2. Student Funding 2015 & Beyond Sarah McLeod Student Services

3. Agenda Tuition fees Money for living costs – Grants, loans, bursaries, fee waivers etc. NHS funding Student loan repayments – How this works – How much you could be expected to pay

4. University Tuition Fees Universities can charge up to £9,000 each year for their full time undergraduate degree courses Tuition fee rates are available on university websites All students can take a tuition fee loan each year so everyone can afford to study

5. Money for living costs Maintenance grant up to £3,387 (means tested) - you don’t pay this back - full grant up to £25,000 – partial grant up to £42,620 Maintenance loan - partially means tested - £3,731+ (living away from parental home rate) -£2,967+ (living in parental home rate)

6. 10k 20k 30k 40k 50k60k 70k Household Income £1,000 £2,000 £3,000 £4,000 £5,000 £6,000 £7,000 Student Funding 2015 Living away from home outside London All students should have access to around £5,740

7. 20k £1,000 £2,000 £3,000 £4,000 £5,000 £6,000 £7,000 10k 30k 40k 50k60k 70k Student Funding 2015 Living away from home outside London £25K Maintenance Loan (£4,047) Maintenance Grant (£3,387)

8. 20k £1,000 £2,000 £3,000 £4,000 £5,000 £6,000 £7,000 10k 30k 40k 50k60k 70k Student Funding 2015 Living away from home outside London C42.6K Maintenance Grant Maintenance Loan

9. 20k £1,000 £2,000 £3,000 £4,000 £5,000 £6,000 £7,000 10k 30k 40k 50k60k 70k Student Funding 2015 Parental Contribution Maintenance Loan Maintenance Grant

10. Additional Government Funding Disabled Students Allowance (DSA’s) – Specialist equipment allowance – Non-medical helpers allowance – General disabled students’ allowance – Extra travel costs Contact Disability Services – 01642 342277 or disability@tees.ac.ukdisability@tees.ac.uk

11. 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

12. Teesside Extra Scholarship Cash bursary of up to £2,500 Achieve at least BBBs at A’level (or equivalent) Full eligibility criteria apply, please see the website for further details

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

14. NHS Funding 2015/16

15. NHS funded students – doctor or dentist (eligible for an NHS Bursary during the latter stages of their pre-registration training – chiropodist (including podiatrist), dietician, occupational therapist, orthoptist, physiotherapist, prosthetist, and orthotist, radiographer, audiologist or a speech and language therapist – dental hygienist or dental therapist – nurse, midwife or operating department practitioner (degree course)

16. NHS funding Non-repayable funding Not means tested – Payment of Fees – NHS Grant of £1,000 Means tested – NHS Bursary up to £4,491 for 45+ weeks living away from parents – Up to £3,439 living with parents www.nhsbsa.nhs.uk Repayable funding Not means tested – Apply to Student Finance England on PN1 form – £2,324 (living away from home – £1,744 (living at home) – You pay it back like everyone else

17. How to apply Apply online at www.nhsbsa.nhs.uk www.nhsbsa.nhs.uk Supplementary paper forms; DSA, Childcare Re-apply yearly Paid by equal monthly instalment until following August

18. Loan repayments Student loans are very different to commercial credit Interest rate linked to inflation plus up to 3% How much you pay depends on how much you earn Nothing to pay until you have left education and have an income above £21,000 per year Affordable monthly repayments Outstanding debt written-off after 30 years

19. 10k 15k 18k 20k 30k £28,000pa 9% of £7,000 Percentage of income £630 (2.2%) Monthly repayments £52.50 Weekly repayments £12.11 Student loan repayments

20. Loan repayment example Graduate earning £30,000pa gross – Monthly gross income£2,500 – Pension (6%)£150 – Tax£303 – National insurance£192 – Net income£1,855 – Student loan repayment£67.50 – INCOME£1,787.50

21. Summary You don’t have to pay anything until after you have left education – everyone can afford to study All full-time students can apply for a maintenance loan to help with living costs Students from households earning less than £42,620 will also receive a non-repayable maintenance grant Repayments are based on what you earn, not on what you owe

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

23. ANY QUESTIONS?