UWE Bristol
Spending Review, the Budget and
funding for students
Presentation by
KW
Money Advice and Funds Service
2016/17
• Introduction of PG loans
• Ending of Maintenance Grants for English UG for new students
only
• Freezing of the repayment threshold
2017/18
• Changes to Funding for NHS courses
• Relaxation of the restrictions on funding for fee loans for second
degrees in STEM subjects
2018/19
• Introduction of Maintenance loans for part-time UGs
2017/18
What courses?
• Nursing:
–
–
–
–
•
•
•
•
adult,
children’s,
learning disabilities
mental health
Midwifery,
Occupational Therapy,
Physiotherapy,
Radiotherapy and Oncology.
Which students?
The system of commissioning student numbers will
end after 2016/17 entry. There will be no cap on
the recruitment for NHS courses.
• UK and EU fee status
• Starting after September 2017/18
• Or progressing from Foundation year in Health
Professions started in 2016/17
Funding changes – NHS courses
Current scheme
2017/18 scheme
• Apply to NHS BSA:
• One application to
Student Finance
England (Wales, Scotland,
Northern Ireland):
Grant & Bursary, Disabled
Students Allowances and
support for children
• Apply to Student finance
for small maintenance loan
Fee loan
Maintenance Loan
Disabled Students
Allowances
Support for children
Tuition Fees - NHS courses
Current scheme
2017/18 scheme
• Fees paid by NHS • Fees covered by
for 36 months
tuition fee loan
• Extension beyond • Statutory right to gift
36 months year of fee loan for
discretion of Health repeat study
Authority, NHS BSA
& academics
Maintenance Loan – replacing the NHS
Grant, Bursary and small loan
£8,200 + £88 per week for courses lasting
longer than 30 weeks
+ £792 Occupational Therapy
+ £968 Nursing
+ £1,320 Midwifery
£6,904 + £57 per week if living with parents
Current NHS scheme:
living cost
bursary/loan
2017/18 SFE
scheme: living cost
loan
Under £25,000
£6,807
£9,168
£30,000
£6,160
£8,580
£40,000
£5,108
£6,434
£50,000
£4,055
£5,256
£60,000
£3,234
£4,078
Over £62,000
£3,234
£3,821
Household income
Current NHS scheme:
living cost
bursary/loan
2017/18 SFE scheme
living cost loan for
disabled students or
lone parents
Under £25,000
£6,807
£10,315
£30,000
£6,160
£9,406
£40,000
£5,108
£7,586
Household income
The price tag for an NHS degree
Fees
Living cost loan
£9,000
£10,315 (lone parent on nursing course)
£19,315
x 3 years
£57,945
Interest rate @ 3.9% = £4,519 interest accrued during study
= £62,464
Current Scheme
£6,459 + £543 interest = £7,002
Gross
Taxable
Income
Net
monthly
wage
Annual
Repayment
Annual
interest on
£57,945
Interest
rate
RPI = 0.9%
Monthly
repayments
£1,391
0
0
£521
0.9%
£26,000
£1,731
£37.50
£450
£956
1.65%
£31,000
£2,014
£75
£900
£1,390
2.4%
£36,000
£2,297
£112
£1,350
£1,825
3.15%
£41,000
£2,581
£150
£1,800
£2,259
3.9%
£46,000
£2,834
£187
£2,250
£2,259
3.9%
£56,000
£3,317
£262
£3,150
£2,259
3.9%
£20,000
How much will your degree cost?
Will depend on:
• Interest rates
• Earning threshold increasing or not
• Your earnings
Earnings
Repayment
over 30 years
Amount ‘written-off’
(excluding interest)
£20,000
£0
£57,770
£26,000
£13,500
£44,270
£36,000
£40,500
£17,270
£46,000
£54,000
£3,770
Key Messages
• Price tag vs. cost
• Loan write-off
• More money while study especially for
lone parents and disabled students
What are we waiting for?
• Confirmation of funding entitlement for
degree holders
• Confirmation of who administers placement
support
• Confirmation of impact on 2016/17
Foundation year zero students
• Loan forgiveness (e.g. teachers in 2004)
Good news – NHS funding
• One Funding Application
• Statutory rights to funding for repeat study
• More money (25%) especially lone parents
and disabled students
• These students will be Access- Agreement
countable so entitled to the UWE Bursary
etc.
Bad news – NHS funding
• No Maternity Bursary
• Level of student debt & impact on
recruitment
• Subject to the DSA changes
Any Questions?