Student Finance 2011/12

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Presentation on Student Finance at the University of Hertfordshire. Applies to 2011/12 entry.

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Student Finance 2011/12

  1. 1. Student Finance 2011/12
  2. 2. Investment for the future <ul><li>Primarily (but not exclusively) an online system </li></ul>“ An investment where the return lasts a lifetime.” Professor Tim Wilson, Vice-Chancellor
  3. 3. The current situation <ul><li>Student Finance Direct has become Student Finance England: </li></ul><ul><li>www.studentfinanceengland.co.uk </li></ul><ul><li>Useful information: www.direct.gov.uk/studentfinance </li></ul><ul><li>Local Authority Application System has become National Centralised Application System </li></ul><ul><li>New Customer Service Team in Darlington </li></ul><ul><li>Primarily (but not exclusively) an online system </li></ul><ul><li>Primarily (but not exclusively) an online system </li></ul>
  4. 4. Financial Support <ul><li>Tuition Fees Loan </li></ul><ul><ul><li>Up to £3,375 </li></ul></ul><ul><li>Maintenance Loan </li></ul><ul><ul><li>Up to £4,950 (outside London) </li></ul></ul><ul><li>Maintenance Grant </li></ul><ul><ul><li>Up to £2,906 </li></ul></ul><ul><li>Bursaries </li></ul><ul><ul><li>Varies across institutions </li></ul></ul><ul><li>Scholarships </li></ul><ul><ul><li>Varies across institutions </li></ul></ul>
  5. 5. Tuition Fees <ul><li>No up front fees for ALL full-time undergraduate courses </li></ul><ul><li>Variable tuition fees between £0 and £3,375 for new students starting in September 2011, almost all Universities will charge £3,375 </li></ul><ul><li>Muslim students who do not take out tuition fee loans are to pay 50% upfront </li></ul><ul><li>Primarily (but not exclusively) an online system </li></ul>
  6. 6. Tuition Fees Loan <ul><li>Home and EU students eligible for a non income assessed loan to cover tuition fee costs </li></ul><ul><li>Paid directly to the university on behalf of the student </li></ul><ul><li>“ The rate of interest makes no difference to borrowers’ monthly repayments. </li></ul><ul><li>Borrowers repay 9% of their earnings over the income threshold of £15,000. </li></ul><ul><li>Whatever the rate of interest is, that monthly repayment will not change” </li></ul><ul><li>Primarily (but not exclusively) an online system </li></ul>
  7. 7. Maintenance Loans <ul><li>72% - not dependent on household income </li></ul><ul><li>28% - dependent on household income </li></ul><ul><li>1.5% interest rate from Sept 10 - subject to change </li></ul><ul><li>Paid to students in 3 instalments </li></ul><ul><li>Paid directly into student bank account </li></ul>
  8. 8. Maintenance Loan Living Loans (2011/12) Maximum Minimum Living at Home £3,838 £2,763 Living away from home outside London £4,950 £3,564 Living away from home in London £6,928 £4,988
  9. 9. Means Testing <ul><li>For most school leavers ‘household income’ is based on: </li></ul><ul><li>Gross taxable income of the student excluding any earnings during university term time and holidays; </li></ul><ul><li>PLUS Gross taxable income of parent/partners/step parents; </li></ul><ul><li>LESS deductions for payments into pension funds and £1,130 for each other dependent child in the household. </li></ul>
  10. 10. Maintenance Grant <ul><li>Maximum £2,906 </li></ul><ul><li>Dependent on household income </li></ul>Household income Grant Available £25,000 or less Maximum £2,906 £30,000 - £50,020 £1,906 - £50 £50,020 or more No Grant
  11. 11. Loan repayments <ul><li>April after student leaves the course </li></ul><ul><li>Earnings over £15,000 pa </li></ul><ul><li>Any outstanding student loan balance written off after 25 years </li></ul><ul><li>9% of income above £15,000 </li></ul>
  12. 12. Repayment Example A <ul><li>Student who has left course and earning £18,000 </li></ul><ul><li>(£18,000 - £15,000 = £3,000) </li></ul><ul><li>Will pay 9% of 3000 </li></ul>Yearly = £270 Monthly = £22.50 Weekly = £5.19
  13. 13. Repayment Example B <ul><li>Student who has left course and earning £24,000 </li></ul><ul><li>(£24,000 - £15,000 = £9,000) </li></ul><ul><li>Will pay 9% of £9000 </li></ul>Yearly = £810 Monthly = £67.50 Weekly = £15.58
