understanding student finance sfe

www.practitioners.slc.co.uk

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


13/14 TUITION FEES & LOANS


• 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


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


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


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


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.


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%


www.studentloanrepayment.co.uk

STUDENT LOAN REPAYMENT – DEDICATED WEBSITE

http://www.studentloanrepayment.co.uk/


GOV.UK - 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


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

understanding student finance sfe

Education

students loan

maintenance loan available

total loan

time students

repayable maintenance

eligible students

final year students

maximum grant