Undergraduate Student Finance Guide 2014

A guide to funding your studies

www.nottingham.ac.uk/financialsupport

Undergraduate Student Finance Guide

www.nottingham.ac.uk/financialsupport

Contents
02 Money matters
03 Eligibility information
04 What help is there?
07 Tuition fees and loan repayment
08 A guide to living costs
09 Advice on budgeting while at university
10 Useful contacts
Front cover image:
There are plenty of online resources to help you find out about fees and financial support.

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Undergraduate Student Finance Guide

www.nottingham.ac.uk/financialsupport

Money matters

Coming to university can be life changing,

and learning to deal with money is something
you will learn alongside studying your chosen
course and pursuing your favourite leisure
activities.

The Financial Support Team at the University are

here to provide you with information and support
to help you make informed choices about your
finances as a student and help you with any
difficulties you encounter along the way.

The Government offers loans and grants and the

University offers a generous package of bursaries
and scholarships to help towards costs while you
are attending your course.

If you have any questions after reading this guide,

please contact us using the details on page 10.

Group work in the Hallward Library

on University Park Campus.
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Undergraduate Student Finance Guide

www.nottingham.ac.uk/financialsupport

Eligibility information
The information in this brochure is only relevant to students who are classed as
home (UK) students for fee-paying purposes, who normally live in England and will
begin a first, full-time undergraduate degree in September 2014. To check if you
will be classed as a home student, please see www.studentfinanceengland.co.uk

If you will be studying part-time or your course is

funded by the NHS, please contact our Financial
Support Team, who are part of the Student
Services Centre, for specific information.

If you are an international student, please contact

the International Office.
All contact details can be found on page 10.

Students from Scotland, Wales or Northern

Ireland should contact the relevant funding body.

Students working outdoors on Jubilee Campus.

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Undergraduate Student Finance Guide

www.nottingham.ac.uk/financialsupport

What help is there?

Help from the government for
living costs
There will be two sources of finance to help
with living and studying costs: a non-repayable
grant and a loan for living costs.
Non-repayable grant of up to 3,387
The amount you receive will depend on your
household income (see table below).
You will not have to repay this government grant.
The grant is only available to full-time students.

Loan for living costs

The amount of loan you receive will depend on
your household income (see table below).
65% of the loan for living costs is nonmeans tested.
The loan will total up to 5,555 if you live away
from home and study at a university outside
London.
Up to 4,418 will be available if you live with
your parents.
For information about repaying the loan,
please see page 7.
Students from Scotland, Wales or Northern
Ireland should contact the relevant funding body
using the details on page 10.

The table below gives an indication of the amounts you may be entitled to (excluding the tuition
fee loan see page 7).
Household income

Non-repayable grant

Loan for living costs

Total

25,000 or less

3,387

3,861

7,248

30,000

2,440

4,335

6,775

35,000

1,493

4,809

6,302

40,000

545

5,282

5,827

45,000

5,341

5,341

50,000

4,836

4,836

55,000

4,331

4,331

60,000

3,826

3,826

Over 62,125

3,611

3,611

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Undergraduate Student Finance Guide

www.nottingham.ac.uk/financialsupport

Additional help from the government

Access to Learning Fund
The Access to Learning Fund (ALF) is government
money distributed by the University to students
in financial need as non-repayable grants. The
Universitys Financial Support Team administers
the ALF and assesses students eligibility on
an individual basis. You can apply for money
either to help fill a shortfall between income
and expenditure or to help cover an unexpected
essential cost (for example, repairs to household
equipment). If your application is successful, you
will receive a sum of between 100 and 3,500.
You must have applied for your full student loan
entitlement before applying for the ALF.
Adult Dependants Grant
If you have an adult family member who depends
on you financially, you will be able to apply for this
means-tested grant.

Childcare Grant
If you have dependent children, you will be able to
apply for a means-tested grant towards the cost of
registered and approved childcare. The grant can
cover up to 85% of childcare costs.
Disabled Students Allowances
If you have a disability or specific learning disability
(for example, dyslexia or dyspraxia) you may
be eligible for assistance through a Disabled
Students Allowance. These awards are intended
to pay for extra costs you may incur during your
course, as a direct result of your disability. For
more information, please see
www.gov.uk/studentfinance or contact
Academic Support:
t:+44 (0)115 951 3710
e: [email protected]
w: www.nottingham.ac.uk/academicsupport

Parents Learning Allowance

Benefits and tax credits
This is a means-tested grant to help with course If you are a lone parent, disabled or part of
related costs. It currently ranges from 50
a student couple with children, you may be
to 1,523.
entitled to benefits. The Department for Work
and Pensions will expect you to apply for all the
student support you are entitled to. The student
Top tip
loan and Adult Dependants Grant will be taken
Apply early for your student funding dont
into account as income in any benefit calculation.
wait until you get your exam results.
Child Tax Credits (CTC): if you have children
under 16 (or under 18 in certain circumstances)
you will still be able to claim CTC for your
children. You should inform the Inland Revenue
that you are going into full-time education.
The Universal Credit is being introduced in 2013
and will replace some benefits and tax credits,
including Child Tax Credits, Child Benefit and
Housing Benefit. For more information see
www.hmrc.gov.uk/taxcredits

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The Student Services Centre

in the Portland Building on
University Park Campus.

