Student Finance

Specific information for students who will be entering university in September 2015

Finance at University• Tuition Fees

• Living Expenses

• What could students get in 2015?

• How does repayment work?

• Additional Support

• The University of Manchester Financial Support Packages

• Application process

• Where to get further information

Martin Lewis explains the facts Martin Lewis explains the facts about student financeabout student finance

Tuition fees and living costs

Tuition fees at the University of Manchester

The University of Manchester will charge a headline fee of £9,000 per year to UK and EU undergraduates in

2015.

Alongside this, the University has committed funds to help ensure that talented students have the

opportunity to study at Manchester, regardless of background or ability to pay.

Tuition Fee Loan

Students do not need to find the money for fees up-front. Loans are available, regardless of household income, up to the maximum tuition fee amount of £9,000

Students start to pay the loan back once they have graduated and are earning above £21,000

Student Finance England pay the tuition fee loan directly to the University.

Living Cost Support(Maintenance loan & maintenance grant)

Maintenance loans and grants are available to help with living costs

Some of the support students receive depends upon parental / household income, but not all of it – everyone can get some support.

Loans have to be paid back

Grants do not have to be paid back

Living Cost Support(Maintenance loan & maintenance grant)

A loan of up to £5,740 will be available to students if they live away from home and study at a university outside London

A loan of up to £4,565 will be available if they live with their parents

A loan of up to £8,009 will be available if they live away from home and study at a university in London

The Maintenance Grant will be up to £3,387

Living cost support

• Every student is entitled to receive the non-means tested amount of maintenance loan

• The non-means tested loan is 65% of the total and is available to all eligible students. This equates to £3,731 per annum

• The means-tested loan is 35% of the total and is dependent on household income

Estimated living costs 2013/2014 (based on a 40 week undergraduate year at The

University of Manchester)•Accommodation (self catered halls) - £4,850

•Meals - £1,495

•Books & stationery - £415

•Clothes - £415

•Transport - £540

•Other general expenses - £1,540

•Total - £9,255

Living Cost Support(Government Maintenance loan & maintenance grant

– away from home and outside of London )

NHS Funded Courses NHS Bursary is available for eligible courses including Nursing,

Midwifery, Speech and Language Therapy, Medicine/Dentistry fifth year onwards.

All students eligible for an NHS Bursary will have the full cost of tuition paid for that academic year and receive a £1,000 maintenance grant.

An additional maintenance bursary of up to £2,591 is available depending on the assessed level of household income.

A reduced rate of maintenance loan is available from Student Finance England.

Additional Support Additional support is available if students have a

disability or learning difficulty in the form of the Disabled Students’ Allowance (DSA). Details can be found at www.gov.uk/disabled-students-allowances-dsas

Additional support is available if students have adults or children who are dependent upon them

Equivalent Level Qualifications• Students who have previously completed a UG degree will not be able

to qualify for government support to undertake a second UG degree.

• There are exceptions to this for students studying a second degree in:

MedicineDentistryVeterinary scienceArchitectureSocial workCourses which attract an NHS bursary

 

Part-time courses• There have been significant changes for part-time

courses when compared with pre 2012

• Previously, tuition fees were paid up front

• Most courses now will offer a loan (same as full-time)

• There is no maintenance loan available – living costs are covered by the student.

• Repayment of loan: If the student is earning over £21,000 a year, repayments begin in the April 4 years after the start of the course.

Repayment

Loan Repayment• Students will not start paying back their loans

until they earn over £21,000 per annum gross (£1,750pm) gross

• Students pay back 9% of what they earn above £21,000

• They are eligible to start repayment the April after they leave / graduate (providing they earn over £21,000)

• Any outstanding debt is written off after 30 years

Loan Repayment

Salary (before tax) Monthly Salary Approximate Monthly Repayment

£18,000 £1,500 £0

£21,000 £1,750 £0

£24,000 £2,000 £23

£27,000 £2,250 £45

£30,000 £2,500 £68

£33,000 £2,750 £90

£36,000 £3,000 £113

£40,000 £3,333 £143

£158

£143

£128£113

£98

£83

£68

£53

£38

£23

£8£0£0

£0

£20

£40

£60

£80

£100

£120

£140

£160

£18,000 £22,000 £26,000 £30,000 £34,000 £38,000 £42,000

Approximate Monthly Repayment

Repayments increase with how much you earn, not how much you owe!

Information provided by Student Finance England

Repayment process

Interest on Student LoansInterest added will vary, depending on a students circumstances:

During study until entering repayment

Interest rate is: Retail Price

Index (RPI) +3% Income

Income below £21,000

Income: £21,000 to £41,000

Interest rate is: Set at RPI Only

Interest rate is: RPI plus up to

3%

Above £41,000 Interest rate is: RPI +3%

The interest rate applied is updated once a year in September, using the rate of RPI from that March which is carried forward

Early repayment• There will be no penalty for early repayments

of Student Loans

• It may make more financial sense to pay back in instalments

• Depending what a student earns, they may never pay back the full amount

Getting a mortgage • A student loan is very unlikely to affect an individual’s

ability to get a mortgage

• Mortgage lenders usually take account of a person’s monthly gross income before any deductions

The University of Manchester financial support

The University of Manchester Financial Support

•Opportunity Manchester Scholarship

•The Manchester Bursary

•Foundation Year Bursary

•Year abroad / Year in industry Bursary

We want to admit the most talented students, regardless of background or ability to pay. The University of Manchester is committed to providing support to students from lower income households.

