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12_13
Session Contents
• Who are Student Finance England?
• General Eligibility for Student Finance
• Student Finance Package 2012/13
• Repayment
• IAG Resources for 2012/13
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Student Finance England…
• Are part of the Student Loans Company
• Administer financial support for higher education
students who normally live in England, working in
partnership with UCAS and HEIs
• Students apply to us each year for grants (which are
not paid back) and loans (which are paid back)
• We pay Tuition fee loans directly to the university or
college and pay maintenance grant or loan to the
student
£
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General
Eligibility
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Personal Eligibility
• Settled status – can live in the UK without restriction
• Ordinarily Resident in England on the first day of the first
academic year of their course
• Been living in the UK for the three years immediately
prior to this date
• Exceptions for refugees
• Tuition fee support only, without meeting residency
requirements, for European Union/European Economic
Area students
£
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Student
Finance
Package
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Tuition Fee
Loan
Maintenance
Support
Scholarships
& Bursaries
Additional
Support
Student Finance
Package
Student Finance Package
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Full Time Students
Tuition Fee
Loan
• Students don’t need to find the money for fees up-front,
they can take a loan which does not depend on income
• The amount they get depends on the cost of their fees –
up to max £9,000 in 2012/13 (£6,000 loan limit for
private providers)
• Before applying for a full-time course, they should check
with their university or college how much their tuition is
likely to cost
• Student Finance England pay the fees to the HEI
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Part Time Students
Tuition Fee
Loan
• From September 2012 new part-time students can apply
for a non means tested tuition fee loan which replaces
the existing means tested fee and study grant
• The maximum universities or colleges can charge for
part-time courses is £6,750 a year
• The amount charged will depend on the intensity of their
course (Minimum 25%; Maximum 75%)
• Before applying for a full-time course, they should check
with their university or college how much their tuition is
likely to cost
• Student Finance England pay the fees to the HEI
£
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Maintenance
Support
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Maintenance Grant
Household
Income £
2011/12
Starters (*)
2012/13
Starters Difference
£25,000 &
under £2,906 £3,250 £344
£27,500 £2,406 £2,795 £389
£30,000 £1,906 £2,341 £435
£32,500 £1,406 £1,886 £480
£37,500 £875 £977 £102
£40,000 £710 £523 £-187
£42,500 £546 £68 £-478
£47,500 £216 £0 £-216
£52,500 £0 £0 £0
Comparative Maintenance Grant Levels
Maintenance
Support
*Maximum Maintenance Grant for 2011/12 Starters in 2012/13 will be £2984
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The majority of the repayable maintenance loan will be
available to all eligible students (if required), with 65% of the
total loan amount being Non Means Tested (Not based on
household income)
The amount of maintenance loan available will be linked to
where a student lives and studies:
Maintenance Loan Overview Maintenance
Support
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Maintenance
Support
Full-Year
Student
65% Non
Means Tested
35% Means
Tested
Maximum
Loan
Parental
Home £2,843 £1,532 £4,375
Elsewhere £3,575 £1,925 £5,500
London £4,988 £2,685 £7,675
Overseas £4,247 £2,288 £6,535
For students attending their course beyond 30 weeks additional
means-tested loan is available for each additional week of study
Maintenance Loan Specific Amounts
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Household
Income £
Maintenance
Grant
Maintenance
Loan Total
£25,000 &
under £3,250 £3,875 £7,125
£30,000 £2,341 £4,330 £6,671
£35,000 £1,432 £4,784 £6,216
£40,000 £523 £5,239 £5,762
£45,000 £0 £5,288 £5,288
£50,000 £0 £4,788 £4,788
£55,000 £0 £4,288 £4,288
£60,000 £0 £3,788 £3,788
£62,500 & over £0 £3,575 £3,575
… based on living away from home outside London 2012/13
Combined Support …. Maintenance
Support
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Special Support Grant
Tuition Fee
Loan
• Replaces the Maintenance Grant for students who can
claim income-related benefits. Some examples: -
• Lone (single) parent
• Student with a partner who is also a student and one or both
are responsible for a child under 20 who is in full-time education
below higher education level
• Student with a disability who qualifies for the Disability
Premium, Severe Disability Premium or income-related
Employment and Support Allowance
• If awarded the Special Support Grant, the student’s maintenance loan entitlement will not be reduced
Maintenance
Support
£
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Scholarships
& Bursaries
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Bursaries:
• May link to National Scholarship Programme
• Depend on circumstances
• Vary by institution
Scholarships:
• Academic, sport or music
• Subject specific or generic
• Vary by institution
Scholarships & Bursaries Scholarships
& Bursaries
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Scholarships
& Bursaries
Real help for students with the costs of study.
Options could include:
• Fee waiver or discount
• Free foundation year
• Discounted accommodation or other service
• Scholarship/bursary – capped as a cash award at
£1,000.
