1. Liam Dowson 13 September 2015 Student finance

2. The costs of university Tuition fees Universities are able to charge up to £9,000 per year Can charge less Sounds scary but… 2 13 September 2015 Living costs Everything it costs to live as a student E.g. food, travel, accommodation, bills & social activities

3. 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 3 13 September 2015

4. 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 4 13 September 2015

5. Tuition fees 5 13 September 2015 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 Tuition fee loan available to all; no ‘up front’ fees

6. The costs of university Tuition fees Universities are able to charge up to £9,000 per year Can charge less Sounds scary but… 6 13 September 2015 Living costs Everything it costs to live as a student E.g. food, travel, accommodation, bills & social activities

7. Living costs Government support currently comes in two forms: - Maintenance loan - Maintenance grant The new plan is to scrap the maintenance grant, but increase the amount of loan 7 13 September 2015

8. Maintenance loan Maintenance loan available to all Paid directly to student Not everybody gets same amount, depends on: - where you study and live - your parents’ (or household) income - full time or part time study 8 13 September 2015

9. Maintenance loan 9 13 September 2015 FULL YEAR STUDENTS (for 2015 courses) NON-INCOME ASSESSED (65%) INCOME ASSESSED (35%) TOTAL (100%) Parental home £2,967£1,598£4,565 Elsewhere £3,731£2,009£5,740 London £5,205£2,804£8,009

10. Maintenance grant A grant is money you don’t have to pay back For 2015 you can get up to £3,387 per year as a grant This is dependent on household income: - full grant if under £25,000 - partial grant if between £25,001 and £42,620 - no grant if over £42,620 10 13 September 2015

11. Maintenance support 11 13 September 2015 The amount of maintenance grant a student receives affects the amount of maintenance loan they can borrow. 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£0£4,998 £62,143 & over£0£3,731 This is the bit that is being scrapped This bit is being increased We don’t know yet what all the new totals will be, but the maximum is actually going up to £8,200!

12. Maintenance support 12 13 September 2015 example demonstrates 2013 figures

13. 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 13 13 September 2015

14. 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 14 13 September 2015

15. Repaying the loans 15 13 September 2015 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

16. 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% 16 13 September 2015

17. 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 17 13 September 2015 www.thescholarshiphub.org.uk

18. For each year of study: University of Bristol bursary 18 13 September 2015 Household IncomeBursary 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

19. 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 The Financial Assistance Fund - if you can demonstrate you are experiencing real financial hardship Extra help for teacher training students Charities or employers Part-time work 19 13 September 2015

20. 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 20 13 September 2015

21. How to apply Online at www.gov.uk/studentfinancewww.gov.uk/studentfinance For 2015 entry - deadline of 29 th 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 13 September 2015

22. What are the benefits of going to university? Study something you’re passionate about Learn from the experts Develop new skills Increase job and salary prospects 22 13 September 2015

23. What are the benefits of going to university? Meet a wide range of new people Live somewhere else, with friends Become independent Experience a whole new social life Sports and societies Opportunity for travel 23 13 September 2015

24. What are the benefits of going to university? Better chance of getting a job e.g. In 2011 86% of all graduates were in work compared with 72.3% of non-graduates Likely to earn a higher salary e.g. In 2011 the median hourly rate of pay for all graduates aged 21 to 64 was £15.18, 70% more than the non-graduate rate of £8.92 24 Source: The Graduates in the Labour Market 2012 report published by the Office for National Statistics (ONS)Graduates in the Labour Market 2012Office for National Statistics 13 September 2015

25. Any questions? www.bristol.ac.uk schools-colleges-liaison@bristol.ac.uk @ChooseBristolUG www.bristol.ac.uk schools-colleges-liaison@bristol.ac.uk 25 13 September 2015