School of somethingFACULTY OF OTHER

Undergraduate Funding from 2012

New, full-time students

Contents

• Financial support from the Government (Loans & Grant)

• Loan Interest & Repayment

• Financial Support from the University

•Key Messages

Meeting costs of university – Government funding

• Two main costs: Fees and Living Costs

• Three main strands of funding from the government to meet

these costs:

1. Tuition Fee Loan

2. Living Costs Loan

3. Living Costs Grant

Household income Living cost loan Living cost grant Total

£25,000 or less £3,875 £3,250 £7,125

£30,000 £4,330 £2,341 £6,671

£40,000 £5,239 £523 £5,762

£42,601* £5,500 £0 £5,500

£50,000 £4,788 £0 £4,788

£55,000 £4,288 £0 £4,288

£60,000 £3,788 £0 £3,788

£62,500 and above £3,575 £0 £3,575

Living Costs Funding (from the Government)

Loan Interest

• Interest is payable from day one

• Interest charged at up to RPI + 3%:

• Not in employment or earning below £21K after graduation – interest at RPI

• Between £21K and £41K annual earnings, the interest rate that is applied (on a sliding scale) will be between RPI only and RPI + 3%

• Earnings over £41K PA will attract interest of RPI + 3%

Loan Repayment

• Begins the April following graduation

• Repayment direct from wages through PAYE

• Repay 9% of income over £21,000 ONLY

• Income drops below £21K PA repayments automatically stop

• Student loan balances written off after 30 years

Key Finance Support Messages – Government

• No upfront payments for tuition fees

• Loans and grants more generous for most

• Repay only if you benefit financially from a degree: repayment threshold increased from £15K to £21K

• Repayment threshold will rise annually after 2016 (previous threshold static at £15K)

• Repayments can be seen as a finite ‘graduate tax’

Our Financial Support – Automatic Funding

• No application required

• Awards available to students with an income of up to £42.6K

• Worth up to £6k year 1 and £3k year 2 onwards

• Choice of funding to receive:

Bursary

Partial Fee Waiver

University Accommodation Contribution

• Part-funded by the National Scholarship Programme

Non-Financial Support • Targeting those receiving automatic £6k award or those receiving non-automatic scholarships

•Transition and Retention Activities: • Pre registration day• Regular meetings with staff• Social events for scholars

• Employability:• Volunteering & paid work opportunities• Business mentoring

Summary per year:

• Help from the Government

• Tuition fee loan: up to full cost of course

• Maximum: £7,125 loan for living costs and grant (2012 entrants living away from home)

• Minimum: £3,575 loan for living costs (2012 entrants living away from home)

• Help from the University & National Scholarship Programme

• Up to £6,000 in year 1 and £3k per year in subsequent years (automatic)

• Money paid as fee waiver or bursary or accommodation contribution

• Scholarships (non automatic)