Money to study – a guide to funding your Nursing studies.
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Money to study – a guide to funding your Nursing studies by the University of South Wales Student Money Advice Team

Money to study – a guide to funding your Nursing studies by the University of South Wales Student Money Advice Team

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  • This presentation is applicable to:UK ‘home’ studentsUndertaking anursing or midwifery course at the UniversityStarting in Sept 2013 or March 2014
  • Consists of the following which I’ll go through in a bit more detail during the talk… Funding details for 2013 entry not released as yet,
  • Basic funding for living costs that all nursing/midwifery students can apply for. Some elements are means-tested against family income, others are not.* Lower rate of maintenance loan may apply in final year - £1,811.Maintenance loan is not means tested
  • Our nursing course for 2013/14 is 42 weeks and midwifery is 45 weeksNursing max £3,575 Midwifery max £3,821Bursary payment includes £1,000 grant, means tested bursary, and any additional allowances. Paid into students nominated bank account. Usually last working day of the month.
  • Rates apply to 42 wk course (nursing). If midwifery add 3 extra wks i.e. £246 if live elsewhere or £162 if live with parents onto rates displayed.Residual income is that of parents, spouse or partner.Even if above threshold on this table, may still be worth applying to be means-tested as household contribution will then be reduced by travel claims. If you aren’t means –tested at all, you won’t be considered for travel reimbursements.
  • Reduced rate in final yr Not entitled to any other funding through Student Finance Wales/England as eligible to be assessed for means-tested bursary support.Term dates for payments of loan. Please note, each term is not equal, some are 20 weeks, some are 8!
  • Income contingent – only repay when earning above set amount. Threshold is £21,000 per year (if working in UK). Interest set at rate of inflation + 3% whilst studying. After study interest depends on level of salary. Repayments are 9% of earnings over the threshold. Collected through the tax system and calculated monthly. Outstanding balance written off after 30 years. Personal credit does not affect Student Loan although requirement to repay loan will be considered along with other financial committments.Student Loan does not effect future credit
  • NHS bursaries confirmed these are the same rates as 12/13 in 13/14.
  • Childcare GrantNote: The NHS Wales Childcare Allowance is based on 85% of the actual registered or approved childcare costs up to a maximum amount.  For one child the maximum payable is £126.65 per week.  For two or more children the maximum payable is £209.95 per week.  However, every childcare allowance is calculated individually and the amount awarded will depend on your circumstances and the income available to you and your family - Taken from NILAH websiteDSA“The Disability and Dyslexia Service can provide support for students with disabilities, learning disabilities such as dyslexia and medical conditions such as ME.  Disability advisers are available to discuss support with applicants during most Open Days so look out for them, or you can check the website for further information and contact details on http://dds.glam.ac.uk .”
  • Students should apply for NHS means-tested bursary. If they don’t they won’t qualify for help with clinical placement costs.From MartynStruebig:“Students eligible for bursary but elected not to submit financial details will get £1,000 grant and no travel. Students from ‘well off’ families who have submitted will get £1,000 grant and a ‘travel disregard of £X’.  They are to submit forms.  Once their claims during the year reach £X, they then start receiving expenses. I have a list of awards to date which identifies.  There are a handful in each category.” 
  • Bursary applications were sent out in April 2012 for Sept 2012 starts
  • FCFDiscretionary help from the University for students who need additionalfinancial assistanceCommittee will look at a students income and expenditure to reach adecision on who will receive supportAny assistance given is usually in the form of a grant although loansmay be available for short term cash flow problemsApply once enrolled and funding is finalised*Not yet confirmed for 2014/15 entry
  • Check what telephone number we should list. Should it be E&A or different for UOG/Newport?Individual advice and guidance Information on fees and funding Advice on alternative funding Info on bursaries and scholarships Drop in service and appointments

Money to study – a guide to funding your Nursing studies. Presentation Transcript

  • 1. © University of South Wales Money to study – a guide to funding your studies. Student Money Advice Team
  • 2. • Tuition fees • Support for living costs • Additional allowances • Clinical placement costs © University of South Wales Funding 2014
  • 3. Tuition Fees will continue to be paid by the NHS for nursing and midwifery courses © University of South Wales Tuition Fees
  • 4. Non means tested grant of £1,000 Maximum 52 week means tested bursary of up to £4,443* Non- means tested maintenance loan of up to £2,548 Means tested additional allowances for students with dependants *most students will receive less as this is the maximum for those studying 52 weeks per year © University of South Wales Support for living costs
  • 5. Means-tested against parents, spouse or partners income. Nursing & Midwifery courses at the University are usually 42 and 45 weeks duration: Elsewhere rate: up to £3,613 (nursing) up to £3,862 (midwifery) Parental Home rate: up to £2,845 (nursing) up to £3,010 (midwifery) © University of South Wales Means Tested NHS Bursary
  • 6. * Rates assume an academic year of 42 weeks . If more £83 p/wk elsewhere, £55 p/week home © University of South Wales Means Tested NHS Bursary Residual Income Parental home rate* Elsewhere rate* Under £24,279 £2,845 £3,613 £30,000 £2,198 £2,966 £35,000 £1,672 £2,440 £40,000 £1,146 £1,914 £45,000 £619 £1,387 £50,000 £93 £861 £55,000 0 £335 £60,000 0 0
  • 7. Not means-tested. Parental Home rate - £1,912 yr Elsewhere rate - £2,548 yr © University of South Wales Maintenance Loan
  • 8. Repayment of Loans Repayments start once earning £21,000 per year Interest is based on Inflation Rate plus 3% Annual Income Less than £21,000 £25,000 £30,000 £35,000 £40,000 Monthly repayments Nil £30 £67.50 £105 £142.50
  • 9. Dependants allowances (means tested): • Spouse or other adult dependant, OR £2,424 yr First child (if there is no adult dependant) • Children £544 yr per child • Parents Learning Allowance £1,192 yr © University of South Wales Additional NHS allowances 14/15 rates
  • 10. Childcare grant (means tested): Can cover 85% of registered childcare costs: • £126.65 per week towards costs for 1 child • £209.95 per week towards costs for 2 or more children Disabled Students Allowance (not means tested): Help to apply for DSA available from Disability & Dyslexia Service © University of South Wales Additional NHS allowances 2014/15 rates
  • 11. • Students may be able to receive assistance with clinical placement costs. • This is means-tested (via bursary assessment). • Submit claims for assistance through the University once studying. © University of South Wales Clinical placement costs
  • 12. NHS bursary, grant and additional allowances: Bursary applications are automatically sent out by NHS Wales Student Awards Service. http://www.wales.nhs.uk/sitesplus/955/page/72050 Maintenance loan: Apply for maintenance loan through your Local Authority or Student Finance Wales/England Student Finance Wales Student Finance England www.studentfinancewales.co.uk www.gov.uk/student-finance © University of South Wales Applying for funding
  • 13. Council Tax • As a full-time student, you may be entitled to council tax exemption or a 25% discount Tax credits • Can claim tax credits (if normally eligible) Financial Contingency Fund • Discretionary help from the University for students who need additional financial assistance • Any assistance given is usually in the form of a grant • Apply once enrolled and funding is finalised © University of South Wales Other financial information
  • 14. For Information, Advice & Guidance: Tel: 01443 483778 (Mon – Fri, 9.00 – 12.00) Email: money@southwales.ac.uk Web: http://www.southwales.ac.uk/money/ © University of South Wales Student Money Advice Team