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STUDENT FINANCE MATTERS

STUDENT FINANCE MATTERS. i. SESSION CONTENTS. Section 1 – The Student Finance Package Section 2 – Student Loan Repayments Section 3 – Applications & Information Section 4 - Managing Your Money Questions & Comments. ?. HOW MUCH DO YOU KNOW?. ?. HOW MUCH DO YOU KNOW? TUITION FEES. Q. Q.

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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 • Section 4 - Managing Your Money • Questions & Comments

  3. ? HOW MUCH DO YOU KNOW?

  4. ? 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

  5. ? HOW MUCH DO YOU KNOW? STUDENT FINANCE a) Sponsorship and scholarships b) Loans and grants to help with tuition fees and living costs c) Bus tickets and a box of chocolates 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 b) Loans and grants to help with tuition fees and living costs c) As soon as possible Which of these are available from Student Finance England? When should you apply for your student finance?

  6. ? HOW MUCH DO YOU KNOW? 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 b) £21,000 a year a) Your future income What will your student loan repayments be based on? How much do you need to earn before you start to repay?

  7. SECTION 1 THE STUDENT FINANCE PACKAGE

  8. 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

  9. SECTION 1 TUITION FEES & LOANS

  10. 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

  11. SECTION 1 MAINTENANCE SUPPORT

  12. 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

  13. 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 Overseas - Study overseas as part of a UK course

  14. 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

  15. SECTION 1 BURSARIES & SCHOLARSHIPS

  16. 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!

  17. SECTION 1 ADDITIONAL SUPPORT

  18. 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

  19. SECTION 2 STUDENT LOAN REPAYMENTS

  20. 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

  21. 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

  22. SECTION 3 APPLICATIONS & INFORMATION

  23. 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 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 • 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!

  24. 3 GOV.UK FOR MORE INFORMATION & TO APPLY www.gov.uk/studentfinance

  25. 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

  26. 3 UNISTATS COMPARE UNIS, COURSES AND FEES www.unistats.direct.gov.uk

  27. SECTION 4 MANAGING YOUR MONEY

  28. 4 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.

  29. ? MANAGING YOUR MONEY HOW MUCH? How much does this textbook cost? How much is an NUS Extra card? £35.95 New £16.00 Used Q Q (Amazon) £12 for 1yr £32 for 3yrs

  30. ? MANAGING YOUR MONEY HOW MUCH? What is the average weekly cost of student accommodation? £117 per week* Q Q Or for a bit of variety...this tasty spaghetti? How much are these ‘delicious’ beans? 24p 16p *Approximate figures from NUS & The Guardian, based on university-owned accommodation

  31. i KEY MESSAGES KEY MESSAGES POINTS TO BE CLEAR ON • Important to make the right university/college and course choice!! • Tuition Fee Loans are 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 • Check all details are correct before submitting your application • And remember that..... Student Finance Matters!

  32. ? QUESTIONS & COMMENTS

  33. 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

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