BATH SPA UNIVERSITY / INTRODUCTION
FEES AND FINANCES It’s important to stress that having a degree is a good investment – it will improve your chance of getting a job and you will earn more than non-graduates in years to come.
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The figures for student finance in 2014/15 have not been decided yet and the following information is correct for university entry in 2013. You are advised to check the Government website for the most up-to-date information: www.gov.uk/browse/education The following information is relevant to students living in England beginning their first undergraduate degree. If you are from other countries within the UK please go to the appropriate Student Finance webpage: Wales: www.studentfinancewales.co.uk Scotland: www.saas.gov.uk Northern Ireland: www.studentfinanceni.co.uk
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What do I have to pay for? There are two main financial elements to being a student: tuition fees and living costs. Tuition fees In 2013 Bath Spa University tuition fees were £9,000 for full time undergraduate courses and between £6,000 and £7,800 for foundation courses. Tuition fees are subject to annual inflationary review. The tuition fee does not have to be paid up-front or whilst you are studying – you can (if you wish to) take out a ‘Tuition Fee Loan’ from the Student Loan Company to cover your tuition fees. You will only start repaying this loan once you have left university and earning over £21,000 a year (2013 levels). If you take out a tuition fee loan it will be paid direct to Bath Spa University on your behalf. The tuition fee loan is different to some of the other financial support available in that it is not means-tested on household income. Living costs and other expenses For many students – particularly those living away from home – the biggest expense will be accommodation costs. However you will also need money for your day-to-day living expenses, such as food, laundry, travel, books, clothes and socialising. The amount you need will vary with individual circumstances, but you can work on the basis of between £235 and £260 a week for a
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single student living away from home during term time. Obviously if you live at home while you are studying, your living costs will be adjusted accordingly. There will also be costs attached to your course itself – items such as books, stationery, photocopying and printing. Certain courses involve additional costs for items such as field trips, art materials and specialist equipment. Some art and design courses are subject to a studio fee, which is compulsory (and not normally refundable) but is subsidised by the University. You will find details of studio fees on the relevant course pages. What support can I get? Student Maintenance Loan (maximum loan outside London is £5,500) A maintenance loan is available to help cover accommodation and other living costs for students normally resident in the UK. This is in addition to the student tuition fee loan described above – although both are paid by the Student Loan Company. Your exact entitlement to the maintenance loan will be calculated by Student Finance. All eligible students can receive 65% of the maximum maintenance loan and how much you will receive of the remaining 35% will be calculated on the basis of your household income. If you live at home while you study, you will be entitled to a smaller maintenance loan. Repaying Student Loans You will start repaying both your Maintenance and Tuition Fee Loans when you have graduated and are earning more than £21,000 (2013 level). You pay back 9% of any earnings above £21,000 a year – for example a graduate earning £25,000 per year would repay their loan at a rate of £6.92 per week. Higher earners will pay more – so as your earnings increase, so will your contribution. Student Maintenance Grant If you’re from England and doing a full-time higher education course in the UK, you may be able to get additional help with living costs through a Maintenance Grant. The Maintenance Grant does not have to be repaid, and you will be automatically assessed for any entitlement when you apply for your