Aug 24 2012 5:00PM
Although fees for UK universities are increasing this year, students no longer have to pay upfront and are entitled to a tuition fee loan to cover the costs of their study. This applies to both full and part-time students, which in many cases could mean that part-time students find it is now easier both financially and practically to study for a degree over a longer period to fit with their lifestyle.
The majority of students can now apply for a tuition fee loan, which covers the cost of fees and is only repaid once have finished university and have started earning over £21,000.
Once you are eligible to start repaying your loan, you will pay back 9% of anything you earn above this amount. Your loan repayments will automatically stop if your salary drops below this figure.
Though the fees are now higher than they were last year, students may find that due to the new repayment structure that they will pay back less than they would had they been on the old fee structure.
Under the old fee structure, at the end of their studies students would owe approximately £35,500 based on tuition fees and maintenance loan for a full-time three year Undergraduate Degree (including interest). On a salary of £24,000 students would repay the full balance after 24.5 years. However, on the new fee structure, although students will owe approximately £45,000 (including interest), students on a salary of £24,000 would pay back just £22,000 because after 30 years the balance is written off.
Loan repayments under the new fee structure
Annual Salary
|
Monthly salary after tax*
|
Monthly repayments
|
|
£21,000
|
£1225
|
£0
|
|
£23,000
|
£1342
|
£15
|
£25,000
|
£1458
|
£30
|
£30,000
|
£1750
|
£67.50
|
Student Calculator
If you are still unsure whether you can afford to go to university, check the student calculator to check your eligibility for loans and grants, and work out your budget for while you’re at university:
Supporting Suffolk students
With the recent changes in finance, UCS has taken extra steps to ensure that studying for a degree is not a distant dream for students living in Suffolk and Great Yarmouth by launching the Suffolk Access Champion Scheme, an innovative and unique programme offering substantial fee waivers of up to £8,000 (£5,000 in the first year and £3,000 in the second year) to students starting in September 2012.
Through this scheme, the Access Champions can receive a fee waiver in return for facilitating group mentoring sessions to year 10 and 11 students in the Suffolk school that they previously attended.
The Scheme is open to potential students interested in studying a full-time course at UCS and places are still available for students starting this September. The full criteria and details of how to apply are available on the Suffolk Access Champion Scheme webpage|.
Access to bursaries and scholarships
Students from low income households are also eligible to apply for a fee waiver from the National Scholarship Programme, which will reduce their tuition fee cost. UCS participates in this scheme, which is jointly funded by the Government and Universities, and both full and part-time students can apply. You can find out more on the NSP webpage|.
Students applying to study on one of the UCS four year science programmes in 2012 are able to apply for a UCS science bursary. This new scheme will entitle students to a £4,000 bursary in both year two and three of their degree (total £8,000).
Students must be studying full-time on one of the following degree programmes and successfully pass their first year of study to be eligible for the bursary:
To find out more visit the Student Finance webpage|.
It’s never too late to study!
Mature students - that is anyone aged 21 or over - make up almost half of the student population at UCS and contribute hugely to student life.
You may not have realised but the recent changes to student finance can actually make it easier for some mature students to return to study, whether full or part-time.
If it is your first degree you are eligible for student loans to cover the full cost of your tuition, regardless of your age, current income and any assets such as property or savings.
Student loans are only repayable once you graduate and are earning over £21,000 per year. If you do not earn this, or your pension is less than this then you will not start paying it back. Even those with an income over £21,000 will find that the repayments are very reasonable - for example if your salary or your pension amounts to £25,000 you will pay back £30 a month. If you do not intend to return to work after your studies then it is unlikely that you will pay back your loan which is cancelled thirty years after graduation.
For the first time, part-time students can apply for a tuition fee loan if they are studying at least 25% of the full course each year, and if it is their first undergraduate degree. This means you can work and study at the same time without feeling the financial strain.
Now could be the time for you to pick up a subject that interests you and enjoy exploring it in further depth.
What should I do if I want to find out about a place?
UCS has Welfare and Finance Advisors who can help if you have any questions or concerns about student finance.
You can call in to the UCS Infozone, on the ground floor of the Waterfront Building in Ipswich, or contact them by phone on 01473 338833 or email infoucs.ac.uk|