1 Careers Advisors and Teachers Conference Student Finance 4 th April 2011

2 Alison Barnard Financial Support Team The University of Nottingham

3 Key Questions What support can a home, UG student studying for a 1 st degree, get? How do they apply for the loans and grant? 2012 – what’s changing? Is it worth it?

4 1. What financial support is available?

5 For 2011/12 Tuition Fee Loan to cover the cost of tuition fees. The Tuition Fee Loan is paid directly to the university Maintenance Loan to help with living costs Means-tested Maintenance Grant for students from lower income backgrounds

6 Tuition fees were introduced in 1998/99 - £1,000 per year. “Variable Fees” or “Top-Up Fees” were introduced in 2006/07 - £3,000 per year. 2010/11 £3,290 – will increase to £3,375 in 2011/12

7 Tuition Fees 2011/12 England £3,375 Scotland free to Scots £1,820 to other UK students N. Ireland £3,375 Wales £3,375

8 Tuition Fees 2011/12 cont…. EU students pay the same as those locally and are eligible for a Tuition Fee Loan from the SLC University can choose the fees that International students pay

9 Maintenance Loan Maximum loans for new students in 2011/12 Students living at home: £3,838 Students living away from home: £4,950 Students living in London & away from home: £6,928

10 Maintenance Grant The maximum amount of grant for 2011/12 is £2,906 The grant does not need to be paid back Entitlement for the grant is means tested – if household income is less than £50,020 student will receive a grant for between £50 and £2,906

11 Package of financial support for 2012/13 Household income Non repayable grant Living cost loan Total for 2011/12 £25,000 or less £2,906£3,497£6,403 £30,000£1,906£3,997£5,903 £34,000£1,106£4,397£5,503 £40,000£ 711£4,595£5,306 £45,000£ 381£4,760£5,141 £50,020£ 50£4,925£4,975 £55,000£ 0£4,106 £57,708£ 0£3,564 Over £60,000£ 0£3,564

12 Other Government Grants Supplementary Grants: - Childcare Grant - Parents’ Learning Allowance - Adult Dependant Grant Disabled Students Allowance

13 University of Nottingham Bursaries 2011 Core Bursary 2011/12 £1,130 (income below £36,100) £285 - £845 (income £36,101 - £46,700) Non Traditional Route Bursary – Access course, BTEC Dependants Bursary Care Leavers Bursary All £1,130 for the year First in the Family Scholarship - £1,000 per year For regional, state educated students with low household income

14 NHS funded courses Nursing; Physiotherapy; Dietetics; Midwifery; Year 5 Medicine; Yrs 2-4 Graduate Entry Medicine; Income assessed bursary plus flat rate student loan Non income assessed bursary (Dip Nursing only) NHS pays fees 2012 – funding under review: Nursing to degree only

15 How do I apply for the loans and grant? 2. How do I apply for the loans and grant?

16 student finance england student finance wales student finance ni Student Awards Agency for Scotland (SAAS)

– What is changing?

18 From September 2012… Teaching grants from HEFCE are being cut Funding only for STEM subjects Capital grants (towards buildings and facilities) also being cut New OFFA agreements ( improved University bursary/scholarship schemes)

19 From September Universities can charge fees of up to £6000 per year In ‘exceptional’ circumstances they can charge up to £9000 per year A higher rate of interest will be applied to loans during the period of study

20 From September Grants will increase to £3,250 for those whose household income is below £25,000 Partial grant where household income is between £25,001 and £42,000 Loan for living cost – up to £5,500 (£7,675 if studying in London) National Scholarship Programme

21 Package of financial support for 2012/13 Household income Non repayable grant Living cost loan Total for 2012/13 £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 £50,000£ 0£4,788 £55,000£ 0£4,288 £60,000£ 0£3,788 Over £62,500£ 0£3,575

22 From September Change to repayments * SalaryMonthly repayment £15,000NIL £18,000£22.50 £21,000£45.00 £25,000£75.00 £35,000£ £45,000£ £60,000£ £100,00£ SalaryMonthly repayment £15,000Nil £18,000Nil £21,000Nil £25,000£30,00 £35,000£ £45,000£ £60,000£ £100,00£592.50

23 4. Is it worth it?

24 Research shows that Graduates earn more over their working life than those who don’t attend University Browne report states £100,000 Institute of Fiscal Studies states can be up to £1m graduate-earnings.html?start=2

25 Indepth knowledge of chosen subject Improved career opportunities Employability skills Life skills Lifelong friends Independence A good time!

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