Funding your studies

2016/17 David Taylor

Money Advice Service

Full-time students 2016/17 There are two main expenses associated

with Higher Education.

Tuition Fees Living & Study Costs

Tuition Fee Loan

Maintenance Loan Parents Learning

Allowance Child Care Grant

Adult Dependants Grant Disabled Students

Allowance

Full-time students 2016/17

Tuition Fees Loans to pay tuition fees are available through the Student Loan Company. SFE, SFW, SAAS

Up to £9,000 available each year Not based on income Paid directly to the University Previous H.E. study may reduce entitlement

Only repayable after course has ended

and earning more than £21,00 p.a.

Full-time students 2016/17 Living and Study Costs Maintenance Loan (separate rules for over 60s)

Loans to help with living & study costs available through the Student Loan Company. No longer any non-repayable Maintenance Grants in England.* Amount received will depend upon: household income living at parental home, living away from home/independent living in London receipt of certain benefits

Maintenance Loan 2016/17 Students living at parental home

Students with household incomes between £25,000 lose £1 of loan for every complete £8.59 of income above £25,000 until they receive 44% of the maximum at which point there is no further deduction. Reduced amount in final year.

Household IncomeMaintenance Loan Tuition Fee Loan Total Loans

£25,000 £6,904 £9,000 £15,904£30,000 £6,322 £9,000 £15,322£35,000 £5,740 £9,000 £14,740£40,000 £5,158 £9,000 £14,158£42,875 £4,824 £9,000 £13,824£45,000 £4,576 £9,000 £13,576£50,000 £3,994 £9,000 £12,994£55,000 £3,412 £9,000 £12,412£58,201 £3039 (+) £9,000 £12,039

Financial Support available to all eligible students entering Higher Education from Sept 2016

Repayable

Maintenance Loan 2016/17 Students living away from home/independent

Students with household incomes between £25,000 lose £1 of loan for every complete £8.49 of income above £25,000 until they receive 46.6% of the maximum at which point there is no further deduction. Reduced amount in final year.

Household IncomeMaintenance Loan Tuition Fee Loan Total Loans

£25,000 £8,200 £9,000 £17,200£30,000 £7,612 £9,000 £16,612£35,000 £7,023 £9,000 £16,023£40,000 £6,434 £9,000 £15,434£42,875 £6,095 £9,000 £15,095£45,000 £5,845 £9,000 £14,845£50,000 £5,256 £9,000 £14,256£55,000 £4,667 £9,000 £13,667£60,000 £4,078 £9,000 £13,078£62,180 £3821(+) £9,000 £12,821

Repayable

Financial Support available to all eligible students entering Higher Education from Sept 2016

Maintenance Loan 2016/17 An increased Maintenance Loan is available for students who are eligible for benefits. Known as the Special Support Element. The qualifying categories are: Lone parent responsible for child or young person under age of 20 and in

full-time education Lone foster parent of a child or young person under the age of 20 Student & partner are both full-time students and one or both of them is

responsible for child or young person under age of 20 and in full-time non-advanced education

Have a disability and qualify for either a Disability Premium or Severe Disability Premium

Treated as incapable of work for a continuous period of at least 28 weeks Deaf and qualify for Disabled Students Allowance Waiting to return to course after approved time off due to illness or caring

responsibility which has ended and did not exceed one year Entitled to Personal Independence Payment, Armed Forces Independence

Payment or Disability Living Allowance

Maintenance Loan 2016/17 Students living at parental home and receiving certain benefits

Household IncomeMaintenance Loan Tuition Fee Loan Total Loans

£25,000 £8,144 £9,000 £17,144£30,000 £7,216 £9,000 £16,216£35,000 £6,287 £9,000 £15,287£40,000 £5,358 £9,000 £14,358£42,875 £4,824 £9,000 £13,824£45,000 £4,577 £9,000 £13,577£50,000 £3,995 £9,000 £12,995£55,000 £3,413 £9,000 £12,413£58,209 * £3,039 £9,000 £12,039

Financial Support available to all eligible students entering Higher Education from Sept 2016

Repayable

Students with household incomes between £25,000 & £42,875 lose £1 of loan for every complete £5.384 of income above £25,000. For income above £42,875 & up to £58,209 students lose £1 of loan for every complete £8.59 of income until they receive 37.3% of the maximum at which point there is no further deduction. Up to £3,469 Special Support Element disregarded by DWP Reduced amount in final year.

Maintenance Loan 2016/17 Students living away from home/independent & receiving certain benefits

Students with household incomes between £25,000 & £42,875 lose £1 of loan for every complete £5.496 of income above £25,000. For income above £42,875 & up to £62,182 students lose £1 of loan for every complete £8.49 of income until they receive 40.8% of the maximum at which point there is no further deduction. Up to £3,469 Special Support Element disregarded by DWP Reduced amount in final year.

