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Student Funding Service
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UK Students - Government Undergraduate Funding
Quick Guide to Government and University help for new UK students entering in 2014.
Please note that the National Scholarship Programme for 2014 entry is currently under review. An update on the support available, as part of the National Scholarship programme, will be available by Monday 16 December 2013
You should think carefully about the financial support available for your chosen course. You first need to consider the Government funding (which is the same wherever you chose to study) and then the University funding (financial awards) - which vary by institution. The tables below show both the Government funding and University financial awards available to selected undergraduate students at Lancaster University. These awards depend on different criteria.
Government Funding - UK Undergraduate Students - If you are a UK UG student you may be eligible for both tuition fee support (tuition fee loan) and maintenance support (HE grant/student loan) from the UK Government plus any University award for which you may qualify. Students with child or adult dependants may be eligible for additional Government grants - see 'Government funding' from the menu. The only potential upfront payment for UK students is any assessed parental contribution to living costs.
University Funding - UK Undergraduate Students - if you are a English student you must be financially assessed by the SLC and this income data released to the University so that we can consider you for an LU Bursary. If you qualify for either a bursary or scholarship you do not need to formally apply to the University as this is assessed automatically. The Student Funding Service will assess entitlement automatically and send you an email confirming these financial awards following enrolement.
Government Funding - Non-UK Undergraduate Students - If you are an EU UG student you will usually only be eligible for tuition fee support (tuition fee loan) from the UK Government. The UK Government tuition fee loan (available to UK and EU students) does not depend on income. EU & Part-time English students entering from 2012 onwards will be entitled to a fee discount depending on income as part of the National Scholarship Programme. Repayment commences in the April following the end of the course providing earnings are greater than the minimum threshold (UK expected = £21,000, to be uprated annually from 2016) Graduates earning less than £21,000 per year will not pay any real interest on loans, but rates will rise gradually to a maximum of inflation plus 3% at £41,000 per year and above.
If you are a Non-EU (international) student you will not be eligible for the UK Government tuition fee loan or the above University awards. Please see: www.lancs.ac.uk/funding for details of other University funding.
Help by Income 2014* (approx)
*Above figures are for illustration only, both University and Government financial support schemes may be subject to change. Awards are based on actual assessed household income figures supplied to the Student Loan Company in year of entry.
** NSP includes a £1,000 fee waiver, a £1000 on campus accomodation discount or the equivalent of a £1000 catering card if living off-campus and £1000 cash Bursary in the first year study. Providing the income remains below the relevant threshold a £1000 cash Bursary will be paid in subsequent years.
Notes: Tuition fee loan is paid directly to University. Repayment of tuition fee loan and living cost loan start in the April following graduation providing you are earning in excess of a predicted theshold of £21,000. You repay at 9% of income over the threshold for new students from 2012. Household residual income is the income assessed by the SLC for loans/grants purposes. It is based on parental income less allowances for pension, superannuation and other children. Any assessed parental contribution as shown in the table above should paid be paid directly to the student to help meet day to day living costs.
Income and Expenditure
Use the above information to give yourself an idea of expected funding based on your household income and the subject you intend to study. If you are a single student balance this against an expected expenditure of around £7000 per year. (see budgeting and living costs from the menu.)
If income exceeds expenditure you could choose to borrow less than the full amount of your student fee loan or living cost loan.
To calculate the overall debt (repayable once earning above threshold UK = 21K expected) add the annual amount of tuition fee loan and student loan you expect to take out and multiply the total by the length of the course.
While a degree can seem expensive the benefits usually far exceed the costs. It has been estimated that the average graduate earns £260,000 more than a non-graduate over their career.