Money Matters
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Finance and Funding
We know that managing your money and working out how you will finance your higher education will be an important consideration for you and at St Mary’s we offer a framework of student support and advice to assist you throughout your student journey.
The Browne Review was set up by the previous Government to look at the future funding of higher education and student support and this report was published in October 2010.
The major changes are set out below:
Tuition Fees
The cost of studying at St Mary’s will be £8,000 for new home and EU students beginning a full-time undergraduate course in 2012/13 and a loan will be available to eligible students to cover the cost of these fees.
Loans for Living Costs
Maintenance loans, up to £7,675, will be available to full-time home students from families with incomes up to £60,000 and studying in London. Further details of the loan rates for students living at home, living away from home and studying in London.
The amount you are entitled to will depend on your household income and whether you are living at home or away from home.
Loan Repayments
Graduates will not make any loan repayments until they are earning at least £21,000. The repayment will be 9% of income over £21,000 and all outstanding repayments will be written off after 30 years. As an example, a graduate who is earning £30,000 per year will repay 9% on the £9,000 over the threshold, i.e. £810 over the year or £67.50 per month.
For graduates earning less than £21,000, there will be no real rate of interest applied to their loan, although any loans will still be liable for interest at the rate of inflation based on the Retail Price Index (RPI). For graduates earning between £21,000 and around £41,000, a real rate of interest will start to be charged, on a sliding scale, reaching a maximum of the RPI plus 3%. Above £41,000, graduates will repay the full rate of RPI plus 3%.
Gap year students
Students deferring from 2011/12 to 2012/13 will be able to apply for loans and grants at the 2012/13 rates.
Students Who Want to Study Part-Time
Students would be charged tuition fees pro-rata to the full time tuition fee. For example students studying 60 credits would be charged 50% of the full time fee. For the first time, part-time students will be entitled to a tuition fee loan and no longer forced to pay up-front costs, so long as they are studying at least a third of a full-time degree.
All prospective students are advised to check up on further developments on the Directgov website.
You will receive up to date information from this site, together with information on when you should make your application for student support. It is important you make your application early so that your funding is in place when you start your course.
