Expenses fall broadly into two categories: • Tuition costs
– lecturers and academics – Library and IT
– Practical activities (labs) and facilities – Does not usually cover fieldtrips
• Living costs
– Accommodation – Food
– Travel
– Course books etc.
Tuition Fees: 2015 Entry
Universities charge up to £9000 per year UCS fees:
• £9000 BA/BSc
• £8000 Foundation degrees
All students can take out a tuition fee loan • Tuition fee loans are paid directly to the
University
• Some courses are funded by the NHS
NHS Funded Courses
The NHS will pay the tuition fees for some courses, and provide a means-tested bursary.
• Nursing and Midwifery • Physiotherapy
• Radiography/Radiotherapy
• Speech and Language Therapy • Dental Hygiene
Maintenance loan of £2324 maximum per year for NHS students living away from home (the
remainder is made up via the bursary)
Social Work students pay tuition fees but some can access a bursary
Bursary for NHS students
Household income Bursary Home (£) Bursary Away (£) Below £25,000 3,691 4,455 £30,000 3,164 3,928 £35,000 2,638 3,402 £40,000 2,112 2,876 £45,000 1,585 2,349 £50,000 1,059 1,823 £55,000 1,000 1,297 £60,000+ 1,000 1,000Living Costs: Maintenance Loans
• All students are entitled to 65% of the loan. The remaining 35% is means-tested.
• Maximum maintenance loans for students starting University in 2015:
• Student living at home: £4565
Living Costs: Maintenance Grant
• Non-repayable • Means-tested
• Up to £25,000 you will get a full grant of £3387 then on a sliding scale to £42,620 (no grant)
Total Maintenance Support 2015
Entry
Household Income
Maintenance Loan Maintenance Grant
Total
Home Away Home Away
<£25,000 £2816 £3990 £3387 £6203 £7377 £30,000 £3304 £4479 £2441 £5745 £6920 £35,000 £3793 £4968 £1494 £5287 £6462 £40,000 £4283 £5458 £547 £4830 £6005 £42,620 £4539 £5714 £50 £4589 £5764 £42,621 £4565 £5740 £0 £4565 £5740 £45,000 £4344 £5464 £0 £4344 £5464 £50,000 £3822 £4997 £0 £3822 £4997 £55,000 £3300 £4431 £0 £3300 £4431 £60,000 £2950 £3953 £0 £2950 £3953 Over £62,132 £2950 £3731 £0 £2950 £3731
Assessed Contribution (‘parental
contribution’)
Household Income Assessed Contribution TotalHome Away Home Away
<£42,875 £0 £0 £4565 £5740 £43,000 £12 £12 £4565 £5740 £45,000 £221 £276 £4565 £5740 £50,000 £743 £743 £4565 £5740 £55,000 £1265 £1310 £4565 £5740 £60,000 £1615 £1787 £4565 £5740 Over £62,132 £1615 £2009 £4565 £5740 • You pay it directly to your child (should you wish!) • The household income reduces by £1130 for every
additional child financially dependent on the parent(s) • Split by the number of children in HE at the time and
Repayment of Loans
• Tuition fee loans and maintenance loans are combined
• Repayment is 9% of earnings above £21,000 and payments are taken directly from the salary via the tax system.
• Graduates start repaying the loans from the April after graduation if they are earning over £21,000 per year
• Any remaining loan is written-off after 30 years
Annual Salary Monthly salary after tax Monthly Repayments
£21,000 £1225 0 £23,000 £1342 £15 £25,000 £1458 £30 £30,000 £1750 £67.50
Interest Rates
Interest rates will be applied to the loans and they change according to what you earn:
• While studying: RPI + 3%
• After graduation, salary up to £21,000: RPI • Salary of £21,000 - £42,000: RPI + up to 3% • Salary of >£42,000: RPI + 3%
Other Support
• Disabled Students’ Allowance: Maximum support £5212 (if helper required, maximum is £20,725) per year.
• Adult Dependent’s Grant: For students with an adult member of the family who is financially
dependent on them
• Access to Learning Fund
• UCS Bursary: For students who meet eligibility criteria up to £1000 in year 1, and £500 in years 2&3
• Care Leavers Bursary: Students who live, or have lived, in local authority care will be eligible to apply for a bursary of £500 for each year
Is It Worth It?
Debt of up to ????! Is it worth it?
Graduates earn an average of £220,000 more in their lifetime than non-graduates
• Average starting salary for graduates: £20,000
• Average starting salary non-graduates: £11,000
Graduates:
• Greater career flexibility
• Less likely to be unemployed – and would spend less time unemployed
• A degree opens the door to a wide range of employment opportunities
BUT: You have to take opportunities at university to
expand your experience and skills and to make yourself more employable
• Who can get a student loan?
• What support does not have to be paid back?
• How often do you have to apply for your student support? • What happens if you don’t apply for student support?
• How long do you have to repay your loan?
• How much will you repay on a salary of £25,000?
• What happens to your student loan if you never have a salary over £21,000?
