3. What does it cost?
• Tuition Fee £9,000
• Living Costs £6,500 *
Accommodation
Food
Travel
* Based on 2011/12 Academic Year
4. How do I pay for my
studies?
• Self payer
• Grants not repayable
• Loans repayable
• RNCM Access Bursary * not repayable
• RNCM Scholarship not repayable
• Hardship Fund (ALF) not repayable
• Job
5. Grants and Loans
• Apply online (student & parents)
• www.direct.gov.uk/studentfinance
• Student & parents provide evidence
• Assessment approved
• Student receives assessment letter and returns
declaration
• Student receives payment schedule
• HEI confirms attendance – payment made
6. Maintenance Grants
A grant of up to a maximum of £3,250 is available to students
whose household income is under £42,600
(£0 - £25,000 = maximum grant)
If you receive a Maintenance Grant your Maintenance Loan
(Living Costs) may be reduced
Special Support Grants available to single parents, students with
a partner also a student and students with certain disabilities
UK only NOT EU Students
7. Loans
• All students can apply for
• Tuition fee loan £9,000
• Maintenance loan up to £5,500
• The actual amount depends on household income
and any maintenance grant awarded
9. Package of Support
Household Non-repayable Living cost loan Total
Income Grant
£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
10. Access to Learning
Fund (ALF)
Emergency fund
• Limited funds available to UK students who
have genuine hardship
11. Job
• To work or not?
• Realistically many students do need to work to
supplement loans/grants
12. National Scholarship
Programme
• New £150 million National Scholarship Programme to help students
from lower income families. The College has a limited number of
fee reduction bursaries to offer to undergraduate students resident
in England only
• Eligible students must apply for assessment to Student Finance
England and must have an assessed residual household income of
less than £25,000.
• The College’s criteria for selection will be based on household
income, though in the event of this being insufficient to
differentiate, performance at audition will be taken into account.
• Further details about the selection process will be made available
to applicants with confirmed places later in the year.
13. How can I work out what
I can get?
• Find out what you are entitled to by visiting
the ‘Student Loan and Grant Calculator’ at the
direct.gov website at
www.direct.gov.uk/studentfinance
• When you complete your application you will
be notified by Student Finance England of the
amount of support/loans you have been
awarded
14. How is it paid?
• Tuition Fee Loans – paid direct to RNCM
• Maintenance Loans and Grants – paid to student’s
bank account by SLC in three instalments
• RNCM Bursaries – paid to student’s bank account by
SLC
• ALF (if applicable) – paid to student by Student
Finance Office
• National Scholarship Programme
15. How do I pay loans
back?
• Repayable April after graduation
• Loan repayments made automatically by tax system
• Pay percentage of income on earnings over £21,000
(Subject to approval of Parliament) From 2017
earnings can exceed £21,000 before you begin
repaying back loan
• Earnings under £21,000 no repayment made
16. Loan Interest Rates
• Interest is charged on loan while you study. Until you
start repayment, interest charged at the rate of
inflation plus 3%
• You will be charged the following rates of interest
once you begin repayment
• Under £21,000 –rate of inflation
• £21,000-£41,000 - rate of inflation plus up to 3%
• Over £41,000 - rate of inflation plus 3%
• SUBJECT TO PARLIMENTARY APPROVAL
17. Repayment
Examples
Salary Amount of salary Monthly
from which 9% repayment
will be deducted
£25,000 £4,000 £30.00
£30,000 £9,000 £67.50
£35,000 £14,000 £105.00
£40,000 £19,000 £142.50
£45,000 £24,000 £180.00
£50,000 £29,000 £217.50
£55,000 £34,000 £255.00
£60,000 £39,000 £292.50
18. Information Update
You can get an update on information at
www.direct.gov.uk/studentfinance
Or follow Student Finance England on Facebook
and Twitter
