medicine open day student finance 2014/2015. introduction details relating to funding arrangements...

MEDICINE OPEN DAY

Student Finance

2014/2015

Introduction

• Details relating to funding arrangements for academic year 2014/15 yet to be fully confirmed.

• Arrangements subject to amending legislation

• Updates available in Summer/Autumn of 2013

Aims

• To provide an overview of funding arrangements from 2014/5 onwards

• Allow prospective students to gain a better understanding of the types of support they may be entitled to

• To ensure prospective students know where to get further advice and guidance

Funding

• The funding arrangements vary depending on where you normally live:

– England– Northern Ireland– Scotland– Wales– Non-UK European Union

Modes of Study

• The MBChB is offered as either a 5-year course or a 4-year graduate entry . The funding differs in three ways:

–5-year, first degree

–5-year, graduate

–4-year, graduate entry

Tuition Fees 2014/2015

• All new, full time, Home (UK and EU) students will be charged £9,000 by the University of Leicester in academic year 2014-15

Tuition Fees 2014/2015UK students from England

First degree students

• No up-front fees

• Years 1 to 4 = Fee Loan • Year 5 = NHS Fee Grant

• Repayment of all borrowing after graduation

Living Costs UK students from England

First degree• Parents/spouse means-tested to determine

level of funding

Living Costs 2014/15 UK students from EnglandYears 1 to 4, first degree

Maintenance Grant • Fully means-tested• payable on sliding scale up to income of £42,620• max £3,387 if income £25,000 or less

Maintenance Loan • 35% means-tested• Maximum Maintenance Loan rates 2014/15

- Students living away from home £5,555 (min £3,610)

- Students living at home £4,418 (min £2,871)

Living CostsUK students from England Years 1 to 4, first degree

• Maintenance LOAN entitlement is reduced if student receives a GRANT

• LOAN is reduced by 50p for every £1 of Maintenance GRANT payable

• E.G. Maintenance Grant of £1,000 = £500 reduction in Maintenance Loan

Household Income

Grant Loan TOTAL

£25,000 or less £3,387 £3,862 £7,249

£30,000 £2,441 £4,335 £6,776

£35,000 £1,494 £4,808 £6,302

£40,000 £547 £5,282 £5,829

£42,620 £50 £5,530 £5,580

£42,875 £0 £5,555 £5,555

£50,000 £0 £4,836 £4,836

£55,000 £0 £4,331 £4,331

£60, 000 £0 £3,826 £3,826

£62,132 £0 £3,610 £3,610

Living CostsUK students from England Years 1 to 4, first degree

Living Costs 2014/15 UK students from England

Year 5, first degree• Partial non means-tested Maintenance Loan

• *£2,324 – Final Year £1,811

• NHS Bursaries • (2013-14 rates)

• Non means tested grant £1,000

• *Means tested bursary max £2,591 (30 weeks) , £4,395 (45 weeks +)

*Away from home rates

Tuition Fees 2014/2015UK students from Northern Ireland



• Years 1 to 4 = Fee Loan • Year 5 = Fees paid by Department of Health,

Social Services and Public Safety


2013-2014 rates

Maintenance Grant• Level of support depends on household income• Up to £3,475 per year if income below £19,203.• Partial grant if income between £19,204 and £41,065

Maintenance Loan• Maximum £4,840 if living away from home whilst studying• An extra £84 per week if studying more than 30 weeks during the academic year and ‘living away from home’

Living Costs 2014/15 UK students from Northern Ireland

Year 1-4, first degree

Living Costs 2014/15 UK students from Northern Ireland

Year 5, first degree

• Maintenance Loan• 2014/15 details to be confirmed• 2012/13 rate £2,370 - £1,850 in Final Year

• Department of Health, Social Services and Public Safety Bursary – fully means-tested

• 2014/15 details to be confirmed• 2012/13 max approx.£2,335

Tuition Fees 2014/2015UK students from Scotland



• Years 1 to 4 = Fee Loan • Year 5 = SAAS Fee Grant


2013-2014 ratesAll support based on household income

Living Costs 2014/15 UK students from Scotland


Young Student Type of support available

Independent Student

£1750 Maximum Bursary £750

£5500 Maximum Loan £6500

£7250 TOTAL £7250

Tuition Fees 2014/2015UK students from Wales



• Years 1 to 4 = Fee Loan + Fee Grant • Year 5 = NHS Wales Fee Grant


First degree students•Welsh Assembly Fee Grant to cover the increase in fee costs.

