Www.gov.uk/studentfinance STUDENT FINANCE 2014/15.

www.gov.uk/studentfinance

STUDENT FINANCE 2014/15

SESSION CONTENTSi• 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??

*Eligible English domiciled students studying at a publicly funded university or college

Q *What’s the maximum tuition fee universities or colleges can charge new students in 2014/15?

Q How much of this will you need to pay up front before you go to uni or college?

A £9,000

A £0

HOW MUCH DO YOU KNOW?TUITION FEES?

Q How much do you need to earn before you start paying back your student loans?

Q After you graduate, your income is £25,000 a year, what would your monthly repayments be?

A £21,000

A £30

HOW MUCH DO YOU KNOW?REPAYMENTS?

THE STUDENT FINANCE PACKAGE

SECTION 1

Bursaries & Scholarships

Tuition Fee Loan

Maintenance (Living Cost) Support

Additional Support

The

Student Finance

Package

THE STUDENT FINANCE PACKAGESUPPORT AVAILABLE TO STUDENTS INCLUDES:

Figures used in this section may change, subject to 2014/15policy approval

1

TUITION FEES & LOANSSECTION 1

• 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 the university or college (Up to £6,000 for approved courses at private providers)

• Tuition Fee Loan doesn’t depend on 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

*Publicly funded institutions

TUITION FEES AND LOANS1

MAINTENANCE SUPPORTSECTION 1

• 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

MAINTENANCE SUPPORT1

Where you Live & Study Maximum Loan Available

Parental HomeLive at home £4,418

ElsewhereLive away from home and study

outside of London£5,555

LondonLive away from home and study in

London£7,751

OverseasStudy overseas as part of a UK

course£6,600

MAINTENANCE LOAN2014/15 MAXIMUM RATES

Additional loan is available for each extra week of study forstudents attending their course beyond 30 weeks

1

Full-Year Student*

65% Non Means Tested

35% Means Tested

Maximum Loan

Parental Home £2,871 £1,547 £4,418

Elsewhere £3,610 £1,945 £5,555

London £5,038 £2,713 £7,751

Overseas £4,290 £2,310 £6,600

MAINTENANCE LOANMEANS TESTING

*Slightly lower rates of support apply to final year students

1

• 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 2014/15:

MAINTENANCE SUPPORT

Household Income:Up to £25,000

Household Income:Up to £42,620

Full Grant of £3,387

Partial Grant

MAINTENANCE GRANT1

Household Income

Maintenance Grant

Maintenance Loan

Total

£25,000 & under £3,387 £3,862 £7,249

£30,000 £2,441 £4,335 £6,776

£35,000 £1,494 £4,808 £6,302

£40,000 £547 £5,282 £5,829

£42,620 £50 £5,530 £5,580

£42,875 £0 £5,555 £5,555

£50,000 £0 £4,836 £4,836

£62,132 & over £0 £3,610 £3,610

COMBINED MAINTENANCE SUPPORTLIVING AWAY FROM HOME, OUTSIDE LONDON

You can get a quick estimate of your student finance entitlement using the calculator on gov.uk/studentfinance

1

BURSARIES & SCHOLARSHIPSSECTION 1

Many universities and colleges offer financial support to their studentsthrough bursaries and scholarships

Bursaries:• Linked to personal circumstances and often, household income• Awards can include fee waivers or cash

Scholarships:• Can be linked to academic results or outstanding ability in an area

such as sport, music or art• Can be subject specific and are limited in numbers

BURSARIES & SCHOLARSHIPSBURSARIES & SCHOLARSHIPS1

Check university websites and ask at open days for informationon bursaries & scholarships

ADDITIONAL SUPPORTSECTION 1

ADDITIONAL SUPPORT

• 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

ADDITIONAL SUPPORTEXTRA SUPPORT MAY BE AVAILABLE IF YOU:

For more information on eligibility and applications for NHSsupport go to: www.nhsbsa.nhs.uk/students

