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Financial Support for Undergraduate Students

Financial Support for Undergraduate Students. Financial Support for Undergraduate Students. Fay Sherrington Student Assistance Office Humphrey Booth House The Crescent Salford 0161 295 0475 F.Sherrington@salford.ac.uk. Costs of Higher Education 2008- New Students.

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Financial Support for Undergraduate Students

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  1. Financial Support for Undergraduate Students

  2. Financial Support for Undergraduate Students Fay Sherrington Student Assistance Office Humphrey Booth House The Crescent Salford 0161 295 0475 F.Sherrington@salford.ac.uk

  3. Costs of Higher Education 2008- New Students • Tuition fees (up to £3145 per year in England) • Accommodation (£60 - £100 per week) • Maintenance (£50 - £100 per week) • Additional costs: field trips accommodation deposits

  4. Criteria for all Support Funds • Conditions for all support funds therefore check with your LEA to be sure of eligibility • The following is for students who normally live and will study in England

  5. Financial Support for Undergraduate Students • Student loan for fees • Student loan for maintenance • Higher Education Maintenance Grant • University bursaries • Support for students with dependants • Disabled students allowances • Access to Learning Fund (ALF)

  6. Student Loans for Fees - 2008 • Repayable • Not means tested • Borrow up to costs of course fees (up to £3145)

  7. Student Loans for Maintenance - 2008 • Repayable • 25% of loan is means-tested: 75% available to all. • Up to £4625 per year living away • Up to £3580 living at home • But students on HEMG will lose up to £1260 of their loan for maintenance

  8. Higher Education Maintenance Grant (HEMG) - 2008 • The Government recently announced changes to eligibility thresholds • From 2008 many more students will be entitled to this support

  9. Higher Education Maintenance Grant (HEMG) - 2008 • Not repayable • Up to £2835 • Special Support Grant • If you get the Special Support Grant you will not receive the Maintenance Grant. • no effect on the amount of Student Loan for Maintenance you can borrow. • Jobcentre Plus and HM Revenue & Customs do not count the Special Support Grant for working out your entitlement to benefits or tax credits.

  10. Higher Education Maintenance Grant (HEMG) - 2008 • Income £25000 or less, full amount of grant • Income between £25000 and £60005, partial grant • Income over £60005, no grant

  11. University Bursaries • Not repayable • Means-tested • Vary between Universities • Must be at least £310 if university charges max fee

  12. University Bursaries 2008 • £1,000 each year for students attaining AAB grades at A Level (or equivalent) • £1,000 each year for students who are studying selected courses in Physics, Engineering or Modern Languages • Up to £1,000 for students who are studying or working abroad as part of their course • £500 each year for students living in Salford at the time of application (subject to postcode). • Salford bursary of £310 if you're eligible for the full Higher Education Maintenance Grant (HEMG). Students eligible for more than one bursary will be awarded the highest one.

  13. Students with Children - 2007 • The exact rates for 2008 entry not yet announced • Childcare Grant • Up to 85% or childcare costs up to a maximum • Means tested • Parents’ Learning Allowance • Between £50 and £1435 • Means tested

  14. Students with Adult Dependants - 2007 • The exact rates for 2008 entry not yet announced • Adult Dependants’ Grant • Financially dependant partner or family member • Max grant £2510 • If not a partner the adult must have a net income of £3610 or less

  15. How to Apply • New students need to fill in a PN1 form • These are not yet available for 2008/9 • www.studentsupportdirect.co.uk • This must be sent to your Local Education Authority (LEA) or Central Processing unit (CPU)

  16. Information to Include • National Insurance Number • Birth certification or valid passport or other evidence • Details of student’s income and that of their household (previous financial year) • Student bank account details

  17. Repaying Loans • Low interest rate • Linked to the rate of inflation • The interest rate for student loans applies from 1 September to 31 August each year • From 1 September 2007 to 31 August 2008, the rate is 4.8 per cent

  18. Repaying Loans • 9% of gross income above: • £15,000 per year • £1,250 a month • £288 a week

  19. Repaying Loans • Examples: • income of £18000 repayment £22 per month • income of £20000 repayment £37 per month • income of £25000 repayment £75 per month • 2007 loans not repaid after 25 years written off

  20. Repaying Loans • New government announcement • Anyone who is due to start repaying their student loan on or after April 2012 may be entitled to take a break from their loan repayments of up to five years.

  21. Examples of support Living at Home – income £20000, taking fee loan Money to live on £5465

  22. Examples of support Living at Home – income £20000, NOTtaking fee loan Money to live on £2320

  23. Examples of support Living at Home – income £65000, taking fee loan Money to live on £3166

  24. Examples of support Living at Home – income £65000, NOT taking fee loan Money to live on £21

  25. Further Information on Fees and Bursaries • Salford University Website www.salford.ac.uk • Student Support Website (government) www.dfes.gov.uk/studentsupport

  26. Further Information on Funding • Student Finance Direct www.studentsupportdirect.co.uk • Student Assistance http://www.academic.salford.ac.uk/finance/ 0161 295 0475 sao-acd@salford.ac.uk

  27. Conclusion • Costs of higher education • Sources of support • Higher education is affordable and an excellent investment for the future

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