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Finances Simplified!
Cambridge Bursary and Costs - University Publication
Cambridge Bursary Scheme
Please also see other helpful links at the bottom of this page
Your basic financial requirements
Despite Cambridge's image, it is not more expensive here than elsewhere. You are guaranteed College accommodation for three undergraduate years and will not need to rent in the commercial markets. Furthermore, you will have no daily fares to pay - everyone walks or cycles!
You will receive a bill at the start of each term from the College Bursary. This bill will include a third of the annual fees appropriate in your individual case, your term's rent, and your term's "kitchen fixed charge" (the set contribution towards kitchen overheads which is likely to be in the region of £100 per term). You will also be charged termly for utilities (gas, electric and water), and should budget for around £230 for the year.
As a rough guide, your October - June maintenance budget (covering room rent, kitchen fixed charge, utilities, food, clothing, entertainment, etc), should be in the region of £7,250. In this, if you are reasonably careful, you should be able to manage.
Fees
There are two Fees: University Tuition Fees and College Fees
Overseas students have to pay both. Home and EU students generally only pay the University Fees (subject to their being eligible for public funding).
Home students arrange their finances via their Local Education Authority (LEA)*. EU students go via the Department of Innovation, Universities and Skills (DIUS) [formerly the DFES] in Darlington.
It is essential that all Home and EU students go via these channels. Even if you do not want to borrow any money, you must go through these official procedures, or you may become liable to be charged the College Fees as well!
*For students normally resident in Scotland, this will be the Students Awards Agency for Scotland (SAAS), and for students normally resident in Northern Ireland, this will be the Education and Library Boards (ELB).
Paying your Tuition Fees (Home and EU students)
In 2008-09 the University Tuition Fee for Home and EU students will be £3,145 (three thousand, one hundred and forty five pounds). Students can pay the fee direct to the College at the start of the academic year, or can take out a loan from the Student Loan Company (via the LEA for Home students, via DIUS for EU students) for the whole amount, deferring payment until they are earning a minimum salary. Currently this is £15,000. Most students do this.
Paying for your Maintenance costs (Home students only)
The other costs you will need to consider are your maintenance costs (rent, food, books, living expenses etc).
Student Loan Company
You can apply for a Student Loan via your LEA. The repayment of your loan starts in the April after you finish your course. It is collected by the Inland Revenue at the rate of 9% but does not start until you are earning at least £15,000p.a. This figure is subject to annual reviews.
Government Maintenance Grants
Students from lower-income households are eligible for a non-repayable Government Maintenance Grant of currently up to £2,765 p.a. The exact amount is dependent on your family's income and assessed by the LEA or award agency. Receipt of a Maintenance Grant will reduce the amount of Student Loan you can receive, by up to £1,230. The maximum sum available in 2007-08 from the Maintenance Grant and the Student Loan was £6,045.
Currently students from households with incomes up to about £37,500 will receive all or part of this Maintenance Grant. Those from households with incomes above this threshold will receive no Grant.
The Cambridge Bursary Scheme
To coincide with the increase in Fees, the University and Colleges of Cambridge introduced the Cambridge Bursary Scheme (for Home students only). The value of each Bursary is based on parental income, and calculated on a sliding scale up to a current maximum of £3,000 p.a (or a maximum of £5,000 p.a. for some mature students). Cambridge Bursary application forms will be given to fresher's on arrival. The Bursary will be paid in two equal installments, usually by deduction from the College bills at Christmas and Easter.
Clare College's own Bursaries
As part of the Cambridge Bursary Scheme, Clare College provides a number of bursaries to help Clare students in their first year, and some of these are potentially renewable for further years. In practice, most students awarded a Cambridge Bursary receive some part of it from College and some part from University funds.
Help with your Maintenance Costs (EU students)
The Cambridge European Trust is able to offer limited assistance to some EU students. The College will send out an application form once you have been offered a place.
Overseas Students
Overseas student's University Fees for 2008-09 will be:
£9,327 (Band 1)
£12,219 (Band 2)
and the College Fees for 2008-09 will be £4,823
Maintenance Costs
The Cambridge Overseas Trust is able to offer limited assistance to some Overseas students. The College will send out an application form once you have been offered a place.
Helpful Links
University Tuition Fees
Cambridge University prospectus
Costs and Fees for International Students (University site)
Student Finance Direct
EU Students
Student Awards Agency in Scotland
Education and Library Board in Northern Ireland
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