2015/16
www.gov.uk/studentfinance
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SESSION CONTENTS
• Section 1 – The Student Finance Package
• Section 2 – Applications & Information
• Section 3 – Student Loan Repayments
• Section 4 - Managing Your Money
• Questions or Comments
2015/16
SECTION 1
2015/16
THE STUDENT FINANCE
PACKAGE*
*All figures used in this section are subject to final approval
of the 2015/16 student finance policy
TUITION FEE Loan
SECTION 3
Extra Support
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Maintenance
Support
2015/16
SECTION 1
HOW MUCH DO YOU KNOW?
TUITION FEES
Q
A
Q
A
2015/16
What’s the maximum tuition fee universities or colleges
can charge new students in 2015/16?*
£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
SECTION 1
TUITION FEES AND LOANS
AN OVERVIEW
•
Universities and colleges* can charge new full-time students up to
£9,000 (£6,750 part-time) per year in 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 a university
or college.**
•
A Tuition Fee Loan doesn’t depend on household income.
•
SFE pay your Tuition Fee Loan directly to your university or college.
•
The loan is repayable, but only when your income is over £21,000 a year.
2015/16
*Publicly funded institutions
**Up to £6,000 for approved courses at private providers
Tuition Fee Loan
SECTION 3
Extra Support
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MAINTENANCE
Support
2015/16
SECTION 1
MAINTENANCE SUPPORT
AN OVERVIEW
•
Maintenance support is available to help with your living costs while
in higher education.
•
There are two main types of support: Maintenance Loan (repayable)
and Maintenance Grant (non-repayable).
•
All eligible students are entitled to receive some Maintenance support.
•
The amount of Maintenance Loan you can get depends on where you
live and study.
•
Maintenance support is paid directly into your bank account each term.
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2015/16
*65% of the maximum Maintenance Loan available is not linked
to household income (Non means tested)
SECTION 1
MAINTENANCE LOAN
MAXIMUM LEVELS 2015/16
Parental home
Live at home while you study
Up to
£4,565
Elsewhere
Live away from home & study outside London
London
Live away from home & study in London
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2015/16
Up to
£5,740
Up to
£8,009
If studying overseas as part of a UK course, Maintenance
Loan support is still available; up to £6,820 for 2015/16.
SECTION 1
MAINTENANCE GRANT
SUPPORT AND MEANS TESTING
•
The Maintenance Grant doesn’t have to be repaid
•
How much grant you can get depends on your household income
(100% means tested)
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2015/16
Household Income:
Up to £25,000
Full Grant:
£3,387
Household Income:
Up to £42,620
Partial Grant:
(Min £50)
The Special Support Grant can replace the Maintenance Grant
for certain groups of students, such as lone (single) parents.
SECTION 1
MAINTENANCE SUPPORT
ARE YOU AN INDEPENDENT STUDENT?
If you are over 25, have care of a young person or have supported yourself
financially for three years before starting your HE course, your parental
income won’t be taken into account when assessing your entitlement.*
You could be considered independent if you (amongst other criteria):
•
have care of a person under the age of 18
•
are 25 or over on the first day of the academic year
•
are permanently estranged from their parents
•
are leaving the care of the local authority
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2015/16
*If married or in a civil partnership, SFE will take into account
the income of the your husband, wife or civil partner.
SECTION 1
COMBINED MAINTENANCE SUPPORT
LIVING AWAY FROM HOME OUTSIDE LONDON
Household
Income
Maintenance
Grant
Maintenance
Loan
Total
£25,000 & under
£3,387
£4,047
£7,434
£30,000
£2,441
£4,520
£6,961
£35,000
£1,494
£4,993
£6,487
£40,000
£547
£5,467
£6,014
£42,620
£50
£5,715
£5,765
£42,875
£0
£5,740
£5,740
£50,000
£0
£4,998
£4,998
£62,143 & over
£0
£3,731
£3,731
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2015/16
You can get an estimate of your student finance entitlement
using the calculator on gov.uk/studentfinance
Tuition Fee Loan
SECTION 3
EXTRA Support
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Maintenance
Support
2015/16
SECTION 1
EXTRA SUPPORT
BURSARIES AND 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 discounted tuition fees, accommodation or cash.
Scholarships:
• Linked to academic results or ability in an area such as sport or music.
• Can be subject specific and are usually limited in numbers.
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2015/16
Check university/college websites and ask at open days to see
what they offer and how/when to apply....don’t miss out!!
SECTION 1
EXTRA SUPPORT
OTHER FINANCIAL HELP MAY BE AVAILABLE IF YOU…
•
have children or an adult dependent on you
•
have a disability, long-term health condition, mental-health condition
or specific learning difficulty
•
study overseas as part of your UK based course
•
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
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2015/16
For more information on eligibility and applications for NHS
support go to: www.nhsbsa.nhs.uk/students
SECTION 2
2015/16
2015/16
APPLICATIONS & INFORMATION
You APPLY on time
You get PAID!
