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Careers Advisors and Teachers Conference
Student Finance
17h April 2012
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Alison Barnard
Financial Support Team
The University of Nottingham
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Key Questions
• What financial support can a home, UG student studying for a 1st degree, get?
• How do you apply?
• Is it worth it?
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• 1998/99 - Tuition fees, to be paid by the students, were introduced at £1,000 per year.
• 2006/07 - “Variable Fees” or “Top-Up Fees” of up to £3,000 per year.
• 2012/13 –Government funding is being reduced so students have to pay more. Fees up to £9,000 per year
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Tuition Fees 2012/13 (per year)
From home country From elsewhere in UK
England up to £9,000 Up to £9,000
Scotland Free Up to £9,000 (some capping at £27,000 for 4 year course)
Wales Up to £9,000 but fee grant of £5,535
Up to £9,000
Northern Ireland £3,465 Up to £9,000
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Tuition Fees 2012/13 cont….
• EU students pay the same as those locally and are eligible for a Tuition Fee Loan from the SLC
• University can set their own fees for International students
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1. What financial support is
available?
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NHS funded courses• Nursing; Physiotherapy; Dietetics; Midwifery;• Dentistry; 5th year of Medical course
• £1,000 grant – not income assessed• Income assessed bursary plus flat rate student
loan• NHS pays fees• 2012 funding is interim; may change for 2013 entry
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For 2012/13 for ENGLISH students• Tuition Fee Loan to cover the cost of tuition
fees up to £9,000 per year. The Tuition Fee Loan is paid directly to the university
• Loan for living costs
• Means-tested Grant for living costs for students from lower income backgrounds
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Loan for living costs
Maximum loan for new students in 2012/13
• Students living at home: £4,375• Students living away from home: £5,500• Students living in London & away from home:
£7,675
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Grant for living costs
• The maximum amount of grant for 2012/13 is £3,250
• The grant does not need to be paid back
• Entitlement for the grant is means tested – if household income is less than £42,600 student will receive a grant for between £50 and £3,250
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Household income
Non repayable grant
Living cost loan
Total
£25,000 or less £3,250 £3,875 £7,125
£30,000 £2,341 £4,330 £6,671
£35,000 £1,432 £4,784 £6,216
£40,000 £ 523 £5,239 £5,762
£45,000 £ 0 £5,288 £5,288
£50,000 £ 0 £4,788 £4,788
£55,000 £ 0 £4,288 £4,288
£60,000 £ 0 £3,788 £3,788
Over £62,500 £ 0 £3,575 £3,575
2012/13 Support Package
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Other Government Grants
• Supplementary Grants:
- Childcare Grant
- Parents’ Learning Allowance
- Adult Dependant Grant
• Disabled Students Allowance• (non income assessed)
• Interest rate: RPI plus 3% while studying, then RPI to RPI plus 3% depending on salary
• No repayments until after graduation (or left university)• Repayments start when salary is over £21,000 per year• No income = no repayments• Pay 9% of salary above £21,000 • After 30 years further repayments are cancelled
Repaying student loans
Salary Monthly repayment
£15,000 Nil
£18,000 Nil
£21,000 Nil
£25,000 £30
£35,000 £105
£45,000 £180
£60,000 £292.50
Repaying student loans contd…
University Core Bursary 2012
• Bursary award based on income assessment carried out by Student Finance England, Wales, NI, SAAS
Residual household income (RHI)
Core Bursary
Up to £15,000 £3,000
£15,001 - £25,000 £2,000
£25,001 - £35,000 £1,000
£35,001 - £42,600 £ 750
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Bursaries - Nottingham Potential
• Nottingham Potential bursaries of £1,000 a year for students who meet one of the following criteria;
• Entering via an Access / vocational route and RHI up to £42,600
• Students under the age of 25 who are/have been in public care for a minimum of three months
• Students with children or adult dependants and RHI up to £42,600
• Students who have attended a University of Nottingham Summer School
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National Scholarship Programme (NSP)
Fee waivers of £9,000 for:• Students enrolled on foundation year of a course
and with a household income up to £25,000 (paid in entry year only)
• Students who have been in local authority care with a household income up to £25,000 (paid in entry year and then a continuing fee waiver £3,000 per year)
National Scholarship Programme contd…
• Students from the East Midlands (household income up to £25,000)
• In entry year only
– Partial fee waiver £3,000– Cash bursary £1,000– Accommodation (or other service) discount £500
Students who receive NSP will not receive a Core Bursary in entry year (except Care
Leavers) but may receive Nottingham Potential Bursary
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2. How do I apply?
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• student finance england• student finance wales • student finance ni• Student Awards Agency for Scotland (SAAS)
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http://www.nhsbsa.nhs.uk/students
New online application system called ‘BOSS’
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3. Is it worth it?
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Research shows that Graduates earn more over their working life than those who don’t attend University
• Browne report states £100,000
• Institute of Fiscal Studies states can be up to £1m
• www.courses-careers.com/student-advice/student-finance/7180-student-debt-and-graduate-earnings.html?start=2
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• Indepth knowledge of chosen subject
• Improved career opportunities
• Employability skills
• Life skills
• Lifelong friends
• Independence
• A good time!