  14. 14. Bursaries <ul><li>E.g. University of Hertfordshire : </li></ul><ul><li>£500 bursary available for full time undergraduate students in receipt of the full means tested maintenance grant </li></ul><ul><li>Non-repayable amount </li></ul><ul><li>Funded by the University but paid directly into bank account from the SLC </li></ul><ul><li>Not linked to any student loan from the government or scholarship </li></ul><ul><li>Not available for degrees in nursing and midwifery, physiotherapy and radiography, social work and PGCE students </li></ul>
  15. 15. Scholarships <ul><li>University of Hertfordshire: </li></ul><ul><li>The University has the largest number of externally funded scholarships in England.  Funded by businesses and wealthy individuals who want to connect with talented students and are worth up to £6,000 over three years </li></ul><ul><li>Eligible students are invited to apply for these scholarships once registered at the University </li></ul><ul><li>Do not affect any grant, loan or other income and are non-repayable </li></ul><ul><li>Examples: </li></ul><ul><ul><li>Tesco Marketing Scholarship </li></ul></ul><ul><ul><li>Gordon Morrison Mathematics Scholarship </li></ul></ul><ul><ul><li>David Laing Digital Animation Scholarship </li></ul></ul>
  16. 16. Scholarships <ul><li>Science, Technology, Engineering and Maths (STEM): </li></ul><ul><li>£1,000 in 1 st year, </li></ul><ul><li>£1000 in 2 nd year, </li></ul><ul><li>£500 in final year </li></ul><ul><li>Given automatically * to students with 300 points </li></ul><ul><ul><li>*some courses may not be eligible </li></ul></ul>
  17. 17. Chancellor’s Scholarships <ul><li>Chancellor’s Gifted and Talented </li></ul><ul><li>Awarded to 40 students each year </li></ul><ul><li>Minimum of 360 UCAS points </li></ul><ul><li>Awarded £2,000 per year </li></ul><ul><li>Work as a student ambassador </li></ul><ul><li>Application form : go.herts.ac.uk/chancellorsscholarships </li></ul><ul><li>Deadline 10 th April 2011 </li></ul>
  18. 18. Additional support <ul><li>Additional Grants </li></ul><ul><ul><li>Disabled Student Allowance </li></ul></ul><ul><ul><ul><ul><li>- an impairment, health condition or specific learning difficulty (e.g. dyslexia) </li></ul></ul></ul></ul><ul><ul><li>Adult Dependants Grant </li></ul></ul><ul><ul><li>Care Leavers’ Grant </li></ul></ul><ul><ul><li>Company Support </li></ul></ul><ul><li>Discretionary Support </li></ul><ul><ul><li>Access to Learning Fund </li></ul></ul><ul><ul><li>(or equivalent) </li></ul></ul>
  19. 19. How to apply <ul><li>New, full-time applicants need to register with Student Finance England before applying online </li></ul><ul><li>When you register, you’ll receive a Customer Reference Number </li></ul><ul><li>Put your first-choice course on your application, and let Student Finance England know if it changes later </li></ul><ul><li>Hard copies are available but online applications are encouraged </li></ul><ul><li>W ill require parents’ income details </li></ul>
  20. 20. Income <ul><li>Maintenance Loan </li></ul><ul><li>Maintenance Grant </li></ul><ul><li>Parental Contributions </li></ul><ul><li>Gap Year Earnings </li></ul><ul><li>Part Time Work </li></ul><ul><li>Scholarships / Sponsorships </li></ul><ul><li>Savings from Holiday Work </li></ul><ul><li>Placement £10,000 – £15,000 </li></ul>
  21. 21. Expenditure <ul><li>Tuition Fees </li></ul><ul><li>Rent </li></ul><ul><li>Household Bills </li></ul><ul><li>TV Licence </li></ul><ul><li>Telephone </li></ul><ul><li>Food </li></ul><ul><li>Household Items </li></ul><ul><li>Clothes </li></ul><ul><li>Leisure </li></ul><ul><li>Insurance </li></ul><ul><li>Car Expenses </li></ul><ul><li>Travel </li></ul><ul><li>Books/Stationery </li></ul><ul><li>Toiletries </li></ul>
  22. 22. Managing your money <ul><li>Always allow extra money for Freshers’ Week! </li></ul><ul><li>Get a student bank account </li></ul><ul><li>Create a budget and stick to it </li></ul><ul><li>Plan ahead – start saving NOW </li></ul><ul><li>If you are struggling, talk to someone: your parents, the bank, student advisors </li></ul>
  23. 23. Thank you Student Finance 2010/11

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