1. Higher Education Finance 2009/10 Hannah Archer

2. Overview Expenses whilst at university or college fall broadly into two categories: Tuition fees – help meet the cost of a course Living costs – accommodation, food, travel, books, etc.

3. Tuition Fees Higher Education Institutions can charge up to £3,225 per year for tuition fees Students will be able to take out a loan to cover the cost of the tuition fees – this is not means tested The loan for tuition fees gets paid direct to the university or college by the Student Loans Company Loans do not have to be repaid until a graduate’s income exceeds £15,000 a year

4. Health related courses NHS (Dental Hygiene, Speech & Language Therapy, Radiography, Nursing, Physiotherapy): Tuition fees continue to be paid Degree students – entitled to a means tested bursary and reduced rate student loan Diploma students – entitled to a non-means tested bursary but not a student loan Social Work: Tuition fees will be the responsibility of the student Entitled to a tuition fee loan and a maintenance loan Entitled to a non-means tested bursary (administered by the NHS Business Services Authority) Entitled to a maintenance grant

5. Teaching There are 2 routes into teaching: Teaching Degree Any degree plus PGCE (Post Graduate Certificate of Education) Teaching Degree Same financial rules apply as with other degrees PGCE Tuition fees will be £3,225 A proportion of the maintenance grant for all students and up to £2,906 for those less well off Tax-free bursary of £4,000 to £9,000 ‘Golden Hello’ after completing 1 st year

6. Studying elsewhere? Northern Ireland: likely to be £3,225 Wales: £3,225 Scotland: £1,735 (4 year course)

7. Help with living expenses

8. Non-repayable Government Grants A Maintenance Grant is money to help with your accommodation and living expenses that you do not have to repay Students can claim up to £2,906 a year depending on household income: £25,000 or less - £2,906 £25,000 - £50,000 - partial grant £50,020 - £50

9. Maintenance Loans There are also loans to help pay for living costs Maximum maintenance loans for 2009/10: Student living at home: £3,838 Student living away from home in London: £6,928 Student living away from home & outside London: £4,950 All students are entitled to 72% of the loan. The remaining 28% is means-tested

10. Maintenance Loans The amount of maintenance loan a student can get is dependant on household income and where they study Income (£) Living at home (£) Studying in London (£) Studying outside London (£) 25,0002,8355,4753,497 30,0002,8855,9753,997 34,0003,2856,3754,397 40,0003,4836,5734,595 45,0003,6486,7384,760 50,0203,8136,9034,925 50,7783,8386,9284,950

11. Repayment of loans Loans for fees and loans for maintenance are combined into a single payment Repayments are based on how much how much a graduate earns not how much they owe, and is worked out as a % of income above £15,000, (currently 9%): £20,000 - £8.65 a week £25,000 - £17.30 a week Repayments will be deducted automatically along with tax and national insurance contributions

12. Bursaries from individual universities All institutions charging £3,225 for tuition fees must provide extra help to students who are receiving the full maintenance grant The minimum amount they are required to offer is £319, but most will offer more

13. University Campus Suffolk Full-time courses Will be charging the maximum fee permissible: £3,225 UCS’ bursary scheme may provide generous payments to less well off students Govt. Maintenance GrantUCS Bursary £2,906£1,000 £1,000 to £2,905£500

14. Universities in the region UEA Students who are entitled to the maximum maintenance grant will receive £600 Others will receive support on a sliding scale if family income is below £50,020 Anglia Ruskin University £319 to all students in receipt of the full maintenance grant Will provide a non-repayable, non means-tested award of £500 a year to those who complete the year successfully

15. Universities elsewhere University of Leeds £1,540 to students who have a household income of less than £25,600 £335 to students who have a household income of between £35,601 and £36,600 Keele University Household income of £25,000 or less: £800

16. For more information about other universities’ bursary schemes, visit: http://bursarymap.direct.gov.uk/ or their own websites

17. Other support available Disabled Student’s Allowance Helps with the extra costs incurred as a direct result of someone’s disability such as additional travel costs, or specialist equipment Available for full-time students or students studying 50% of a full-time course For more information, please go to: www.direct.gov.uk/studentfinance www.direct.gov.uk/studentfinance

18. Other support available Childcare Grant Calculated by the LEA to help with the cost of formal or registered childcare Based on household income The amount of grant received is based on actual childcare costs and is calculated on 85% of the total: One child: £148.75 a week Two or more children: up to £255 a week

19. Other support available Parents’ Learning Allowance For students with children. The amount received is dependent upon household income. The amount payable in 2009/10 will be up to £1,508 Adult Dependant’s Grant If a student has a husband, wife or partner, or another adult member of the family who depends on them financially, they may be eligible for this award

20. Other support available Benefits and Tax Credits Students with dependant children may be eligible to apply for extra help with accommodation costs through Housing Benefit, or Income Support if they have a mortgage as well as receiving Child and/or Working Tax Credit from the Inland Revenue Access to Learning Fund Help is available form the university or college if students get into financial difficulties whilst they are studying

21. Part-time courses Fees are unregulated so will vary between institutions Fees need to be paid upfront Students are not eligible for a student loan Intensity of studyMaximum fee grant available Maximum course grant available Total maximum support 50% to 59% of an equivalent full-time course £785£255£1,040 60% to 64% of an equivalent full-time course £945£255£1,200 75% + of an equivalent full- time course £1,180£255£1,435

22. How to apply Apply online through www.direct.gov.uk/studentfinance www.direct.gov.uk/studentfinance Applications should be made as early as possible The information provided will be used to calculate how much support the student is entitled to

23. Learn how to budget! IncomingsEssential OutgoingsOther costs Student loans Grant/bursary Sponsorship/ scholarship Income from a job Parental/guardian contributions Savings Tuition fees Rent Travel Contents insurance Credit card payments Utility bills – gas, water, electric Phone bills Food Books Household goods Clothes/shoes Toiletries Music/films Socialising TV licence

24. Budget Calculators: www.ucas.com/students/studentfinance www.studentmoney.org

25. Look out for… Student discounts: certain shops, cinemas, theatres, etc. offer discounts to students. Students will need to apply for a NUS card (National Union of Student’s) to be eligible for these discounts Local jobs: there are many opportunities for part-time work at the university or college, or even local pubs, restaurants, supermarkets, etc. Student bank accounts: there are many different bank accounts available

26. Is it worth it? Students could potentially come out of university with debts up to £20,000 However, according to the Higher Education Careers Services Unit: 21–30 year old graduates have average earnings of £22,300 p.a. compared to £15,950 for non-graduates in the same age bracket By age 31-40, graduates earn £12,950 p.a. more than non-graduates (£33,470 compared to £20,520) By the time they reach 41-50, graduates earn on average £14,550 p.a. more than non- graduates (£34,950 compared to £20,400 Students should look at HE as an investment into their future

27. Any questions?