STUDENT FINANCE 2015/16
SESSION CONTENTS
Section 1 - The Student Finance Package
Section 2 – Additional Support
Section 3 – Student Loan Repayment
Section 4 – Application Information
Section 5 – Managing Your Money
HOW MUCH DO
YOU KNOW?
HOW MUCH DO YOU KNOW?
Q
*What is the maximum tuition fee
t can charge new
universities or colleges
students in 2015/16?
A
£9,000
Q
How much of this willt you need to pay
upfront before you go to uni or college?
A
£0
*Eligible Welsh domiciled students
studying at a publicly funded university or
college
THE STUDENT FINANCE
PACKAGE 2015/16
THE STUDENT FINANCE PACKAGE
SUPPORT AVAILABLE TO STUDENTS INCLUDES:
Tuition Fee Support
Maintenance (Living Cost) Support
Bursaries & Scholarships
Additional Support
TUITION FEES
OVERVIEW
• Currently capped at £9,000 per year.
• The tuition fee will be decided by the university or college including if it charges
different amounts for different courses.
• The average tuition fee for new students in 2014 was about £8,647.
• Students at private universities or colleges offering designated courses will be able
to borrow up to £6,000* towards tuition costs. You won’t be able to get a Fee Grant.
*Students will have to self-fund any additional fee charged
TUITION FEES
TUITION FEE SUPPORT
•
A Tuition Fee Loan of up to £3,810 is available as well as a Tuition Fee Grant to
cover the difference between the available Tuition Fee Loan and the tuition fee
charged by your university.
•
For courses with £9,000 tuition fees you would receive a maximum Tuition
Fee Grant of £5,190.
•
Tuition Fee Loans and Tuition Fee Grants are paid direct to your university or
college.
•
Tuition Fee Loans are repayable, but only when you’ve left university or college
and your income is over £21,000 a year.
THE STUDENT FINANCE
PACKAGE 2015/16
MAINTENANCE SUPPORT
MANAGING YOUR MONEY
HOW MUCH?
?
£118.49
C
What is the average weekly cost of
student accommodation?*
C
Need
some
flavour?.....This
of tasty
Angen
ychwanegu
blas?.....Mae’r
jar
And unless
you
want
to eat itjarcold.....
How
Faintmuch
mae’risbag
thishwn
bagoofbasta
pasta?
yn costio?
sauce
costs?
hwn
o of
saws
yn might
costio?
...one
these
be useful!
*Figures from NUS based on university-owned accommodation
(Including privately owned student accommodation = £123.96)
From
?
29p
39p
£2.25
HOW MUCH? – ACCOMMODATION
Q
What’s the average weekly cost of student
accommodation?
A
£118.49 per week*
?
Lowest
£39pw
?
Highest
£415pw
*Approximate figures from The Guardian
based on university-owned accommodation
OTHER COSTS?
SUPPORT FOR LIVING COSTS
• Support is available to help towards living costs you’ll have while at
university or college and all eligible students can get some funding.
• Two types of support are available: Maintenance Loan and Welsh
Government Learning Grant.
• The Maintenance Loan is repayable.
• The amount of loan available depends on where you live (eg with
parents, etc) and study.
• Support for living costs are paid direct to your bank account each term.
MAINTENANCE SUPPORT
MAINTENANCE LOAN 2015/16 MAXIMUM RATES
75% Non Means
Tested
25% Means
Tested
Maximum
Loan
Parental Home
£3,121
£1,041
£4,162
Elsewhere
£4,032
£1,344
£5,376
London
£5,649
£1,883
£7,532
Overseas
£4,807
£1,603
£6,410
Full-Year Student (*)
!
Additional means tested loan is available for each extra week of
study for students attending their course beyond 30 weeks.
!
(*) Slightly lower rates of support apply to final year students.
MAINTENANCE SUPPORT
WELSH GOVERNMENT LEARNING GRANT
• Non-repayable grant for 2015/16 is up to £5,161 (max).
• 100% means tested.
• Students from households with an income of up to
£18,370 will be entitled to the maximum £5,161.
• Students from households with an income of up to
£50,020 will be entitled to a partial grant.
COMBINED SUPPORT
If you’re studying outside London and living away from your parents
Welsh Gov
Learning Grant
Maintenance Loan
Total
£18,370 & under
£5,161
£2,796
£7,957
£20,000
£4,715
£3,019
£7,734
£25,000
£3,347
£3,703
£7,050
£26,500
£2,936
£3,908
£6,844
£30,000
£2,099
£4,327
£6,426
£34,000
£1,149
£4,805
£5,947
£40,000
£734
£5,009
£5,743
£45,000
£395
£5,180
£5,573
£50,020
£50
£5,351
£5,401
£55,000
£0
£4,527
£4,527
£57,475
£0
£4,032
£4,032
Household Income £
SCHOLARSHIPS AND BURSARIES
Most universities offer additional support to students which could be worth
thousands of pounds, so it’s important to research what’s available
and when to apply.
