Transcript Finance Pkg No Gra - Wiltshire College

STUDENT FINANCE 2014/15
www.gov.uk/studentfinance
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SESSION CONTENTS
• Section 1 – The Student Finance Package
• Section 2 – Student Loan Repayments
• Section 3 – Applications & Information
• Section 4 - Managing Your Money
• Questions & Comments
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HOW MUCH?
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HOW MUCH?
BOOKS & RESOURCES
How much does this
textbook cost?
£35.95 New
£16.00 Used
(Amazon)
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HOW MUCH?
FOOD
How much are these ‘delicious’
noodles?
11p
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HOW MUCH?
TRAVEL
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
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HOW MUCH?
ACCOMMODATION
What is the average weekly cost
of student accommodation?
Lowest?
£117
£46pw
per week*
Highest?
£415pw
*Approximate figures from NUS & The Guardian, based
on university owned accommodation
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 & 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
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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 2014/2015:
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
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Study an NHS or Social Work course
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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
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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
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
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STUDENT FINANCE APPLICATIONS
KEY MESSAGES –GET IT RIGHT FIRST TIME
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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
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Register on UCAS and we can let you know when it’s time to apply
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You don’t need a confirmed place at university or college to apply
for student finance
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Make a note of your account log-in details & keep them safe
•
You can change your details online before starting your course
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Agree to share information from your application, this helps apply
for many bursaries and some scholarships
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STUDENT FINANCE APPLICATIONS
INFORMATION YOU WILL NEED TO PROVIDE
Before starting the application, you should have the following to hand:
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Passport - SLC can check identity using valid UK passport details
for most students
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University and course details – You can share this information online,
directly from you UCAS application
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Bank account details
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National Insurance number
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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
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GOV.UK
FOR MORE INFORMATION & TO APPLY
www.gov.uk/studentfinance
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THE STUDENT ROOM
FOR FURTHER INFORMATION & RESOURCES
www.thestudentroom.co.uk/studentfinance
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SOCIAL MEDIA
FOLLOW SFE FOR THE LATEST NEWS
www.facebook.com/SFEngland
www.twitter.com/sf_england
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UNISTATS
COMPARE UNI’S COURSES AND FEES
www.unistats.direct.gov.uk
SECTION 4
MANAGING YOUR MONEY
4
MANAGING YOUR MONEY
HINTS & TIPS TO CONSIDER
Before starting in higher education, think about the costs you are likely
to face and how to manage your money:
•
Plan a budget – and (try to) stick to it!
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Ask questions and get any advice you need
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Check out student bank accounts and NUS Extra cards
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Try to avoid taking credit cards, store cards or pay day loans!!
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If you need financial support and advice once you are at university
or college, staff there will be able to help
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KEY MESSAGES
POINTS TO BE CLEAR ON
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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 and 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 on-line & on time – no need to wait for a confirmed place
•
Check all details are correct before submitting your application
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And remember that…....
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QUESTIONS & COMMENTS
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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