STUDENT FINANCE 2016/17
SESSION CONTENTS
•
How much do you know?
•
The student finance package
•
Student loan repayment
•
Application information
•
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 2016/17?
A
£9,000
Q
A
How much of this will you need to pay
t to uni or college?
upfront before you go
£0
*Eligible Welsh domiciled students studying at a
publicly-funded university or college
THE STUDENT FINANCE
PACKAGE 2016/17
THE STUDENT FINANCE PACKAGE
SUPPORT AVAILABLE TO STUDENTS INCLUDES:
Tuition fee support
Maintenance (living cost) support
Bursaries & scholarships
Additional support
Figures in this section may change, subject to 2016/17 policy approval
THE STUDENT FINANCE
PACKAGE 2016/17
TUITION FEES
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 2015 was about £8,703.
• Students at private universities or colleges offering designated courses will be able
to borrow up to £6,000* towards tuition costs.
*Students will have to self-fund any additional fee charged
TUITION FEES
TUITION FEE SUPPORT
•
A Tuition Fee Loan of up to £3,900 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 or college.
•
For courses with £9,000 tuition fees you would receive a maximum Tuition
Fee Grant of £5,100.
•
Tuition Fee Loans and Tuition Fee Grants are paid directly 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 2016/17
MAINTENANCE SUPPORT
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 (e.g. with
parents, etc) and study.
• Support for living costs are paid directly to your bank account each term.
MAINTENANCE SUPPORT
MAINTENANCE LOAN 2016/17 MAXIMUM RATES
75% non means
tested
25% means
tested
Maximum
loan
Parental home
£3,590
£1,196
£4,786
Elsewhere
£4,637
£1,546
£6,183
London
£6,497
£2,165
£8,662
Overseas
£5,529
£1,843
£7,372
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 2016/17 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.
MAINTENANCE SUPPORT
COMBINED SUPPORT:
Students living away from home, outside London 2016/17
Welsh Gov
Learning Grant
Maintenance Loan
Total
£18,370 & under
£5,161
£3,603
£8,764
£20,000
£4,715
£3,826
£8,541
£25,000
£3,347
£4,510
£7,857
£26,500
£2,936
£4,715
£7,651
£30,000
£2,099
£5,134
£7,233
£34,000
£1,142
£5,612
£6,754
£40,000
£734
£5,816
£6,550
£45,000
£393
£5,987
£6,380
£50,020
£50
£6,158
£6,208
£50,753
£0
£6,183
£6,183
£58,484 (+)
£0
£4,637 (+)
£4,637
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, including a mental-health condition or specific
learning difficulty
•
have children or adults who depend on you
NHS FUNDING
OTHER COURSES
NHS COURSES
NHS support
•
Students training for eligible courses may be able to get a bursary from the
NHS. A bursary is a yearly payment to help with living costs and tuition fees. It’s
paid each month and doesn’t have to be paid back.
•
More detailed information is available at
http://www.nwsspstudentfinance.wales.nhs.uk/home
•
Full-time students on NHS degrees can also apply for a fixed grant of £1,000
per year.
SFW support
•
Full-time NHS students can also apply to Student Finance Wales for a reduced
rate Maintenance Loan which does not depend on income.
STUDENT LOAN REPAYMENT
REPAYMENT - HOW MUCH DO YOU KNOW?
Q
How much does your income need to be
t back your student
before you start paying
loan?
A
Over £16,000
B
Over £21,000
C
Over £19,000
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
£60,000
£39,000
£292
!
Any outstanding loan balance will be cleared 30 years after
entering repayment.
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/leaving your 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.
•
You may get a partial cancellation of your Maintenance Loan of up to
£1,500.
•
If your income falls to £21,000 or below your repayments will stop.
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
income is below the
threshold.
After 30
years?
False – but you stop making
repayments if your income
is 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.
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 plus 3%
Income:
Under £21,000
Interest Rate:
RPI Only
Income:
£21,000 to £41,000
Interest Rate:
RPI plus up to 3%
Income:
Over £41,000
Interest Rate:
RPI plus3%
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
C
Online
Online –
– studentfinancewales.co.uk
studentfinancewales.co.uk
HOW DO I APPLY?
KEY MESSAGES
• When the time comes, apply online at 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
HOW MUCH?
?
£118.49
C
What is the average weekly cost of
student accommodation?*
QUESTIONS?
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*Figures from NUS based on university-owned accommodation
(Including privately owned student accommodation = £123.96)
From
?
29p
39p
£2.25
HOW MUCH? – ACCOMMODATION
What’s the average weekly cost of student
accommodation?
Q
A
£118.49 per week*
?
Lowest
£45 pw
??
Highest
£415pw
*Approximate figures from The Guardian
based on university-owned accommodation
OTHER COSTS?
MANAGING YOUR MONEY
CONSIDER THE COSTS
Before starting in higher education, it’s important to think about the costs you’re
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 starting course
- fees paid directly to your university
•
Repayment
- start paying back your loans when you have left university and income is over
£21,000
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 starting course
- fees paid directly to your university
•
Repayment
- start paying back your loans when you have left university and income is over
£21,000
QUESTIONS?