Student Funding

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Student Funding

• 2007
• Lynne Condell

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Overview

• How to apply
• Tuition fees and tuition fee loans
• Maintenance loans
• Maintenance grants
• University bursaries and scholarships
• Repayments
• NHS funding
• Other support available

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How to apply

• Application forms from Local Authority(LA)
• Application is called PN1
• Apply as soon as students have chosen their
  course apply early!!!!!
• LA will conduct a means test of Household
  income
• Can also apply on line www.studentsupportdirect.
  co.uk

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Household income?

• Gross income of any adults that live in the same
  house as the student
• This includes parents and/or step parents
• From this LA will deduct 1,050 for each child
  wholly or mainly dependant on the parent/step
  parent
• Also deduct any pension premiums subject to tax
  relief

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Tuition fees

• In 2007 the maximum tuition fee is 3,070
• Most HEIs are charging this much
• Students can have a non means tested loan to
  cover the cost of their fees
• It does not matter how much their parents earn!
• This will be paid to the University direct and
  repaid at the end of the course

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Maintenance Loans

• Assessed by LA on same application as other
  funding
• Used by students for living costs such as rent,
  books, travel etc.
• 4,510 maximum for students living away
• 3,495 maximum if living in parental home
• 25 means tested on household income
• Paid in three instalments by Student Loans
  Company via BACS

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Maintenance Grants

• Non repayable
• Assessed by LA on same application as other
  funding
• 2,765 for students with a Household income below
  17,910
• Partial grant if income between 17,910 and
  38,785 approx
• Replaces up to 1,230 of the Student Loan
• Paid by SLC in three instalments by BACS

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Loan

• Repayments

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Student Loan Repayments

• Repayments start April after Graduation
• Once earning 15,000
• 9 of income over 15,000
• Deducted at source like Tax and National
  Insurance
• Any outstanding loan written off after 25 years
• Interest on the loans is charged at the same rate
  as inflation

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Student Loan repayments

• Jane is employed and earns 18,000 per year gross
• The is equivalent to 1,500 per month gross
• The first 15,000 per year or 1,250 per month is
  disregarded
• Repayment is based on 9 of remaining 250 per
  month or 3,000 per year
• Repayments are approximately 22 per month or
  just over 5 per week

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Bursaries and Scholarships

• Bursary given because of household income or
  individual circumstances
• Scholarships awarded due to excellence -
  because students are good at something
• Both non repayable

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Bursaries non repayable

• All Universities in England have different
  bursary schemes
• LJMU will give a bursary of 1,025 to those
  getting a full Maintenance Grant
• 410 for those getting a partial grant
• Students should check with the university that
  they are considering to see how much bursary they
  may get not all HEIs are giving the same
• IMPORTANT sign section 13 on PN1

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Scholarships non repayable

• Given to students because of excellence
• All HEIs have different schemes
• HEIs way of encouraging bright students
• Not usually (but maybe) related to chosen course
• Students should be sure to apply before they
  start most scholarships will be awarded before
  the start of term
• At LJMU scholarships range from 1,000 per year
  to 10,000 per year

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Funding

• examples

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Jim Household income 16,000

• Tuition Fees
• He can have a non means tested loan of 3,070
• Living Costs
• Maintenance Grant 2,765
• Student Loan 3,280
• LJMU Bursary 1,025
• Total Support Available
• Repayable Loans 6,350 which includes 3,070 for
  fees
• Non repayable grants or bursaries 3,790

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Carl household income of 30,000

• Tuition Fees
• Can have a non means tested loan of 3,070
• Living Costs
• Maintenance Grant - 927 approx
• Maintenance Loan 3,585
• LJMU Bursary of 410 as receiving partial
  Maintenance Grant
• Total Support Available
• Repayable loans 6,655 including 3,070 for fees
• Non repayable grants or bursaries 1,337

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NHS Funded Courses

• Fees paid by NHS
• Will either get part Student Loan and part NHS
  means tested bursary usually degree students
• OR
• Full non means tested bursary usually diploma
  students
• Bursary paid monthly like a salary
• Check with university if the course is NHS funded

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NHS Funding

• BA/Bsc courses
• Half Student Loan (elsewhere) - 2,210
• NHS bursary (35 weeks elsewhere) 2,747
• Dip HE Courses
• Non means tested bursary of 5,983 (elsewhere)
• NHS bursary rates for 2006

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Disabled Students Allowance

• Applicable for those with a seen or unseen
  disability
• Equipment and/or support to ensure you are not
  disadvantaged
• LA process the applications
• Indicate on your UCAS application
• LJMU provisions
• Disability team

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Other Sources of Income/support

• Childcare grant for students with dependant
  children
• Care Leavers HEIs are keen to support LAC.
  This may be with cash, accommodation, academic or
  other support
• All high street banks offer interest free
  overdrafts to HE students

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Handy hints

• Insurance
• Bring some money for freshers week
• Draw up a budget plan and try to stick to it!
  Students are paid in HUGE instalments!
• Students should pay their rent as soon as they
  get their loan most HEIs will let them do this
  but check before they sign for their
  accommodation!

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Remember..

• Average starting salary for graduates is over
  20,000
• On average graduates earn over 150,000 more
  during their lifetime than those with just A
  levels
• Life changing experience
• The time of your life!

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Further help and information

• Welfare_at_ljmu.ac.uk
• Ring 0151 231 3167/3772
• www.studentsupportdirect.co.uk
• www.direct.gov.uk
• www.allaboutu.org.uk

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Questions?