1

STUDENT LOAN REPAYMENTSSECTION 2

• You won’t make repayments until your income is over £21,000 a year gross (before tax)

• Full-time students will 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

STUDENT LOAN REPAYMENTSTUDENT LOAN REPAYMENTSAN OVERVIEW2

Income each year before tax

Income from which 9% is deducted

Monthly Repayment

(Approx)

£21,000 £0 £0

£25,000 £4,000 £30

£30,000 £9,000 £67

£35,000 £14,000 £105

£40,000 £19,000 £142

£45,000 £24,000 £180

£50,000 £29,000 £217

£60,000 £39,000 £292

STUDENT LOAN REPAYMENTSTHE FIGURES

Interest will be applied to your loan at a maximum rate of RPI +3% More info can be found on: www.studentloanrepayment.co.uk

2

APPLICATIONS & INFORMATIONSECTION 3

• Apply online at gov.uk/studentfinance as soon as possible to make sure your student finance is in place for the start of your course

• Register on UCAS and we can let you know when it’s time to apply

• You don’t need a confirmed place at university or college to apply for student finance

• Make a note of your account log-in details and keep them safe

• You can change your details online before starting your course

• Agree to share information from your application, this helps apply for many bursaries and some scholarships

STUDENT LOAN APPLICATIONSSTUDENT FINANCE APPLICATIONS KEY MESSAGES – GET IT RIGHT FIRST TIME3

Before starting the application, you should have the following to hand:

• Passport - SLC can check identity using valid UK passport details for most students

• University and course details – You can share this information online, directly from you UCAS application

• Bank account details

• National Insurance number

• Parent’s or partner’s National Insurance number and income details

For most applications, SLC verify income from these NI numbers with no need to send any documents, unless we ask for them

STUDENT FINANCE APPLICATIONS INFORMATION YOU WILL NEED TO PROVIDE3

www.gov.uk/studentfinance

GOV.UKFOR MORE INFORMATION & TO APPLY3

www.thestudentroom.co.uk/studentfinance

THE STUDENT ROOMFOR FURTHER INFORMATION & RESOURCES3

www.facebook.com/SFEngland

www.twitter.com/sf_england

SOCIAL MEDIAFOLLOW SFE FOR THE LATEST NEWS3

UNISTATSCOMPARE UNI’S COURSES AND FEES3

www.unistats.direct.gov.uk

MANAGING YOUR MONEYSECTION 4

Before starting in higher education, it’s important to think about the costsyou are likely to face and how to manage your money

Remember, you’ll receive your maintenance support in termly paymentsand you will need to budget 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 asinsurance or a TV Licence

MANAGING YOUR MONEYCONSIDER THE COSTS4

Studying in London? An 18+ Student Oyster card can save you 30% on Bus, Tram & Travelcard prices

£35.95 New

£16.00 Used(Amazon)

£30 for 1

yr

£70 for 3

yrs

Q How much does this textbookcost?

Q How much is a 16-25 Railcard?

MANAGING YOUR MONEYHOW MUCH??

Q What is the average weekly cost of student accommodation?

*Approximate figures from NUS & The Guardian, based on university owned accommodation

11

p

Q How much are these ‘delicious’ noodles?

MANAGING YOUR MONEYHOW MUCH??

• Plan a budget – and (try to) stick to it!

• Ask questions and get any advice you need

• Check out student bank accounts and NUS Extra cards

• Try to avoid taking credit cards, store cards or pay day loans!!

• Be aware of phishing scams – protect your information!!

• If you need financial support and advice once you’re at university or college, staff there will be able to help

MANAGING YOUR MONEYHINTS & TIPS TO CONSIDER4

• Important to make the right university/college and course choice!!

• Tuition Fee Loans are available to all eligible students and futurerepayments 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

KEY MESSAGESKEY MESSAGESPOINTS TO BE CLEAR ONi

QUESTIONS & COMMENTS?

www.gov.uk/studentfinance

NEED MORE INFORMATION?iiFor 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