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Increase in financial support for higher education students proposed

Monday, 13 May 2019

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.

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