Undergraduate Student Finance Guide

www.nottingham.ac.uk/financialsupport

Help from The University

of Nottingham
The University will provide a generous package of
bursaries to support UK students from lowerincome families in 2014/15. We expect that at least
a third of our first-time undergraduate students
will be eligible for a Core Bursary. All you have to
do is share the result of your household income
assessment (as assessed by Student Finance) and
provide details of your own bank account.
The University of Nottingham Core Bursary*
Your bursary does not have to be paid back.
The table below shows how much you may be
entitled to.
Residual household
income (RHI)

The University of
Nottingham Core
Bursary

Up to 15,000

3,000

15,001 - 25,000

2,000

25,001 - 35,000

1,000

35,001 - 42,600

750

Nottingham Potential Bursary*

A Nottingham Potential Bursary provides an
additional 1,000 a year. To be eligible you must
meet at least one of the following criteria:
You are entering university via an Access route
or with vocational qualifications and have an RHI
figure of up to 42,600.
You have child or adult dependants and an RHI
figure of up to 42,600.
You are under 25 and are in or have been in
public care for a minimum of three months.
You have fulfilled specified conditions through
participation in the Universitys widening
participation outreach activities (eg Nottingham
Potential and our summer schools).

National Scholarship Programme*

The University will participate in the National
Scholarship Programme (NSP) by providing full fee
waivers in the first year of study to certain groups of
students. At present these are:
those enrolled on one of the Universitys
foundation-year courses with an RHI figure of up
to 25,000.
those under the age of 25 and currently in, or
have been in, public care for a minimum time of
three months with an RHI figure of up to 25,000.
We will maintain a partial fee waiver of 3,000
a year for care leavers throughout their first
undergraduate degree.
We will also provide NSP awards to students with
an RHI of up to 10,000 in their entry year as
follows:
partial fee waiver or University accommodation
discount of 2,000
cash bursary of 1,000
Students in receipt of the NSP (with the exception
of care leavers and foundation year students) will not
receive a Core Bursary in their entry year.
* Information and figures given are for 2013/14 entry. Once
2014/15 details have been confirmed by OFFA (Office for Fair
Access) we will update our web pages.

The Childcare Support Scheme

The Childcare Support Scheme is a small fund
set up by the University to offer eligible students
some financial assistance with meeting the costs of
essential registered childcare while they are
studying. As the funds are limited, the University
adopts a selective approach to the allocation of
awards to ensure assistance goes to the students
who will benefit most from it.
For more details, please contact the Financial
Support Team using the details on page 10.

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Tuition fees and

loan repayment
Tuition fees

The University of Nottingham will continue to

charge undergraduate tuition fees for full-time
students entering in 2014 at 9,000. You do not
have to pay your fees while you are studying
the government will lend any eligible student the
money, which you pay back later. The tuition fee
loan is non-means tested.
You start to repay student loans (both the
tuition fee and maintenance loans) once you
have graduated from (or left) university and are
earning over 21,000 per year.

Loan repayment table

Salary

Monthly repayment

15,000

18,000

21,000

25,000

30

35,000

105

45,000

180

60,000

292.50

You pay back 9% of your earnings above

21,000 please see the loan repayment table
to the right.
The government will charge you interest on a
sliding scale: the higher your salary, the higher
the interest rate. The maximum rate of interest is
3% more than the retail price index (RPI, or rate
of inflation).
After 30 years, the government will write off
(cancel) any outstanding loan.
Students from Scotland, Wales or Northern
Ireland should contact the relevant body, as
listed on page 10, for information.

Interest rates

Interest is charged at a variable rate from the day

you receive the first loan instalment until the loan
is repaid or written off.
While you are studying, interest is charged at the
Retail Price Index (RPI) plus 3%.
Once you have graduated or left university the
interest rate charged will depend upon your
income. Where income is below 21,000 the
interest rate is equal to the RPI. An interest
rate of between RPI and RPI plus 3% is
charged where income levels are between
21,000 and 41,000 and an interest rate of
RPI plus 3% is charged where income levels are
above 41,000.
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Studying in Trent Cafe on

University Park Campus.