– E.g. In 2014-2015 a pre-2012 entry CONTINUING student will pay a tuition fee of £3,465

– Welsh Assembly Fee Grant will cover difference between this rate and the Tuition Fee being charged to NEW students.

– This will allow students to take out a Tuition Fee Loan of £3,465 and be awarded a Fee Grant of £5,535


2013-14 rates

Assembly Learning Grant • Amount received depends on your household income• £18,370 or less: Full £5,161 grant, Between £18,371 and £50,020: Partial grant Over £50,020: No grant

Maintenance Loan• The maximum available to students ‘living away from home’ and studying outside of London is £5,150

Living Costs 2014/15 UK students from Wales



Year 5, first degree

• Partial non means-tested Maintenance Loan• 2014/15 details to be confirmed

• 2013/14 rate £2,522 - £1,966 in Final Year

• NHS Bursaries • 2014/15 rates to be confirmed

• 2013/14 – Non means tested grant £1,000– Means tested bursary max £2,591


Graduate entry student: 4-year course• Year 1

• Tuition Fee Loan available to cover gap between fees charged to pre 2012 entry returning students and fees charged to new students. E.g. 2014/15 continuing students fees = £3,465, new students fees = £9,000. Tuition Fee Loan available = £5,535.

• Years 2 to 4• NHS Fee Grant to cover level of fees charged to continuing

students• Tuition Fee Loan to cover rest of fees


4-year graduate entry• Year 1

– Full Maintenance Loan available• 65% means-tested

• Between £3,610 and £5,555 (away from home rate)

• Years 2 to 4– Partial non-means-tested Maintenance Loan

• 2013/14 rate £2,324, drops to £1,811 in Final Year

– NHS Bursaries • Non means tested grant £1,000

• Means tested bursary max £2,591 (30 weeks), £4,395 (45 weeks +)


Graduate entry students: 5-year course

• Years 1 to 4

• Fees payable by student, no Tuition Fee Loan available

• Year 5

• Partial NHS Fee Grant of £3,465• Student pays remaining liability


5-year, second degree• Years 1 to 4

– Full Maintenance Loan available only• 65% means-tested• Between £3,610 and £5,555 (away from home rate)

• Year 5– Partial non-means-tested Maintenance Loan

• 2013/4 - £2,324 or £1,811 in final year

– NHS Bursaries • Non means tested grant £1,000• Means tested bursary max £2,591 (30 weeks), £4,395 (45 weeks +)

Tuition Fees 2014/2015 UK students from Northern Ireland

• Graduate entry student: 5-year and 4-year courses

• Fees payable by student for full course –no Tuition Fee Loan or DHSSPS

Grant

Living Costs 2014/15UK students from Northern Ireland

• Graduate entry student: 5-year and 4-year courses

• Means tested Maintenance Loan of up to £4,840 (2013-2014) available each year, if living away from home whilst studying

• Extra Weeks Allowance of £84 per week• Final Year rate currently £4,480

Graduate entry student 4-year course

• Years 1 to 4– Fees payable by student, no fee loan available

Tuition Fees 2014/2015 UK students from Scotland

Living Costs 2014/15 UK students from Scotland

4 - year graduate entry

Years 1 - 4•Can apply for a Maintenance Loan of up to £6,500 during each year of study (£5,500 if classed as a ‘Young Student’)

Tuition Fees 2014/15 UK students from Scotland

Graduate entry student: 5-year course

• Years 1 to 4– Fees payable by student, no loan available

• Year 5– Fee Grant available from the Student Awards

Agency for Scotland

Years 1 - 4Can apply for a Maintenance Loan of up to £6,500 during

each year of study (£5,500 if classed as a ‘Young Student’)

Year 5Students can apply for:

Living Costs 2014/15UK students from Scotland

5 -year graduate entry

Young Student Type of support available

Independent Student

£1750 Maximum Bursary £750

£5500 Maximum Loan £6500

£7250 TOTAL £7250


Graduate entry student: 4-year course•Year 1

• Tuition Fee Loan available to cover gap between fees charged to continuing students and fees charged to new students. E.g. 2013/14 continuing students fees = £3,465, new students fees = £9,000. Tuition Fee Loan available = £5,535.

