Student support package to help break down financial barriers

It is important that students, and their parents, are aware of the funding arrangements for the next academic year and the support which is available from universities and the Welsh Assembly Government.

Here in Wales I believe the new arrangements we’ve put in place for 2010/11 are the fairest and most equitable ever made available.

There are two types of costs students will have when studying: tuition fees and maintenance - living costs in other words.

Student Finance Wales can help with both.

Higher education institutions in Wales – and across the UK – have been able to charge higher tuition fees since September 2007. These will be up to a maximum of £3,290 for the 2010/11 academic year.

If Welsh students choose to study here, or elsewhere in the UK, they will be able to take out a loan so they won’t have to pay their fees up front.  

Student loans are not charged interest at a commercial rate and students only repay, in real terms, what they borrowed.

Repayment of these loans only begins once the student has left university and is earning more than £15,000 a year. The amount of repayment depends on how much income the student is earning.  

Our higher education student support package is in place to ensure financial barriers do not deter those students from less privileged backgrounds from entering higher education.
I have said before, many times that I want Higher Education providers to be pro-active in engaging learners from the most disadvantaged backgrounds.

The basic student support package for new Welsh students entering higher education from the 2010/11 academic year is:

• a tuition fee loan up to £3,290;
• a means-tested Assembly Learning Grant (maintenance grant) of up to £5,000 (household income of £18,370 or less will be eligible for a full grant);
• a maintenance loan up to £4,745 if living away from parents’ home, up to £3,673 if living at parents’ home and up to £6,648 if studying in London; and
• new Welsh domiciled students who take out a maintenance loan may receive up to £1,500 partial cancellation of their loan when they start repayment.

The basic student support package for Welsh students continuing their course in the 2010/11 academic year is:

• a tuition fee grant of £1,980 for Welsh domiciled students studying in Wales;
• a tuition fee loan up to £3,290;
• a means-tested Assembly Learning Grant (maintenance grant) of up to £2,906 (household income of £18,370 or less for a full grant);
• a maintenance loan up to £4,745 if living away from parents’ home, up to £3,673 if living at parents’ home and up to £6,648 if studying in London; and
• continuing students who take out a maintenance loan may receive up to £1,500 partial cancellation of their loan when they start repayment.

For students with special circumstances, such as those with children or those who have a disability, extra help is also available.

More Welsh students will benefit from the new arrangements which will see an increase of up to £600 per year in grants for eligible students with household incomes of less than £34,000.

Going to college is an exciting prospect. It’s important that students and their parents, or carers, receive the best possible advice on student finance services to ensure this new educational journey is as smooth as possible.

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Author:

Leighton Andrews AM

 

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