National Scholarships (NSP)
£
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Additional
Support
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Disabled Students Allowance
• Help towards the additional costs that a student may
face as a result of their impairment, health condition or
specific learning difficulty
• In addition to the standard student finance package
• Does not have to be repaid
• Is not affected by the household income
• Looks at the specific needs of the individual in relation to
their studies
Additional
Support
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Additional
Support
Allowance
Part-time
maximum
support
Full-time
maximum
Support
Frequency of
Payment
Non-medical personal helper £15,390 £20,520 Annual
Specialist equipment £5,161 £5,161 Duration of
course
Other disability-related
expenditure £1,293 £1,724 Annual
Disability-related travel No Limit – reasonable spending can be claimed
Full and part-time disabled postgraduate students can receive up to £10,260 a year
Disabled Students Allowance
DSA Allowance rates 2012/13
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Childcare Grant
Based on 85% of actual childcare costs up to maximum of:
£148.75 per week for one child
£255 per week for two or more children
Parents’ Learning Allowance
Help with course-related costs for students with dependent children.
Amount received will be between £50 and £1,508.
Adult Dependants’ Grant
For students with a partner or another adult who is financially dependent
on them (cannot be an adult child). Maximum grant £2,642.
The amount the student receives will depend on net
household income in the academic year of the course.
Dependants’ Grants
Additional
Support
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Additional Finance
• Access to Learning Fund: Additional source of funding
available to students through their HEI if facing financial
hardship, need extra support with course/living costs or
considering leaving higher education due to financial
problems
• Trusts, charities, employer sponsorship
• Mum, Dad, other family!
Additional
Support
£
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Student
Loan
Repayment
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Student Loan Repayment
• You are eligible for repayment:
– the April after you leave/graduate if full-time
– the April 3 years after starting if part-time (TBC)
• No repayments until earning over £21,000 pa (£1,750 per month) gross
• Repayments collected by HMRC, at a rate of
9% of what you earn above £21,000
• Any outstanding debt written off after 30 years
• Interest added at a rate of RPI plus 3% whilst you are on the course and up to entering repayment
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Student Loan Repayment Comparison
Income each year before tax Approximate monthly repayment
Current Students Future Students
£15,000 £0 £0
£16,000 £8 £0
£18,000 £23 £0
£21,000 £45 £0
£24,000 £68 £23
£27,000 £90 £45
£30,000 £113 £68
£33,000 £135 £90
£36,000 £158 £113
£40,000 £188 £143
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Student Loan Interest Rates Once Earning
The government’s plans are that:
– Interest on your loan will be applied at inflation (RPI –
Retail Price Index) plus 3% while you are studying, and up
until the April after you leave university or college.
– From the April after you leave university or college if you
are earning below £21,000, interest will be applied at the
rate of inflation.
– For graduates earning between £21,000 and £41,000
interest will be applied between RPI and RPI + 3% on a
gradual scale depending on income.
– For graduates earning above £41,000, interest will be
applied at RPI + 3%.
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Additional Information
• A student loan is very unlikely to affect your ability to
get a mortgage (The Council for Mortgage Lenders )
• Mortgage lenders are most interested in your
monthly income (‘ability to repay’)
• Under the new system monthly repayments lower =
greater monthly income
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• Repayment thresholds will be modified:
• Current £15,000 earnings threshold to be uprated
annually in line with inflation from 2012
(This change will help existing students/graduates)
• New £21,000 earnings threshold to be uprated
annually in line with earnings from 2016
(When first new system graduates start repayments)
£
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IAG
Resources
2012/13
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IAG Resources 2012/13
Student & Sponsor Resources
Direct.gov site
Yourfuture site
Social media
Customer helpline
Practitioner Resources
BIS student finance pages
Practitioner site
Downloadable materials
Practitioner helpline
£
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Student &
Sponsor
Resources
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http://www.facebook.com/SFEngland
Ask Questions/Q&A Forums Fun Applications
Link to Help Videos Information & Support
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Customer Helpline (for students & sponsors)
Help with applications
Info on student finance
But check website first!
8am to 8pm Monday to Friday
9:30am to 5pm Saturday & Sunday
0845 300 5090
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Course information
Individual university websites
http://www.ucas.com
Student finance news, views & advice
http://www.bbc.co.uk/news/education
http://www.guardian.co.uk/education
http://www.timeshighereducation.co.uk
http://www.moneysavingexpert.com
Further Research
£
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Practitioner
Resources
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http://practitioners.studentfinanceengland.co.uk
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http://practitioners.studentfinanceengland.co.uk
Finance
Packages
Regional
Support
Downloadable
Resources
Application
Process
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Practitioner Pack
Resource pack containing fact sheets covering all aspects of
student finance, fully updated for 12/13
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Materials linked to IAG Quality Standards
Two fully scripted 45 minute lesson plans
Developed & trialled with IAG partners, updated for 12/13
Interactive & encourage research
Fully mapped to IAG Quality Standards
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Resources for use with parents
Developed following partner survey & consultation
Suite of resources including myth buster, FAQ & video
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New Practitioner Website (Due October 2011)
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Practitioner Helpline Team
Regulations
Complex Queries
Designated Courses
Expert Advice
10am to 4pm Monday to Friday
0845 602 0583 or [email protected]
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Student Finance Consultants
Cover all of England
Raise Profile of SFE Locally
Encourage Use of Resources
Support IAG Delivery Partners
£
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Any
Questions
?
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