fees Tuition fee loan available to all; no ‘up front’ fees Covers full cost of tuition fees Loan isn’t compulsory (students can pay all or part of tuition fee upfront themselves) Paid directly to your university/college

The costs of university 21 November 2018 The costs of university Tuition fees Universities are able to charge up to £9,000 per year Can charge less Sounds scary but… Living costs Everything it costs to live as a student E.g. food, travel, accommodation, bills & social activities

Living costs Maintenance loan available to all 21 November 2018 Living costs Maintenance loan available to all Paid directly to student Not everybody gets same amount, depends on: - where you study and live - your household income - full time or part time study

Maintenance loan Household Income Parental Home Elsewhere London 21 November 2018 Maintenance loan Household Income Parental Home Elsewhere London £25,000 & under £6,904 £8,200 £10,702 £30,000 £6,322 £7,612 £10,103 £35,000 £5,740 £7,023 £9,503 £40,000 £5,158 £6,434 £8,904 £45,000 £4,576 £5,845 £8,304 £50,000 £3,994 £5,256 £7,705 £55,000 £3,412 £4,667 £7,105 £58,201 £3,039 £4,290 £6,722 £60,000 £4,078 £6,506 £62,180 £3,821 £6,244 £65,000 £5,906 £69,803 & over £5,330

21 November 2018 Living costs In previous years the government also provided a maintenance grant alongside the loan. This has now been stopped, but the amount of loan available has been increased. The total amount of support available for living costs is now actually larger than ever before.

Previous maintenance support 21 November 2018 Previous maintenance support Household Income Maintenance Grant Maintenance Loan Total £25,000 & under £3,387 £4,047 £7,434 £30,000 £2,441 £4,520 £6,961 £35,000 £1,494 £4,993 £6,487 £40,000 £547 £5,467 £6,014 £42,620 £50 £5,715 £5,765 £42,875 £0 £5,740 £50,000 £4,998 £62,143 & over £3,731 This is the bit that is being stopped This bit is being increased Overall totals increased (maximum in this category is going up to £8,200) The amount of maintenance grant a student receives affects the amount of maintenance loan they can borrow.

21 November 2018 Repaying the loans Your tuition fee and maintenance loans are added together You only repay after you graduate You only repay if you have a job with a salary over £21,000 per year You pay 9% of any income over £21,000

21 November 2018 Repaying the loans If your salary drops below £21,000 a year you stop paying Not everybody pays it all back (you are not expected to!) Any remaining loan is wiped off after 30 years

Repaying the loans Income each year before tax 21 November 2018 Repaying the loans Income each year before tax Income from which 9% is deducted Monthly Repayment (Approx) £21,000 £0 £25,000 £4,000 £30 £30,000 £9,000 £67 £35,000 £14,000 £105 £40,000 £19,000 £142 £45,000 £24,000 £180 £50,000 £29,000 £217 £60,000 £39,000 £292

Interest rates You are charged interest on your loans 21 November 2018 Interest rates You are charged interest on your loans The amount is variable as follows: Whilst studying = inflation (RPI) + 3% Whilst working and earning less than £21,000 = inflation Whilst working and earning between £21,000 and £41,000 = inflation + up to 3% Whilst working and earning over £41,000 = inflation + 3%

Bursaries/scholarships 21 November 2018 Bursaries/scholarships All fee-charging universities must offer bursaries Like a grant, bursaries are yours to keep Universities also offer various scholarships, e.g. for excelling in a certain area www.thescholarshiphub.org.uk

University of Bristol bursary 21 November 2018 University of Bristol bursary For each year of study: Household Income Bursary Amount Below £25,000 £2,000 Between £25,001 and £30,000 £1,500 Between £30,001 and £35,000 £1,250 Between £35,001 and £40,000 £750 Between £40,001 and £42,620 £500

Other sources of funding 21 November 2018 Other sources of funding NHS bursaries - Medical, dentistry or healthcare students Specific grants - Disabled Students’ Allowance, Adult Dependants’ Grant, Care Leavers Grant, Childcare Grant, Parents’ Learning Allowance Special support grant Extra help for teacher training students Charities or employers Part-time work

21 November 2018 Summary University is expensive, but everybody is entitled to loans to cover these costs The expensive £9,000 per year is the easy bit The amount students repay depends on their salary; they only pay back their loans when they can afford to The debt doesn’t count against you in any way

How to apply Online at www.gov.uk/studentfinance 21 November 2018 How to apply Online at www.gov.uk/studentfinance For 2015 entry - deadline of 29th May You don’t need a confirmed university place Easier to change details at a later date Agree to share information from your application Will need to be supported by parent(s)/carer(s)

21 November 2018 Any questions? www.bristol.ac.uk access-to-bristol@bristol.ac.uk @ChooseBristolUG