Student Funding at Oxford and Beyond

Cat Murdoch – Student Recruitment Officer

Outline

• 2012 and beyond funding changes

• Oxford’s proposed student funding package

• What do employers look for?

• Careers in Physics

No student should be deterred from applying to Oxford because of financial considerations.

No student should have to leave because of financial difficulty.

Oxford has amongst the lowest drop-out rates in the country.

Financial Support at Oxford

Costs and Sources of Funds

Living CostsTuition ChargesCOSTS

FUNDING

Tuition Charge Loan

(Repayable)

Tuition Charge Loan

(Repayable)

Student Loan For Maintenance(Repayable)

Student Loan For Maintenance(Repayable)

Maintenance Grant (Non-Repayable)

Maintenance Grant (Non-Repayable)

University Funding (Non-Repayable)

University Funding (Non-Repayable)

&

Government Policy on HE Funding

Prior to 2012

Post 2012

Universities Response

2/3 of Universities have proposed to charge the full amount

15/16 Russell Group Universities have proposed the full amount

Only 7% of institutions will charge less than £8,000

2012-13 Proposals – Tuition Charges

Domicile of student

Location of institution

  England Scotland Wales

England Up to £9k Up to £9k? Up to £9k

Scotland Up to £9k £0? Up to £9k

Wales £3,375* £3,375* £3,375*

NI Up to £9k To be confirmed Up to £9k

EU Up to £9k To be confirmed £3,375*

Other international

Variable Variable Variable

Maximum annual tuition charges to a typical undergraduate degree 2012 entryCurrent knowledge (in advance of 5 May elections in Scotland, Wales and NI)

Repayment of Government Loans 9% of earnings over £21,000 threshold

Salary £21,000 - £41,000: Tapered rate of interest, maximum will be Retail Price Index (RPI) plus 3%

Salary £41,000 or more :interest rate of RPI plus 3%

Written off after 30 years

Payment holiday

Early repayment arrangements being considered

Oxford’s Financial Plans for 2012 entryThe principles behind Oxford’s proposal for £9,000 tuition charge

for 2012 entry are:

To maintain our profile of international excellence

A strong commitment that finance should be no barrier to the best and brightest applying to Oxford

Students will continue to receive an unsurpassed education whose real cost is subsidised by the collegiate University by thousands of pounds a year

Oxford provides outstanding value for money in Higher Education in terms of our tutorial teaching, colleges, world leading academics and outstanding facilities

Oxford’s proposed 2012 tuition charge

Household income*

Tuition charge for first year of study

Tuition Charge for subsequent years

£0 - £16,000 £3,500 £6,000

£16,001 - £20,000 £7,000 £7,000

£20,001 - £25,000 £8,000 £8,000

£25,001 + £9,000 £9,000

* Household income is defined as a household’s gross income less pension schemes and superannuation payments eligible for tax relief; less an allowance of £1,130 for each financially dependent child; less £1,130 for parents who are also students.

Oxford Bursaries 2012

Household income Bursary for first year

Bursary for subsequent years

£0 - £16,000 £4,300 £3,300

£16,001 - £20,000 £3,500 £3,000

£20,001 - £25,000 £3,000 £2,500

£25,001 - £30, 000 £2,500 £2,000

£30,001 - £35,000 £2,000 £1,500

£35,001 - £40,000 £1,500 £1,000

£40,001 - £42,600 £1,000 £500

Costs: Estimated Living Costs 2011/12

COST (per year) AMOUNT

ACCOMMODATION £3,400

FOOD & LIVING COSTS £2,350

COURSE COSTS £300

ACTIVITIES £950

TOTAL £7,000

Living Costs at Oxford

University owned accommodation

College scholarships, prizes and awards

Subsidised food and entertainment in College

Availability of course materials

Cheap transport

The Graduate Market in 2011 Graduate vacancies are set to rise by almost 10% in 2011

Employers in key industries and employment areas expect to recruit more graduates in 2011.

Importance of work experience.

The five universities most-often targeted by Britain’s top graduate employers in 2010-2011 are:

» Cambridge » Oxford» Warwick » Manchester » London

Graduate Destinations

National Oxford

Employed or further study

85% 89%

Not available for employment

5% 6%

Still seeking employment

10% 5%

What are employers looking for?

In a survey of 200 Graduate employers conducted by Prospects.ac.uk these were the top 10 skills/attributes they were looking for:

1. Verbal communication skills

2. Enthusiasm

3. Written communication skills

4. Work experience

5. Degree classification

6. Problem solving skills

7. Personal/ transferrable skills

8. Team working

9. Numeracy

10. Business awareness

Benefits• A degree from a top University provides highly marketable

transferrable skills.

• The ‘graduate earnings premium’ from a top university is £80k above the average

• Oxford average starting salary = £25,000 (up to £40,000 for some professions)

• 20% of Oxford undergraduate leavers earn more than £30,000 per year within six months of graduating (compared to 10% of UK leavers overall).

Websiteincl. job & work

experience

vacanciesResource Centre

Careers advisers

Workshops

and talks

Fairs and recruitment events

Work experience programmes

Support Benefits

Careers in Physics

“I think that physicists can do pretty much anything. Our training can be applied to almost any activity, and it allows us to see things in ways that might not be obvious to others”

Simon Singh, science writer and broadcaster.

Care

ers C

onnect O

xfo

rd

o In academic institutionso In research institutes or agency/government laboratorieso In large industrieso In small companies

21

Using your subject directlyUsing your subject directly

o Science consulting and market researcho Science policyo Science administrationo Science communicationo Science publishingo Technology transfero Intellectual property and patentso Manufacturingo Technical sales and marketing

22

Using your subject indirectlyUsing your subject indirectly

o Many transferable skills including:

o Problem solving skillso Analytical skillso Time management skillso Numerical abilityo IT skillso Communication skillso Drive, determination and perseverance o Attention to detail

23

Moving away from scienceMoving away from science

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EmployersEmployers

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www.physics.org

www.prospects.ac.uk

www.brightrecruits.com / www.iop.org

www.newscientistjobs.com

www.jobsinscience.com/

WebsitesWebsites

Institute of Physics