Transcript Document

2015/16
www.gov.uk/studentfinance
SECTION 1
TUITION FEES AND LOANS
AN OVERVIEW
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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.**
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A Tuition Fee Loan doesn’t depend on household income.
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SFE pay your Tuition Fee Loan directly to your university or college.
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The loan is repayable, but only when your income is over £21,000 a year.
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*Publicly funded institutions
**Up to £6,000 for approved courses at private providers
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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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 LOAN
MAXIMUM LEVELS 2015/16
Full-Year
Student*
65% Non Means
Tested
35% Means
Tested
Maximum Loan
Parental home
£2,967
£1,598
£4,565
Elsewhere
£3,731
£2,009
£5,740
London
£5,205
£2,804
£8,009
Overseas
£4,433
£2,387
£6,820
*Lower rates are available to final year students
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Additional loan may be available for any extra weeks of study
if your course goes beyond 30 weeks in an academic year
SECTION 1
MAINTENANCE GRANT
SUPPORT AND MEANS TESTING
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The Maintenance Grant doesn’t have to be repaid.
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How much grant you can get depends on your household income
(100% means tested).
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Household Income:
Up to £25,000
Full Grant:
£3,387
Household Income:
Up to £42,620
Partial Grant:
(Min £50)
Household income is the taxable earned and unearned income
of the parents/partner you live with most of the time.
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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You can get an estimate of your student finance entitlement
using the calculator on gov.uk/studentfinance
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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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…
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have children or an adult dependent on you
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have a disability, long-term health condition, mental-health condition
or specific learning difficulty
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study overseas as part of your UK based course
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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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For more information on eligibility and applications for NHS
support go to: www.nhsbsa.nhs.uk/students
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.
•
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.
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Apply online at gov.uk/studentfinance*
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You don’t need a confirmed place at university or college to apply.
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Apply with your first choice, you can change details later if you need to.
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*Register on UCAS and check the SFE websites for updates on
when to apply for student finance.
SECTION 2
STUDENT FINANCE APPLICATIONS
KEY MESSAGE – COMPLETING AN APPLICATION
Before starting an application, have the following to hand:
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•
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Passport - SFE can check identity using valid UK passport details
University and course details
Bank account details and National Insurance number
The easiest way for your parents, partner or other sponsor to support your
application is online through GOV.UK, providing information including:
•
•
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National Insurance number(s)
Household income information (based on prior tax year*)
Details of other child dependants
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*If your household income drops by 15% or more in the current
tax year, SFE can reassess your application.
SECTION 3
STUDENT LOAN REPAYMENTS
AN OVERVIEW
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No repayments until your income is over £21,000 a year gross (before
tax).
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If you study a full-time course, you will be due to start repaying in the
April after graduating from/leaving higher education.
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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.*
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If your income falls to £21,000 or below your repayments will stop.
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Any outstanding loan balance will be written off 30 years after entering
repayment.
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*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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9% Deducted
£4,000
from
£4,000
(Approx)
£30
£30
Interest is applied to your loan at a maximum rate of RPI +3%
More info can be found on: www.studentloanrepayment.co.uk
SECTION 3
STUDENT LOAN REPAYMENTS
THE INTEREST
Interest on your loan will depend on your income and circumstances:
During study until
entering repayment
Income:
Under £21,000
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Interest Rate:
Retail Price Index +3%
Interest rate is:
Rate:
Set atInterest
RPI Only
RPI Only
Income:
Interest Rate:
£21,000 to £41,000
RPI + up to 3%
Income:
Interest Rate:
Over £41,000
RPI +3%
The interest rate is updated once a year using the RPI figure
from March which is carried forward and applied in September.
SECTION 4
NOW IT’S YOUR TURN!!
POINTS TO REMEMBER
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Important to make the right university/college and course choice!!
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Tuition Fee Loans are available to all eligible students.
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Future repayments are linked to your income, not what you owe.
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Research all finance available – especially bursaries & scholarships.
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Apply online & on time – no need to wait for a confirmed place.
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Check all details are correct before submitting your application.
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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
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