Student Finance

Overview There are two main costs associated with starting university: Tuition Fee costs Living Costs Students can apply for Government funded loans to assist in meeting these costs.

UK FEES for NI students (2014/15) Location of institution EnglandScotlandWalesNI Up to £9000 £3805 In the Republic of Ireland, all students are charged an annual registration fee of up to €3000 for which an interest bearing student loan will be available.

Colleges of FE & HE CAFRE : £1,465 per year BMC: £2,200 for HNDs & Foundation Degrees. £3,375 for BSc in Social Work. NRC : £1465 for all full-time higher education courses

Student Loan for Fees  All Students can take out a Student Loan for Fees for the full amount charged by the institution  No income assessment involved  Paid direct to the institution by SLC  Study first – pay back when earning  No payment required “up front”

Help with Living Expenses  Loan for living costs (means tested)  Maintenance Grant (means tested)

Loan for Living Costs To help with living and study costs such as rent, food and books 2015/16 figures … Max £6,780 if living away from parents’ home and studying in London Max £4,840 if living away from parents’ home and studying outside London Max £3,750 if living at home

Maintenance Grant Worth up to £3,475 a year, depending on household income – no grant if household income is over £41,065. – full grant where household income is below £19,204 Grant paid in three instalments at the start of each term -doesn’t have to be paid back unless the student withdraws from their course.

Help from the University Institutions may offer one or more of Access Bursary – NI institutions Extra (non-repayable) grant for students who are in receipt of full (or in some cases partial) Maintenance Grant or Special Support Grant No separate application involved – eligibility determined through your Student Finance application Each institution offers different amounts of support Similar support throughout the UK – contact institution for details. Check university websites for scholarship or bursary opportunities linked to specific courses.

National Health Service bursaries for health professional courses Audiology Podiatry Dental Hygiene Dental Therapy Dietetics Nursing Midwifery Occupational Therapy Operating Department Practice Orthoptics Physiotherapy Prosthetics & Orthotics Radiography Speech & Language Therapy

Social Work Non-means – tested financial support package available Under review QUB; UU; BMC

Scholarships, Sponsorships & Bursaries Given by universities & businesses For academic, musical or sporting excellence. Can include UCAS or CAO tariff points eg. NUI Galway; UU. Or just for all students on entry eg Dundee Info can be hard to find

Examples - companies Schlumberger - females in engineering Institutes of Engineering BDO Scholar Sponsored degrees : PwC; EY etc Higher apprenticeships/earn as you learn – PwC; Deloittes; Kainos etc

University of Dundee: Scholarships & Bursaries Discover Dundee (RUK)Academic ExcellenceRest of UK Bursary Value of award£2,000 one off payment£3,000 per year£1,000 or £3,000 per year Rest of UK (RUK) Fee Status ✓✓✓ Received an undergraduate offer ✓✓✓ Matriculate in September 2015 (on an eligible degree programme) ✓✓✓ UK Resident ✓✓✓ Degree programmes eligible All except Medicine, Dentistry, Nursing and Education All degrees First year of entry at Dundee ✓ ABB or above at A-level or equivalent ✓ Household income less than £42,000 p.a. or £20,000 p.a. ✓

Repaying Student Loans… Only repayable once students have left their course and are earning over £16,910 a year, payments stop if earnings drop below this Repayments at a rate of 9% of earnings above £17,335 Loans for Fees combined with Loans for Maintenance into a single payment The amount you pay back will have the same value in real terms as the amount you borrowed.

Typical repayment amounts would be around: Annual Income Monthly Repayment £17,334£0 £24,000£53 £30,000£98 Any outstanding balance after 25 years is written off. Paying Back

Things to remember… Council of Mortgage Lenders say student loan debt is “very unlikely” to impact on graduates’ ability to get a mortgage Over a lifetime graduates earn on average £100,000 more than non- graduates Paying for “life experience” as well as education

Further information