The Isle of Man Government plans to increase the level of maintenance support available to students studying at higher education level.
Subject to Tynwald approval, from 1 September the maximum maintenance support for qualifying students studying in the United Kingdom will increase from £5,500 to £7,500 a year.
Students studying in London and any country outside the UK will also see an increase in the maximum maintenance support available to them. This will increase from £6,000 to £8,000.
For students studying at University College Isle of Man, the maintenance grant has also been increased for non-degree courses from £2,500 to £2,750 and for degree course from £4,000 to £5,000.
Graham Cregeen MHK, Minister for Education, Sport and Culture, said:
‘I am pleased to be able to make an additional £1.5 million in funding available for students who want to pursue higher education. This brings the total annual budget for higher education awards to £10.4 million a year – a significant investment in the future of our students.’
In addition to this, a new rate of reduction in the level of support is planned. This means that for every £6 of a contributor’s income above the minimum level there would be a £1 reduction in the support offered. This means that a person could earn up to £61,795 and still receive support.
The regulations also seek to prevent a gradual tapering effect for those earning between £60,000 and £61,795 so that there would be a minimum level of support of £300 for those in this income bracket.
The changes would come into effect for the 2019/20 academic year.
The regulation changes would also increase the level at which additional means testing of fees starts, from £100,000 to £112,000. They also make allowance for families where there is more than one student studying at the same time. This means the limit of £112,000 would increase by £19,285 for each additional student of a family that is on a course in a given academic year.
For more information, visit www.gov.im/student-grants.