Undergraduate Student Finance Guide

www.nottingham.ac.uk/financialsupport

A guide to living costs

The table below indicates the main costs a fulltime first-year undergraduate should consider
when planning their budget. Costs will vary
from student to student but we have provided
estimates to give you a starting point.
Cost per
academic year
Essentials
Accommodation*

4,730

Laundry

130

Travel home (six journeys

per year at 20)

120

Course costs**

500

Essentials estimate

5,480

Other costs
Leisure***

1,200

Mobile phone

240

TV licence (if needed)

145

Local travel (cost of

local bus pass for
academic year)

180

Gym/sports

200

Other costs estimate

1,965

Total costs

7,445

Please note that these costs are estimated and

do not include the costs of accommodation, food
or utilities outside term-time. They are based on
nationally published information from a variety of
sources and may rise with inflation by September
2014. They will also vary according to your
individual circumstances.
When devising your own budget you will also
need to include additional personal expenditure
such as snacks and drinks (in addition to the
catered provision), clothing and medical costs.

Top tip
Prioritise your spending put unavoidable
expenses (such as accommodation and
food) ahead of non-essentials (such as
mobile phones and eating out).

* This cost is the rate in 2013/14 for a single study bedroom

with access to a shared bathroom in a catered hall of residence
for the 31-week academic year. Prices for University-owned,
catered accommodation in 2013/14 range from 3,701-5,993
depending upon room type (these are likely to increase with
inflation by 2014/15).
** These vary considerably depending on your course of study. For
a more accurate costing please speak to the school in which you
intend to study.
*** Estimated average as published by the National Union of
Students in 2010/11.

Relaxing in Raleigh Park

student accommodation.
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Advice on budgeting
while at university
More top tips
Set a realistic budget: include all the
additional expenses that are personal to
you. Try your best to stick to it but review
it at least once a month and adjust it if
necessary. You might like to use our online
budget planner see below.

Think creatively about ways to reduce

spending: for example, making your lunch
instead of buying it, buying a monthly travel
card instead of paying single bus fares or
bulk-buying food if youre living in selfcatered accommodation.

Choose your bank account wisely: youll

need to open an account as your funding
will be paid directly into it. Look for interestfree overdraft facilities and check what
happens to the account when you graduate.

Earn some extra cash: the Universitys

recruitment agency Unitemps can help
you find part-time or temporary work to fit
around your studies.

Look for discounts: many shops,

restaurants and leisure activities will offer
student discounts so keep an eye out
wherever you go for ways to save money.

Online budget planner

You might find our online budget planner useful

when it comes to working out your monthly
budget: www.nottingham.ac.uk/ugstudy/
budgetplanner. The figure left after subtracting
your monthly expenditure from your monthly
income will show you how much money you have
left to spend on non-essentials each month. Some
students find it useful to withdraw their available
money at the beginning of each week to make
sure they dont overspend.

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Dont bury your head in the sand: if you

think you have financial difficulties, use
the support services listed to the right. Our
staff are friendly and professional and will
almost certainly have helped students with
problems similar to yours in the past.

Undergraduate Student Finance Guide

www.nottingham.ac.uk/financialsupport

Useful contacts
National funding contacts

Advice and information on all aspects of student

finance including eligibility, entitlements and how
to apply.
Student Finance England
www.studentfinanceengland.co.uk
and www.gov.uk/studentfinance
Information for students outside of England
Students from Northern Ireland:
www.studentfinanceni.co.uk
Students from Scotland:
www.saas.gov.uk
Students from Wales:
www.studentfinancewales.co.uk
Information on benefits eligibility and
application procedures
Her Majestys Revenue and Customs:
www.hmrc.gov.uk
Information about funding for students on
NHS courses
Department of Health: www.nhsbsa.nhs.uk
The University of Nottingham has made every effort
to ensure that the information in this brochure was
accurate when published. Please note, however, that
the nature of the content means that it is subject to
change from time to time, and you should therefore
consider the information to be guiding rather than
definitive.

The University of
Nottingham contacts

Student Services Centre

The Student Services Centre (SSC) is home to
Financial Support, Academic Support, Disability
Support, the majority of the Registrys front-line
services and Student Fees.
t: +44 (0)115 951 3710
e: [email protected]
w: www.nottingham.ac.uk/ssc
Financial Support
t: +44 (0)115 823 2071
e: [email protected]
w: www.nottingham.ac.uk/financialsupport
Student Advice Centre
The Student Advice Centre is a Students Union
service available to all University of Nottingham
students, including prospective students.
t: +44 (0)115 846 8730
e: [email protected]
w: www.su.nottingham.ac.uk/helpadvice
International Office
International students should contact the
International Office for advice on fees and
financial support.
t: +44 (0)115 951 5247
e: [email protected]
w: www.nottingham.ac.uk/international

The University of Nottingham 2013. All rights reserved.

This information is available

in alternative formats.
t: +44 (0)115 951 4591
Printed July 2013.
Design: www.campbellrowley.com

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For finance and funding

enquiries please contact:

Financial Support
t: +44 (0)115 823 2071
e: [email protected]
w: www.nottingham.ac.uk/financialsupport