finance brochure 201314

7/29/2019 Finance Brochure 201314

http://slidepdf.com/reader/full/finance-brochure-201314 1/6

Undergraduate Student Finance Guide 2013A guide to unding your studies

www.nottingham.ac.uk/nancialsupport

For nance and undingenquiries please contact:

Financial Supportt: +44 (0)115 823 2071e: [email protected] w: www.nottingham.ac.uk/fnancialsupport



Contents Money matters

Coming to university can be lie changingand learning to deal with money is somethingyou will learn alongside studying your chosencourse and pursuing your avourite leisureactivities.

The government oers loans and grants and theUniversity oers a generous package o bursariesand scholarships to help towards costs while youare attending your course.

The Financial Support Team at the University arehere to provide you with inormation and supportto help you make inormed choices about yournances as a student and help you with anydiculties you encounter along the way.

I you have any questions ater reading this guide,please contact us using the details on page 10.

02 Money matters03 Eligibility inormation04 What help is there?07 Tuition ees and loan repayment08 A guide to living costs09 Advice on budgeting while at university10 Useul contacts

01 02

Undergraduate Student Finance Guidewww.nottingham.ac.uk/nancialsupport


Group work in the Hallward Libraryon University Park Campus.

Front cover image:There are plenty o online resources to help you nd out about ees and nancial support.



I you will be studying part-time or your course isunded by the NHS, please contact our FinancialSupport Team, who are part o the StudentServices Centre, or specic inormation.

Students rom Scotland, Wales or NorthernIreland should contact the relevant unding body.

I you are an international student, please contactthe International Oce.

All contact details can be ound on page 10.

The inormation in this brochure is only relevant to students who are classed ashome (UK) students or ee-paying purposes, who normally live in England and willbegin a rst, ull-time undergraduate degree in September 2013. To check i youwill be classed as a home student, please see www.direct.gov.uk/studentfnance

Eligibility inormation What help is there?

03



Students working outdoors on Jubilee Campus.

04

Help rom the government orliving costs

There will be two sources o fnance to helpwith living and studying costs: a non-repayablegrant and a loan or living costs.

Non-repayable grant o up to £3,354•The amount you receive will depend on your

household income (see table below).•You will not have to repay this government grant.• The grant is only available to ull-time students.

Loan or living costs•The amount o loan you receive will depend onyour household income (see table below).

•65% o the loan or living costs is non-means tested.

•Up to £5,500 i you live away rom home andstudy at a university outside London.

•Up to £4,375 i you live with your parents.

•For inormation about repaying the loan,please see page 7.

•Students rom Scotland, Wales or NorthernIreland should contact the relevant unding bodyusing the details on page 10.

The table below gives an indication o the amounts you may be entitled to (excluding the tuitionee loan – see page 7).

Household income

£25,000 or less

£30,000

£35,000

£40,000

£45,000

£50,000

£55,000

£60,000

Over £62,125

Non-repayable grant

£3,354

£2,416

£1,478

£540

£0

£0

£0

£0

£0

Loan or living costs

£3,823

£4,292

£4,761

£5,230

£5,288

£4,788

£4,288

£3,788

£3,575

Total

£7,177

£6,708

£6,239

£5,770

£5,288

£4,788

£4,288

£3,788

£3,575





05 06

Additional help rom the governmentAccess to Learning FundThe Access to Learning Fund (ALF) is governmentmoney distributed by the University to studentsin nancial need as non-repayable grants. TheUniversity’s F inancial Support Team administersthe ALF and assesses students’ eligibility onan individual basis. You can apply or moneyeither to help ll a shortall between incomeand expenditure or to help cover an unexpectedessential cost (or example, repairs to householdequipment). I your application is successul, youwill receive a sum o between £100 and £3,500.You must have applied or your ull student loanentitlement beore applying or the ALF.

Adult Dependants GrantI you have an adult amily member who dependson you nancially, you will be able to apply or thismeans-tested grant.

Benefts and tax credits•Ifyouarealoneparent,disabledorpartof

a student couple with children, you may beentitled to benets. The Department or Work and Pensions will expect you to apply or all thestudent support you are entitled to. The studentloan and Adult Dependants Grant will be takeninto account as income in any benet calculation.

•ChildTaxCredits(CTC):ifyouhavechildren

under 16 (or under 18 in certain circumstances)you will still be able to claim CTC or yourchildren. You should inorm the Inland Revenuethat you are going into ull-time education.Receiving the maximum CTC will entitle you toree school meals or children, as well as helpwith NHS costs, such as prescriptions.

Childcare grantI you have dependent children, you will be able toapply or a means-tested grant towards the costo registered and approved childcare. The grantcan cover up to 85% o childcare costs.

