STUDENT FINANCE 2014/15
www.gov.uk/studentfinance
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SESSION CONTENTS
• Section 1 – The Student Finance Package
• Section 2 – Student Loan Repayments
• Section 3 – Applications & Information
• Section 4 - Managing Your Money
• Questions & Comments
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HOW MUCH DO YOU KNOW?
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Q
A
Q
A
HOW MUCH DO YOU KNOW?
TUITION FEES
*What’s the maximum tuition fee universities or
colleges can charge new students in 2014/15?
£9,000
How much of this will you need to pay up front
before you go to uni or college?
£0
*Eligible English domiciled students studying at a publicly
funded university or college
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Q
A
Q
A
HOW MUCH DO YOU KNOW?
REPAYMENTS
How much do you need to earn before you start
paying back your student loans?
£21,000
After you graduate, your income is £25,000
a year, what would your monthly repayments be?
£30
SECTION 1
THE STUDENT FINANCE
PACKAGE
1
THE STUDENT FINANCE PACKAGE
SUPPORT AVAILABLE TO STUDENTS INCLUDES:
Tuition Fee Loan
Maintenance (Living Cost) Support
Bursaries & Scholarships
Additional Support
Figures used in this section may change, subject to 2014/15
policy approval
SECTION 1
TUITION FEES & LOANS
1
TUITION FEES AND LOANS
•
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 charged by the university
or college (Up to £6,000 for approved courses at private providers)
•
Tuition Fee Loan doesn’t depend on 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
*Publicly funded institutions
SECTION 1
MAINTENANCE SUPPORT
1
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
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MAINTENANCE LOAN
2014/15 MAXIMUM RATES
Where you Live & Study
Maximum Loan Available
Parental Home
£4,418
Live at home
Elsewhere
Live away from home and study outside
of London
£5,555
London
Live away from home and study in
London
Overseas
Study overseas as part of a UK course
£7,751
£6,600
Additional loan is available for each extra week of study for
students attending their course beyond 30 weeks
MAINTENANCE LOAN
1
MEANS TESTING
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
*Slightly lower rates of support apply to final year students
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MAINTENANCE GRANT
•
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 2014/15:
Household Income:
Up to £25,000
Full Grant of £3,387
Household Income:
Up to £42,620
Partial Grant
COMBINED MAINTENANCE SUPPORT
1
LIVING AWAY FROM HOME, OUTSIDE LONDON
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
£62,132 & over
£0
£3,610
£3,610
You can get a quick estimate of your student finance entitlement
using the calculator on gov.uk/studentfinance
SECTION 1
BURSARIES & SCHOLARSHIPS
1
BURSARIES & SCHOLARSHIPS
Many universities and colleges offer financial support to their students
through bursaries and scholarships
Bursaries:
• Linked to personal circumstances and often, household income
• Awards can include fee waivers or cash
Scholarships:
• Can be linked to academic results or outstanding ability in an area
such as sport, music or art
• Can be subject specific and are limited in numbers
Check university websites and ask at open days for information
on bursaries & scholarships
SECTION 1
ADDITIONAL SUPPORT
1
ADDITIONAL SUPPORT
EXTRA 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
•
Study an NHS or Social Work course
•
NHS courses include;
Nursing, midwifery, physiotherapy, speech and language therapy,
dietetics, radiography , the later stages of medicine and dentistry
For more information on eligibility and applications for NHS
support go to: www.nhsbsa.nhs.uk/students
SECTION 2
STUDENT LOAN REPAYMENTS
2
STUDENT LOAN REPAYMENTS
AN OVERVIEW
•
You won’t make repayments until your income is over £21,000 a year
gross (before tax)
•
Full-time students will be due to start repaying in the April after
graduating from/leaving their higher-education course
•
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
•
Any outstanding loan balance will be written off 30 years after entering
repayment
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STUDENT LOAN REPAYMENTS
THE FIGURES
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
Interest will be applied to your loan at a maximum rate of RPI +3%
More info can be found on: www.studentloanrepayment.co.uk
SECTION 3
APPLICATIONS & INFORMATION
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STUDENT FINANCE APPLICATIONS
KEY MESSAGES – GET IT RIGHT FIRST TIME
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Apply online at gov.uk/studentfinance as soon as possible to make
sure your student finance is in place for the start of your course
•
Register on UCAS and we can let you know when it’s time to apply
•
You don’t need a confirmed place at university or college to apply
for student finance
•
Make a note of your account log-in details and keep them safe
•
You can change your details online before starting your course
•
Agree to share information from your application, this helps apply
for many bursaries and some scholarships
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STUDENT FINANCE APPLICATIONS
INFORMATION YOU WILL NEED TO PROVIDE
Before starting the application, you should have the following to hand:
•
Passport - SLC can check identity using valid UK passport details
for most students
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University and course details – You can share this information online,
directly from you UCAS application
•
Bank account details
•
National Insurance number
•
Parent’s or partner’s National Insurance number and income details
For most applications, SLC verify income from these NI numbers
with no need to send any documents, unless we ask for them
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GOV.UK
FOR MORE INFORMATION & TO APPLY
www.gov.uk/studentfinance
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THE STUDENT ROOM
FOR FURTHER INFORMATION & RESOURCES
www.thestudentroom.co.uk/studentfinance
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SOCIAL MEDIA
FOLLOW SFE FOR THE LATEST NEWS
www.facebook.com/SFEngland
www.twitter.com/sf_england
3
UNISTATS
COMPARE UNI’S COURSES AND FEES
www.unistats.direct.gov.uk
SECTION 4
MANAGING YOUR MONEY
4
MANAGING YOUR MONEY
CONSIDER THE COSTS
Before starting in higher education, it’s important to think about the costs
you are likely to face and how to manage your money
Remember, you’ll receive your maintenance support in termly payments
and you will need to budget for things like:
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Books and other study materials
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Accommodation, food and drink
•
Sports, leisure and social activities
There will also be other costs you may not have thought of yet such as
insurance or a TV Licence
?
Q
MANAGING YOUR MONEY
HOW MUCH?
How much does this textbook
cost?
£35.95 New
£16.00 Used
(Amazon)
Q
How much is a 16-25 Railcard?
£30 for 1 yr
£70 for 3 yrs
Studying in London? An 18+ Student Oyster card can
save you 30% on Bus, Tram & Travelcard prices
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MANAGING YOUR MONEY
HOW MUCH?
Q
What is the average weekly cost
of student accommodation?
£117
per week*
Q
How much are these ‘delicious’
noodles?
11p
*Approximate figures from NUS & The Guardian, based
on university owned accommodation
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MANAGING YOUR MONEY
HINTS & TIPS TO CONSIDER
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Plan a budget – and (try to) stick to it!
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Ask questions and get any advice you need
•
Check out student bank accounts and NUS Extra cards
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Try to avoid taking credit cards, store cards or pay day loans!!
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Be aware of phishing scams – protect your information!!
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If you need financial support and advice once you’re at university
or college, staff there will be able to help
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KEY MESSAGES
POINTS TO BE CLEAR ON
•
Important to make the right university/college and course choice!!
•
Tuition Fee Loans are available to all eligible students and future
repayments are linked to your income, not what you owe
•
Research all finance available – especially bursaries & scholarships
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Apply on-line & on time – no need to wait for a confirmed place
•
Check all details are correct before submitting your application
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And remember that…....
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QUESTIONS & COMMENTS
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NEED MORE INFORMATION?
For further Information on student finance and
applications go to:
www.gov.uk/studentfinance
For a range of helpful tools and guidance,
visit:
www.thestudentroom.co.uk/studentfinance
www.gov.uk/studentfinance