The Manchester Bursary

Available to UK students registered on an undergraduate degree programme (excluding NHS funded programmes)

Residual household income

Cash bursary

Up to £17,000 £3,000 (paid in three instalments during the academic year)

£17,001 - £25,000

£2,000 (paid in three instalments during the academic year)

£25,001 - £35,000

£1,000 (paid in three instalments during the academic year)

Foundation Year Bursary Support for students enrolling on foundation ‘Year 0’

programmes in Medicine, Dentistry, Pharmacy, Life Sciences, Science and Engineering

Residual household income

Cash bursary

Up to £17,000 £5,000 (paid in three instalments during the academic year)

£17,001 - £25,000 £4,000 (paid in three instalments during the academic year)

£25,001 - £35,000 £2,000 (paid in three instalments during the academic year)

Financial support for students on a year abroad/year in industry

Study programme

Residual household income

Cash bursary

Erasmus work placement

Up to £17,000 £1,350

£17,001 - £25,000

£900

£25,001 - £35,000

£450

Study abroad (Erasmus or not)

Up to £17,000 £3,000

£17,001 - £25,000

£2,000

£25,001 - £35,000

£1,000

Work placement UK/abroad (non Erasmus)

Up to £17,000 £1,800

£17,001 - £25,000

£1,200

£25,001 - £35,000

£600

Opportunity Manchester Scholarship

Opportunity Manchester Scholarships of £1,000 per year will be awarded to students meeting either of the following criteria:

a) They have successfully applied for a place at the University having completed The Manchester Access Programme (MAP) for local year 12/13 students or

b) they are under the age of 25 and are currently or have been in public care for a minimum of three months

These awards are generously supported by our alumni community

Faculty and School awards

Some Faculties and Schools have their own awards allocated on the basis of a variety of criteria:

EPS Entrance ScholarshipsExternally funded scholarships (eg BP STEM Scholarships)Endowment funds

Details can be found at www.manchester.ac.uk/studentfinance

Sport Manchester Scholarships

Students competing at regional or national level may be eligible for support and funding through the SPORT Manchester Scholarship scheme.

These awards can provide up to £500 towards training and competition expenses, a free annual gym pass and a range of other benefits.

Details of the scheme can be found at www.sport.manchester.ac.uk/sport-scholarships

Application process

Application Process• Students do not need to have a confirmed place on a course

before they submit an application for student finance

• Students should be encouraged to apply EARLY

• Applications usually open at the end of January/beginning of February of the academic year when the student will start university. E.g. January/February 2015

• The deadline for submitting student finance applications is 31st May

• Parents should be encouraged to give consent to share financial information with university – speeds up allocation of scholarships and bursaries

• Students will receive a reminder from Student Finance England to re-apply for support for the following academic year

Budgeting whilst studying at Budgeting whilst studying at UniversityUniversity

It is essential that students budget wisely whilst studying at University!

• It’s affordable to enjoy your university experience

• Your loan will be paid into your account at the beginning of each term.

• A part-time job whilst studying at university can provide you with extra cash on a regular basis.

Further Information• University websites: University websites: www.manchester.ac.uk/studentfinance www.manchester.ac.uk/studentfinance • UMASS: UMASS: http://www.umass.manchester.ac.uk/studentlife/budget/http://www.umass.manchester.ac.uk/studentlife/budget/• Direct.Gov: Direct.Gov: www.gov.uk/student-financewww.gov.uk/student-finance

www.direct.gov.uk/yourfuturewww.direct.gov.uk/yourfuture• MSE: http://www.moneysavingexpert.com/students/student-loans-tuition-fees-MSE: http://www.moneysavingexpert.com/students/student-loans-tuition-fees-

changeschanges• The Student Room: The Student Room: http://www.thestudentroom.co.ukhttp://www.thestudentroom.co.uk• UCAS: UCAS: http://ucasonline.blogspot.co.uk/2013/03/student-finance-your-questions-http://ucasonline.blogspot.co.uk/2013/03/student-finance-your-questions-

answered.htmlanswered.html• Student Finance calculator:Student Finance calculator:http://www.moneysavingexpert.com/students/student-finance-calculatorhttp://www.moneysavingexpert.com/students/student-finance-calculator • Student Loan Company fact sheets:Student Loan Company fact sheets:• http://http://www.practitioners.slc.co.uk/resources/201415-resources/www.practitioners.slc.co.uk/resources/201415-resources/

factsheets.aspx#parentsfactsheets.aspx#parents & partners & partners

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Further resources

Any questions?