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STUDENT FINANCE 2014/15 A PRACTITIONERS INTRODUCTION. i. SESSION CONTENTS. Section 1 – The Student Finance Package Section 2 – Additional Support Section 3 – Student Loan Repayment Section 4 – Application Information Section 5 – Resources. SECTION 1. THE STUDENT FINANCE PACKAGE 2014/15.

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STUDENT FINANCE 2014/15

A PRACTITIONERS INTRODUCTION

slide2

i

SESSION CONTENTS

  • Section 1 – The Student Finance Package
  • Section 2 – Additional Support
  • Section 3 – Student Loan Repayment
  • Section 4 – Application Information
  • Section 5 – Resources
slide3

SECTION 1

THE STUDENT FINANCE PACKAGE 2014/15

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1

THE STUDENT FINANCE PACKAGE

SUPPORT AVAILABLE TO STUDENTS INCLUDES:

Tuition Fee Loan

The

Student Finance

Package

Maintenance (Living Cost) Support

Bursaries & Scholarships

Additional Support

Figures used in this section may change, subject to 2014/15

policy approval

slide5

SECTION 1

TUITION FEES & LOANS

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1

TUITION FEES & LOANS

OVERVIEW

  • 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 designated courses at private HEI’s)
  • 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

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1

TUITION FEES & LOANS

LIABILITY DATES

Tuition Fees will be paid to a HEI at three points in the academic year

*Two weeks after Term 1 start date for part-time courses

Interest on the loan will be charged from the day payment is made to the university/college, not from the liability date

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1

TUITION FEES & LOANS

SANDWICH & PLACEMENT YEARS

  • Policy changes for students starting their courses on or after 1st September
  • 2012:
  • Students on sandwich placements will be charged 20% of the
  • maximum full-time tuition charge – Maximum charge of £1,800
  • Students on Erasmus placements will be charged 15% of the
  • maximum full-time tuition charge – Maximum charge of £1,350
  • Students on overseas placements will be charged 15% of the
  • maximum full time tuition charge – Maximum charge of £1,350
slide9

SECTION 1

PART-TIME STUDENTS

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1

TUITION FEES & LOANS

OVERVIEW

  • Publicly-funded universities or colleges can charge up to a maximum tuition fee level of £6,750 a year for part-time courses*
  • New, eligible part-time students can apply for a non means tested loan to cover the cost of their tuition at these institutions
  • The actual amount charged will depend on the intensity of a course
  • Course intensity is how long it takes to complete a part-time course
  • compared to the equivalent full-time course
  • Students starting designated P/T courses provided wholly by a private university or college can apply for up to £4,500 in Tuition Fee Loan

*With an Offa approved Access Agreement

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1

TUITION FEES

COURSE INTENSITY

  • Course intensity is worked out by taking the number of part-time units studied in an academic year and dividing it by the number of units which would be completed in an academic year if studying same the course
  • on a full-time basis
  • The result is multiplied by 100 to give the intensity as a percentage
  • If a part-time course takes six years to complete and the full-time equivalent takes three, the course intensity will be 50% e.g.

Course Intensity

50%

Part-Time Course

= 60 Units

Full-Time Course

= 120 Units

÷

=

Students should ask a university or college if they’re unsure what their course intensity will be

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1

OTHER SUPPORT

FOR PART-TIME STUDENTS

  • Part-time students will not be entitled to a loan or grant towards living costs but can access Disabled Students’ Allowances (DSAs)
  • Bursaries or scholarships offered by universities and colleges may provide additional support based on factors such as income or academic achievement
  • Continuing students whose course began before September 2012 can still apply for a means-tested fee and course grant
  • Part-time study & benefits
  • Part-time students can usually still claim benefits that depend on
  • household income (means-tested benefits) such as; Universal Credit, Income-based Jobseekers Allowance or Housing Benefit if unemployed

Students should contact their Jobcentre Plus or Department for

Work and Pensions for an on-going benefit eligibility assessment

slide13

SECTION 1

MAINTENANCE SUPPORT

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1

MAINTENANCE SUPPORT

OVERVIEW

  • 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 receive 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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1

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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1

MAINTENANCE LOAN

MEANS TESTING

*Slightly lower rates of support apply to final year students

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1

MAINTENANCE SUPPORT

MAINTENANCE GRANT

OVERVIEW

  • 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

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1

SPECIAL SUPPORT GRANT

ELIGIBILITY CRITERIA

  • As with the Maintenance Grant the maximum Special Support Grant a
  • student could get is £3,387, students could be eligible for a SSG if they:
  • Are a lone (single) parent
  • Have a partner who is also a student and one or both of them are responsible for a child/young person under 20 who is in full-time
  • education below higher education level
  • Have a disability and qualify for the Disability Premium or Severe
  • Disability Premium
  • Are deaf and qualify for Disabled Students’ Allowances
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1

