Transcript Student Loan Repayment

Quiz time!
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cost of accommodation?
A: £130 - £250
per week
(Zone 1 halls)
Content
• Who are Student Finance England?
• What finance is available?
• How do you apply?
• How do you repay?
• Tips and advice…
Student Finance England…
• Are part of the Student Loans Company
• Administer financial support for higher education
students who normally live in England
• You apply to SFE for your funding (grants and
bursaries which you don’t pay back, and loans
which you do)
• SFE pay any Tuition fee loan directly to the
university or college and pay you any
maintenance grant or loan.
What support could I get?
Tuition Fee
Loan
Living cost
loan/grant
Additional
Support
What support could I get?
Tuition Fee
Loan
Tuition Fee Loan
• You don’t need to find the money for fees up-front,
you can take out a loan from SFE which does not
depend on income
• The amount you get depends on the cost of your
fees – up to max £9,000 in 2012
• Before applying for a full-time course you should
check with your university or college how much
your tuition is likely to cost
• You only pay SFE back once you have
graduated, when you are earning.
What support could I get?
Tuition Fee
Loan
Living cost
loan/grant
Living Cost Support
Maintenance Loan
• Some of the amount you receive depends on your
parental/household income, but not all of it.
• A loan of up to £5,500 will be available if you live away
from home and study at a university outside of London
• A larger loan of up to £7,675 will be available if you live
away from home and study at a university in London
• A loan of up to £4,375 will be available if you
stay living at home whilst at university
• Loans have to be repaid!
Living Cost Support
Maintenance Grant / Special Support Grant
• Extra help with living costs for some students
• How much you could get depends totally on your
parental/household income
• Maximum grant in 2012 will be £3,250
• Households with income below £25k will get it all,
households with income up to £42½k will get some
• Grants don’t have to be paid back!
What support could I get?
Tuition Fee
Loan
Living cost
loan/grant
Additional
Support
Additional Support
Scholarships & Bursaries
• All universities offer their own scholarships and bursaries
• Scholarships reward good academic performance, so you
may get extra money if you do well at your A Levels
• Bursaries are based on financial need, so your may get
extra money if you come from a lower income household
• From 2012/13 the government will also be introducing a
new National Scholarship Programme to help students
from lower income families. This is still to be
finalised and approved
Additional Support
Other Support
• Extra support is available if you are disabled or have a
learning difficulty (more to follow)
• Extra support is available if you have adults or children
who are dependent on you
• This extra support is provided by the government and
anything that you are entitled to will be calculated along
with your loans and your grants
• You should also explore trusts, funds, charities,
employer sponsorship, Mum, Dad,
other family!
Additional Support
Other Support
Disabled Students Allowance
DSAs are grants to help meet the extra course costs
students can face as a result of a disability. They help
disabled people to study in higher education on an
equal basis with other students.
•
They don’t have to be repaid
•
The amount you get depends on the type of
extra help you need - not on your
household income.
Additional Support
Other Support
What can DSAs be used for?
• Specialist equipment you need for studying like
computer software
• Non-medical helpers, such as a note-taker or reader
• Extra travel costs you have to pay because of your
disability
• Other costs like tapes or Braille paper
How to apply
• Online !
It’s the quickest and easiest way to apply :
www.direct.gov.uk/studentfinance
• Register and provide personal and course information
• In most cases you can just provide SFE with your UK
passport number and your parent’s or partner’s National
Insurance Numbers – they can then automatically
check your identity and the household income
When to apply
• Apply as soon as SFE launch 2012/13 service around
February/March 2012 – don’t wait!
• You don’t need to have a confirmed place, you can apply
using your first choice of course!
• Make sure you complete your application before the
deadline to ensure your money is in place in time for
starting university
• You will be prompted to apply when you apply
for your course via UCAS
What about repayment?
• You are eligible for repayment from the April after you
leave/graduate from university
• Repayments are taken automatically from your salary with
tax and National Insurance through the UK Tax system
• You won’t start repaying anything until you earn over
£21,000 pa (£1,750 per month) gross
• You will have to keep repaying if you work overseas
• You repay 9% of what you earn above £21,000
Income each year
before tax
Monthly salary
Approximate
monthly repayment
£18,000
£1,500
£0
£21,000
£1,750
£0
£24,000
£2,000
£23
£27,000
£2,250
£45
£30,000
£2,500
£68
£33,000
£2,750
£90
£36,000
£3,000
£113
£40,000
£3,333
£143
Tips and advice
Preparing
Benefits:
If you receive income based benefits because of a
disability, these may be affected by your student loan
income while you study. For further information and
advice please see the Disability Alliance website:• www.disabilityalliance.org/skill
Getting things right
• Start your research early – know when to apply, how much
you might get and what information you might need to
provide
• Don’t wait until you have a confirmed place – you can
always amend your finance application online at a later date
Think carefully…
• Student bank account overdrafts
• Mobile phone contracts
• People on campus trying to sign you up to things
• Credit/store cards are best avoided…
• … but make sure you get an NUS student discount card
• If it seems too good to be true, it probably is!
For more information…
To apply for funding:•
www.direct.gov.uk/studentfinance
Information about benefits while studying:•
www.direct.gov.uk/en/DisabledPeople/EducationAndTraining/HigherEducation
Information about 2012 funding:-
•
yourfuture.direct.gov.uk/
Martin Lewis, loan repayment calculator and money saving advice:•
www.moneysavingexpert.com/family/student-finance-calculator