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STUDENT FINANCE MATTERS

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  1. STUDENT FINANCE MATTERS

  2. i SESSION CONTENTS • Section 1 – The Student Finance Package • Section 2 – Student Loan Repayments • Section 3 – Applications & Information • Questions & Comments

  3. SECTION 1 THE STUDENT FINANCE PACKAGE

  4. 1 THE STUDENT FINANCE PACKAGE SUPPORT AVAILABLE TO STUDENTS INCLUDES: TUITION FEE LOAN MAINTENANCE SUPPORT BURSARIES & SCHOLARSHIPS ADDITIONAL SUPPORT Figures used in this section are 2014/15 examples and may change upon announcement of 2015/16 student finance policy

  5. SECTION 1 TUITION FEES & LOANS

  6. 1 TUITION FEES & LOANS • 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 a university • or college** • A Tuition Fee Loan doesn’t depend on household income • SFE pay any Tuition Fee Loan directly to your university or college • The loan is repayable, but only when your income is over £21,000 *Publicly funded institutions **Up to £6,000 available for approved courses at private providers

  7. SECTION 1 MAINTENANCE SUPPORT

  8. 1 MAINTENANCE SUPPORT • Maintenance support is available to help with your living costs 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 you live and study • Maintenance support is paid directly into your bank account each term

  9. Up to £4,418 1 MAINTENANCE LOAN EXAMPLE 2014/15 MAXIMUM RATES Up to £7,751 Parental Home - Live at home Elsewhere - Live away from home and study outside of London Up to £6,600 London - Live away from home and study in London Up to £5,555 65% of these total amounts is not means tested so is not affected by household income Overseas - Study overseas as part of a UK course

  10. 1 MAINTENANCE SUPPORT MAINTENANCE GRANT • The Maintenance Grant doesn’t have to be repaid • How much grant you can get depends on your household income (100% means tested) • Current household income thresholds 2014/15: Household Income: Up to £25,000 Full Grant of £3,387 Household Income: Up to £42,620 Partial Grant You can get a quick estimate of your student finance entitlement using the calculator on gov.uk/studentfinance

  11. 1 ILLUSTRATION Student living away from home outside London: 2014/15

  12. SECTION 1 BURSARIES & SCHOLARSHIPS

  13. 1 BURSARIES & SCHOLARSHIPS BURSARIES & SCHOLARSHIPS • 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 discounted tuition fees, accommodation or cash • Scholarships: • Linked to academic results or ability in an area such as sport or music • Can be subject specific and are limited in numbers Check university websites and ask at open days for information on bursaries, scholarships and how and when to apply!

  14. SECTION 1 ADDITIONAL SUPPORT

  15. 1 ADDITIONAL SUPPORT ADDITIONAL SUPPORT EXTRA SUPPORT MAY BE AVAILABLE IF YOU: • Have children or adults dependent on you • Have a disability, long-term health condition, mental-health condition • or specific learning difficulty • Study an NHS or Social Work course • NHS courses include: • nursing, midwifery, physiotherapy, speech and language therapy, • dietetics, radiography , the later stages of medicine and dentistry For more information on eligibility and applications for NHS support go to: www.nhsbsa.nhs.uk/students

  16. SECTION 2 STUDENT LOAN REPAYMENTS

  17. 2 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

  18. 2 STUDENT LOAN REPAYMENTS THE FIGURES £ £ Monthly Repayment? £4,000 9% Deducted from? Income £25,000 £30 Interest will be applied to your loan at a maximum rate of RPI +3% More info can be found on: www.studentloanrepayment.co.uk

  19. SECTION 3 APPLICATIONS & INFORMATION

  20. 3 STUDENT FINANCE APPLICATIONS KEY MESSAGES – APPLY EARLY • 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 6 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* • 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 *When setting up your student finance account, be sure to keep a note of your password and other log-in information!

  21. 3 GOV.UK FOR MORE INFORMATION & TO APPLY www.gov.uk/studentfinance

  22. 3 SFE ONLINE FOR FURTHER INFORMATION & RESOURCES www.youtube.com/SFEFILM www.twitter.com/sf_england www.facebook.com/SFEngland www.thestudentroom.co.uk/studentfinance

  23. ? QUESTIONS & COMMENTS

  24. i i NEED MORE INFORMATION? For further Information on student finance and applications go to: www.gov.uk/studentfinance For a range of helpful tools and guidance, visit: www.thestudentroom.co.uk/studentfinance 2015/16