We ASSESS your
application
2015/16
2015/16
SECTION 2
HOW MUCH DO YOU KNOW?
STUDENT FINANCE APPLICATIONS
Q
What is the easiest way to apply for your student finance?
a) Call SFE and ask for an application form to be sent to you
b) Online
@ www.gov.co.uk/studentfinance
b) Online
@ www.gov.uk/studentfinance
c) Apply? I just thought the money would appear when I need it!
A
Q
When should you apply for your student finance?
a) After you have started your course
b) When
have
confirmed offer from a university or college
c) Asyou
soon
as apossible
c) As soon as possible
A
2015/16
SECTION 2
STUDENT FINANCE APPLICATIONS
KEY MESSAGE – APPLY EARLY
Each year thousands of students apply late for their finance and have no
way to pay for their course or accommodation, some even have to drop out
...don’t let that be you!
•
It will take at least six weeks to process your application so apply early
to make sure your student finance is ready for the start of your course.
•
Apply online at gov.uk/studentfinance*
•
You don’t need a confirmed place at university or college to apply.
•
Apply with your first choice, you can change details later if you need to.
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2015/16
*Register on UCAS and check the SFE websites for updates on
when to apply for student finance.
SECTION 2
GOV.UK
FOR THE INFORMATION YOU NEED
2015/16
www.gov.uk/studentfinancesteps
SECTION 2
SFE ONLINE
FOR MORE INFORMATION AND RESOURCES
www.thestudentroom.co.uk/studentfinance
www.facebook.com/SFEngland
www.twitter.com/sf_england
www.youtube.com/SFEFILM
2015/16
SECTION 3
2015/16
STUDENT LOAN REPAYMENTS
The FACTS
SECTION 3
The INTEREST
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The FIGURES
2015/16
SECTION 3
HOW MUCH DO YOU KNOW?
STUDENT LOAN REPAYMENTS
Q
What will your student loan repayments be based on?
a) Your future income
b) How
much
you income
have borrowed
a) Your
future
c) Neither, you just pay a fixed amount regardless
A
Q
How much do you need to earn before you start to repay?
a) £16,000 a year
b) £21,000
a year
b) £21,000
a year
c) Doesn’t matter, repayments will be taken whatever you earn
A
2015/16
SECTION 3
STUDENT LOAN REPAYMENTS
AN OVERVIEW
•
You won’t make repayments until your income is over £21,000 a year
gross (before tax)
•
If you study a full-time course, you will be due to start repaying in the
April after graduating from/leaving higher education
•
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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2015/16
*If you move/work overseas you will repay 9% of your earnings
over the repayment threshold for the country you are living in
SECTION 3
STUDENT LOAN REPAYMENTS
THE FIGURES
Income each year
before tax
9% will be deducted
from
Monthly Repayment
£21,000
£0
£0
£30,000
£9,000
£67
£40,000
£19,000
£142
£50,000
£29,000
£217
£60,000
£39,000
£292
Income
£25,000
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2015/16
9% Deducted
£4,000
from?
(Approx)
Monthly
£30
Repayment?
Interest is applied to your loan at a maximum rate of RPI +3%
More info can be found on: www.studentloanrepayment.co.uk
SECTION 4
2015/16
MANAGING YOUR MONEY
Consider the COSTS
SECTION 3
Points to REMEMBER
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Plan a BUDGET
2015/16
SECTION 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 get your maintenance support payments in each term
and you’ll need to pay 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...so think about planning a budget!
2015/16
SECTION 4
MANAGING YOUR MONEY
HOW MUCH?
New
?
£26.99
Q
How much does this textbook cost?
Used
£15.76
?
1 Year
Q
?
£12
How much is an NUS Extra card?
?
3 Year
£32
2015/16
SECTION 4
MANAGING YOUR MONEY
HOW MUCH?
?
£118.49
Q
What is the average weekly cost of
student accommodation?
From
Q
2015/16
And unless
you want to eat jar
it cold.....
Need
some flavour?.....This
of tasty
How much is this bag of pasta?
...one costs?
of these might be useful!
sauce
*Figures from NUS based on university-owned accommodation
(Including privately owned student accommodation = £123.96)
?
29p
39p
£2.25
SECTION 4
NOW IT’S YOUR TURN!!
POINTS TO REMEMBER
•
Important to make the right university/college and course choice!!
•
Tuition Fee Loans are available to all eligible students.
•
Future repayments are linked to your income, not what you owe.
•
Research all finance available – especially bursaries & scholarships.
•
Apply on-line & on time – no need to wait for a confirmed place.
•
Check all details are correct before submitting your application.
2015/16
2015/16
www.gov.uk/studentfinance
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NEED MORE INFORMATION?
REMEMBER SFE IS ONLINE
For further information on student finance and
applications go to:
www.gov.uk/studentfinance
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For a range of helpful tools and guidance,
visit:
www.thestudentroom.co.uk/studentfinance
2015/16