Bursaries:
• usually depend on personal circumstances and, often, your household income
• vary by university or college
Scholarships:
• can be linked to academic results or an outstanding ability in sport, music etc…
• can be subject specific and are limited in numbers
!
You should check university websites and ask at open days and UCAS
conventions for information on bursaries and scholarships: what is
available and how/when to apply.
ADDITIONAL SUPPORT
ADDITIONAL SUPPORT
OVERVIEW
Extra money or support may be available if you:
•
have a disability, mental-health condition or specific learning difficulty
•
have children or adults who depend on you
•
are studying an NHS or Social Work course
NHS courses include: nursing, midwifery, physiotherapy, chiropody,
dietetics, radiography, occupational therapy, the later stages of
medicine and dentistry.
STUDENT LOAN REPAYMENT
REPAYMENT - HOW MUCH DO YOU KNOW?
Q
How much do you need to earn before you
start paying back yourt student loan?
A
Over £16,000
BB
Over £21,000
C
Over £19,000
STUDENT LOAN REPAYMENT
OVERVIEW
•
You won’t make repayments until your income is over £21,000 a year.
•
Full-time students will be due to start repaying in the April after
graduating from/leaving their course.
•
You’ll repay 9% of your income over £21,000 and if you’re employed
your employer will make deductions from your pay through the HMRC
tax system.
•
Students may get a partial cancellation of their Maintenance Loan of up
to £1,500.
•
If your income falls to £21,000 or below your repayments will stop.
STUDENT LOAN REPAYMENT
THE FIGURES
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
Approximate monthly
Income from which 9%
Repayment
will be deducted
Any outstanding loan balance will be cleared 30 years after
£20,000,000
(approx)
£149,842
£19,979,000
entering
repayment.
Income each year before tax
!
STUDENT LOAN REPAYMENT
TRUE or FALSE – You do not need to repay your loan...
True – 30 years after
you enter repayment
any remaining loan
will be written off.
False – but payments
will stop being
collected, if
unemployed/claiming
Jobseeker’s
Allowance.
False – but you
stop making
repayments if
earnings dip below
the threshold.
After 30
years?
False – but you stop making
repayments at anytime you
earn under the threshold.
Earn under
21K?
Made
redundant?
Pregnancy?
Work/live
abroad?
Become a
teacher?
You die?
True – the debt dies
with you, and no one
inherits it.
False – you are still
eligible to make
repayments if
working abroad and
earning above the
threshold.
False.
Bankruptcy?
False becoming bankrupt does not
write off your student loan.
STUDENT LOAN REPAYMENTS
THE INTEREST
Interest on your loan will depend on your income and circumstances:
During study until
entering repayment
Interest Rate:
Retail Price Index +3%
Income:
Under £21,000
Interest Rate:
RPI Only
Income:
£21,000 to £41,000
Interest Rate:
RPI + up to 3%
Income:
Over £41,000
Interest Rate:
RPI +3%
APPLICATION INFORMATION
APPLICATION - HOW MUCH DO YOU KNOW?
Q
How should you applyt for student finance?
A
Through your Local Authority
B
Online – Gov.uk
CC
Online
Online –
– studentfinancewales.co.uk
studentfinancewales.co.uk
HOW DO I APPLY?
KEY MESSAGES
•
Apply online through www.studentfinancewales.co.uk
•
You don’t need a confirmed place at university or college to apply.
•
You can change your details online before starting your course.
•
If you share information from your application, this helps with scholarships
and bursaries.
APPLICATION INFORMATION
COMPLETING AN APPLICATION
Before starting an application, you should have the following to hand:
•
passport - SFW can check identity using valid UK passport details
•
university and course details
•
bank account details and National Insurance number
•
your parents’ or partner’s email address
APPLICATION INFORMATION
STUDENTFINANCEWALES.CO.UK
SOCIAL MEDIA
FOR THE LATEST SFW NEWS
www.facebook.com/SFWales
www.twitter.com/sf_wales
UNISTATS
COMPARE UNIVERSITIES AND COURSES
MANAGING YOUR MONEY
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 payments each term
and you will need to budget for things like:
•
books and other study materials
•
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.
MANAGING YOUR MONEY
HINTS AND TIPS TO CONSIDER
•
Plan a budget – and (try to) stick to it!
•
Ask questions and get any advice you need.
•
Check out student bank accounts and NUS Extra cards.
•
Try to avoid taking credit cards, store cards or pay day loans!!
•
Be aware of phishing scams – protect your information!!
•
If you need financial support and advice once you’re at university
or college, staff there will be able to help.
WHAT NEXT?
•
Research
- studentfinancewales.co.uk
- student finance calculator
- guides and quick guides
•
Apply
- online
- on time
•
Payment
- loans and grants paid into bank account shortly after commencing course
- fees paid directly to your university
•
Repayment
- start paying back your loans when you have left university and earn over £21,000
CONTACT STUDENT FINANCE WALES
For further Information on student finance and applications
call us on:
Customer helpline: 0300 200 4050
There are no silly questions when it comes
to student finance, so if you’re unsure, ask!
QUESTIONS?