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If you are thinking about Higher Education you will almost certainly be wondering about the cost. The introduction of fees and loans has caused widespread concern. Although no official survey exists, students are reported to be leaving university with debts of between £6,000 and £14,000.
On the plus side, the average graduate starting salary is now over £20,000 and graduates can, reportedly, earn over 55% more than non graduates.
Certainly, more young people than ever are now applying for Higher Education, although many have part time jobs both during term time and holidays.
This section outlines the main sources of financial help for students.
STOP PRESS!
Changes to HE funding from 2006 -
Major changes if you're starting in 2006,
smaller changes if you've already started in 2004 or 2005
For details see any of these websites:
What Will It Cost?
2005-06
There are two main costs associated with going to university: Living costs and Tuition costs.
Help with these is available in the form of:
- Student loans
- Tuition fee support
- Supplementary grants
Student Loans
The amount of loan you can get depends on:
- Where you live and study
- Which course you study
- Which year of your course you are on
- The amount you and your family are expected to contribute
- The length of your course
The maximum loan changes each year. In 2005/6 the maximum for a first year student is:
- £4,095
- £5,050 in London
- £3,240 if studying from home
75% of the loan is available to all eligible students and the remaining 25% is means tested.
Repayment of loans can start in the April after you have finished or left your course. The amount is linked to your income with repayments starting once this is above £15,000. The interest charge is linked to inflation so that the amount you pay back is equivalent in real terms to the amount you borrowed.
Loans are usuaully repaid through income tax. You will repay a percentage of your income above £15,000. This percentage is currently set at 9%. So someone earning £20,000 a year will only have to repay £8.65 a week, or someone earning £25,000 a year will only have to repay £17.30 a week
Help with tuition fees
In 2005/6 the maximum you may be asked to contribute towards your tuition fees is £1,200. How much you pay depends on your family's residual income:
- Up to around £21,000 - no fees will be paid.
- Between around £21,000 and £32,000 - part of the £1200 is paid on a sliding scale
- Over around £32,000 - the full fee has to be paid
Even if you feel you won't qualify for help with tuition fees you should still apply through your LEA in order to be assessed for your loan entitlement.
Courses Attracting Other Help
Health care professions
- Non-means tested bursaries are paid to students studying for Diplomas in Nursing, Midwifery and Operating Department Practice
- All other courses leading to professional registration in: Nursing, Midwifery, Physiotherapy, Occupational Therapy, Radiography, Chiropody, Orthoptics, Dietetics, Speech Therapy, Prosthetics/Orthotics, Dental Hygiene and Therapy can attract a means tested bursary. You can also apply for a (reduced) non means tested student loan through your LEA.
For details see 'Financial Help for Health Care Students' available from:
NHS, Department of Health Publications
PO Box 777
London
SE1 6XH
Or ring the NHS Student Grants Unit on 01253 655 655.
Teaching
There are various financial incentives for trainee teachers. These include:
- No tuition fees for postgraduate trainee teachers. (Fees paid by the government, subject to residency requirement.)
- A £6,000 bursary for most post-graduate trainee teachers
- The Secondary Shortage Subject Scheme, which can be worth up to £5,000 a year if you are studying to teach one of the shortage subjects at secondary level. These subjects are: Design/Technology, Geography, Information and Communications Technology, Mathematics, Modern Languages, Music, Religious Education and Sciences
- The Repayment Of Teachers' Loans Scheme (pilot) whereby the government may undertake to repay your outstanding student loan if you are a newly qualified teacher in a specified subject
For full details phone the Teaching Information Line: 0845 6000 991 or see www.canteach.gov.uk.
Dance and Drama Awards
Available to students undertaking professional training with a specified provider in Dance or Drama. There are 820 awards available each year.
For further details see 'Dance and Drama Awards' published by: The Young People Learner Support and Dance and Drama Team, DfES, Moorfoot, Sheffield, S1 4PQ. Tel: 0114 2593 612.
Supplementary Grants
Certain groups of students are eligible for supplementary grants, which include:
- Parents' Learning Allowance
- Child Tax Credit
- Childcare Grant
- Adult Dependants' Grant
- Disabled Students' Allowances
- Care Leavers' Grant
You can apply for these when you apply to your LEA for fee and loan support. All of them are means tested except those specifically for disabled students.
Additional Help
If you are studying at a school or college in one of the Government's "Excellence In Cities" LEAs (South Yorkshire LEAs are in this category) you may be eligible for an Opportunity Bursary of £2000. This is available for students aged 18-21 from families on low incomes if there is little or no experience of Higher Education in the family. You do not apply for this yourself; your chosen institution will decide. Check with your local LEA awards department when you apply for financial support.
Universities/colleges also have extra funds for people facing particular hardship:
- Access and Hardship Funds: These are assessed and paid by your institution according to need. Certain groups of students (e.g. those with children) are given priority. Payments are usually given as grants i.e. do not have to be repaid.
- Hardship Loan: Up to £500 available for students who get into serious financial difficulty during their course.
Further Information
For more details of the above contact Student Support within your local council:
Student Support Section, Education Directory, Sheffield
Tel: 0114 2735 635 (For surnames A-J)
Tel: 0114 2735 796 (For surnames J-Z)
For copies of DfES 'Financial Support for Higher Education Students' and 'Bridging the Gap' (for information on funding available for disabled students)
Tel: 0800 7319 133, or use the DfES website: www.dfes.gov.uk/studentsupport
For more information and guidance for disabled students look at: www.skill.org.uk.
The website www.dfes.gov.uk/aimhigher includes a budget calculator to help you manage your money.
Information is also available from the Student Loan Company: 0800 405
010 www.slc.co.uk
Sheffield City Council's Student Support web sheffield.gov.uk/services/education/support/.
Interactive database of charitable trusts, scholarships and the organisations involved www.scholarship-search.org.uk.
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