STUDENT FINANCE 2014/15 www.gov.uk/studentfinance i SESSION CONTENTS • Section 1 – The Student Finance Package • Section 2 – Student Loan Repayments • Section 3 – Applications & Information • Section 4 - Managing Your Money • Questions & Comments ? HOW MUCH DO YOU KNOW? ? 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 ? 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 1 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 1 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 2 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 3 STUDENT FINANCE APPLICATIONS KEY MESSAGES – GET IT RIGHT FIRST TIME • 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 3 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 • 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 3 GOV.UK FOR MORE INFORMATION & TO APPLY www.gov.uk/studentfinance 3 THE STUDENT ROOM FOR FURTHER INFORMATION & RESOURCES www.thestudentroom.co.uk/studentfinance 3 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: • 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 ? 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 ? 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 4 MANAGING YOUR MONEY HINTS & 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 i 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 • Apply on-line & on time – no need to wait for a confirmed place • Check all details are correct before submitting your application • And remember that….... ? QUESTIONS & COMMENTS i 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