Student Finance in 2011/12

1. Student Finance in 2011/12

2. Browne Review into Student Finance • Earliest introduction will be for new students • from 2012 • Students already in University before 2012 • should not be affected by the changes.

3. Going to University? • Student support in 2011/12 • The application process • Costs of living

4. Things to consider • Tuition fees and fee loans • Maintenance loans • Maintenance grants • University bursaries • Additional support

5. Tuition Fees • Up to £3,375 per year in 2011/12 • For full-time Home and EU students • This amount will rise in subsequent years • There is a reduced fee for placement years • A fee loan is available • The tuition fee loan is not income assessed • It is paid directly to the university • The interest rate is linked to inflation (it’s currently set at 1.5%) • You don’t start repaying until after you finish your course and are earning over £15,000.

6. Help with living costs – Maintenance loans • Paid in three termly instalments directly to your bank account • Interest rate and repayments are the same as tuition fee loans • Assessment is based on: • Where you will be living whilst studying • How much maintenance grant you receive • Household income – 72% is non income assessed.

7. Help with living costs – Maintenance grants • Maintenance grants of up to £2,906 are available to some students • These are available for each year of your course • They do not have to be repaid • They are income assessed • Also paid in three termly instalments • If you receive a grant you will get a lower rate of maintenance loan

8. Help with living costs – Maintenance grants • Household income of • up to £25,000 • Full grant of £2,906 • Household income of £25,001 to £50,020 • Partial grant between £2,905 and £50 • Household income of • over £50,020 • No grant payable

9. Help with living costs – University bursaries • Additional money that you don’t have to repay • All English universities must give a minimum bursary of £338 to home students who are: • paying the full £3,375 fee and • in receipt of the full £2,906 grant. • Each university can choose to increase this offer and can apply their own eligibility criteria – check university websites or ask at open days

10. University of Portsmouth bursaries The University of Portsmouth offers an income assessed bursary to students paying the full £3,375 fee: £900 To home students with a household income up to £25,000 £600 To home students with a household income up to £32,000 £600 To EU students with a household income up to £32,000

11. Basic Student Support 2011/12 Summary Students living away from home but not living in London

12. How can I find out what I may be entitled to? • Go to www.direct.gov.uk/studentfinancecalculator

13. When and how to apply • Applications can be made from January 2011 • Apply online at www.direct.gov.uk/studentfinance • Or, fill in a paper form (PN1), available on-line or from • Student Finance England – 0845 300 50 90 • Recommended deadlines are: • end April 2011 If you don’t want to be income assessed • end June 2011 If you do want to be income assessed

14. Stages of assessment • Student’s personal eligibility: • - must be classed as a home student and studying on a designated • course. • - previous study can affect eligibility. • - students’ passport numbers are required as evidence of ID. • - students’ national insurance numbers must be provided. • Financial Assessment • - based on household income for the 2009/10 tax year. • Notification is sent to the student.

15. If you change your mind • Going to a different University? - notify Student Finance England either online or via a Change of Circumstances form (available via www.direct.gov.uk/studentfinance) • Not sure which University/Course? State your first choice and change this later if necessary. • Taking a Gap Year? - apply for financial support in the year you start (i.e. Autumn 2011 if you’re starting in September 2012)

16. Loan repayments • Repayments start the April after you finish your course, if at that point you are earning over £15,000 (gross) p.a. • You repay 9% of your gross salary above £15,000 • if you are earning £17,000 you repay £15 per month • if you are earning £20,000 you repay £37.50 per month • Payments are deducted via the PAYE system (unless you are self employed or work abroad) • Any balance is written off after 25 years

17. Additional support for Social Work Courses • BSc (Hons) Social Work students receive an non-income assessed additional bursary: • £4,000 bursary • £575 towards placement travel costs • You can still apply for all the statutory support mentioned previously • Apply via www.nhsstudentgrants.co.uk or call 0845 610 1122

18. Support for NHS Courses – Tuition Fees Your tuition fees are likely to be paid by the NHS if you are a home or EU student studying on an NHS course which leads to professional registration.

19. Support for NHS Courses – Living costs Degree level students apply for an income-assessed bursary from the NHS and a (reduced rate) maintenance loan from Student Finance England. Diploma level students apply only for a non-income assessed bursary from the NHS www.nhsstudentgrants.co.uk

20. Estimated weekly living costs Halls of residence £74 - £117 Private accommodation £70 - £75 Food and housekeeping £30 - £35 Utility bills £10 - £15 Other variable costs include: Travel £5 - £10 Phone £5 - £10 Contents insurance £2- £3 Books and study equipment £350 (average per year) TV Licence £145.50 (per year) Social and leisure costs £20 - £30 You will also need to pay towards your accommodation before you get your student funding paid. This could be £200 advance rent for a room in halls, or a deposit plus possible fees for a room in a shared house, so try and save over the summer

21. Student Bank accounts • Choose your account wisely • Look at the branch locations – do they have specialist • student advisers? • Do not be swayed purely by opening incentives like • vouchers or railcards • Check out how much interest free overdraft is available • Look at how much the account charges are • Can your student terms be extended after graduation? • Only open one student bank account

22. Getting in touch: Drop in: Second Floor, Nuffield Centre, St Michael’s Road Phone: (023) 9284 3014 Email us: student.finance@port.ac.uk Web: www.port.ac.uk/money

23. Any Questions?