Student Finance
for full time undergraduates starting in
September 2014
Student Services
Student Finance
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Tuition Fees
Tuition Fee Loans
Grants for living costs
Loans for living costs
Additional grants
National Scholarship Programme
Repayment terms on loans
Top tips
Tuition Fees
• Institutions can charge up to £9,000
for the year in 2014/15
• BCU proposes three separate fee
bands of £7,500, £8,200 and £9,000
per annum for full time
undergraduate degree courses
• HND’s and Foundation Degrees will
be charged at £6,000
Tuition Fee Loans
• You don’t have to pay for your course
upfront
• Tuition Fee Loan available
• Apply through Student Finance
England
• Must meet the residential & previous
study requirements
• Interest rate 3% plus inflation
• Salary threshold £21,000
• Written off after 30 years
Grants for living costs
• Maintenance Grants and Loans available for
living costs
• Maximum maintenance grant available of up to
£3,387 if household income is less than £25,000
• Partial maintenance grant available if household
income is between £25,000 and £42,600
• Alternative special support grant of up to £3,387,
for those eligible for means tested benefits, such
as some single parents.
Loans for living costs
• Loan for living costs available in
addition to the Tuition Fee Loan
• Maximum amounts
• living in parental home - £4,418
• living away from parental home - £5,555
• 65% is an automatic entitlement
• 35% is means tested on your
household income
Examples
Household
Income
Maintenance
Grant
Student
Loan
Total
£25,000
£3,387
£3,862
£7,249
£30,000
£2,441
£4,335
£6,776
£35,000
£1,494
£4,808
£6,302
£40,000
£547
£5,282
£5,829
£45,000
£0
£5,341
£5,341
£50,000
£0
£4,836
£4,836
£55,000
£0
£4,331
£4,331
£60,000
£0
£3,826
£3,826
Over £62,215
£0
£3,610
£3,610
Additional Grants
• Adult Dependants’ Grant - up to £2,668
• Childcare Grant - up to 85% of costs
• Parents’ Learning Allowance - up to
£1,523
• Disabled Students’ Allowance
• specialist equipment - up to £5,212 for course
• non-medical helper - up to £20,725 per year
• other disability related - up to £1,741 per year
National Scholarship Programme
• We will also be offering National Scholarships to over
664 students from the lowest income backgrounds
who demonstrate excellence in academic
achievement, performance or potential and
• Have given firm acceptance of a conditional or
unconditional offer by June 2014.
• Available to Home and EU students
National Scholarship Programme
• These will be worth £3,000 each and will be
awarded as a fee waiver to first year
students.
• Eligible part time students will receive a pro
rata fee waiver.
• A fee waiver of £1,250 in year 2
• A cash award of £1,000 in year 3
• Further details will be available later in the
year.
Repayment terms on loans
• Loans are repayable from the April after graduation
and earnings are above £21,000.
• From the April after you leave university if you are
earning below £21,000, interest will reduce to just the
rate of inflation
• Graduates earning between £21,000 and £41,000 will
be charged interest at the full rate of inflation plus
interest of up to 3 per cent.
• Graduates earning above £41,000, will be charged
interest at the full rate of inflation plus 3 per cent.
Repayment Examples
Annual
Earnings
Annual
Repayment
Weekly
Repayment
Monthly
Repayment
£15,000
Nothing
Nothing
Nothing
£16,000
Nothing
Nothing
Nothing
£21,000
Nothing
Nothing
Nothing
£22,000
£90
£1.73
£7.50
£30,000
£810
£15.58
£67.50
£40,000
£1,710
£32.88
£142.50
£50,000
£2,610
£50.19
£217.50
Top tips
• Explore all funding you are eligible for
• Apply in plenty of time
• www.direct.gov.uk/studentfinance
• Think about part time work
• Prepare a budget plan
• http://www.bcu.ac.uk/studentcalculator
Student Services
Telephone:
0121 331 5588
We have dedicated staff who
can help you with:
Email: [email protected]
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Ask Us Service:
www.bcu.ac.uk/askus
Web:
www.bcu.ac.uk/studentservices
www.facebook.com/bcussv
www.twitter.com/bcussv
Budgeting
Money Management
Debt Counselling
Alternative sources of
funding
• Access to Learning Fund