SPECIAL SUPPORT GRANT

ELIGIBILITY CRITERIA

  • Have been treated as incapable of work for at least 28 weeks
  • Have a disability and qualify for income-related Employment and
  • Support Allowance
  • Are waiting to go back to a course having taken agreed time out from
  • that course due to an illness or caring responsibility that has now ended
  • Are aged 60 or older
  • Entitled to Personal Independence Payment, Armed Forces
  • Independence Payment and Disability Living Allowance
  • Eligible for the housing element of Universal Credit

Students receiving the Special Support Grant will not see a

reduction in their Maintenance Loan entitlement

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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

slide21

SECTION 1

BURSARIES & SCHOLARSHIPS

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1

BURSARIES & SCHOLARSHIPS

BURSARIES & SCHOLARSHIPS

OVERVIEW

  • 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

Students should check university websites early and ask at open

days for information on support available and how to apply

slide23

SECTION 2

ADDITIONAL SUPPORT

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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

For further information and applications students should visit:

www.nhsbsa.nhs.uk/students

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2

ADDITIONAL SUPPORT

DISABLED STUDENTS’ ALLOWANCES

  • Disabled Students’ Allowances provide help towards the additional costs
  • that a student may face as result of their disability, long-term health
  • condition, mental-health condition or specific learning difficulty:
  • DSAs Support:
  • Is available in addition to the standard student finance package,
  • Does not have to be repaid,
  • Is not affected by household income,
  • Looks at the specific needs of the individual in relation to their circumstances and studies

Students need to be aware the DSA application process can take up to 14 weeks!

slide26

2

ADDITIONAL SUPPORT

DISABLED STUDENTS’ ALLOWANCES

DSA Rates 2014/15:

For both full-time and part-time postgraduate students there is a single allowance of up to £10,362 a year

slide27

2

ADDITIONAL SUPPORT

STUDENTS WITH DEPENDANTS’

  • Childcare Grant:
  • Based on 85% of actual registered/approved childcare costs up to
  • maximum of: £150.23 per week for one child £257.55 per week for two or more children
  • Parents’ Learning Allowance:
  • Help with course-related costs for students with dependent children
  • Amount received will be between £50 and £1,523
  • Adult Dependants’ Grant:
  • Normally for the student’s partner. Can be for another adult who is
  • financially dependent on the student where the adult’s net income is not
  • more than £3,796 p.a.Maximum grant available: £2,668

Dependants grants are income related. Universities may offer

extra support to students with childcare/caring responsibilities

slide28

SECTION 3

STUDENT LOAN REPAYMENTS

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3

STUDENT LOAN REPAYMENTS

AN OVERVIEW

  • Students won’t make repayment contributions until their income is
  • over £21,000 a year (£1,750 pm) gross
  • On entering repayment, this threshold will rise annually in line with average earnings increase
  • Full-time studentswill begin to repay in the April after graduating from/leaving their HE course (from April 2016 at the earliest)
  • Part-time students enter repayment in the April 4 years after they started their course, or the April after they leave their course, whichever comes first
  • Repayments will be a basic 9% of income earned over £21,000,
  • but if income falls to £21,000 or below, repayments will stop
slide30

3

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

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3

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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3

PART-TIME LOAN REPAYMENTS

INTEREST ON A LOAN WILL VARY

  • While studying and until whichever
  • comes first of:
  • April after graduating or leaving a course
  • April 4 years after the start of a course

Interest Rate

Retail Price Index (RPI) +3%

Interest added will then be linked to a students income (From April 2016)

Retail Price Index (RPI) Only

Income: Under £21,000

Retail Price Index (RPI) + Up to 3%

Income: £21,000 up to £41,000

Income: Over £41,000

Retail Price Index (RPI) +3%

Students who finish or leave a course before April 2016; RPI plus 3% until the April after leaving the course, then RPI only until April 2016

slide33

3

STUDENT LOAN REPAYMENTS

DEDICATED WEBSITE

www.studentloanrepayment.co.uk

slide34

SECTION 4

APPLICATION INFORMATION

slide35

4

APPLICATION INFORMATION

KEY MESSAGES

  • Apply online at gov.uk/studentfinance as soon as possible to make
  • sure student finance is in place for the start of their course
  • Register on UCAS and we can let students know when it’s time to apply
  • They do not need a confirmed place at university or college to apply
  • Make a note of their account log-in details and keep them safe
  • Agree to share information from their application, this helps apply
  • for many bursaries and some scholarships
  • Students will be assessed for non means tested support if there are
  • any delays in receiving household income information
slide36

4

APPLICATION INFORMATION

COMPLETING AN APPLICATION

  • Before starting an application, students should have the following to hand:
  • • Passport - SFE can check identity using valid UK passport details
  • • University and course details
  • Bank account details and National Insurance number
  • If parents or other sponsors will be supporting a students application, they
  • will need their own account on GOV.UK and provide information including:
  • • National Insurance number(s)
  • Household income information
  • Details of other child dependants

