Transcript Finance Pkg No Gra

STUDENT FINANCE MATTERS
2015/16
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
2015/16
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2015/16
HOW MUCH DO YOU KNOW?
?
Q
A
Q
A
2015/16
HOW MUCH DO YOU KNOW?
TUITION FEES
*What’s the maximum tuition fee universities or
colleges can charge new students in 2015/16?
£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
HOW MUCH DO YOU KNOW?
STUDENT FINANCE
Which of these are available from Student
Finance England?
a) Sponsorship and scholarships
b) Loans and grants to help with tuition fees
b) Loans and grants to help with tuition fees and living costs
andtickets
livingand
costs
c) Bus
a box of chocolates
A
Q
When should you apply for your student
finance?
a) After you have started your course
b) When
have
confirmed offer from a university or college
c) Asyou
soon
asa possible
c) As soon as possible
A
2015/16
?
Q
HOW MUCH DO YOU KNOW?
REPAYMENTS
What will your student loan repayments be
based on?
a) Your future income
b) How
muchfuture
you have
borrowed
a) Your
income
c) Neither, you just pay a fixed amount regardless
A
Q
How much do you need to earn before you start
to repay?
a) £16,000 a year
b) £21,000
a yeara year
b) £21,000
c) Doesn’t matter, repayments will be taken whatever you earn
A
2015/16
SECTION 1
2015/16
THE STUDENT FINANCE
PACKAGE
1
THE STUDENT FINANCE PACKAGE
SUPPORT AVAILABLE TO STUDENTS INCLUDES:
TUITION FEE LOAN
MAINTENANCE SUPPORT
BURSARIES & SCHOLARSHIPS
ADDITIONAL SUPPORT
2015/16
Figures used in this section are 2014/15 examples and may
change upon announcement of 2015/16 student finance policy
SECTION 1
2015/16
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 a university
or college**
•
A Tuition Fee Loan doesn’t depend on household income
•
SFE pay any Tuition Fee Loan directly to your university or college
•
The loan is repayable, but only when your income is over £21,000
2015/16
*Publicly funded institutions
**Up to £6,000 available for approved courses at private providers
SECTION 1
2015/16
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
2015/16
1
MAINTENANCE LOAN
EXAMPLE 2014/15 MAXIMUM RATES
Parental Home - Live at
home
Up to
£4,418
Elsewhere - Live away from home
and study outside of London
Up to
£5,555
London - Live away from home and
study in London
Overseas - Study overseas as part of a UK
course
2015/16
Up to
£7,751
Up to
£6,600
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)
Current household income thresholds 2014/15:
2015/16
Household Income:
Up to £25,000
Full Grant of £3,387
Household Income:
Up to £42,620
Partial Grant
You can get a quick estimate of your student finance entitlement
using the calculator on gov.uk/studentfinance
SECTION 1
2015/16
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 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 limited in numbers
2015/16
Check university websites and ask at open days for information
on bursaries, scholarships and how and when to apply!
SECTION 1
2015/16
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
2015/16
For more information on eligibility and applications for NHS
support go to: www.nhsbsa.nhs.uk/students
SECTION 2
2015/16
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
2015/16
2
STUDENT LOAN REPAYMENTS
THE FIGURES
Income each year
before tax
Income from which
9% is deducted
Monthly Repayment
(Approx)
£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
9% Deducted
£4,000
from?
£
2015/16
£
Monthly
£30
Repayment?
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
2015/16
APPLICATIONS & INFORMATION
3
STUDENT FINANCE APPLICATIONS
KEY MESSAGES – APPLY EARLY
Each year thousands of students apply late for their finance and
have no way to pay for their course or halls, some even have to drop out..
...don’t let that be you!
•
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
•
Apply online at gov.uk/studentfinance*
•
You don’t need a confirmed place at university or college to apply
for student finance
•
Apply with your first choice, you can change details later if you need to
2015/16
*When setting up your student finance account, be sure to keep
a note of your password and other log-in information!
3
GOV.UK
FOR MORE INFORMATION & TO APPLY
www.gov.uk/studentfinance
2015/16
3
SFE ONLINE
FOR FURTHER INFORMATION & RESOURCES
www.thestudentroom.co.uk/studentfinance
www.facebook.com/SFEngland
www.twitter.com/sf_england
www.youtube.com/SFEFILM
2015/16
3
UNISTATS
COMPARE UNIS, COURSES AND FEES
www.unistats.direct.gov.uk
2015/16
SECTION 4
2015/16
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 get your maintenance support payments in each term
and you’ll need to pay 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...so think about planning a budget.
2015/16
?
Q
MANAGING YOUR MONEY
HOW MUCH?
How much does this textbook
cost?
£35.95 New
£16.00 Used
(Amazon)
Q
2015/16
How much is an NUS Extra
card?
£12 for 1yr
£32 for 3yrs
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MANAGING YOUR MONEY
HOW MUCH?
Q
What is the average weekly cost
of student accommodation?
£117
per week*
Q
Or
formuch
a bit of
tasty
How
arevariety...this
these ‘delicious’
spaghetti?
beans?
24p
16p
2015/16
*Approximate figures from NUS & The Guardian, based
on university-owned accommodation
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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.....
2015/16
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2015/16
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
2015/16
www.gov.uk/studentfinance