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INTRODUCTION TO STUDENT FINANCE

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  1. INTRODUCTION TO STUDENT FINANCE INFORMATION FOR STUDENTS

  2. i SESSION CONTENTS • Section 1 – The Student Finance Package • Section 2 – Applications & Information • Section 3 – Student Loan Repayments • Section 4 - Managing Your Money • Questions or Comments

  3. THE STUDENT FINANCE PACKAGE* SECTION 1 *All figures used in this section are subject to final approval of the 2015/16 student finance policy

  4. TUITION FEE Loan Extra Support SECTION TITLE IN HERE SUBHEADER IN HERE SECTION 3 Student Finance Package Maintenance Support

  5. HOW MUCH DO YOU KNOW? TUITION FEES Q Q A A What’s the maximum tuition fee universities or colleges can charge new students in 2015/16?* £0 £9,000 How much of this will you need to pay up front before you go to uni or college?* *Eligible English domiciled students studying at a publicly funded university or college

  6. TUITION FEES AND LOANS AN OVERVIEW • Universities and colleges* can charge new, full-time students up to • £9,000(£6,750 part-time) per year in 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 your Tuition Fee Loan directly to your university or college. • The loan is repayable, but only when your income is over £21,000 a year. *Publicly funded institutions **Up to £6,000 for approved courses at private providers

  7. Tuition Fee Loan Extra Support SECTION TITLE IN HERE SUBHEADER IN HERE SECTION 3 Student Finance Package MAINTENANCE Support

  8. MAINTENANCE SUPPORT AN OVERVIEW • Maintenance support is available to help with your living costs while • in higher education. • There are two main types of support: Maintenance Loan (repayable) • and Maintenance Grant (non-repayable). • All eligible students are entitled to receive some Maintenance support. • The amount of Maintenance Loan you can get depends on where you • live and study. • Maintenance support is paid directly into your bank account each term.

  9. Up to £8,009 Up to £5,740 Up to £4,565 MAINTENANCE LOAN MAXIMUM LEVELS 2015/16 £ £ £ Parental home Live at home while you study Elsewhere Live away from home & study outside London London Live away from home & study in London i If studying overseas as part of a UK course, Maintenance Loan support is still available; up to £6,820 for 2015/16.

  10. MAINTENANCE LOAN MAXIMUM LEVELS 2015/16 *Lower rates are available to final year students i Additional loan may be available for any extra weeks of study if your course goes beyond 30 weeks in an academic year

  11. MAINTENANCE GRANT SUPPORT AND MEANS TESTING • 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: Up to £25,000 Full Grant: £3,387 Household Income: Up to £42,620 Partial Grant: (Min £50) i Household income is the taxable earned and unearned income of the parents/partner you live with most of the time.

  12. MAINTENANCE SUPPORT ARE YOU AN INDEPENDENT STUDENT? • If you are over 25, have care of a young person or have supported yourself • financially for three years before starting your HE course, your parental income won’t be taken into account when assessing your entitlement.* • You could be considered independent if you (amongst other criteria): • • have care of a person under the age of 18 • • are 25 or over on the first day of the academic year • are permanently estranged from their parents • are leaving the care of the local authority i *If married or in a civil partnership, SFE will take into account the income of the your husband, wife or civil partner.

  13. SPECIAL SUPPORT GRANT ARE YOU ELIGIBLE? • The Special Support Grant replaces the Maintenance Grant for certain • students. The maximum grant is £3,387. You could be eligible if you: • are a lone (single) parent • have a partner who is also a student and one or both of you are • responsible for a child/young person under 20 who is in full-time • education below higher-education level • are eligible for the housing element of Universal Credit • are deaf and qualify for DSAs or have a disability and qualify for • income-related Employment and Support Allowance i Students receiving the Special Support Grant will not see a reduction in their Maintenance Loan entitlement.

  14. COMBINED MAINTENANCE SUPPORT LIVING AWAY FROM HOME OUTSIDE LONDON i You can get an estimate of your student finance entitlement using the calculator on gov.uk/studentfinance

  15. Tuition Fee Loan EXTRA Support SECTION TITLE IN HERE SUBHEADER IN HERE SECTION 3 Student Finance Package Maintenance Support

  16. EXTRA SUPPORT BURSARIES AND 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 usually limited in numbers. i Check university/college websites and ask at open days to see what they offer and how/when to apply....don’t miss out!!

  17. ADDITIONAL SUPPORT EXTRA SUPPORT OTHER FINANCIAL HELP MAY BE AVAILABLE IF YOU… • have children or an adult dependent on you • have a disability, long-term health condition, mental-health condition • or specific learning difficulty • study overseas as part of your UK based course • 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 i For more information on eligibility and applications for NHS support go to: www.nhsbsa.nhs.uk/students

  18. APPLICATIONS & INFORMATION SECTION 2

  19. You APPLY on time You get PAID! Apply Online We ASSESS your application

  20. HOW MUCH DO YOU KNOW? STUDENT FINANCE APPLICATIONS a) Call SFE and ask for an application form to be sent to you b) Online @ www.gov.co.uk/studentfinance c) Apply? I just thought the money would appear when I need it! a) After you have started your course b) When you have a confirmed offer from a university or college c) As soon as possible A A Q Q c) As soon as possible b) Online @ www.gov.uk/studentfinance What is the easiest way to apply for your student finance? When should you apply for your student finance?