If sponsors can’t submit income details online, they should send a photocopy of evidence including: P60s, Pay slips or Tax returns

slide37

4

GOV.UK

FOR MORE INFORMATION & TO APPLY

www.gov.uk/studentfinance

slide38

4

NEW LOOK ‘MY ACCOUNT’

MAKING IT EASIER TO NAVIGATE & UNDERSTAND

slide39

SECTION 4

APPLICATION INFORMATION

EVIDENCE & HOUSEHOLD INCOME

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4

STUDENT FINANCE APPLICATIONS

IDENTITY EVIDENCE

  • SFE require all students to provide identity evidence in order for their
  • application to progress. The following list details acceptable identification
  • evidence (ID):
  • UK Students - Identity Evidence
  • Students confirm identity by providing valid passport details in their
  • online application
  • If they haven't included passport details with online application they will
  • need to send one of the following:
  • A completed UK Passport Details Form (If holding valid passport)
  • Original UK birth or adoption certificate along with a countersigned
  • Birth/Adoption Certificate Form (ADIF)
slide41

4

STUDENT FINANCE APPLICATIONS

IDENTITY EVIDENCE – NON UK STUDENTS

  • SFE require one of the following documents to be sent as proof of identity:
  • EU National Identity Card (Must be in date)
  • Original Non-UK Passport (Must be in date)
  • Biometric Residence Permit cards
  • Non-UK Students may also need to submit the following evidence:
  • Original Home Office documents - To prove refugee status or leave to enter or remain status
  • Photocopies of P60, Contract of Employment, Tax Returns or a P45 - To prove European Economic Area (EEA) or UK work details
  • A letter confirming addresses for the last 3 years prior to the start of course - To confirm residency details
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4

SUPPORTING AN APPLICATION

HOUSEHOLD INCOME

  • If supporting an application for means tested student finance, SFE will
  • need to see details of parent(s) partners or other sponsors household
  • (taxable earned and unearned) income and National Insurance 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, SLC verify income from these NI numbers

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

slide43

SECTION 5

RESOURCES

FOR STUDENTS & PRACTITIONERS

slide44

5

SFE FULL & QUICK-START GUIDES

STUDENT GUIDES

NOW AVAILABLE FOR 2014/15

  • Series of informative guides, introducing the main
  • areas of student finance to students and their parents,
  • including:
  • Financial Support for Students
  • Disabled Students’ Allowances
  • How Students are Assessed and Paid
  • Student Loan Terms and Conditions
  • Download now from our practitioners websiteand
  • the SFE finance page on The Student Room
slide45

5

STUDENT GUIDES

QUICK GUIDE SERIES 2014/15

  • Helpful fold-out guides highlighting essential student
  • finance information:
  • How and When to Apply
  • Student Loan Repayments
  • DSA’s and Dependants Grants
  • Student Finance Explained for Parents
  • of Students
  • Download or order through practitioners website and
  • download only from The Student Room SFE page
slide46

5

THE STUDENT ROOM

FOR FURTHER INFORMATION & RESOURCES

www.thestudentroom.co.uk/studentfinance

slide47

5

MONEY MATTERS eMAG

1st EDITION AVAILABLE NOW

  • New resource giving students information on
  • student finance - What’s available and how to
  • get it, budgeting, applications and repayment
  • Content includes interviews with students at
  • different stages of their university and college
  • lives
  • Links to interactive features, including SFE
  • ‘A Minute For’ videos
slide48

5

YOU TUBE

SFE VIDEO CHANNEL

www.youtube.com/SFEFILM

slide49

5

SOCIAL MEDIA

FOLLOW SFE FOR THE LATEST NEWS

www.facebook.com/SFEngland

www.twitter.com/sf_england

slide50

5

UNISTATS

COMPARE UNI’S COURSES AND FEES

www.unistats.direct.gov.uk

slide51

SECTION 5

PRACTITIONER RESOURCES

slide52

www.practitioners.slc.co.uk

5

PRACTITIONER RESOURCES

DEDICATED WEBSITE

slide53

5

PRACTITIONER RESOURCES

DEDICATED WEBSITE

  • Access and download our wide range of
  • IAG resources, including:
  • Suite of Factsheets
  • Series of Full and Quick Guides
  • PowerPoint Presentations
  • Videos and Marketing Materials
  • Policy Documents and SFE Updates
slide54

5

PRACTITIONER RESOURCES

FACTSHEETS

  • Our suite of factsheets provide information on the
  • main aspects of student finance and repayments,
  • along with more specialised subjects, including:
  • Applications, eligibility and evidence
  • Finance for students at private universities
  • or colleges
  • Independent student status and students
  • leaving care
  • Changing circumstances and withdrawals
slide55

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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QUESTIONS & COMMENTS