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Student Funding Arrangements for September 2012 entrants

Student Funding Arrangements for September 2012 entrants. Money Doctors Service Student Advice Centre Staffordshire University Students’ Union. Who am I? Student Money Adviser in the Student Advice Centre (part of Staffordshire University Students’ Union).

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Student Funding Arrangements for September 2012 entrants

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  1. Student Funding Arrangements for September 2012 entrants Money Doctors Service Student Advice Centre Staffordshire University Students’ Union

  2. Who am I? • Student Money Adviser in the Student Advice Centre (part of Staffordshire University Students’ Union). • Part of the National Money Advice Service Money Doctors project. Aims to support students in understanding and managing their finances prior to and during their time at University. See http://www.moneyadviceservice.org.uk/ for further information.

  3. In this session we will look at: • The organisations involved in student funding and the help available to pay tuition fees and living costs to non-nursing and then nursing students. • Additional financial support available for students with a disability or children. • The application process. • Other financial help and how students can prepare for the financial transition into HE.

  4. Organisations involved in Student Funding: Students entering HE in Sept 2012 apply to be assessed for their student finance via Student Finance England. www.studentfinanceengland.co.uk They answer queries and do assessments www.slc.co.uk Make payments to the student

  5. Help with paying University tuition fees: All students have to pay tuition fees. Universities can charge up to £9000 in 2012-13 if meet widening participation and fair access conditions overseen by the Office For Fair Access (OFFA). Check individual Universities websites for information about what they are charging. Students can apply for a tuition fee loan to cover the cost of tuition fees. The household income of parents isn’t taken into account.

  6. Help with living costs - rent, food, bills, course costs, etc: a) Student Maintenance Loan: 72% NOT means-tested on residual household income so all students will receive this as long as under 60 at start of course and do not already have previous Honours degree. 28% of means-tested on residual household income.

  7. Maintenance Grant - Not repayable. Students entitled to this will have their maintenance loan reduced.

  8. National Scholarship Programme • Will be introduced from September 2012 to help students from low income backgrounds. • Check individual universities website for details.

  9. Quick recap…. • September 2012/13 students can access the following: • Tuition Fee loan (re-payable) • Maintenance loan (re-payable) • Maintenance grant (not repayable) • National Scholarship Programme

  10. What’s repayable? – New system • Fee loan and Student Maintenance loan are the only elements of student finance that are repayable. • Deducted from earnings via employer after graduation. Interest added from point at which loan is taken out. Repay 9% of your income above £21,000 for a period of 30 years.

  11. More about interest rates…. • Interest on the Loan will be RPI plus 3% whilst studying and up until April after leave University. • If earning below £21K after graduation, interest will be applied at the rate of inflation (RPI). • If earning between £21K and £41K after graduation, interest will be applied between RPI and RPI plus 3% on a gradual scale depending upon income. • Graduates earning above £41K will be charge interest at RPI plus 3%.

  12. Nursing Students (but financial support for nursing students is currently being reviewed by the Government and so the below may alter) Degree: • Means-tested Bursary of up to £2810 (not repayable) • Extra weeks allowance - £54 p/w (home rate) and £82 p/w (away rate) • Student Loan of up to £2265 Degree: • Help with clinical placement costs and additional accommodation costs whilst on placement. • Dependents Allowance for an adult or first child £2238 diploma and £2640 degree. £539 for each subsequent child.

  13. Additional support for students with children or a disability (non-nursing and nursing students): • Disabled Students Allowance for those who incur extra course costs as a direct result of their disability (not means-tested and non-repayable) • Parents Learning Allowance (means-tested but not repayable) for those with children Non nursing students: £1508 Nursing students: £1104 • Childcare Grant (for people with children using registered or accredited childcare)- can assist with up to 85% of childcare costs which is higher than tax credits system (means-tested but not repayable) up to £148.75 (£126.65 for nurses)if 1 child and up to £255 (£187.75 for nurses)if have 2 children. Not repayable. • Adult Dependant Grant (non-nursing): £2642 per year. Not repayable.

  14. The application process - Non-nursing students: • Student obtains a Student Finance form from Student England, completes and returns by post or can complete on-line. Advisable to do this asap so that support is ready for start of academic year. • Student Finance England assess and send a Financial Notification which states what the student has been awarded. • The Student Loans Company then sends a Student Loan payment schedule. This details when, over the academic year, they will make payments of student support into the student’s bank account. • SLC pay money into the student’s bank account 3-4 working days after the student has enrolled.

  15. The application process – nursing students: • Nursing Students need to apply to the NHS to be assessed for all their support. See http://www.nhsbsa.nhs.uk/students • Nursing Degree students wanting to apply for a student loan should apply to Student Finance England.

  16. Other Financial Help: • Students with a disability, students with children and student couples may all have an eligibility for social security benefits and tax credits. If a student falls into one of these categories, they need to seek further information re what they can claim. • Care Leavers: contact Local Authority Leaving Care Team. May be additional financial support they can offer. Also see Frank Buttle Trust website www.buttletrust.org – they offer grants to certain students.

  17. How can students prepare for the financial transition into HE? By ensuring they…. • Know what they are entitled to and where to check if they’re receiving the correct amounts. Most Universities have a Student Advice Centre. See www.nasma.org.ukfor contact details. • Apply for financial support as soon as possible. They don’t need to wait until they’ve been offered a place on a course. • Understand the process of applying and receiving support. • Seek help to think about how they are going to manage their money if they think they may struggle to do this. .

  18. Useful Contacts…. • Student Finance England www.direct.gov.uk/studentfinance Tel: 0845 300 5090 • Student Loans Company Student Support helpline Tel: 0845 6020583

  19. OUR CONTACT DETAILS AND QUESTIONS…. Money Doctors Student Advice Centre Staffordshire University Students Union moneydoctors@staffs.ac.uk www.staffsunion.com/moneydoctors

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