STUDENT FINANCE MATTERS
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STUDENT FINANCE MATTERS. i. SESSION CONTENTS. Student Finance England Section 1 – The Student Finance Package Section 2 – Student Loan Repayments Section 3 – Applications & Information Section 4 – Money Management. !. COMMON CONCERNS. !. COMMON CONCERNS TUITION FEES.

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Student finance matters

STUDENT FINANCE MATTERS


Student finance matters

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SESSION CONTENTS

  • Student Finance England

  • Section 1 – The Student Finance Package

  • Section 2 – Student Loan Repayments

  • Section 3 – Applications & Information

  • Section 4 – Money Management


Student finance matters

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COMMON CONCERNS


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COMMON CONCERNS

TUITION FEES

My child can’t afford to go to university, it’s far too expensive!

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No eligible students will have to pay their tuition

fees up-front to go to university or college*.

Regardless of household income, eligible students

can apply for a Tuition Fee Loan to help with the

cost of fees, and a Maintenance Loan to help with their living costs.

*Studying a designated course at a publicly funded university or college


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COMMON CONCERNS

COMMON CONCERNS

REPAYMENTS

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Debt from a student loan will be unmanageable!

Repayments don’t start until your child’s income is over £21,000 a year. They’ll then repay only 9% of their income over this threshold.

The amount they repay will only increase with

their earnings as repayments are based on their

income, not how much they’ve borrowed.


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STUDENT FINANCE ENGLAND


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STUDENT FINANCE ENGLAND

  • Student Finance England (SFE) provide financial support on behalf of the UK

  • Government to students from England entering higher education in the UK:

  • The two main costs full-time students will have while studying are

  • tuition fees and living costs.

  • SFE make finance available to help students with both.

  • Depending on their circumstances, course and where they study,

  • students may be able to get a range of financial help and support.

  • This includes grants and bursaries (which don’t have to be paid back)

  • and loans (which do).


Student finance matters

SECTION 1

THE STUDENT FINANCE PACKAGE


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THE STUDENT FINANCE PACKAGE

SUPPORT AVAILABLE TO STUDENTS INCLUDES:

Tuition Fee Loan

The

Student Finance

Package

Maintenance (Living Cost) Support

Bursaries & Scholarships

Additional Support


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SECTION 1

TUITION FEES & LOANS


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TUITION FEES & LOANS

  • Universities and colleges* can charge new full-time students up to

  • £9,000 per year (£6,750 part-time) for tuition fees.

  • Eligible students won’t have to pay any tuition fees up front.

  • A Tuition Fee Loan is available to cover the fee charged by the university

  • or college (Up to £6,000 for approved courses at private HEIs).

  • Tuition Fee Loan doesn’t depend on household income.

  • SFE pay any Tuition Fee Loan directly to a university or college.

  • The loan is repayable, but only when the student’s future income is

  • over £21,000 a year.

*Publicly funded


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SECTION 1

MAINTENANCE SUPPORT


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MAINTENANCE SUPPORT

  • Maintenance support is available to help with living costs a student

  • will face while in higher education.

  • Two main types of support are available, Maintenance Loan and Maintenance Grant.

  • The Maintenance Loan is repayable and all eligible students are

  • entitled to get some funding.

  • The amount of loan available will depend on where a student lives

  • and studies.

  • Maintenance support is paid directly into the student’s bank account

  • each term.


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MAINTENANCE LOAN

2014/15 MAXIMUM RATES

Additional loan is available for each extra week of study for

students attending their course beyond 30 weeks.


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MAINTENANCE SUPPORT

MAINTENANCE GRANT

  • The Maintenance Grant doesn’t have to be repaid.

  • How much grant a student can get depends on their household

  • income (100% means tested).

  • Household income thresholds for 2014/2015:

Household Income:

up to £25,000

Full Grant of £3,387

Household Income:

up to £42,620

Partial Grant


Student finance matters

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SUPPORTING AN APPLICATION

HOUSEHOLD INCOME

  • If you’ll be supporting a student’s application for student finance that

  • depends on household income, SFE will need to see details of your

  • household (taxable earned and unearned) income and National Insurance

  • (NI) number(s)

  • Earned income includes:

  • wages, salaries, tips, and other taxable employee pay

  • long-term disability benefits received prior to minimum retirement age

  • net earnings from self-employment

  • Unearned income includes:

  • interest from savings (only the annual summary is required)

  • benefits and pensions

  • rent from property or a room

For most applications, SFE verify income from your NI number

with no need to send any documents, unless we ask for them.


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COMBINED MAINTENANCE SUPPORT

LIVING AWAY FROM HOME, OUTSIDE LONDON

Students can get a quick estimate of their student finance

entitlement using the calculator on gov.uk/studentfinance


Student finance matters

SECTION 1

BURSARIES & SCHOLARSHIPS


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BURSARIES & SCHOLARSHIPS

BURSARIES & SCHOLARSHIPS

  • Many universities and colleges offer financial support to their students

  • through bursaries and scholarships.

  • Bursaries:

  • linked to personal circumstances and often, household income

  • awards can include fee waivers or cash

  • Scholarships:

  • can be linked to academic results or outstanding ability in an area

  • such as sport, music or art

  • can be subject specific and are limited in numbers

Important to check university websites early and ask at open days

for information on available bursaries & scholarships.


