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STUDENT FINANCE 2014/15

STUDENT FINANCE 2014/15. SESSION CONTENT. Student Finance Package Repayments Applications & Information Questions & Comments. STUDENT FINANCE PACKAGE. STUDENT FINANCE PACKAGE. !. Tuition Fee Loan. Figures used in this section may change, subject to 2014/15 policy approval. The

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STUDENT FINANCE 2014/15

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  1. STUDENT FINANCE 2014/15

  2. SESSION CONTENT • Student Finance Package • Repayments • Applications & Information • Questions & Comments

  3. STUDENT FINANCE PACKAGE

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

  5. TUITION FEE LOAN

  6. 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 set by the university or college* • Tuition Fee Loan is non-means tested (Not linked to household income) • SLC pay any Tuition Fee Loan directly to your university or college • The loan is repayable, but only when your income is over £21,000 • a year *Up to £6,000 for publicly funded courses at private HEIs

  7. MAINTENANCE SUPPORT

  8. 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. MAINTENANCE LOAN EXAMPLE – 2014/15 RATES* ! Additional loan is available for each extra week of study for students attending their course beyond 30 weeks

  10. MAINTENANCE LOAN – 2014/15 RATES ! *Slightly lower rates of support apply to final year students

  11. MAINTENANCE SUPPORT • The Maintenance Grant doesn’t have to be repaid • How much grant you can get depends on your household income (100% means tested) • Household income thresholds for 2014/2015: • Students from households with income of up to £25,000 can get the maximum grant of £3,387* • Students from households with incomes of up to £42,620 can get a partial grant • *Pending final policy approval

  12. COMBINED MAINTENANCE SUPPORT Student living away from home, outside London 2014/15

  13. SCHOLARSHIPS & BURSARIES

  14. SCHOLARSHIPS & BURSARIES ! • Bursaries: • Could be available through the National Scholarship Programme • Linked to personal circumstances and often, household income • Vary by university and college • Scholarships: • Can be linked to academic results or outstanding ability in sport, music, art etc… • Can be subject specific • Limited in numbers Check university websites and ask at open days for information on bursaries & scholarships – what’s available and how to apply

  15. ADDITIONAL SUPPORT

  16. ADDITIONAL SUPPORT • Extra money or 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 • Studying an NHS or Social Work course For more information on eligibility and applications students, should visit: www.nhsbsa.nhs.uk/students.aspx ! • NHS courses include; • Nursing, midwifery, physiotherapy, dietetics, radiography, speech and language therapy, occupational therapy, the later stages of medicine and dentistry

  17. STUDENT LOAN REPAYMENT

  18. STUDENT LOAN REPAYMENT • You wont make repayments until your income is over £21,000 a year(£1,750 pm) • Full time students will be due to start repaying in the April after graduating from/leaving their HE course • Part time students enter repayment in the April 4 years after • they started their course, or the April after they leave their course • (Whichever is sooner) • 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

  19. STUDENT LOAN REPAYMENT – THE FIGURES Any outstanding loan balance will be written off 30 years after entering repayment !

  20. STUDENT LOAN REPAYMENT – INTEREST RATES The amount of interest charged will vary depending on your circumstances: During study until entering repayment • Interest rate is: • Retail Price Index (RPI) +3% Income: Below £21,000 • Interest rate is: • Set at RPI Only Students can make (penalty free) voluntary repayments at any time ! Income: £21,000 to £41,000 • Interest rate is: • RPI plus up to 3% Income: Above £41,000 • Interest rate is: • Retail Price Index (RPI) +3%

  21. APPLICATIONS & INFORMATION

  22. STUDENT LOAN APPLICATIONS • Apply online through GOV.UK as soon as possible to make sure your student finance is in place for the start of your studies • Register on UCAS and we can let you know when it’s time to apply • You do not need a confirmed place at university or college to apply for student finance • You can change your details online before starting your course • Agree to share information from your application, this helps apply for • many scholarships and bursaries • If unsure of the fee amount needed, select maximum

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

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

  25. SOCIAL MEDIA – FOLLOW US FOR THE LATEST NEWS www.facebook.com/SFEngland www.twitter.com/sf_england

  26. UNISTATS – COMPARE UNI’S, COURSES AND FEES www.unistats.direct.gov.uk

  27. Plan a budget – and stick to it! (Dull, but practical) Ask questions and get any advice you need – from your teachers or advisers, current students, family, university or college staff Check out student bank accounts and NUS cards, but try to avoid taking credit or store cards Be aware of phishing scams!! If you need financial support and advice once you are at university or college, staff there will be able to help MANAGING YOUR MONEY Some general hints, tips and advice; 12_13

  28. KEY MESSAGES • Important to make the right university/college and course choice!!! • Tuition Fee Loans available to all eligible students and future • repayments are linked to your income, not what you owe • Research all finance available – especially bursaries & scholarships • Apply on-line & on time – no need to wait for a confirmed place • Ensure all details are correct before submitting an application • Let us know of any changes as soon as possible

  29. ? QUESTIONS & COMMENTS

  30. CONTACT US For further Information on student finance and applications call us on: Customer helpline: 0845 300 5090 There are no silly questions when it comes to student finance, so if you’re unsure, ask! @sf_england facebook.com/SFEngland

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