Household IncomeMaintenance Loan Tuition Fee Loan Total Loans

£25,000 £9,347 £9,000 £18,347£30,000 £8,438 £9,000 £17,438£35,000 £7,528 £9,000 £16,528£40,000 £6,618 £9,000 £15,618£42,875 £6,095 £9,000 £15,095£45,000 £5,845 £9,000 £14,845£50,000 £5,256 £9,000 £14,256£55,000 £4,667 £9,000 £13,667£60,000 £4,078 £9,000 £12,039£62,182 * £3,821 £9,000 £12,821

Financial Support available to all eligible students entering Higher Education from Sept 2016

Repayable

Maintenance Loan 2016/17

Where a financial assessment has been requested and the student is under the age of 25 then parents income is usually taken into account.

Tax Year 2014/15 used to calculate household income. But current year income can be used if more than 15% change.

Exceptions Independent – over 25, married, dependant child, self-

supporting for 3 years prior to course start date Estranged from parents – supporting evidence required

Evidence required to establish separated or divorced.

Treatment of Household Income

Repayment of Loans Tuition Fee loan and Maintenance loan repaid together.

But only if earning more than £21,000 annually.

9% of earnings above £21,000 deducted to repay loans.

Written off after 30 years. Interest charged at different rates but based on Retail Price Index (RPI).

Student Circumstances Interest

While studying on course RPI +3%

From April after graduation or left course and earning less than £21,000

RPI

Earning between £21,000 & £41,000 RPI + % based on salary up to 3%

Earning over £41,000 RPI +3%

Repayment of Loans Monthly Repayment examples

Annual income before tax Monthly Earnings Approx. monthly repayment

£21,000 £1,750 £0

£24,000 £2,000 £22

£30,000 £2,500 £67

£36,000 £3,000 £112

£40,000 £3,333 £142

£50,000 £4,166 £217

Extra Help for Full-time students 2016/17

Parents Learning Allowance – up to £1,573 per year Must have main responsibility for a dependant Does not have to be repaid Disregarded for Tax Credits and benefits Depends upon household income and circumstances

Adult Dependants Grant – up to £2,757 per year Awarded where the student has another adult who is

financially dependant upon them Does not have to be paid back Depends upon household income and circumstances

Extra Help for Full-time students 2016/17

Child Care Grant - up to 85% of child care charges £155.24 cap per week for one child £266.15 cap per week for two or more children Helps with registered child care costs for children

under 15, or 17, if they have special educational needs Does not have to be repaid Must be eligible for student finance Depends upon household income Awards based on an estimate of childcare costs If actual childcare costs are higher or lower than

estimated costs, the next payment is adjusted.

Part-time Students Tuition Fee Loan Loan of up to £6,750 available – but depends upon actual charge Must be at least 25% intensity Not based on income 2016/17 a 15 credit undergraduate module costs £1,180 Paid directly to the University Previous H.E. study may reduce entitlement

Only repayable if earning more than £21,00 p.a.

From 2018/19 living costs loans are to be introduced. Details not yet announced.

Nursing and Midwifery Students 2016/17 Tuition fees paid by NHS. Living costs paid through NHS bursaries and Student

Finance England. Previous study rules normally not applied. Applications via NHS BOSS account for bursaries http://www.nhsbsa.nhs.uk/816.aspx must have a confirmed place on a funded course and SFE for loan https://www.gov.uk/student-finance-register-login.

Funding changing to same system of loans as other undergraduates from 2017/18

Location Non-Means Tested Bursary

SFE Loan

Means Tested Bursary Maximum

Total

Elsewhere/own home £1,000 £2,324 £4,491 £7,815

Living with parents £1,000 £1,744 £3,439 £6,183

Social Work Bursaries (2015/16 figures)

Cap on number of bursaries available. Undergraduate Normal funding via SFE No bursary for year 1 Years 2 & 3 bursary of up to £4,862

Postgraduate Tuition fees contribution (up to £4052 for full-time) Basic grant of up to £3362.50 for a 52 week period

(including £862.50 Placement Travel Allowance) Additional means tested maintenance grant of up to

£2,721(over 52 weeks) University nominates students for the bursary.

Postgraduate Funding 2016/17 New Post-Graduate Support scheme from 2016/17. For the first time statutory support for post-grad studies. Loan available from SFE. Income related loan of up to £10,000 But must be: under 60 years of age on a post-graduate taught masters course Repaid along with undergraduate loans, but at 6%

2015 Budget announcement Improved funding for post-graduate research from 2018/19

Introduce income related loans of up to £25,000 to support PhD and research based Masters courses.