Student finance matters

SECTION 1

ADDITIONAL SUPPORT


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ADDITIONAL SUPPORT

ADDITIONAL SUPPORT

  • Extra support may be available to students who:

  • have a child or an adult who depends on them financially

  • have a disability, long-term health condition, mental-health condition

  • or specific learning difficulty

  • study an NHS or Social Work course

  • NHS courses include:

  • nursing, midwifery, physiotherapy, speech and language therapy,

  • dietetics, radiography, the later stages of medicine and dentistry

For more information on eligibility and applications for NHS

support go to www.nhsbsa.nhs.uk/students


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SECTION 2

STUDENT LOAN REPAYMENTS


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STUDENT LOAN REPAYMENT

STUDENT LOAN REPAYMENTS

AN OVERVIEW

  • Students won’t make repayments until their income is over £21,000

  • a year gross (before tax).

  • Full-time studentswill be due to start repaying in the April after graduating from/leaving their higher-education course.

  • Repayments will be 9% of income over £21,000 and when employed deductions will be made from their pay through the HMRC tax system.

  • If their income falls to £21,000 or below, repayments will stop.

  • Early repayments can be made at any time, but any outstanding

  • loan balance will be written off 30 years after entering repayment.


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STUDENT LOAN REPAYMENTS

THE INTEREST

Interest added will vary, depending on a students circumstances:

  • Interest rate is:

  • Retail Price Index (RPI) +3%

  • Interest rate is:

  • Retail Price Index (RPI) +3%

  • Interest rate is:

  • RPI plus up to 3%

Income:

below £21,000

During study until

entering repayment

Income:

£21,000 to £41,000

Income:

above £41,000

  • Interest rate is:

  • set at RPI Only

The interest rate applied is updated once a year in September, using the rate of RPI from that March which is carried forward.


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STUDENT LOAN REPAYMENTS

THE FIGURES

More information on loan repayments and interest rates can be found on www.studentloanrepayment.co.uk


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SECTION 3

APPLICATIONS & INFORMATION


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STUDENT FINANCE APPLICATIONS

KEY MESSAGES FOR STUDENTS – APPLY EARLY

  • Each year thousands of students apply late for their finance and

  • have no way to pay for their course or halls, some even have to drop out..

  • ...don’t let that be your son or daughter!

  • It will take at least six weeks* to process an application so apply early!

  • Apply online now at gov.uk/studentfinance to make sure that student finance is in place for the start of their course.

  • Students don’t need a confirmed place at university or college to apply

  • for student finance.

  • Apply with their first choice, they can change details later if they need to.

*SFE handle over 1 million applications a year, most involve interactions with other government departments, e.g. HMRC


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STUDENT FINANCE APPLICATIONS

APPLICATION DATES - NEW STUDENTS

Jan

Student finance applications can be made from 20 January 2014*

20th

May

The application deadline for new students

is 30 May 2014

30th

*Returning students should wait to hear from SFE before

re-applying for their finance


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GOV.UK

FOR MORE INFORMATION & TO APPLY

www.gov.uk/studentfinance


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STUDENT FINANCE APPLICATIONS

KEY MESSAGES – GET IT RIGHT FIRST TIME

  • Make a note of their account log-in details and keep them safe.

  • Agree to share information from your application, this helps apply

  • for many bursaries and some scholarships.

  • Make sure any evidence and information needed to support an

  • application is supplied first time (students and parent/partners’).

  • Submit an application even if there is a delay in getting income details from parents/sponsors so some funding (Tuition and Maintenance Loan) will be available when they start their course.

  • If SFE request any additional evidence or documents to support the application use recorded delivery!


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STUDENT FINANCE APPLICATIONS

RIGHT FIRST TIME - COMPLETING AN APPLICATION

Before starting the application, students should have the following to hand:

•passport - SFE can check identity using valid UK passport details

for most students

•university and course details

•bank account details and National Insurance number

If you will be supporting a student’s application you will need to set up

your own account on GOV.UK and provide information including:

•National Insurance number(s), household income (from prior tax year)

and details of other child dependent’s


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SECTION 4

MONEY MANAGEMENT


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MANAGING YOUR MONEY

HINTS & TIPS TO CONSIDER

  • Before starting in higher education, students should think about the costs

  • they are likely to face and how to manage their money, tips include:

  • Plan a budget – and (try to) stick to it!

  • Ask questions and get any advice they need.

  • Check out student bank accounts and NUS Extra cards.

  • Try to avoid taking credit cards, store cards or pay day loans!!

  • If they need financial support and advice once they’re at university

  • or college, staff there will be able to help.


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KEY MESSAGES

KEY MESSAGES

POINTS TO BE CLEAR ON

  • Important to make the right university/college and course choice!!

  • Tuition Fee Loans are available to all eligible students and future

  • repayments are linked to a students income, not what they owe

  • Research all finance available – especially bursaries & scholarships

  • Apply on-line & on time – no need to wait for a confirmed place

  • Application deadline for new students 30th May 2014!!

  • Check all details are correct before submitting an application

Student Finance

Matters...

Apply Now!!

And remember that....


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QUESTIONS & COMMENTS


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NEED MORE INFORMATION?

For further Information on student finance and applications go to:

www.gov.uk/studentfinance

For a range of helpful tools and guidance,

visit:

www.thestudentroom.co.uk/studentfinance


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