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Sixth Sense

Sixth Sense. Blair Campbell. Student Finance IAG Team. 13 May 2013. Objectives. Changes this year, full-time and part-time A strong grasp of repayment Where to get further information Discussion common areas of uncertainty and difficult questions. But first.

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Sixth Sense

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  1. Sixth Sense Blair Campbell Student Finance IAG Team 13 May 2013

  2. Objectives • Changes this year, full-time and part-time • A strong grasp of repayment • Where to get further information • Discussion common areas of uncertainty and difficult questions

  3. But first...

  4. Q: How much does this textbook cost? A: £46.99 (Pearson education)

  5. Q: How much do these noodles cost? A: 11p

  6. Q: How much does a 16-25 railcard cost? A: £28 for 1 year, £65 for 3 years

  7. Q: What is the average cost of one of these? A: £3.21 (£3.03 for Ale) (Source: CAMRA)

  8. Q: What is the approx average cost of accommodation? A: £117.67 per week (NUS 2012)

  9. Why is this important? “We did a YouGov poll of 1,000 school-age students in Clearing and 44% thought they had to pay their fees upfront. That is terrifying”

  10. Student Finance in 2014/15

  11. Key Points for 2014/15 • Tuition Fees remain at £9,000 max • Small (1%) increase in maintenance support – e.g. grant up from £3,354 to £3,387 max • Continued transition to Gov.uk

  12. APPLICATION INFORMATION

  13. APPLICATIONS – KEY MESSAGES • Apply as soon as possible – deadline is 31 May • Don’t need a confirmed offer, apply with first choice university/college • Apply online through GOV.UK • Only supply additional finance/ID evidence if we ask for it • Details can be changed online if necessary (Change of course etc) • If unsure of tuition fee amount needed, select maximum

  14. FOR MORE INFORMATION AND TO APPLY www.gov.uk/studentfinance

  15. THE STUDENT ROOM - FOR FURTHER INFORMATION www.thestudentroom.co.uk/studentfinance

  16. STUDENT FINANCE PACKAGE ! Tuition Fee Loan *Figures used in this section are subject to final 2014/15 policy approval and may change The Student Finance Package Maintenance (Living Cost) Support Scholarships & Bursaries Additional Support

  17. TUITION FEES & LOANS

  18. TUITION FEE LOAN – FULL TIME • Up to £9,000 per year (£6,750 part time) • Maximum loan depends on fee charged • Optional - take all, part or none of fee loan • Average fee in 2012 was around £8,500 • Higher fees ≠ higher cost

  19. MAINTENANCE SUPPORT

  20. MAINTENANCE LOAN – 2014/2015 RATES* ! Additional loan is available for each extra week of study for students attending their course beyond 30 weeks

  21. MAINTENANCE GRANT • The Maintenance Grant doesn’t have to be repaid • How much you get depends on household income (100% means tested) • Household income thresholds for 2014/2015: • Up to £25,000 can - maximum grant of £3,387* • Up to £42,611 - partial grant • *Pending final policy approval

  22. COMBINED LOAN AND GRANT EXAMPLE Student living away from home, outside London 2013/14

  23. SCHOLARSHIPS & BURSARIES

  24. SCHOLARSHIPS & BURSARIES ! • Bursaries: • Could be available through National Scholarship Programme • Linked to personal circumstance and often, household income • Vary by university or college • Scholarships: • Can be linked to academic results or ability in sport, music etc.. • Subject specific or generic • Limited in numbers Students should check university websites and ask at open days for information on bursaries and scholarships – what is available and how/when to apply

  25. NATIONAL SCHOLARSHIP OFFERS – 13/14 EXAMPLES Over 550 Awards Up to 504 Awards Up to 374 Awards Year 1 Only – Fee Waiver £7,000 Cash Bursary £1,000 & £1,000 on ‘university account’ for use on other costs (accommodation, books etc..) £9,000 over three years £3,000 can be taken cash, Example - £2,000 fee waiver & £1,000 cash or accommodation discount per year THE OFFER HOW MANY Year 1 - Fee Waiver £3,500 Accommodation Bursary £1,000 Year 2+ - Income related university bursary up to £2,000 • SLC assessed household income under £25k • Have made university firm choice through UCAS • Meet one of the universities set under represented criteria • Application to be made direct to university • On full-time undergraduate course with £9,000 fee • Ordinary resident in England, household income under £42k • Household in low participation region as identified by HEFCE • Eligibility checked via UCAS and student finance application • Household income under £25k - assessed by SLC • Ordinary resident in England • Applied for means tested maintenance support • Application automatic via information supplied to SLC TO QUALIFY

  26. ADDITIONAL SUPPORT

  27. ADDITIONAL SUPPORT • 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 • Studying an NHS or Social Work course For further information and applications students should visit: www.nhsbsa.nhs.uk/students ! • NHS courses include; • Nursing, midwifery, physiotherapy, chiropody, dietetics, radiography, occupational therapy, the later stages of medicine and dentistry

  28. STUDENT LOAN REPAYMENT – THE REAL COST

  29. STUDENT LOAN REPAYMENTS • Nothing to pay until income is over £21,000 a year(£1,750 pm) gross - threshold will rise annually in line with average earnings increase • Full time students will repay from April after graduating from/leaving their HE course (from April 2016 at the earliest) • Part time students will repay from April 4 years after they started their course, or April after they leave their course • (from April 2016 at the earliest, if income is over £21,000) • Repayments are 9% of income earned over £21,000 • If income falls to £21,000 or below repayments will stop

  30. STUDENT LOAN REPAYMENTS • Any remaining balance cleared 30 years after entering repayment process • No penalties for early repayments • ‘A student loan is very unlikely to affect your ability to get a mortgage’ • (The Council for Mortgage Lenders) • Mortgage lenders are more interested in your spare monthly income (‘ability to repay’)

  31. STUDENT LOAN REPAYMENT – THE FIGURES Any outstanding loan balance will be cleared 30 years after entering repayment. !

  32. STUDENT LOAN REPAYMENT – COMPARISON ! Assumptions: 2% salary growth, 3% average inflation. Based on a report by HEPI on the Government White Paper, available here.

  33. STUDENT LOAN REPAYMENT – COMPARISON This year will see the first earnings linked rise in repayment thresholds for existing students. Up from £15,000 to £15,795. !

  34. STUDENT LOAN REPAYMENT – DEDICATED WEBSITE www.studentloanrepayment.co.uk

  35. RESOURCES AND FURTHER INFO

  36. www.practitioners.slc.co.uk PRACTITIONERS WEBSITE

  37. APPLICATION DEMO – ASSIST AND SUPPORT STUDENTS

  38. FACT SHEETS • Comprehensive suite of factsheets covering key areas of • student finance, including: • Full-Time and Part-Time Support • Eligibility, Applications and Repayments • Disabled Students’ Allowances • Care Leavers, Study Abroad and Other Support • Students with Dependants • Information for Parents of Students

  39. QUICK GUIDE SERIES – DOWNLOAD OR ORDER • How and when to apply • Disabled Students’ Allowances (DSAs) Key Steps • Dependants Grants • What, how and when to repay • Student finance explained: For parents of students

  40. Blair Campbell blair_campbell@slc.co.uk www.practitioners.slc.co.uk

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