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Student Finance

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Student Finance Specific information for students who will be entering university in September 2015 * Mcr Success Scholarships check website for details of which ... – PowerPoint PPT presentation

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Title: Student Finance


1
Student Finance
  • Specific information for students who will be
    entering university in September 2015

2
Finance at University
  • Tuition Fees
  • Living Expenses
  • What could students get in 2015?
  • How does repayment work?
  • Additional Support
  • The University of Manchester Financial
    Support Packages
  • Application process
  • Where to get further information

3
Martin Lewis explains the facts about
student finance
4
Tuition fees and living costs
5
Tuition fees at the University of Manchester
  • The University of Manchester will charge a
    headline fee of 9,000 per year to UK and EU
    undergraduates in 2015.
  • Alongside this, the University has committed
    funds to help ensure that talented students have
    the opportunity to study at Manchester,
    regardless of background or ability to pay.

6
Tuition Fee Loan
  • Students do not need to find the money for fees
    up-front. Loans are available, regardless of
    household income, up to the maximum tuition fee
    amount of 9,000
  • Students start to pay the loan back once they
    have graduated and are earning above 21,000
  • Student Finance England pay the tuition fee loan
    directly to the University.

7
Living Cost Support(Maintenance loan
maintenance grant)
  • Maintenance loans and grants are available to
    help with living costs
  • Some of the support students receive depends upon
    parental / household income, but not all of it
    everyone can get some support.
  • Loans have to be paid back
  • Grants do not have to be paid back

8
Living Cost Support(Maintenance loan
maintenance grant)
  • A loan of up to 5,740 will be available to
    students if they live away from home and study at
    a university outside London
  • A loan of up to 4,565 will be available if they
    live with their parents
  • A loan of up to 8,009 will be available if they
    live away from home and study at a university in
    London
  • The Maintenance Grant will be up to 3,387

9
Living cost support
  • Every student is entitled to receive the
    non-means tested amount of maintenance loan
  • The non-means tested loan is 65 of the total and
    is available to all eligible students. This
    equates to 3,731 per annum
  • The means-tested loan is 35 of the total and is
    dependent on household income

10
Estimated living costs 2013/2014 (based on a 40
week undergraduate year at The University of
Manchester)
  • Accommodation (self catered halls) - 4,850
  • Meals - 1,495
  • Books stationery - 415
  • Clothes - 415
  • Transport - 540
  • Other general expenses - 1,540
  • Total - 9,255

11
Living Cost Support(Government Maintenance loan
maintenance grant away from home and outside
of London )
12
NHS Funded Courses
  • NHS Bursary is available for eligible courses
    including Nursing, Midwifery, Speech and Language
    Therapy, Medicine/Dentistry fifth year onwards.
  • All students eligible for an NHS Bursary will
    have the full cost of tuition paid for that
    academic year and receive a 1,000 maintenance
    grant.
  • An additional maintenance bursary of up to 2,591
    is available depending on the assessed level of
    household income.
  • A reduced rate of maintenance loan is available
    from Student Finance England.

13
Additional Support
  • Additional support is available if students have
    a disability or learning difficulty in the form
    of the Disabled Students Allowance (DSA).
    Details can be found at www.gov.uk/disabled-studen
    ts-allowances-dsas
  • Additional support is available if students have
    adults or children who are dependent upon them

14
Equivalent Level Qualifications
  • Students who have previously completed a UG
    degree will not be able to qualify for government
    support to undertake a second UG degree.
  • There are exceptions to this for students
    studying a second degree in
  • Medicine
  • Dentistry
  • Veterinary science
  • Architecture
  • Social work
  • Courses which attract an NHS bursary
  •  

15
Part-time courses
  • There have been significant changes for part-time
    courses when compared with pre 2012
  • Previously, tuition fees were paid up front
  • Most courses now will offer a loan (same as
    full-time)
  • There is no maintenance loan available living
    costs are covered by the student.
  • Repayment of loan If the student is earning
    over 21,000 a year, repayments begin in the
    April 4 years after the start of the course.

16
Repayment
17
Loan Repayment
  • Students will not start paying back their loans
    until they earn over 21,000 per annum gross
    (1,750pm) gross
  • Students pay back 9 of what they earn above
    21,000
  • They are eligible to start repayment the April
    after they leave / graduate (providing they earn
    over 21,000)
  • Any outstanding debt is written off after 30 years

18
Loan Repayment
Salary (before tax) Monthly Salary Approximate Monthly Repayment
18,000 1,500 0
21,000 1,750 0
24,000 2,000 23
27,000 2,250 45
30,000 2,500 68
33,000 2,750 90
36,000 3,000 113
40,000 3,333 143
19
Repayment process
Repayments increase with how much you earn, not
how much you owe! Information provided by Student
Finance England
20
Interest on Student Loans
  • Interest added will vary, depending on a students
    circumstances

During study until entering repayment
Interest rate is Retail Price Index (RPI) 3
Income
Income below 21,000
Interest rate is Set at RPI Only
Income 21,000 to 41,000
Interest rate is RPI plus up to 3
Above 41,000
Interest rate is RPI 3
The interest rate applied is updated once a year
in September, using the rate of RPI from that
March which is carried forward
21
Early repayment
  • There will be no penalty for early repayments of
    Student Loans
  • It may make more financial sense to pay back in
    instalments
  • Depending what a student earns, they may never
    pay back the full amount

