Financing your full time studies in Higher Education: Student Support at Wiltshire College

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Financial assistance for full-time HE students

Updated December 2011

What do I get?

There are two types of loan: a tuition fee loan (which is not affected by household income) to cover the course tuition fees (this could be up to £9,000 a year, but many courses are less than this), and a maintenance loan to help with day-to-day living costs. These form your total package and neither has to be paid off until after you finish your degree and earning over £21,000.

How much is it worth and when do I get it?

English students living at home and studying a university level course can borrow up to £4,350 in the first year. Those living away from home can borrow up to £5,475.

Can I get top-up (non repayable) payments?

Yes. If you come from a home with an income of less than £25,000 you can apply for a non-repayable maintenance grant of up to £3,250 if you are living away from home. Partial non-repayable grants, on a sliding scale are paid to those from homes with incomes up to £42,600. There are also supplementary grants available for students with disabilities, or for those with adult or child dependants.

And if your household income is less than £25,000 a year, the government are introducing a National Scholarship Programme that you may be eligible for – more information to follow on this. All colleges and universities will offer bursaries and/or fee waivers to certain eligible students from low income households.

How and when should I apply?

The student finance application system will open in early 2012 and it is one application for all of the above. You can apply for finance even if you don’t have a guaranteed place at university or college. You can apply at www.direct.gov.uk/studentfinance and select Register and apply for student finance.

When do I have to repay the loan?

No payments are due until at least the April after you leave your course. You only have to start repaying if you are earning more than £21,000 a year, and then only 9% of your earnings over this amount.

What interest rate will I pay?

Student loans accrue interest from the date they are paid, until they are repaid in full. Interest is charged at RPI (retail prices index) plus 3% while studying. From the April after you’ve finished your course, you will start paying RPI plus 3% once you are earning over £21,000. If you don’t earn that much, interest is just the RPI rate. Repayments are collected through the UK tax system.

Will it hang over me forever?

Should your income fall below £21,000 then the repayments will stop. Unlike a commercial loan, how much you repay is determined only by your income. The government has agreed to write off any loans outstanding after 30 years. The government is consulting on early repayment for 2012 new entrants but currently the expectation is that it will not be possible.

How and when will I get my money?

There are two things you must do before you receive any money:

sign and return the declaration that is sent with the Financial Entitlement Letter telling you what you are entitled to, and
enrol on your course at the beginning of term, and hand your Financial Notification form to Customer Services at the College so they can confirm your attendance to the Student Loan Company.

Your payment should then reach your bank account within 3 – 4 days, and your tuition fees are paid directly to the College. Payments are made in 3 instalments – one each term.

How much do I get?

The figures shown below are based on a student starting in 2012/13 who is living away from home and studying outside London:

Household income, up to:	£25,000	£30,000	£35,000	£40,000	£45,000	£55,000	£62,125
Maintenance grant	£3,250	£2,341	£1,432	£523	£0	£0	£0
Student Loan for Maintenance	£3,875	£4,330	£4,784	£5,239	£5,288	£4,288	£3,575
Total for 2012-13	£7,125	£6,671	£6,216	£5,762	£5,288	£4,288	£3,575

Additional financial help – dependent on household income

Adult Dependants’ Grant: for students with an adult dependant on them - Up to a maximum of £2,642.

Childcare grant: for parents with dependent children: 85% of actual costs up to £148.75 per week for one child, or £255 for two or more.

Parents’ Learning Allowance: for course related costs – up to £1,508.

Access to Learning Fund: students in financial hardship during their course can also apply for a discretionary award from the Access to Learning Fund held by the college or university.

Disabled Students’ Allowance: for students with a disability, mental health condition or specific learning difficulty – up to £1,724 general allowance, up to £20,520 for non-medical helper’s allowance and up to £5161 for specialist equipment.

Bursaries

In addition to the above funding, Wiltshire College and its partner universities offer a variety of bursaries as follows:

If you are a current Wiltshire College student and are progressing on to either the BSc in Social Work, BA Fashion and Textiles, FdScs in either Agriculture, Animal Science and Management, Rural Environmental Management, or the HND in either Business or Criminal Justice, you may be eligible for a bursary if your household income is less than £25,000. If you come from a household where the income is less than £16,000, eight National Scholarship Programmes are also available to students who meet certain criteria. To see what's available click here

University of Bath bursaries. If you are on a University of Bath franchised Foundation Degree taught at Wiltshire College you may be eligible for a National Scholarship Programme fee waiver which is awarded on the basis of academic excellence. Please check their website for details:
www.bath.ac.uk/study/ug/funding/fee-waivers/index.html

Bournemouth University. Bournemouth offers bursaries to Care Leavers who have chosen one of the franchised Bournemouth courses as their Firm choice. Household income has to be less than £25,000 and eligible students can apply for a bursary, accommodation and fee discounts if they meet certain conditions. More details on the website: www.bournemouth.ac.uk/futurestudents/undergraduate/funding/bu-maintenance-bursary.html

Bath Spa University. Information about bursaries at Bath Spa University are still under review. Check the website for updates:
www.bathspa.ac.uk/services/student-services/prospective-students/your-money/student-finance-2012-13.asp

Royal Agricultural College offer bursaries to students who come from households with an income of less than £25,000 and who meet certain eligibility and academic criteria. Further details available at:
http://rac.ac.uk/study/fees-and-how-to-apply/funding-opportunities/national-scholarships-programme

Want to know more?

An Independent Taskforce on Student Finance Information was launched in June 2011 headed by Martin Lewis of MoneySavingExpert.com, deputised by Wes Streeting, NUS President 2008-2010, and made up of groups including Universities UK, the NUS and UCAS.

Look at this downloadable pdf guide, aimed at helping students and parents understand the true cost of full time higher education study in England from 2012:

You Can Afford To Go To Uni