•Years 2 to 4• NHS Fee Grant to cover level of fees charged to pre-

2012 entry continuing students• Tuition Fee Loan to cover rest of fees


4-year graduate entry• Year 1

– Full means tested Maintenance Loan • Up to £5,150 (away from home rate)

• Years 2 to 4– Partial non-means-tested Maintenance Loan

• 2013/14 rate £2,522, drops to £1,966 in Final Year

– NHS Bursaries • Non means tested NHS Grant £1,000• Means tested bursary max £2,591


Graduate entry students: 5-year course

• Years 1 to 4

• Fees payable by student, no Tuition Fee Loan available

• Year 5

• NHS Wales Fee Grant covering £3,465

• SFW Tuition Fee Loan available to cover the outstanding liability

Living Costs 2014/15 UK students from Wales 5-year, second degree

• Years 1 to 4– Full Maintenance Loan available

• Up to £5,150 (away from home rate)

• Year 5– Partial non-means-tested Maintenance Loan

• 2013/4 - £2,522 or £1,966 in Final year– NHS Wales Bursaries

• Non means tested grant £1,000• Means tested bursary max £2,591

EU Students

• Students can apply for fee support on the same basis as English domiciled students via the student loan and NHS grant

• Ineligible for living cost support– Some exceptions linked to:

• Length of time in UK• Family situation

Repayment of BorrowingRepayments begin from April after graduation if earning more than £21,000 p.a.

You repay 9% on income above £21,000

• Income £25,000 per year - repayments £30:00 per month



• Interest on loans will be applied at inflation (RPI) + 3% up until the April after you leave university

• If you are earning below £21,000 from the April after you leave university, interest will be applied at the rate of inflation

• If you earn between £21,000 and £41,000, interest will be applied between RPI and RPI + 3% on a gradual scale

• Earning above £41,000 interest will be applied at RPI + 3%

Repayment of Borrowing(subject to Parliamentary approval)

National Scholarship Programme2014/15 bursary/scholarship arrangements to be confirmed.

2013-14University of Leicester National Scholarship • Only available to First Degree students from England (Years 1-4)• £3,000 award - £2,000 towards your tuition fee each year

- £1,000 cash each year• Eligibility linked to household income and academic achievement• Application information provided after you receive your offer of a place at Leicester

CULN College Transition Scholarship• £1,000 cash available in your first year only• For students from colleges which are members of the Colleges-University of Leicester Network

(CULN) • Apply through your local college

Further information at www.le.ac.uk/study/fees

• Parents Learning Allowance £1,523 max

• Childcare Grant max of £150:23 per week for one child and £257:55 per week for two or more children

• Adult Dependants Grant maximum of £2,668

SFE 2014-2015 rates shown – support may vary regionally

How to meet additional needs

If you are a parent or have an adult dependant you may be eligible for assistance through

additional means tested support

Sources of additional support

• Part-time work

• Bank overdraft / services

• Family

• Savings

• Charities / Trusts– http://www.turn2us.org.uk/– http://www.family-action.org.uk – http://www.money4medstudents.org

Further Information• University of Leicester funding

– www.le.ac.uk/fees

• Student Welfare Service– www.le.ac.uk/welfare– 0116 223 1185– [email protected]– @uolsupport

• University of Leicester Student Support Services– www.le.ac.uk\sss

Further InformationWhere you normally live determines who you

apply to for support and information:

• England 0845 300 5090www.direct.gov.uk/studentfinance

• Northern Ireland Call local ELB www.studentfinanceni.co.uk

• Scotland 0300 555 0505 www.saas.gov.uk

Further Information• Wales 0845 602 8845

www.studentfinancewales.co.uk www.cyllidmyfyrwyrcymru.co.uk

• NHS England 0300 330 1345 http://www.nhsbsa.nhs.uk/Students.aspx

• NHS Wales 02920 196 167 http://www.wales.nhs.uk/sitesplus/829/home

• SFE EU Team +44 (0) 141 243 3570 www.direct.gov.uk/studentfinance

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medicine open day student finance 2014/2015. introduction details relating to funding arrangements...

Documents

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