22
Getting a mortgage
  • A student loan is very unlikely to affect an
    individuals ability to get a mortgage
  • Mortgage lenders usually take account of a
    persons monthly gross income before any
    deductions

23
The University of Manchester financial support
24
The University of Manchester Financial Support
We want to admit the most talented students,
regardless of background or ability to pay. The
University of Manchester is committed to
providing support to students from lower income
households.
  • Opportunity Manchester Scholarship
  • The Manchester Bursary
  • Foundation Year Bursary
  • Year abroad / Year in industry Bursary


25
The Manchester Bursary
  • Available to UK students registered on an
    undergraduate degree programme (excluding NHS
    funded programmes)

Residual household income Cash bursary
Up to 17,000 3,000 (paid in three instalments during the academic year)
17,001 - 25,000 2,000 (paid in three instalments during the academic year)
25,001 - 35,000 1,000 (paid in three instalments during the academic year)
26
Foundation Year Bursary
  • Support for students enrolling on foundation
    Year 0 programmes in Medicine, Dentistry,
    Pharmacy, Life Sciences, Science and Engineering

Residual household income Cash bursary
Up to 17,000 5,000 (paid in three instalments during the academic year)
17,001 - 25,000 4,000 (paid in three instalments during the academic year)
25,001 - 35,000 2,000 (paid in three instalments during the academic year)
27
Financial support for students on a year
abroad/year in industry
Study programme Residual household income Cash bursary
Erasmus work placement Up to 17,000 1,350
Erasmus work placement 17,001 - 25,000 900
Erasmus work placement 25,001 - 35,000 450
Study abroad (Erasmus or not) Up to 17,000 3,000
Study abroad (Erasmus or not) 17,001 - 25,000 2,000
Study abroad (Erasmus or not) 25,001 - 35,000 1,000
Work placement UK/abroad (non Erasmus) Up to 17,000 1,800
Work placement UK/abroad (non Erasmus) 17,001 - 25,000 1,200
Work placement UK/abroad (non Erasmus) 25,001 - 35,000 600
28
Opportunity Manchester Scholarship
  • Opportunity Manchester Scholarships of 1,000 per
    year will be awarded to students meeting either
    of the following criteria
  • a) They have successfully applied for a place at
    the University having completed The Manchester
    Access Programme (MAP) for local year 12/13
    students or
  • b) they are under the age of 25 and are currently
    or have been in public care for a minimum of
    three months
  • These awards are generously supported by our
    alumni community

29
Faculty and School awards
  • Some Faculties and Schools have their own awards
    allocated on the basis of a variety of criteria
  • EPS Entrance Scholarships
  • Externally funded scholarships (eg BP STEM
    Scholarships)
  • Endowment funds
  • Details can be found at www.manchester.ac.uk/stude
    ntfinance

30
Sport Manchester Scholarships
  • Students competing at regional or national level
    may be eligible for support and funding through
    the SPORT Manchester Scholarship scheme.
  • These awards can provide up to 500 towards
    training and competition expenses, a free annual
    gym pass and a range of other benefits.
  • Details of the scheme can be found at
    www.sport.manchester.ac.uk/sport-scholarships

31
Application process
32
Application Process
  • Students do not need to have a confirmed place on
    a course before they submit an application for
    student finance
  • Students should be encouraged to apply EARLY
  • Applications usually open at the end of
    January/beginning of February of the academic
    year when the student will start university.
    E.g. January/February 2015
  • The deadline for submitting student finance
    applications is 31st May
  • Parents should be encouraged to give consent to
    share financial information with university
    speeds up allocation of scholarships and
    bursaries
  • Students will receive a reminder from Student
    Finance England to re-apply for support for the
    following academic year

33
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34
Budgeting whilst studying at University
35
It is essential that students budget wisely
whilst studying at University!
  • Its affordable to enjoy your university
    experience
  • Your loan will be paid into your account at the
    beginning of each term.
  • A part-time job whilst studying at university
    can provide you with extra cash
  • on a regular basis.

36
Further Information
  • University websites www.manchester.ac.uk/studentf
    inance
  • UMASS http//www.umass.manchester.ac.uk/studentli
    fe/budget/
  • Direct.Gov www.gov.uk/student-finance
  • www.direct.gov.uk/yourfuture
  • MSE http//www.moneysavingexpert.com/students/stu
    dent-loans-tuition-fees-changes
  • The Student Room http//www.thestudentroom.co.uk
  • UCAS http//ucasonline.blogspot.co.uk/2013/03/stu
    dent-finance-your-questions-answered.html
  • Student Finance calculator
  • http//www.moneysavingexpert.com/students/student-
    finance-calculator
  • Student Loan Company fact sheets
  • http//www.practitioners.slc.co.uk/resources/20141
    5-resources/factsheets.aspxparents partners

twitter.com/sf_england
facebook.com/SFEngland
37
Further resources
38
  • Any questions?
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