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STUDENT FINANCE ENGLAND HELOA Teacher and Adviser Conference Thursday 15 th May 2014

STUDENT FINANCE ENGLAND HELOA Teacher and Adviser Conference Thursday 15 th May 2014 Chris Snowdon (Student Finance Adviser, East of England). i. SESSION CONTENTS. The Student Finance Information Team (SFIT) The Student Finance Package Looking Ahead to 2015/16 News and Updates

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STUDENT FINANCE ENGLAND HELOA Teacher and Adviser Conference Thursday 15 th May 2014

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  1. STUDENT FINANCE ENGLAND HELOA Teacher and Adviser Conference Thursday 15th May 2014 Chris Snowdon (Student Finance Adviser, East of England)

  2. i SESSION CONTENTS • The Student Finance Information Team (SFIT) • The Student Finance Package • Looking Ahead to 2015/16 • News and Updates • Applications & Information : Get it right first time • How Repayment Works? • Practitioner Resources

  3. i REGIONAL SUPPORT THE STUDENT FINANCE INFORMATION TEAM • Provide training, updates CPD opportunities for staff and practitioners • Assist in providing student finance updates at appropriate events (parents) • Signposting to a range of free resources • Student finance mailing list (East of England specific) • Statement of Service

  4. THE STUDENT FINANCE PACKAGE

  5. 2014/15 AT A GLANCE WHAT IS AVAILABLE? • TUITION FEE LOAN • Non-Means Tested for whatever your being charged (up to £9000 max) • MAINTENANCE LOAN • Parents (max of £4418), Elsewhere (max of £5555), London (max of £7751) • 65% non means tested, 35% means tested • MAINTENANCE GRANT • Means Tested (non-repayable) grant of up to £3387 • ADDITIONAL SUPPORT • Student with children / Student with disabilities • ...and don’t forget about bursaries and scholarships...

  6. LOOKING AHEAD TO 2015/16* WHAT IS AVAILABLE? • TUITION FEE LOAN • Maintained at the same level as 2014/15 (max of £9000) • MAINTENANCE LOAN • Increase in maximum rate of Maintenance Loan in line with inflation (+3.34%) • MAINTENANCE GRANT • Maintained at the same level as 2014/15 (max of £3387) • ADDITIONAL SUPPORT • Increase in maximum rates line with inflation (+3.34%) • *All rates subject to final Parliamentary Approval

  7. NEWS AND UPDATES • Application data... • New free phone telephone number for students • New end to end Welsh Service • Part Time Application Cycle 2014/15 ready to launch • Proposal for new Sharia Compliant Loan System • New email contact for Practitioners:- • - right_first_time@slc.co.uk • - referral via Regional Adviser • New Online Application Platform (and Application Demo)

  8. SECTION 3 APPLICATIONS & INFORMATION

  9. 3 STUDENT LOAN APPLICATIONS STUDENT FINANCE APPLICATIONS RIGHT FIRST TIME - KEY MESSAGES • Apply online at gov.uk/studentfinance as soon as possible to make • sure their student finance is in place for the start of their course • The application cycle for 2014/15 is OPEN NOW • Students do not need a confirmed place at university or college • to apply for student finance • Make a note of their account log-in details & keep them safe • They can change most details online before starting their course • Agree to share information from their application, this helps apply • for many bursaries and some scholarships

  10. 3 STUDENT FINANCE APPLICATIONS RIGHT FIRST TIME - COMPLETING AN APPLICATION Before starting the application, students should have the following to hand: • Passport - SLC 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 students application you will need to set up your own account on GOV.UK and provide information including: • National Insurance number(s), household income, details of other child dependent’s If you can’t submit your income details online, send a photocopy of evidence including: P60, Pay slips, Tax return, or Pensions

  11. 3 APPLICATION INFORMATION COMPLETING AN APPLICATION

  12. 3 NEW LOOK ‘MY ACCOUNT’ MAKING IT EASIER TO NAVIGATE & UNDERSTAND

  13. 3 NEW LOOK ‘MY ACCOUNT’ MAKING IT EASIER TO NAVIGATE & UNDERSTAND

  14. 3 NEW LOOK ‘MY ACCOUNT’ MAKING IT EASIER TO NAVIGATE & UNDERSTAND

  15. SECTION 4 STUDENT LOAN REPAYMENTS

  16. 4 STUDENT LOAN REPAYMENT STUDENT LOAN REPAYMENTS AN OVERVIEW • You won’t make repayments until your 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 • You’ll repay 9% of your income over £21,000 and if you’re employed deductions will be made from your pay through the HMRC tax system • If your income falls to £21,000 or below your repayments will stop • Any outstanding loan balance will be written off 30 years after entering repayment www.youtube.com/SFEFILM

  17. 4 STUDENT LOAN REPAYMENTS THE FIGURES Early repayments can be made at any time, but any outstanding loan balance will be written off 30 years after entering repayment

  18. 4 STUDENT LOAN REPAYMENTS THE INTEREST Interest added will vary, depending on a student’s 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

  19. 4 STUDENT LOAN REPAYMENTS A COMPARISON… ! Assumptions: 2% salary growth, 3% average inflation. Based on a report by HEPI on the Government White Paper, available here.

  20. 4 STUDENT LOAN REPAYMENTS DEDICATED WEBSITE www.studentloanrepayment.co.uk

  21. SECTION 5 PRACTITIONER RESOURCES

  22. www.practitioners.slc.co.uk 5 PRACTITIONER RESOURCES DEDICATED WEBSITE

  23. 5 PRACTITIONER RESOURCES • Money Matter e-mag • Suite of Factsheets • Series of Full and Quick Guides • PowerPoint Presentations • Videos and Marketing Materials • Policy Documents and SFE Updates • Application Demo 2014/15 • Links to interactive features, including SFE • ‘A Minute For’ videos

  24. 5 PRACTITIONER RESOURCES SUPPORT FOR PRACTITIONERS • Student Finance Advisers: • Our team of dedicated regional advisers work closely with key partners • across England to deliver a range of services including: • Staff development through bespoke training, • Advice and support with SFE resources, policy and processes • If we can support you and your colleagues with any area of student finance • IAG delivery, please do get in touch: • www.practitioners.slc.co.uk/regional-support Practitioner Helpline: For detailed/complex regulatory advice and particularly complex assessment enquiries - 0845 602 0583

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