Navigating Student Funding: Tuition, Loans & Scholarships

2. Student Funding 2017 & Beyond Sarah McLeod Student Services

3. Agenda • Tuition fees • Money for living costs • Loans, bursaries, fee waivers etc • Student loan repayments • How this works • How much you could be expected to pay

4. University Tuition Fees • Universities can charge up to £9,250 each year for their full time undergraduate degree courses • Fees may rise with inflation (RPI) from 2017 onwards • Increase would be linked to quality of student satisfaction, retention and graduate employment • Tuition fee rates are available on university websites Eligible students can take a tuition fee loan each year so everyone can afford to study

5. Money for living costs • Maintenance loan • Partially means tested • Living away from parental home rate - Maximum £8,430 - Minimum £3,928+ • Living in parental home rate - Maximum £7,097 - Minimum £3,124+

6. Student Funding 2017 Living away from home outside London £8,000 £7,000 All students should have access to around £6,266 £6,000 £5,000 £4,000 £3,000 £2,000 £1,000 Household Income £42,815 £55k £65k + £25K or less

7. Living away from home outside London £8,000 Parental Contribution £7,000 Maintenance loan £4,799 £6,000 Maintenance loan £3,928 Maintenance loan £6,266 Maintenance loan £8,430 £5,000 £1,467 £2,338 £4,000 £3,000 £2,000 £1,000 £42,815 £55k £65k + £25K or less

8. Additional Government Funding • Disabled Students’ Allowance (DSA’s) can help with the cost of: • Non-medical help • Specialist equipment and software • Travel and other course related costs • Non- repayable • Support based on individual needs not income • Contact Disability Services • 01642 342277 or disability@tees.ac.uk

9. Money for living costs • Scholarship Schemes • Every university has a different scheme and details are available on university websites. Each university has their own eligibility criteria: • Who qualifies – grades, household income etc • What you can get – bursary, fee waiver etc • How to apply

10. How to applyApply to Student Finance England: www.gov.uk/apply-online-for-student-finance

11. Loan repayments • Student loans are very different to commercial credit; - How much you pay depends on your income - Nothingto pay until you have left education and have an income above £21,000 per year - Affordable monthly repayments - Bigger borrowing doesn't increase repayments - Any outstanding debt is written off after 30 years - It does not go on credit files - It shouldn’t affect a graduates ability to secure a mortgage - Debt collectors will not chase for it - It's repaid through the income tax system • Interest rate linked to inflation (RPI) plus up to 3%

12. Student loan repayments £28,000pa Percentage of income £630 (2.2%) 30k 9% of £7,000 Monthly repayments 20k £52.50 18k Weekly repayments 15k £12.11 10k

13. Loan repayment example • Graduate earning £30,000pa gross • Monthly gross income £2,500 • Pension (6%) £150 • Tax £293 • National insurance £191 • Net income £1,866 • Student loan repayment£67.50 • INCOME £1,798.50

14. Summary • You don’t have to pay anything until after you have left education – everyone can afford to study • All full-time eligible students can apply for a maintenance loan to help with living costs • Most students will receive more help with their living costs than current students • Repayments are based on what you earn, not on what you owe

15. Useful websites • Government services website • www.gov.uk/student-finance • More information about funding • University websites • Information about courses, bursaries, fee waivers etc. • www.tees.ac.uk • Money Saving Expert • www.moneysavingexpert.com

16. ANY QUESTIONS?