Liam Dowson19 April 2023

Student finance

The costs of university

Tuition fees

•Universities are able to charge up to £9,000 per year•Can charge less•Sounds scary but…

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Living costs

•Everything it costs to live as a student•E.g. food, travel, accommodation, bills & social activities

There is lots of support available tohelp you meet these costs!

Most support comes from the government,but also some from many other places

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Eligibility for government support

• Whether you qualify depends on:- your university or college- your course- if you’ve studied a HE course before- your age- your nationality or residential status

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Tuition fees

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• Covers full cost of tuition fees

• Loan isn’t compulsory (students can pay all or part of tuition fee upfront themselves)

• Paid directly to your university/college

Tuition fee loan available to all;

no ‘up front’ fees

The costs of university

Tuition fees

•Universities are able to charge up to £9,000 per year•Can charge less•Sounds scary but…

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Living costs

•Everything it costs to live as a student•E.g. food, travel, accommodation, bills & social activities

Living costs

Government support currently comes in two forms:

- Maintenance loan

- Maintenance grant

The new plan is to scrap the maintenance grant,but increase the amount of loan

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Maintenance loan

• Maintenance loan available to all• Paid directly to student• Not everybody gets same amount, depends on:

- where you study and live- your parents’ (or household) income- full time or part time study

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Maintenance loan

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FULL YEAR STUDENTS

(for 2015 courses)

NON-INCOME ASSESSED

(65%)

INCOME ASSESSED

(35%)

TOTAL(100%)

Parental home £2,967 £1,598 £4,565

Elsewhere £3,731 £2,009 £5,740

London £5,205 £2,804 £8,009

Maintenance grant

• A grant is money you don’t have to pay back

• For 2015 you can get up to £3,387 per year as a grant

• This is dependent on household income:- full grant if under £25,000- partial grant if between £25,001 and £42,620- no grant if over £42,620

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Maintenance support

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The amount of maintenance grant a student receives affects the amount of maintenance loan they can borrow.

Household Income

Maintenance Grant

Maintenance Loan

Total

£25,000 & under £3,387 £4,047 £7,434

£30,000 £2,441 £4,520 £6,961

£35,000 £1,494 £4,993 £6,487

£40,000 £547 £5,467 £6,014

£42,620 £50 £5,715 £5,765

£42,875 £0 £5,740 £5,740

£50,000 £0 £4,998 £4,998

£62,143 & over £0 £3,731 £3,731

This is the bit that is being

scrapped

This bit is being

increased

We don’t know yet what all the new totals will

be, but the maximum is

actually going up to £8,200!

Maintenance support

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example demonstrates 2013 figures

Repaying the loans

• Your tuition fee and maintenance loans are added together

• You only repay after you graduate

• You only repay if you have a job with a salary over £21,000 per year

• You pay 9% of any income over £21,000

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Repaying the loans

• If your salary drops below £21,000 a year you stop paying

• Not everybody pays it all back (you are not expected to!)

• Any remaining loan is wiped off after 30 years

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Repaying the loans

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Income each year before tax

Income from which 9% is deducted

Monthly Repayment (Approx)

£21,000 £0 £0

£25,000 £4,000 £30

£30,000 £9,000 £67

£35,000 £14,000 £105

£40,000 £19,000 £142

£45,000 £24,000 £180

£50,000 £29,000 £217

£60,000 £39,000 £292

Interest rates• You are charged interest on your loans

• The amount is variable as follows: Whilst studying = inflation (RPI) + 3% Whilst working and earning less than £21,000 = inflation Whilst working and earning between £21,000 and £41,000 = inflation + up to 3% Whilst working and earning over £41,000 = inflation + 3%

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Bursaries/scholarships

• All fee-charging universities must offer bursaries

• Like a grant, bursaries are yours to keep

• Universities also offer various scholarships, e.g. for excelling in a certain area

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www.thescholarshiphub.org.uk

For each year of study:

University of Bristol bursary

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Household Income Bursary Amount

Below £25,000 £2,000

Between £25,001 and £30,000 £1,500

Between £30,001 and £35,000 £1,250

Between £35,001 and £40,000 £750

Between £40,001 and £42,620 £500

Other sources of funding• NHS bursaries

- Medical, dentistry or healthcare students

• Specific grants- Disabled Students’ Allowance, Adult Dependants’ Grant, Care Leavers

Grant, Childcare Grant, Parents’ Learning Allowance

• The Financial Assistance Fund- if you can demonstrate you are experiencing real financial hardship

• Extra help for teacher training students• Charities or employers• Part-time work

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Summary

• University is expensive, but everybody is entitled to loans to cover these costs

• The expensive £9,000 per year is the easy bit

• The amount students repay depends on their salary; they only pay back their loans when they can afford to

• The debt doesn’t count against you in any way20

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How to apply

• Online at www.gov.uk/studentfinance

• For 2015 entry - deadline of 29th May

• You don’t need a confirmed university place

• Easier to change details at a later date

• Agree to share information from your application

• Will need to be supported by parent(s)/carer(s)

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What are the benefits of going to university?• Study something you’re passionate

about

• Learn from the experts

• Develop new skills

• Increase job and salary prospects

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What are the benefits of going to university?

• Meet a wide range of new people• Live somewhere else, with friends• Become independent• Experience a whole new social life• Sports and societies• Opportunity for travel

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What are the benefits of going to university?

• Better chance of getting a jobe.g. In 2011 86% of all graduates were in work compared with 72.3% of non-graduates

• Likely to earn a higher salarye.g. In 2011 the median hourly rate of pay for all graduates aged 21 to 64 was £15.18, 70% more than the non-graduate rate of £8.92

24Source: The Graduates in the Labour Market 2012 report published by the Office for National Statistics (ONS)

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Any questions?

www.bristol.ac.uk

schools-colleges-liaison@bristol.ac.uk

@ChooseBristolUG

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