Postgraduate Funding 2016/17 Teacher Training – PGCE Same funding as undergraduates. Tuition fee loan Maintenance Loan Parents Learning Allowance Adult Dependants Grant Child Care Grant

Previous study normally ignored.

Extra funding for some subjects and/or qualification already obtained.

Post-Graduate Funding 2016/17

PGCE

Eligibility 2016/2017

Scholarships Bursaries

Trainee with 1st/PhD 2:1/Master’s 2:2 Other

Physics £30,000 £30,000 £25,000 £25,000 £9,000 * Maths £25,000 £25,000 £25,000 £25,000 £9,000 *

Languages ** - £25,000 £25,000 £20,000 £0 Chemistry, computing £25,000 £25,000 £20,000 £20,000 £0

Biology - £20,000 £15,000 £15,000 £0 Geography - £15,000 £15,000 £15,000 £0

D&T - £12,000 £9,000 £0 £0 English, history,

music, RE - £9,000 £4,000 £0 £0

Primary maths ^ - £6,000 £6,000 £6,000 £3,000 Primary - £3,000 £3,000 £0 £0

Eligibility, awards and subjects change each year so check https://getintoteaching.education.gov.uk/bursaries-and-funding

Extra Help for students 2016/17 Disability Students Allowance Non-means tested support to help with learning related expenses. Awards can help with: Specialist equipment Non-medical helpers Extra travel costs Other disability related costs of studying Dedicated team to help with applications and arrange support and other reasonable adjustments.

Extra Help for students 2016/17 Disability Students Allowance Available to full-time, part-time and post-graduate students.

The equipment allowance is for the duration of the course. The other allowances are per year and are pro-rated according to intensity of study.

Allowance

Full-time Maximum Amount

Part-time Maximum Amount

Non-medical personal helper £20,725 £15,543

Major items of specialist equipment £5,212 £5,212

Other disability related expenditure £1,741 £1,305

Allowance Maximum Amount

Post-graduate Student £10,362

Applying for student finance Apply for funding before course starts.

Don’t wait for offers – enter first choice and then change this if needed.

Applied for on-line but paper forms are available. https://www.gov.uk/student-finance-register-login

Website available from February 2017.

New students advised to complete application by May 2017 to be sure of funds at start of course.

Have 9 months from start of course to apply.

Applying for student finance Possible Problem area (1) Residency UK nationals still need to have been living in the UK, the Channel Islands or the Isle of Man for three years immediately before the first day of course and not wholly or mainly to get full-time education. Or have “settled status” from the Home Office – can live permanently in the UK without restrictions. Temporary or occasional absences are allowable but living or working abroad will be questioned and extra evidence required. Certain other groups may be eligible for full means tested funding, such as; Migrant workers, EU nationals, children of Swiss nationals living in UK, child of a Turkish worker in the UK.

Applying for student finance Possible Problem area (2) Previous Study Funding usually only available for first full degree – any previous higher-education study will impact on funding available. The number of years funding is normally calculated as follows: + - Maintenance Loan may be payable even with previous study as long as an equivalent or higher level qualification has not been achieved. Compelling Personal Reasons However if studies not completed for compelling and compassionate

reasons and have evidence, previous study may be disregarded.

Write to SFE with medical/other evidence.

Length of current course

One extra year

(Gift Year)

Years of previous

study

Applying for student finance Possible Problem area (3)

Identity All students have to provide identity evidence to receive student finance. For UK students preferred evidence: UK passport – must be current at date of application, all on-line. or Birth certificate – must be the original along with a countersigned form.

If neither of these is available there is a combination of other documents that can be considered – but this can lead to delays so apply early.

Applying for student finance Possible Problem area (4)

Independent? Care of a person under the age of 18 Over 25 on the first day of the academic year Married or civil partnership No living parents Self-supported for at least three years before start of course Parents cannot be traced or not practical to contact them

Evidence required to confirm independent.

Applying for student finance Possible Problem area (5) Estrangement? Written confirmation from a professional person, not a family member, to confirm estrangement from parents; Social worker, School or College advice worker or personal tutor or teacher, Doctor if medical advice sought regarding breakdown with parents, Letter from Jobcentre if Income Support claimed before aged 18.

Student needs to prove that the lack of contact with parents is permanent. Help and support available at http://standalone.org.uk/students/

Applying for student finance Top tips Apply as early as possible. Be sure to supply evidence where requested, Student Finance

England indicate this with an “e”.

