Student Financial Support for 2011 higher education entrants

Student Financial Supportfor 2011 higher education entrants

Student finance is available so you can make the most of your time at university or

college without having to worry about money.

Aims and Objectives

►To identify the different types of Higher Education

financial support available

►Know how and when to apply to Student Finance England

►Know what information you need to have ready to apply

Do I qualify?

There are three main conditions you have to meet:

► You must be personally eligible

► Your course must be eligible

► Your university or college must also be eligible

► Tuition fees

► Living costs

Working in pairs spend 5 minutes to jot down:

What your living costs at University might be

ie the types of things you will need to spend your money

on to live whilst at university

Two main costs

► Tuition Fee Loan

► Maintenance Loan

► Maintenance Grant

► Extra support if you have special circumstances

► University or College Bursary

What can I get?

Tuition Fee Loan

To help with the cost of tuition fees to a maximum of £3,375:

► Available to all eligible students

► Not based on household income (ie not means-tested)

► Paid by Student Finance England direct to university or college

► Repayable only when you finish your course

► You must apply every year.

To help with living costs – most commonly used to pay foraccommodation

Entitlement depends on:

► Household income

► Everyone will get the first 72% ie £2763

► The remaining 28% is dependent on household income

► Where you live while you are studying

► Year of course

► Start paying back when you finish or leave your course

► You must apply every year

Maintenance Loan

Maintenance LoanAmount not depending on h/hold incomeNon means-tested

Amount that depends on h/hold incomeMeans-tested

Total Loan

Living in parents home

£2,763 £1,075 £3,838

Living elsewhere or in own home (eg flat, halls of residence shared house etc) outside London

£3,564

(£118 per week)

£1,386 £4,950

London £4,988 £1,940 £6,928

Overseas £4,244 £1,651 £5,895

Maintenance Grant

To assist students from lower & middle income backgrounds:

► Non-repayable – FREE!

► Amount depends on your household income

► Will reduce the amount of Maintenance Loan you can get

► Maximum £2,906

► It is intended to help with living costs

Maintenance Grant & Loan

H/hold income

Maintenance Grant

Maintenance Loan

Total support

£25,000 £2,906 £3,497 £6,403

£30,000 £1,906 £3,997 £5,903

£34,000 £1,106 £4,397 £5,503

£40,000 £711 £4,595 £5,306

£50,020 £50 £4,925 £4,975

£55,000 £0 £4,106 £4,106

£60,000 £0 £3,564 £3,564

Amounts available to students living away from parental home, outside London

► Support for part-time courses

► Disabled Students Grant (DSA)

► Childcare Grant

► Parents’ Learning Allowance

► Access to Learning Allowance

► Certain courses attract their own funding, for example

NHS and Social Work courses

Other Support

► Social Work: Can apply for

- Tuition Fee Loan, Maintenance Loan, Maintenance Grant

You will get a non means-tested bursary of £4,500 pa.

► Nhs degree:

- Tuition fees paid for by the Nhs – no loan needed

- Apply for Maintenance Loan

- Apply for an income-assessed (means-tested) bursary

(eg if household income is less than £24, 279 you could receive

£2346 living at home or £2810 living away from home)

Social Work and Nhs Bursaries

Bursaries

►You must be paying the full tuition fee

►Each university pays different amounts and has different

eligibility criteria

►No need to apply for these separately – they are assessed

automatically by Student Finance England

►When applying to Student Finance England DO NOT tick the box

to ‘opt out of sharing information’

►Use the Student Finance Calculator or check individual University

websites

► Fee grant up to £1230 – depends on household income

and intensity of the study eg 75%

► Additional Fee Support Scheme

► Course Grant – up to £265 depends on household income

► Disabled Students Allowance

Part-time Study

How and when do I apply?

► Use the student finance calculator

► Apply online - www.direct.gov.uk/studentfinance

► Apply from 16th March 2011 – you don’t have to have a confirmed place.

Deadline is 31 May 2011

► When applying you will need to know the University code, course fees,

your NINO and proof of ID eg passport number

► You will need proof of household income

► Student Finance England assesses your application and let you know

what you can get

► To track your application online - log onto ‘my account

If your circumstances change

► Student Finance is calculated on household earnings

from April 2009 to March 2010.

► Apply for a ‘Current Year Reassessment’ if household

income for this year is 15% less than last year’s

► Update your account online

► Or fill in the form available on the website

How do I get paid?

► Register at your university or college - in the first week of your

course

► Your university or college tells Student Finance England when

you have registered

► Student Finance England pay your maintenance Loan and grants

into your bank account in three instalments – at the start of each

term

► Tuition Fee Loans will be paid direct to your university or college

► Your university or college will let you know when they will pay

any bursary or scholarship you are entitled to

Repayment facts

► Interest is charged from day one of starting university

until they are repaid in full

► Repayment begins the April after you finish or leave your

course (as long as earnings are above £1,250 a month or

£15,000 a year)

► Automatically repaid through tax system

► Any outstanding balance written off by government after

25 years

► Can pay off more - each month or in lump sums

Loan Repayment

Income each year (before tax)

Monthly salary(before tax)

Approximate monthly repayment

up to £15,000 Below £1,250 0

£16,000 £1,333 £7

£18,000 £1,500 £22

£21,000 £1,750 £45

£24,000 £2,000 £67

£27,000 £2,250 £90

£30,000 £2,500 £112

For more information on

student finance please visit

www.direct.gov.uk/studentfinance

You can follow Student Finance England onfacebook.com/SFEngland and

twitter.com/SF_England

To speak to an Adviser call 0845 300 5090

8.00am – 8.00pm Monday-Friday

9.00 am – 5.30pm Saturday and Sunday

For more information

Any Questions?