Full-time Undergraduate Financial Support

Full-time Undergraduate Financial Support

 

Tuition Fees

For academic year 2014/15 University of Worcester fees are £8,900 a year for students starting in academic year 2014/2015 on full-time undergraduate level courses (first degree, Foundation degree, HND, Dip HE etc). Some of our students studying at partner institutions have lower fees and you can find these on the Course Fees page of the University’s website.

Students that started their course before September 2012 and pay “old style” fees should contact firstpoint for tuition fee details.

Tuition Fee Loan

You can defer payment of your fees by applying for a non means-tested tuition fee loan from the Student Loans Company via Student Finance England. The fees are paid direct to the University on your behalf, so you need not find the money to pay for your course before you enrol or whilst you are studying. Tuition fee loans are available to eligible home and EU students.

Apply to Student Finance England for a tuition fee loan and other financial support as soon as possible, and normally at least four months before the start of your course. You can apply for funding even before you have been offered a place at university, usually the January before your September start. Applications can be made online, but forms can also be downloaded from
www.gov.uk/student-finance or you can phone Student Finance England on 0300 100 0607 if you have any queries or wish to be sent a form.

It is advisable to keep copies of your application and any documentary evidence that you send and make sure you put your Student Finance reference number on documents sent separately.

Also see link to left of this page - Top Ten Tips for Successful Student Finance Applications

Self Funding Students

If you are not eligible for a tuition fee loan or choose to finance your studies privately then there are several payment options available to you:

• You can settle your full tuition fees online at registration or on receipt of invoice. Alternatively, you can choose to pay in 6 instalments in line with the University’s instalment plan. This option is only available by direct debit which is drawn from a UK bank account.

• Part-time students who do not have a Tuition Fee Loan in place will be required to settle their tuition fee invoices within 30 days from receipt.

• Please note that the above options are available to UK or EU students only, international students are required to pay 50% of their fees before enrolment by UK border agency regulations. The remaining 50% is then due before the start of your second semester.

The tuition fee instalment plan is summarised in the table below:       

   Instalment

 

Course start
date

 

 1st      2nd  3rd  4th  5th 6th 
 Sept/Oct      1st Nov
2014    
 1st Dec
2014
 1st Jan
2015
 1st Feb
2015
 1st Mar
2015
 1st Apr
2015
 Jan/Feb  1st Mar
2015
 1st Apr
2015
 1st May
2015
 1st Jun
2015
 1st July
2015
 1st Aug
2015

If you have any queries concerning your payments to the University you can contact the University’s Finance Office by emailing creditcontrol@worc.ac.uk

Previous Study

It is important to note that previous study at Higher Education level or above (ie above Level 3), can affect your entitlement to student financial support and you should contact Student Finance England if you think this may apply to you.  Although sometimes previous study can be disregarded if you have evidence that you left for compelling personal reasons such as illness.

 

Payments to Students

Maintenance Loans

Maintenance loans are available to eligible home students to help with living costs such as accommodation, food, clothing, travel etc. For academic year 2014/15 the maximum maintenance loan is £5,555 per annum (or £4,418 per annum for those living at home with their parents) paid in three instalments. 65% of the loan is a basic entitlement and does not depend on household income but the remaining 35% is means-tested.

Students in receipt of all or part of the Maintenance Grant (see paragraph below) will have their Maintenance Loan reduced by 50p for every £1 of Maintenance Grant received. This reduction will not apply to those students with an underlying eligibility for means-tested welfare benefits; they will receive the Special Support Grant mentioned below instead.

Apply to Student Finance England for funding as soon as possible, ideally at least four months before the start of your course. Applications can be made online or forms can be downloaded from www.gov.uk/student-finance. You can telephone Student Finance England on 0300 100 0607 if you have any queries about the form.

If you do not apply within nine months of the start of your course you may lose your right to apply for that particular year. 

Repayment of Student Loans

Tuition Fee and Maintenance Loans are repaid after you leave university and start earning at least £21,000 pa. Interest is added to Tuition Fee Loans from when they are paid to the University (they are paid in three instalments a year; October, January and April) and to Maintenance Loans from when they are first paid to the student.

Rates of Interest

Interest on your loan will be applied at inflation (RPI – Retail Price Index) plus 3% while you are studying, and up until the April after you leave university or college. Then the amount of interest you’re charged depends on how much you earn. You will be charged the following rates of interest:

• If you earn less than £21,000 – interest at the rate of inflation
• If you earn between £21,000 and £41,000 – interest at the rate of inflation plus up to three per cent (on a gradual scale depending on income)
• If you earn over £41,000 – interest at the rate of inflation plus three per cent

Repayment

Repayment is based on 9% of any income over £21,000. For example a graduate earning a salary of £25,000 would repay £30.00 a month. Student loan balances, but not arrears, will be written off after 30 years if the student in question started their studies after September 2012. More information regarding the repayment of Student Loans is shown on the Student Finance England website - click here.

Maintenance Grant

Home students may be eligible for a non-repayable means-tested Maintenance Grant from Student Finance England of up to £3,387 pa, paid in three instalments. Students whose residual household income is £25,000 pa or less will receive the full £3,387. Those whose residual household income is between £25,001 and £42,600 will receive part of the grant and those whose residual income is above £42,620 will not be eligible for the grant. Receipt of all or part of the Maintenance Grant will reduce the recipient’s entitlement to the Maintenance Loan by 50p for every £1 of Maintenance Grant received. This reduction will not apply to students with an underlying eligibility for means-tested benefits; they will be awarded the Special Support Grant mentioned below instead.   

Special Support Grant

Students who have an underlying eligibility for means tested benefits (for example some lone parents) such as Income Support will be eligible for a non-repayable Special Support Grant of up to £3,387 pa paid in three instalments. Payment is means-tested using the same income thresholds as the Maintenance Grant. This grant will be paid instead of the Maintenance Grant mentioned above and the Department of Work and Pensions has agreed to disregard it in calculations for income-related benefits. Receipt of this grant will not reduce entitlement to the amount of Maintenance Loan due in the way that the Maintenance Grant does. Please note, this may change with the advent of Universal Credits.

Placement Year for Sandwich Courses

Students who started their course after September 2012 undertaking a work placement year as part of their course will only be charged 10% of the full-time tuition fee rate for the year in question. Eligible students will be entitled to a reduced rate non means tested Maintenance Loan from Student Finance England of £2,347 pa if they are living away from home and £1,761 if living at home. They will not be entitled to a Maintenance Grant.

Payment Times of Grants, Maintenance Loans and Allowances

Financial support from Student Finance England for September starters, with the exception of Tuition Fee Loans which are paid directly to your university, is paid in three instalments in September, January and April.

Student Finance and Paying for Accommodation

It is important to note that the financial support that you receive from Student Finance England will not always be enough to pay for your accommodation and living expenses, especially if you use the accommodation at the top of the price range. See Budgeting Tips page for advice on avoiding financial short-falls.

Tuition Fee Loans, Maintenance Loans and Grants can all be applied for using the same application form and it is important to have an income assessed award (i.e. where your parent’s or partner’s income is taken into account) to make sure that you are awarded the maximum amount to which you are entitled.