Check that the evidence you supply is for the period of time requested; 2014/15 financial year.

Make sure you complete the income sections where appropriate. If you don’t give income details for yourself and/or your parents or partner where needed, they won’t be able to calculate your full financial entitlement

Sign and return the Declaration Form.

No news is not always good news! If you haven’t heard anything

that doesn’t always mean everything’s OK.

University of Worcester Scholarships 2016/17 Financial awards - do not need be repaid ABB Scholarship - £1000 paid to first year students in 3 instalments

Academic Achievement Scholarships of £1000 Choral Scholarship - £2000 paid over 12 months and aimed at

encouraging young male singers to become part of the long-standing tradition of Cathedral Music, while pursuing a course of study.

University of Worcester Sports Scholarships 2016/17 Worcestershire County Cricket, Rugby and Hockey

Clubs offer scholarships.

Worcester Wolves Basketball Club (male and female) offers both scholarships and bursaries

Scholarships; Gold, Silver & Bronze for high achievers in all sport.

http://www.worcester.ac.uk/discover/sport-sports- scholarships.html

Extra Help - Trust Funds & Charities

Many of these are available to students.

Depends upon things like where you live, what you are studying, parent’s occupation etc.

Example of fundraising website : www.turn2us.org.uk

Trust Fund examples and sample application letter: http://www.worc.ac.uk/moneyadvice/643.htm

Extra Help – Tax Credits

Students with children currently can receive Child Tax Credits and some may still be able to receive Working Tax Credits

Apply to HM Revenue & Customs

The student loan is not counted as income New Welfare Benefit – Universal Credit

Extra Help – Money Advice Service

Range of services to help students Help resolving problems with Student Finance

Short-term Loans

Budgeting

Debt management

Welfare benefits

Access to Learning Fund

Extra Help - Budgets INCOME

Academic Year Weekly Wks STUDY COSTS

Academic Year Weekly TOTALS

Academic Year Weekly

Maintenance Loan 8,200 190.70 43 Books 172 4 Total Income 8,200 190.70Maintenance Grant 0 0.00 43 Printing 86 2 Essential costs 5,246 122Special Support Grant 0 0.00 43 Equipment 0 0 2,954 68.70Parents Learning Allowance 0 0.00 43 Courses 0 0 Plus Savings 0 0Child Care Grant 0 0.00 43 Stationery 43 1 Your Budget Bursaries etc 0 0.00 43 Other 0 0 for Living Costs 2,954 68.70

8,200 190.70 301 7Weekly

Earnings 0 0 LIVING COSTS WeeklyParents/Partner 0 0 Travel Weekly Food 1075 25Tax Credits 0 0 Train 301 7 Toiletries 86 2Child Benefit 0 0 Bus 0 0 Coffee/snacks 215 5Housing Benefit 0 0 Cinema 0 0Other Benefits 0 0 Car Mobile Phone 430 10

0 0 Purchase 0 0 Clubs 215 5Petrol 0 0 Alcohol 430 10

Savings 0 Road Tax 0 0 Cigarettes 0 0Insurance 0 0 Haircuts 86 2

Total Income 8,200 190.70 Service/Repairs 0 0 Clothes 215 5MOT 0 0 Shoes 86 2

301 7 Sports/Hobbies 43 1HOUSING COSTS Weekly Other 43 1Rent 4,085 95 2924 68Gas/Electricity 430 10 OTHER Weekly Water 0 0 Child Care 0 0

Insurance 0 0 Medicines 0 0 BUDGET SURPLUSAcademic

Year WeeklyBroadband 0 0 Total Income 8,200 190.70TV Package 0 0 Loans/Debts 0 0 Essential costs 5,246 122TV Licence 129 3 Credit/Store Cards 0 0 Living costs 2,924 68

4,644 108 0 0 SURPLUS 30 0.70

Extra Help - Access to Learning Fund

Non-refundable financial help: Administered by the university. Applicants must have taken out the full student finance available to them.

Amounts awarded range from £100 to £4,000+.

Priority given to certain groups .

Extra Help – Banks & Building Societies

Student accounts - offer interest-free overdraft facilities of up to £2,000, if student finance paid into

them. Credit checked.

Check how much they charge if you go over the agreed amount and how soon you must clear the overdraft when you graduate. Avoid credit and store cards because of the high interest rates charged. http://www.moneysavingexpert.com/students/graduate-bank-accounts

More Information

University of Worcester Tel 01905 542551 or firstpoint@worc.ac.uk www.twitter.com/uniworcmoneyadv www.facebook.com/pages/university-of-worcester-money-advice/874865442536734 Student Finance England Tel:0300 100 0607 www.gov.uk/student-finance