New online calculator makes financial support for 2012 study add up at Imperial

A new online calculator launched today by Imperial College London will give prospective students better access to tailored information on the financial support available to help fund their studies.

The calculator has been developed to help prospective Home undergraduates considering joining the College in September 2012, when increased tuition fees of £9,000 per year are introduced alongside new financial support arrangements. Prospective students and parents can input details about their financial circumstances and receive information on the support they may be entitled to, from both Imperial and government sources.

Sir Keith O’Nions, Rector of Imperial College London, said: “Over the last year, we’ve been working closely with our Students’ Union to develop a financial support package that is attractive and reassuring to prospective students. The new web tool helps us to communicate that package alongside the other types of financial assistance available to students from government sources. It gives anyone considering undergraduate study at Imperial clear advice on what support they may be eligible for and reinforces our message that if you have the ability to manage our courses, we will help you manage our costs.”

Scott Heath, President of the Imperial College Union, said: “As a student from a single-parent family I am greatly aware of the financial considerations around university application. Tools such as the finance calculator are invaluable, as they make clear how much support prospective students could get if they come to Imperial. To anyone who is considering applying, or is just curious about the result, I recommend that they try the calculator today.”

Imperial’s financial support package for 2012 will provide the maximum amount of £6,000 in support to eligible Home undergraduate students from households with an annual residual household income of up to £25,000. £3,500 of this goes directly into a student’s bank account (or can be used towards College accommodation costs) to help with living costs and allow them to participate fully in university life. £2,500 of the £6,000 package will act as a tuition fee waiver, to reduce the amount that graduates need to pay back for their degree.

The College’s financial support will reach a wide range of students – while current non-repayable government support extends only to household incomes up to £42,875, Imperial will offer levels of support to students from households with an annual residual household income of up to £60,000. The amount varies depending on circumstance, and may include a tuition fee waiver alongside a cash bursary or an accommodation fee waiver

The launch of the new calculator coincides with Student Finance Day on 14 November, designed to explain the 2012 changes to student finance and improve understanding of how the new system works.

Visit the student finance website to learn more about Imperial’s support package and to try the calculator: http://www3.imperial.ac.uk/studentfinance