Undergraduate Study

Fees and Finance2013/14 entrants

Birkbeck, University of LondonWidening Access and Retention Team

Aims of the session

• To provide an overview of the fees and funding for courses starting in 2013

• To provide information on student loans and how they are repaid

• To provide an overview of the financial support Birkbeck has made available

• Help with next steps

You can afford to go to university

Who is eligible for loans and what does it cover?• Undergraduate and Certificate of Higher

Education students who:

o don’t already have an equivalent qualification

o are studying at least 25% of a full time course or modules worth 30 credit points

o are Home and EU students

Course eligibility

• Courses must be of a certain type and be leading to recognised higher education qualification:

• First degree (BSc, BA, BEd)

• Certificate of Higher Education (Cert HE)

• Foundation degree (FdA, FdSc, FdEng)

• Higher National Diploma or Higher National Certificate (HND/C)

• Diploma of Higher Education (DipHE)

• Postgraduate Certificate of Education (PGCE)

General Residency Requirements• Settled status

• Ordinarily resident in England on the first day of the first academic year of their course

• Been living in the UK for the three years immediately prior to this date

• EU students who do not meet UK residency requirements are eligible for tuition fee loan but not the maintenance loan

Overview of the facts: borrowing

• Student Loans Company lend the requested amount and pay the university/college directly

• No upfront fees for you to pay

• Tuition loan will cover the total fee for course

• Interest is charged on your loan while you’re studying – first day of first term

Full time students (UCAS) only: Maintenance loans and grants

• Maintenance Loans are available to cover living costs and are paid directly to you.

• Maintenance Grants are means tested so not everyone will be eligible for them.

• Repayment: added to your tuition loan and the same criteria applies

• Not available to those over 60 years old

Full time studentsonly: Maintenance loans and grants

Full-Year Student

65% Non Means Tested

35% Means Tested

Maximum Loan

Parental Home £2,843 £1,532 £4,375

Elsewhere £3,575 £1,925 £5,500

London £4,988 £2,687 £7,675

Overseas £4,247 £2,288 £6,535

Dependents Grants for FT students only Childcare Grant (additional form – CCG1)

Based on 85% of actual registered/approved childcare costs up to maximum of: £148.75 per week for one child £255 per week for two or more children

Parents’ Learning Allowance

Help with course-related costs for students with dependent children. Amount received will be between £50 and £1,508.

Adult Dependants’ Grant

Normally for the student’s partner. Can be for another adult who is financially dependent on the student where the adult’s net income is not more than £3,796 p.a. Maximum grant available: £2,642.

Disabled Students Allowance • Help towards the additional costs that a student may face as a

result of their disability, mental-health condition or specific learning difficulty.

• In addition to the standard student finance package

• Does not have to be repaid

• Is not affected by the household income

• Looks at the specific needs of the individual in relation to their circumstances and studies

Part time students • not entitled to a loan or grant towards living costs but can access

Disabled Students Allowance (DSA)

• PT students from a low-income household may get support through the National Scholarship Programme

• Part-time students can usually still claim benefits that depend

on household income (means-tested benefits) such as; Income-based Jobseekers Allowance, Housing Benefit, and Council Tax Benefit if unemployed.

Overview of the facts: repayment

• Repay the April after leaving your course and only when income is over £21,000

• 9% of income over £21,000 is repaid

• The amount of interest you’re charged depends on how much you earn

• Loan is written off after 30 years; nothing to do with your estate

Think of it as a tax ….

• Repayments depend on the size of your pay packet after graduation, not on the size of your loan

• Repayments stop the moment your earnings fall below £21,000

• Repaid through the income tax system

• Does not go on credit files

Repaying your student loan Income each year before tax

Monthly salary Monthly repayment

Up to £21,000 £1,750 £0

£25,000 £2,083 £30

£30,000 £2,500 £67

£35,000 £2,917 £105

£40,000 £3,333 £142

Birkbeck Financial Support

Household income

Reduced Fees Cash Bursaries

Less than £20k Yes – up to £3000

Yes – up to £1000

£20k - £25k No Yes – up to £1000

£25k + No No

• Fee waiver is applicable to first 120 Credits of study• Cash bursary is annual, pro-rata to study• Fee waiver for courses with fee of £6,000 or above • You do not have to pay back the Birkbeck cash bursary• Apply during the enrolment process with Birkbeck

Can you afford not to go to university?

University study is an opportunity to:

• Invest in your future• Gain new opportunities and life choices• Change your life• Build your career alongside study and be better

placed to get the job you want when you graduate

Resources• Birkbeck’s overview of fees and funding:

www.bbk.ac.uk/fees

• Martin Lewis’ overview of the new fees system: www.moneysavingexpert.com/students/student-loans-tuition-fees-changes

• Government’s student finance pages: http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/index.htm

Monthly workshops:• Career Workshops for HE Study and Finance

workshops

• Preparing for HE Study workshops

• Application Workshop (and online tutorial)

• Financing you studies in 2013 (and online tutorial)

More information and sign up to the workshops at www.bbk.ac.uk/tryit

Birkbeck’s Open Evenings: