understanding student finance sfe

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13/14UNDERSTANDING STUDENT

FINANCE

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Scholarships & Bursaries

STUDENT FINANCE PACKAGE

Tuition Fee Loan

Maintenance (Living Cost) Support

Additional Support

The

Student Finance

Package

! Figures used in this section are subject to 2014/2015 policy approvaland may change

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13/14 TUITION FEES & LOANS

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• Tuition Fees staying at maximum level of £9000 for publicly funded Universities for 2014/15.

• A non means tested tuition fee loan (not dependant on household income) is available to cover the fee levels set by the HEI.

• The Student Loans Company will lend the requested amount and pay the university/college directly in instalments across the academic year.

• Not compulsory: Students can also:

• Pay full fees themselves, or

• Pay part of the fees and take tuition fee loan for the rest

PAYING THE TUITION FEE

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13/14 MAINTENANCE SUPPORT

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• The majority of the repayable maintenance loan will be available to all eligible students. 65% of the total loan is Non Means Tested. (Not based on household income)

• The amount of maintenance loan available will be linked to where a student lives and studies while in higher education.

MAINTENANCE LOAN

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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

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

Additional means tested loan is available for each extra week ofstudy for students attending their course beyond 30 weeks!

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• Non repayable Maintenance Grant for 2014/15 is £3,387 (max)

• 100% means tested

• Students from households with income of up to £25,000 will be entitled to the maximum £3,387

• Students from households with incomes of up to £42,620 will be entitled to a partial grant

MAINTENANCE GRANT

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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

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13/14 ADDITIONAL SUPPORT

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Disabled Students Allowances (DSAs)For students with disability, mental-health condition or specific

learningdifficulty. Not affected by household income, based on need.

Childcare Grant (CCG)Up to 85% of actual registered/approved childcare. Maximum of:

£150.23per week for one child, £257.55 per week for two or more

children.

Parents’ Learning Allowance (PLA)Help with course-related costs for students with dependent

children.Amount received a maximum of £1523

Adult Dependants’ Grant (ADG)For students with a partner or another adult who is financially

dependenton them (cannot be an adult child). Maximum grant is £2668.

Additional Support

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13/14 STUDENT LOAN REPAYMENT

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• Nothing to pay until earning at least £21,000 (£1,750 pm) gross.

• Full time students repay from April after graduating from/leaving their HE course. (After 2016, if earning over £21,000)

• Repayments are 9% of income over £21,000, deducted automatically by HMRC.

• Remaining loan balance cleared 30 years after entering repayment process

• No penalties will be placed on early student repayments

• A student loan is very unlikely to affect your ability to get a mortgage

(The Council for Mortgage Lenders).

STUDENT LOAN REPAYMENTS

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Income each year before tax

Income from which 9% will be

deducted

Approximate Monthly

Repayment

£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 cleared 30 years afterentering repayment.

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There will be a variation in the interest rate attached to a students loan during study and when earning following graduation:

STUDENT LOAN REPAYMENT – INTEREST RATES

! No penalties will be placed on students making early repayments.

During study until

entering repaymentInterest rate is:

Retail Price Index (RPI) +3%

Earnings:

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

Earnings Between:

£21,000 - £41,000RPI plus some amount between 0% and 3%

Earnings:

Above £41,000Interest rate is:

Retail Price Index (RPI) +3%

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www.studentloanrepayment.co.uk

STUDENT LOAN REPAYMENT – DEDICATED WEBSITE

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GOV.UK - FOR MORE INFORMATION AND TO APPLY

www.gov.uk/studentfinance

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THE STUDENT ROOM - FOR FURTHER INFORMATION

www.thestudentroom.co.uk/studentfinance

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SOCIAL MEDIA – FOLLOW US FOR THE LATEST NEWS

www.facebook.com/SFEngland

www.twitter.com/sf_england

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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

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• Important they make the right university and course choice, not letting fee levels affect their decision.

• Research all finance available – especially bursaries &

scholarships.

• Apply on-line & on time – no need to wait for a confirmed

place.

• Apply for DSA or other additional support as soon as possible.

• Check and update account online where possible.

KEY MESSAGES