Disabled Students’ AllowancesI you have a disability or specic learningdisability (or example, dyslexia or dyspraxia) youmay be eligible or assistance through a DisabledStudents’ Allowance. These awards are intendedto pay or extra costs you may incur during yourcourse, as a direct result o your disability. Formore inormation, please seewww.direct.gov.uk/studentfnance or contactAcademic Support:

t:+44 (0)115 951 3710e: [email protected] w: www.nottingham.ac.uk/academicsupport

Parents’ Learning AllowanceThis is a means-tested grant to help with course-related costs. It currently ranges rom £50to £1,508.

Top tip

Apply early or your student unding – don’twait until you get your exam results.

The Student Services Centrein the Portland Building onUniversity Park Campus.



Help rom The Universityo Nottingham

The University will provide a generous package obursaries to support UK students rom lower-income amilies in 2013/14. We expect that at leasta third o our rst-time undergraduate studentswill be eligible or a Core Bursary. All you have todo is share the result o your household incomeassessment (as assessed by Student Finance) andprovide details o your own bank account.

The University o Nottingham Core Bursary*Your bursary does not have to be paid back.The table below shows how much you may beentitled to.

Residual householdincome (RHI)

Up to £15,000

£15,001 - £25,000

£25,001 - £35,000

£35,001 - £42,600

University oNottingham CoreBursary

£3,000

£2,000

£1,000

£750

Nottingham Potential Bursary*A Nottingham Potential Bursary provides anadditional £1,000 a year. To be eligible you mustmeet at least one o the ollowing criteria.•YouareenteringuniversityviaanAccessroute

or with vocational qualications and have an RHIgure o up to £42,600.

•YouhavechildoradultdependantsandanRHIgure o up to £42,600.

•Youareunder25andareinorhavebeeninpublic care or a minimum o three months.

•Youhavefullledspeciedconditionsthroughparticipation in the University’s wideningparticipation outreach activities (eg NottinghamPotential and our summer schools).

National Scholarship Programme*The University will participate in the NationalScholarship Programme (NSP) by providing ull eewaivers in the rst year o study to certain groups ostudents. At present these are:•thoseenrolledononeoftheUniversity’s

oundation-year courses with an RHI gure o upto £25,000

•thoseundertheageof25andcurrentlyin,orhave been in, public care or a minimum time othree months with an RHI gure o up to £25,000.We will maintain a partial ee waiver o £3,000a year or care leavers throughout their rstundergraduate degree.

We will also provide NSP awards to students withan RHI o up to £10,000 in their entry year asollows:•partialfeewaiverorUniversityaccommodation

discount o £2,000

•cashbursaryof£1,000

Students in receipt o the NSP (with the exceptiono care leavers and oundation year students) will notreceive a Core Bursary in their entry year.

* Subject to approval rom OFFA.

The Childcare Support SchemeThe Childcare Support Scheme is a small und

set up by the University to oer eligible studentssome nancial assistance with meeting the costs oessential registered childcare while they arestudying. As the unds are limited, the Universityadopts a selective approach to the allocation oawards to ensure assistance goes to the studentswho will benet most rom it.

For more details, please contact the FinancialSupport Team using the details on page 10.



The table below indicates the main costs a ull-time rst-year undergraduate should considerwhen planning their budget. Costs will varyrom student to student but we have providedestimates to give you a starting point.

Essentials

Accommodation*

Laundry

Travel home (six journeysper year at £20)

Course costs**

Essentials estimate

Other costs

Leisure***

Mobile phone

TV licence (i needed)

Local travel (cost olocal bus pass oracademic year)

Gym/sports

Other costs estimate

Total costs

Cost peracademic year

£4,623

£130

£120

£500

£5,373

£1,200

£240

£145

£180

£200

£1,965

£7,338

* This cost is the rate in 2012/13 or a single study bedroomwith access to a shared bathroom in a catered hall o residenceor the 31-week academic year. Prices or University-owned,catered accommodation in 2012/13 range rom £3,633-£5,869depending upon room type (these are likely to increase withinfation by 2013/14).** These vary considerably depending on your course o study. Fora more accurate costing please speak to the school in which youintend to study.*** Estimated average as published by the National Union oStudents in 2010/11.

Please note that these costs are estimated anddo not include the costs o accommodation, oodor utilities outside term-time. They are based onnationally published inormation rom a variety osources and may rise with infation by September2013. They will also vary according to yourindividual circumstances.

When devising your own budget you will alsoneed to include additional personal expendituresuch as snacks and drinks (in addition to thecatered provision), clothing and medical costs.

07 08

A guide to living costs



Relaxing in Raleigh Park student accommodation.

Top tip

Prioritise your spending – put unavoidableexpenses (such as accommodation andood) ahead o non-essentials (such asmobile phones and eating out).

