your 13/14 student finance journey starts here student finance 2013/14

Your 13/14 student finance journey starts here

STUDENT FINANCE 2013/14

Your student finance journey starts here

SESSION CONTENT

• Student Finance Package

• Repayment

• Applications & Information

• Questions & Comments


STUDENT FINANCE 2013/14


Scholarships & Bursaries

STUDENT FINANCE PACKAGE 13/14

Tuition Fee Loan

Maintenance (living cost) Support

Additional Support

The

Student Finance

Package


• Universities and higher-education colleges can charge new students a tuition fee level of up to £9,000 per year.

• Eligible students won’t have to pay any tuition fees up front.

• A Tuition Fee Loan (not dependent on household income) is available to cover the fee levels set by the university or college.(Up to £6,000 for publicly-funded courses at private HEIs)

• The Student Loans Company pay any Tuition Fee Loan tothe university/college directly in instalments across the academic year.

• The loan is repayable, but linked to future earnings over £21,000 a year.

TUITION FEE LOAN – FULL-TIME STUDENTS


• From September 2012 new part-time students can also apply for a Tuition Fee Loan. The amount they can get doesn’t depend on household income.

• The maximum universities or colleges can charge for part-time courses is £6,750 a year.

• Students starting designated part-time courses provided wholly by a private institution can apply for up to £4,500 in Tuition Fee Loan.

• The amount charged will depend on the intensity of the course. (minimum 25% maximum 75%)

• The loan is repayable, but linked to future earnings over £21,000 a year.

TUITION FEE LOAN – PART-TIME STUDENTS


MAINTENANCE SUPPORT


• The majority of the repayable Maintenance Loan will be available to all eligible students. 65% of the total loan is non-means tested. (Doesn’t depend on household income)

• The amount of Maintenance Loan available will be linked to where the student lives and studies while in higher education.

MAINTENANCE LOAN

Full-year student

65% non means tested

35% means tested

Maximum loan

Parental home £2,843 £1,532 £4,375

Elsewhere £3,575 £1,925 £5,500

London £4,988 £2,687 £7,675

Overseas £4,247 £2,288 £6,535

MAINTENANCE LOAN – 13/14 RATES

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


• The maximum non-repayable maintenance grant level in 2013 is £3,354.

• Unlike 100% of the tuition fee loan and up to 65% of the maintenance loan, the grant a student receives is solely dependent on household income levels. (100% means tested)

Household income thresholds:

• Students from households with income of up to £25,000 will be entitled to the maximum grant of £3,354.

• Students from households with incomes of up to £42,611 will be entitled to a partial grant.

MAINTENANCE GRANT

Household income

Maintenance Grant

Maintenance Loan

Total

£25,000 & under

£3,354 £3,823 £7,177

£30,000 £2,416 £4,292 £6,708

£35,000 £1,478 £4,761 £6,239

£40,000 £540 £5,230 £5,770

£42,611 £50 £5,475 £5,525

£42,875 £0 £5,500 £5,500

£50,000 £0 £4,788 £4,788

£60,000 £0 £3,788 £3,788

£62,125 & over

£0 £3,575 £3,575

Student living away from home, outside London 2013/14

COMBINED MAINTENANCE SUPPORT


SCHOLARSHIPS & BURSARIES


Bursaries:• May be eligible for National Scholarship Programme• Linked to personal circumstances and often, income level• Vary by institution

Scholarships:• Can be linked to academic results• 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

You may get extra money or support if you:

• have children or adults dependent on you

• have a disability, mental-health condition, long-term health condition or specific learning difficulty

• are studying an NHS* or Social Work course

• *Includes: nursing, midwifery, physiotherapy, chiropody, dietetics, speech & language therapy, dental hygiene, medicine, dentistry, radiography and occupational therapy

! For more information on NHS and Social Work eligibility and funding students should visit: www.nhsbsa.nhs.uk/students


STUDENT LOAN REPAYMENT

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• Repayments don’t start until the student is earning at least £21,000 a year (£1,750 a month) gross.

• Full-time students will begin to repay in the April after graduating from or leaving their HE course. (after 2016)

• Part-time students can begin to repay in the April 4 years after they’ve started their course. (if earning over £21,000 a year)

• If income falls to £21,000 or below repayments will be suspended.

• Repayments will be 9% of income over £21,000 and will be deducted from salary through the HMRC tax system for most students.

STUDENT LOAN REPAYMENT

Yearly income 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 written off 30 years afterentering repayment.

The interest charged will vary during study and depending on earnings after graduation:

STUDENT LOAN REPAYMENT – INTEREST RATES

During study until

entering repayment

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

Earnings:

Below £21,000Interest rate:

Set at RPI Only

Earnings between:

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

Earnings:

Above £41,000

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

! Students can make extra voluntary repayments at any time without penalty.


APPLICATIONS & INFORMATION

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• Students should apply as soon as possible to make sure they havetheir money at the start of their course.

• Applying online through GOV.UK is the quickest and easiest way.

• No need to wait for a confirmed offer from a university, but we need to know right away if anything changes. (uni, course or personal details)

• Make sure any required evidence is sent straight away to support applications.

• In most cases this will be details supplied during the application , with no need for original documents to be sent, including:

• Valid UK passport number (for student identity)• National Insurance numbers (student & parents’ for income

details)

APPLICATIONS

FOR MORE INFORMATION AND TO APPLY

https://www.gov.uk/studentfinance

FOR A RANGE OF HELPFUL TOOLS AND GUIDANCE

http://www.studentfinanceengland.co.uk/

UCAS & STUDENT FINANCE

• The process of applying for student finance can be made even easier by allowing UCAS to share some of your application details with the Student Loans Company.

• Request a reminder and UCAS will prompt you to log in to your account and agree to share details with SLC when the student finance online application launches.

• Your student finance application will be pre-populated with information from your UCAS application, such as personal and course details.

• This makes applying for a student loan faster and saves entering the same info on both forms.

SOCIAL MEDIA – FACEBOOK & TWITTER

www.facebook.com/SFEngland

www.twitter.com/sf_england

UNISTATS – COMPARE UNI’S & COURSES

www.unistats.com

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

• Ask questions and get advice from teachers, advisers current/former students, parents/older brothers & sisters.

• Check out student bank accounts but try to avoid taking credit or store cards.

• Beware of phishing scams!!

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

MANAGING YOUR MONEY

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• It’s important to make the right university and course choice, not letting fee levels affect your decision. Future repayments are linked to what a student earns, not what they borrow.

• Research all finance available – especially bursaries &

scholarships.

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

place.

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

• Ensure all details are correct before submitting an application, and let us know of any changes as soon aspossible.

KEY MESSAGES TO REMEMBER

www.slc.co.uk/teacherspets


? QUESTIONS & COMMENTS

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For further information on student finance and applications call SFE on:

Customer helpline: 0845 300 5090

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

facebook.com/SFEngland

@sf_england

CONTACT US

your 13/14 student finance journey starts here student finance 2013/14

Documents

student finance journey

year student

student finance package

student loan repayment

maintenance loan slide

student living

student lives

maintenance loan available