Transcript Finance Pkg No Gra

STUDENT FINANCE MATTERS
www.gov.uk/studentfinance
!
COMMON CONCERNS
TUITION FEES
C
My daughter/son can’t afford to go to university,
it’s far too expensive!
A
Regardless of household income, eligible students
can apply for a Tuition Fee Loan to help with the
cost of fees, and a Maintenance Loan to help with
their living costs.
!
COMMON CONCERNS
REPAYMENTS
C
Debt from a student loan will be unmanageable!
A
Repayments don’t start until your child’s income
is over £21,000 a year. They’ll then repay only
9% of their income over this threshold.
A
The amount they repay will only increase with
their earnings as repayments are based on their
income, not how much they’ve borrowed.
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STUDENT FINANCE ENGLAND (SFE)
SFE Provide financial support on behalf of the UK government to
students from England entering higher education in the UK:
• The two main costs full-time students will have while studying
are
tuition fees and living costs.
• SFE make finance available to help students with both.
•
Depending on their circumstances, course and where they study,
students may be able to get a range of financial help and support.
•
This includes grants and bursaries (which don’t have to be paid back)
and loans (which do).
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THE STUDENT FINANCE PACKAGE
SUPPORT AVAILABLE TO STUDENTS INCLUDES:
Tuition Fee Loan
Maintenance (Living Cost) Support
Bursaries & Scholarships
Additional Support
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TUITION FEES & 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.
•
Remember that it doesn’t depend on household income.
•
SFE pay any Tuition Fee Loan directly to a university or college.
•
The loan is repayable, but only when the student’s future income is
over £21,000 a year.
*Publicly funded
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•
MAINTENANCE SUPPORT
Maintenance support is available to help with living costs a student
will face while in higher education.
Two main types
1. Maintenance Loan
2. Maintenance Grant.
•
The Maintenance Loan is repayable and all eligible students are
entitled to get some funding.
• The amount of loan available will depend on where a student lives and
studies and is paid directly into the student’s bank account each term.
.
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MAINTENANCE LOAN
2014/15 MAXIMUM RATES
Where Students 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
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MAINTENANCE GRANT
•
The Maintenance Grant doesn’t have to be repaid.
•
How much grant a student can get depends on their household
income (100% means tested).
Household income thresholds for 2014/2015:
Household Income:
up to £25,000
Full Grant of £3,387
Household Income:
up to £42,620
Partial Grant
COMBINED MAINTENANCE SUPPORT
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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
Students can get a quick estimate of their student finance
entitlement using the calculator on gov.uk/studentfinance
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ADDITIONAL SUPPORT
Extra support may be available to students who:
•
have a child or an adult who depends on them financially
•
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
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STUDENT LOAN REPAYMENTS
AN OVERVIEW
•
Students won’t make repayments until their 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.
•
Repayments will be 9% of income over £21,000 and when employed
deductions will be made from their pay through the HMRC tax system.
•
If their income falls to £21,000 or below, repayments will stop.
•
Early repayments can be made at any time, but any outstanding
loan balance will be written off 30 years after entering repayment.
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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
More information on loan repayments and interest rates can be
found on www.studentloanrepayment.co.uk
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STUDENT FINANCE APPLICATIONS
KEY MESSAGES FOR STUDENTS – APPLY EARLY
Each year thousands of students apply late for their finance and
have no way to pay for their course or halls
•
It will take at least six weeks* to process an application so apply early!
•
Apply online at gov.uk/studentfinance to make sure that student finance is
in place for the start of their course.
•
Students don’t need a confirmed place at university or college to apply
for student finance.
•
Apply with their first choice, they can change details later if they need to.
*SFE handle over 1 million applications a year, most involve
interactions with other government departments, e.g. HMRC
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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
2 other sources of
information are:
http://www.thescholarshiphub.org.uk/
@enorfolkcareers
www.gov.uk/studentfinance