Tuition ees andloan repayment

Tuition eesThe University o Nottingham will continue tocharge undergraduate tuition ees or ull-timestudents entering in 2013 at £9,000. You do nothave to pay your ees while you are studying –the government will lend any eligible student themoney, which you pay back later. The tuition eeloan is non-means tested.

•You start to repay student loans (both thetuition ee and maintenance loans) once youhave graduated rom (or let) university and areearning over £21,000 per year.

•You pay back 9% o your earnings above£21,000 – please see the loan repayment table

to the right.• The government will charge you interest on a

sliding scale: the higher your s alary, the higherthe interest rate. The maximum rate o interest is3% more than the retail price index (RPI, or rateo infation).

•Ater 30 years, the government will write o(cancel) any outstanding loan.

•Students rom Scotland, Wales or NorthernIreland should contact the relevant body, aslisted on page 10, or inormation.

Interest rates• Interest is charged at a variable rate rom the day

you receive the rst loan instalment until the loanis repaid or written o.

• While you are studying, interest is charged at theRetail Price Index (RPI) plus 3%.

•Once you have graduated or let university theinterest rate charged will depend upon yourincome. Where income is below £21,000 theinterest rate is equal to the RPI. An interestrate o between RPI and RPI plus 3% ischarged where income levels are between£21,000 and £41,000 and an interest rate oRPI plus 3% is charged where income levels areabove £41,000.

Loan repayment table

Salary Monthly repayment

£15,000 £0

£18,000 £0

£21,000 £0

£25,000 £30

£35,000 £105

£45,000 £180

£60,000 £292.50

Studying in Trent Cae onUniversity Park Campus.



If you require this publication in an

alternative format, please contact us.

t: +44 (0)115 951 4591

e: [email protected]

09 10

Advice on budgetingwhile at university

National unding contactsAdvice and inormation on all aspects o studentnance including eligibility, entitlements and howto apply.

Student Finance Englandwww.direct.gov.uk/studentfnanceand www.bis.gov.uk/studentfnance

Inormation or students outside o EnglandStudents rom Northern Ireland:www.studentfnanceni.co.uk Students rom Scotland:www.saas.gov.uk Students rom Wales:www.studentfnancewales.co.uk

Inormation on tax credits eligibility andapplication proceduresHer Majesty’s Revenue and Customs:www.hmrc.gov.uk

Inormation about unding or students onNHS coursesDepartment o Health: www.nhsbsa.nhs.uk

The University oNottingham contactsStudent Services CentreThe Student Services Centre (SSC) is home toFinancial Support, Academic Support, DisabilitySupport, the majority o the Registry’s ront-lineservices and Student Fees.t: +44 (0)115 951 3710e: [email protected] w: www.nottingham.ac.uk/ssc

Financial Supportt: +44 (0)115 823 2071e: [email protected] w: www.nottingham.ac.uk/fnancialsupport

Student Advice and Representation CentreThe Student Advice and Representation Centreis a Students’ Union service available to allUniversity o Nottingham students, includingprospective students.t: +44 (0)115 846 8730e: [email protected] w: www.su.nottingham.ac.uk/advicesupport

International OfceInternational students should contact theInternational Oce or advice on ees andnancial support.t: +44 (0)115 951 5247e: [email protected] w: www.nottingham.ac.uk/international

More top tips

Paper made rom recycled material.

Design: www.campbellrowley.com

Useul contacts



Choose your bank account wisely: you’llneed to open an account as your undingwill be paid directly into it. Look or interest-ree overdrat acilities and check whathappens to the account when you graduate.

Set a realistic budget: include all theadditional expenses that are personal toyou. Try your best to stick to it but reviewit at least once a month and adjust it inecessary. You might like to use our onlinebudget planner – see below.

Look or discounts: many shops,restaurants and leisure activities will oerstudent discounts so keep an eye outwherever you go or ways to save money.

Think creatively about ways to reducespending: or example, making your lunchinstead o buying it, buying a monthly travelcard instead o paying single bus ares orbulk-buying ood i you’re living in sel-catered accommodation.

Earn some extra cash: the University’srecruitment agency Unitemps can helpyou fnd part-time or temporary work to ftaround your studies.

Don’t bury your head in the sand: i youthink you have fnancial difculties, usethe support services listed to the right. Oursta are riendly and proessional and willalmost certainly have helped students withproblems similar to yours in the past.

Online budget plannerYou might nd our online budget p lanner useulwhen it comes to working out your monthlybudget: www.nottingham.ac.uk/ugstudy/

budgetplanner. The gure let ater subtractingyour monthly expenditure rom your monthlyincome will show you how much money you havelet to spend on non-essentials each month. Somestudents nd it useul to withdraw their availablemoney at the beginning o each week to makesure they don’t overspend.

Printed June 2012.

All inormation in this brochure was correct attime o print but is subject to change – or thelatest inormation, please seewww.nottingham.ac.uk

finance brochure 201314

Documents