  21. STUDENT FINANCE APPLICATIONS KEY MESSAGE – APPLY EARLY • Each year thousands of students apply late for their finance and have no • way to pay for their course or accommodation, some even have to drop out • ...don’t let that be you! • It will take at least six 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. • Apply with your first choice, you can change details later if you need to. *Register on UCAS and check the SFE websites for updates on when to apply for student finance. i

  22. GOV.UK FOR MORE INFORMATION AND TO APPLY www.gov.uk/studentfinance

  23. STUDENT FINANCE APPLICATIONS KEY MESSAGE – GET IT RIGHT FIRST TIME • Make a note of your account log-in details and keep them safe. • Agree to share information from your application, this helps apply • for many bursaries and some scholarships. • Make sure any evidence and information needed to support your • application is supplied first time (students and parent/partner’s). • Submit an application even if there’s a delay in getting income details from your parents/sponsors. • Sign and return your online declaration form as soon as possible so as not to delay payments. i *Your Tuition Fee Loan and 65% of the maximum Maintenance Loan will still be available when you start your course.

  24. STUDENT FINANCE APPLICATIONS KEY MESSAGE – COMPLETING AN APPLICATION • Before starting an application, 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 • The easiest way for your parents, partner or other sponsor to support your • application is online through GOV.UK, providing information including: • • National Insurance number(s) • Household income information (based on prior tax year*) • Details of other child dependants *If your household income drops by 15% or more in the current tax year, SFE can reassess your application. i

  25. SFE ONLINE FOR MORE INFORMATION AND RESOURCES www.youtube.com/SFEFILM www.twitter.com/sf_england www.facebook.com/SFEngland www.thestudentroom.co.uk/studentfinance

  26. STUDENT LOAN REPAYMENTS SECTION 3

  27. The FACTS The INTEREST SECTION TITLE IN HERE SUBHEADER IN HERE SECTION 3 Student Loan Repayments The FIGURES

  28. HOW MUCH DO YOU KNOW? STUDENT LOAN REPAYMENTS A A Q Q a) Your future income b) How much you have borrowed c) Neither, you just pay a fixed amount regardless a) £16,000 a year b) £21,000 a year c) Doesn’t matter, repayments will be taken whatever you earn a) Your future income b) £21,000 a year What will your student loan repayments be based on? How much do you need to earn before you start to repay?

  29. STUDENT LOAN REPAYMENTS AN OVERVIEW • You won’t make repayments until your income is over £21,000 a year gross (before tax). • If you study a full-time course, you will be due to start repaying in the • April after graduating from/leaving higher education. • 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. i *If you move/work overseas you will repay 9% of your earnings over the repayment threshold for the country you are living in.

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

  31. STUDENT LOAN REPAYMENTS THE INTEREST Interest on your loan will depend on your income and circumstances: i • Interest rate is: • Set at RPI Only Interest Rate: Retail Price Index +3% Income: Under £21,000 Income: £21,000 to £41,000 Income: Over £41,000 Interest Rate: RPI Only Interest Rate: RPI + up to 3% Interest Rate: RPI +3% During study until entering repayment The interest rate is updated once a year using the RPI figure from March which is carried forward and applied in September.

  32. MANAGING YOUR MONEY SECTION 4

  33. Consider the COSTS Points to REMEMBER SECTION TITLE IN HERE SUBHEADER IN HERE SECTION 3 Managing Your Money Plan a BUDGET

  34. MANAGING YOUR MONEY CONSIDER THE COSTS • Before starting in higher education, it’s important to think about the costs • you are likely to face and how to manage your money. • Remember, you’ll get your maintenance support payments in each term • and you’ll need to pay for things like: • books and other study materials • accommodation, food and drink • sports, leisure and social activities • There will also be other costs you may not have thought of yet such as • insurance or a TV Licence...so think about planning a budget!

  35. MANAGING YOUR MONEY HOW MUCH? ? ? Q Q How much is an NUS Extra card? How much does this textbook cost? ? Used £15.76 New £26.99 1 Year £12 3 Year £32 ?

  36. MANAGING YOUR MONEY HOW MUCH? ? ? ? ? Q Q What is the average weekly cost of student accommodation? Need some flavour?.....This jar of tasty sauce costs? And unless you want to eat it cold..... ...one of these might be useful! How much is this bag of pasta? From £2.25 29p 39p £118.49 *Figures from NUS based on university-owned accommodation (Including privately owned student accommodation = £123.96)

  37. KEY MESSAGES NOW IT’S YOUR TURN!! POINTS TO REMEMBER • Important to make the right university/college and course choice!! • Tuition Fee Loans are available to all eligible students. • Future repayments are linked to your income, not what you owe. • Research all finance available – especially bursaries & scholarships. • Apply online & on time – no need to wait for a confirmed place. • Check all details are correct before submitting your application.

  38. QUESTIONS OR COMMENTS? IF YOU ARE UNSURE PLEASE ASK!

  39. i NEED MORE INFORMATION? REMEMBER SFE IS ONLINE 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 i