Financing Higher Education

2011 Entry

Which is the most expensive place to get a

degree?Oxford University

Imperial College, London

Exeter University

Plymouth University

North Devon College

Fees£ Universities are charging £3375 per

year tuition fees.

£ Students do not have to pay course fees ‘up front’.

£ Students can defer paying the fees by taking a fee loan.

What do students spendtheir money on?

Living CostsPOTENTIAL EXPENDITURE - First Year: Average Costs (2009/10)

Accommodation Books & EquipmentFood and Drink Clubs, Societies & SportsClothingTV licenceTravel home Toiletries and haircutsTelephone and Internet Presents Social Life Housing/Damage Deposit for next year

TOTAL

Living CostsPOTENTIAL EXPENDITURE - First Year: Average Costs (2009/10)

Accommodation (av. £144 p/wk – 31 wks, catered) 4464Books & Equipment 300Food and Drink (lunch etc at £25 p/wk – 31 wks) 775Clubs, Societies & Sports 190 Clothing 200 TV licence 150Travel home 150 Toiletries and haircuts 125Telephone and Internet (approx £85 internet in halls) 300 Presents 150Social Life (approx. £35 per week) 1085Housing/Damage Deposit for next year 320

TOTAL £8,209

Student Support

Institutional – BursariesStatutory: If fees are £3375 per year students on full

maintenance grants will receive £338 per year.

Discretionary: Many Universities will be offering larger bursaries. These may be a mix of cashand ‘in kind’ payments and will have different criteria.

UK Access to Exeter Bursary - 2011Household Income Exeter Bursary

Up to £25,000 £1,500

£25,001 to £35,000 £750

Student SupportMaintenance Grants Means tested on parental incomeUp to £2,906 for all new students from lower income households (under £25k full, under £50k partial).

Household income Amount of grant for 2011/2012

Up to £25,000 Full grant - £2,906

£30,000 £1,906

£34,000 £1,106

£40,000 £711

£45,000 £381

£50,020 £50

More than £50,020 No grant

Maintenance LoansMeans tested on parental income – have to be repaidAll students can have 72% of the maximum. Remaining 28% depends on household income and grant

For 2011/12 first year students:

Students don’t have to take out the full student loan.

Living at home Living away from home outside London

Living away from home in London

Maximum Student Loan for Maintenance 

£3,838 £4,950  £6,928

72% not income assessed 

£2,763 £3,564 £4,988

Remainder (around 28%) - income assessed

£1,075 £1,386 £1,940

Repaying loansFee loan and maintenance loanWhen? - After leaving course & earning £15,000+ pa. How? - Deductions directly from wages, like tax

and NI How much? - 9% of earnings over £15,000 pa.

(£22.50 per month @ £18,000) (£75 per month @ £25,000)

£ Can pay more  - will be able to take 2 year payment ‘holiday’

£ If earnings fall, contributions fall

£ Outstanding debts written off after 25 years

How to make up the difference Income - £1500 bursary + £2906 grant + £3497 loan Outgoings - £8205

• Vacation and term time earnings • Extra parental contribution• Bank overdraft• Scholarships/trusts/charities• Additional support is also available for

students with additional needs – e.g. students with disabilities or dependents

How and when to apply.How – www.direct.gov.uk/studentfinance

download or print off form

Any questions?