Finance Pkg No Gra - Practitioners

Your 13/14 student finance journey starts here
• Student Finance Package
• Repayment
• Applications & Information
• Questions & Comments
Your 13/14 student finance journey starts here
Tuition Fee Loan
Maintenance (living cost) Support
Scholarships & Bursaries
Additional Support
• 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 to
the university/college directly in instalments across the academic year.
• The loan is repayable, but linked to future earnings over £21,000 a year.
• 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
Your 13/14 student finance journey starts here
• 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.
65% non
means tested
35% means
Maximum loan
Parental home
Additional means-tested loan is available for each extra week of
study for students attending their course beyond 30 weeks.
• The maximum non-repayable maintenance grant level in 2013 is
• 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.
Student living away from home, outside London 2013/14
£25,000 & under
£62,125 & over
Your 13/14 student finance journey starts here
• May be eligible for National Scholarship Programme
• Linked to personal circumstances and often, income level
• Vary by institution
• Can be linked to academic results
• Can be subject specific
• Limited in numbers
Check university websites and ask at open days for information on
bursaries & scholarships – what’s available and how to apply.
Your 13/14 student finance journey starts here
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:
Your 13/14 student finance journey starts here
• 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
Yearly income before tax
Income from which Approximate monthly
9% will be deducted
Any outstanding loan balance will be written off 30 years after
entering repayment.
The interest charged will vary during study and depending on earnings
after graduation:
During study until
entering repayment
Below £21,000
Interest rate:
Retail Price Index (RPI) +3%
Interest rate:
Set at RPI Only
Earnings between:
£21,000 - £41,000
RPI plus some amount
between 0% and 3%
Above £41,000
Interest rate:
Retail Price Index (RPI) +3%
Students can make extra voluntary repayments at any time
without penalty.
Your 13/14 student finance journey starts here
• Students should apply as soon as possible to make sure they have
their 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
• 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)
• 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.
• 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.
• If you need financial support and advice once you’re at university,
staff there will be able to help.
• Beware of phishing scams!!
• 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.
Your 13/14 student finance journey starts here
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!