Your 14/15 student finance journey starts here STUDENT FINANCE 2014/15

Your 14/15 student finance journey starts here

STUDENT FINANCE 2014/15

Your student finance journey starts here

SESSION CONTENT

• Student Finance Package

• Repayments

• Applications & Information

• Questions & Comments


STUDENT FINANCE PACKAGE


Scholarships & Bursaries

STUDENT FINANCE PACKAGE

Tuition Fee Loan

Maintenance (Living Cost) Support

Additional Support

The

Student Finance

Package

! Figures used in this section may change, subject to 2014/15 policyapproval


TUITION FEE LOAN


• 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 set by the university or college*

• Tuition Fee Loan is non-means tested (Not linked to 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 a year

TUITION FEE LOAN

*Up to £6,000 for publicly funded courses at private HEIs


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

MAINTENANCE SUPPORT

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 LOAN EXAMPLE – 2014/15 RATES*

Additional loan is available for each extra week of study for studentsattending their course beyond 30 weeks!

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 LOAN – 2014/15 RATES

! *Slightly lower rates of support apply to final year students


• 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 2014/2015:

• Students from households with income of up to £25,000 can get the maximum grant of £3,387*

• Students from households with incomes of up to £42,620 can get a partial grant

*Pending final policy approval

MAINTENANCE SUPPORT

www.practitioners.slc.co.uk

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

£60,000 £0 £3,826 £3,826

£62,132 & over £0 £3,610 £3,610

Student living away from home, outside London 2014/15

COMBINED MAINTENANCE SUPPORT


SCHOLARSHIPS & BURSARIES


Bursaries:• Could be available through the National Scholarship

Programme• Linked to personal circumstances and often, household

income• Vary by university and college

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

sport, music, art etc…• Can be subject specific • Limited in numbers

SCHOLARSHIPS & BURSARIES

! Check university websites and ask at open days for information onbursaries & scholarships – what’s available and how to apply


ADDITIONAL SUPPORT


ADDITIONAL SUPPORT

Extra money or 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

• Studying an NHS or Social Work course• NHS courses include;

Nursing, midwifery, physiotherapy, dietetics, radiography, speech and language therapy, occupational therapy, the later stages of medicine and dentistry

! For more information on eligibility and applications students, should visit: www.nhsbsa.nhs.uk/students.aspx


STUDENT LOAN REPAYMENT

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• You wont make repayments until your income is over £21,000 a year (£1,750 pm)

• Full time students will be due to start repaying in the April after graduating from/leaving their HE course

• Part time students enter repayment in the April 4 years after they started their course, or the April after they leave their course (Whichever is sooner)

• 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

STUDENT LOAN REPAYMENT

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 REPAYMENT – THE FIGURES

! Any outstanding loan balance will be written off 30 years afterentering repayment

The amount of interest charged will vary depending on your circumstances:

STUDENT LOAN REPAYMENT – INTEREST RATES

! Students can make (penalty free) voluntary repayments at any time

During study until

entering repayment

Interest rate is: Retail Price Index (RPI) +3%

Income:

Below £21,000Interest rate is: Set at RPI Only

Income:

£21,000 to £41,000Interest rate is:

RPI plus up to 3%

Income:

Above £41,000

Interest rate is: Retail Price Index (RPI) +3%


APPLICATIONS & INFORMATION

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• Apply online through GOV.UK as soon as possible to make sure your student finance is in place for the start of your studies

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

• You do not need a confirmed place at university or college to apply for student finance

• You can change your details online before starting your course

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

• If unsure of the fee amount needed, select maximum

STUDENT LOAN APPLICATIONS

FOR MORE INFORMATION AND TO APPLY

www.gov.uk/studentfinance

THE STUDENT ROOM - FOR FURTHER INFORMATION

www.thestudentroom.co.uk/studentfinance

SOCIAL MEDIA – FOLLOW US FOR THE LATEST NEWS

www.facebook.com/SFEngland

www.twitter.com/sf_england

UNISTATS – COMPARE UNI’S, COURSES AND FEES

www.unistats.direct.gov.uk

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Your student finance journey starts here12_1

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• Plan a budget – and stick to it! (Dull, but practical)

• Ask questions and get any advice you need – from your teachers or advisers, current students, family, university or college staff

• Check out student bank accounts and NUS cards, but try to avoid taking credit or store cards

• Be aware of phishing scams!!

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

MANAGING YOUR MONEY

Some general hints, tips and advice;

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

• Tuition Fee Loans 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

• Ensure all details are correct before submitting an application

• Let us know of any changes as soon as possible

KEY MESSAGES


? QUESTIONS & COMMENTS

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For further Information on student finance and applications call us on:

Customer helpline: 0845 300 5090

There are no silly questions when it comes to student finance, so if you’re unsure, ask!

facebook.com/SFEngland

@sf_england

CONTACT US

Documents

Your 14/15 student finance journey starts here STUDENT FINANCE 2014/15