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STUDENT FINANCE ENGLAND

STUDENT FINANCE ENGLAND. 2014 Student Loans Company. SECTION 1. THE STUDENT FINANCE PACKAGE. The figures used in this presentation are for 2014/15 entrants. Figures for 2015/16 entrants are unconfirmed, but are expected to rise slightly in line with inflation. 1. STANDARD SUPPORT

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STUDENT FINANCE ENGLAND

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  1. STUDENT FINANCE ENGLAND 2014 Student Loans Company

  2. SECTION 1 THE STUDENT FINANCE PACKAGE The figures used in this presentation are for 2014/15 entrants. Figures for 2015/16 entrants are unconfirmed, but are expected to rise slightly in line with inflation

  3. 1 STANDARD SUPPORT TUITION FEE LOAN • 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 • The Tuition Fee Loan doesn’t depend on household income • SLC pay any Tuition Fee Loan directly to a university or college • The loan is repayable, but only when the student’s income is • over £21,000 a year *Publicly funded institutions with an approved Offa Access Agreement - www.offa.org.uk/access-agreements

  4. 1 STANDARD SUPPORT MAINTENANCE LOAN *Slightly lower rates of support apply to final year students

  5. 1 MAINTENANCE SUPPORT STANDARD 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

  6. 1 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

  7. 2 ADDITIONAL SUPPORT OVERVIEW • Extra money or support may be available to students if they: • Have children or adults dependent on them • Have a disability, long-term health condition, mental-health condition • or specific learning difficulty • Are studying an NHS or Social Work course • NHS courses include: • Nursing, midwifery, physiotherapy, chiropody, dietetics, radiography, occupational therapy, the later stages of medicine and dentistry • Find out if your Uni offers Bursaries For further information and applications students should visit: www.nhsbsa.nhs.uk/students

  8. SECTION 3 APPLICATIONS & INFORMATION

  9. 3 STUDENT LOAN APPLICATIONS STUDENT FINANCE APPLICATIONS RIGHT FIRST TIME - KEY MESSAGES • 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 you! • It will take at least six weeks to process your application so apply early • to make sure your student finance is ready for the start of your course • Apply online at gov.uk/studentfinance. We will let you know when its • time to apply through our Facebook and Twitter feeds • (around January / February 2015) • You don’t need a confirmed place at university or college to apply • for student finance • Apply with your first choice, you can change details later if you need to

  10. SECTION 4 STUDENT LOAN REPAYMENTS

  11. 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

  12. 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

  13. 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

  14. SECTION 5 ADDITIONAL RESOURCES

  15. 5 GOV.UK FOR MORE INFORMATION & TO APPLY www.gov.uk/studentfinance

  16. 5 THE STUDENT ROOM FOR FURTHER INFORMATION & RESOURCES www.thestudentroom.co.uk/studentfinance

  17. 5 RESOURCES • Money Matter e-mag • Suite of Factsheets • Series of Full and Quick Guides • Links to interactive features, including SFE • ‘A Minute For’ videos • Student Finance Calculators • FAQ’s

  18. 5 SOCIAL MEDIA FOLLOW SFE FOR THE LATEST NEWS www.facebook.com/SFEngland www.twitter.com/sf_england

  19. 5 UNISTATS COMPARE UNI’S COURSES AND FEES www.unistats.direct.gov.uk

  20. For further Information on student finance and applications call us on: Customer helpline: 0300 100 0607 There are no silly questions when it comes to student finance, so if you’re unsure, ask!

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