Transcript Finance Pkg No Gra - Pudsey Grangefield School

Your 13/14 student finance journey starts here
• Student Finance Package
• Repayment
• Applications & Information
• Questions & Comments
Tuition Fee Loan
Maintenance (living cost) Support
Scholarships & Bursaries
Additional Support
• Universities and higher-education colleges can charge new students a
tuition fee level of up to £9,000 per year.
• Eligible students won’t have to pay any tuition fees up front.
• A Tuition Fee Loan (not dependent on household income) is available
to cover the fee levels set by the university or college.
• The Student Loans Company pay any Tuition Fee Loan to
the university/college directly in instalments across the academic year.
• The loan is repayable, but linked to future earnings over £21,000 a year.
Your 13/14 student finance journey starts here
• The majority of the repayable Maintenance Loan will be available to
all eligible students. 65% of the total loan is non-means tested.
(Doesn’t depend on household income)
• The amount of Maintenance Loan available will be linked to where
the student lives and studies while in higher education.
Full-year
student
65% non
means tested
35% means
tested
Maximum loan
Parental home
£2,843
£1,532
£4,375
Elsewhere
£3,575
£1,925
£5,500
London
£4,988
£2,687
£7,675
Overseas
£4,247
£2,288
£6,535
!
Additional means-tested loan is available for each extra week of
study for students attending their course beyond 30 weeks.
• The maximum non-repayable maintenance grant level in 2013 is
£3,354.
• Unlike 100% of the tuition fee loan and up to 65% of the maintenance
loan, the grant a student receives is solely dependent on household
income levels. (100% means tested)
Household income thresholds:
• Students from households with income of up to £25,000 will be entitled
to the maximum grant of £3,354.
• Students from households with incomes of up to £42,611 will be
entitled to a partial grant.
Student living away from home, outside London 2013/14
Household
income
Maintenance
Grant
Maintenance
Loan
Total
£25,000 & under
£3,354
£3,823
£7,177
£30,000
£2,416
£4,292
£6,708
£35,000
£1,478
£4,761
£6,239
£40,000
£540
£5,230
£5,770
£42,611
£50
£5,475
£5,525
£42,875
£0
£5,500
£5,500
£50,000
£0
£4,788
£4,788
£60,000
£0
£3,788
£3,788
£62,125 & over
£0
£3,575
£3,575
Your 13/14 student finance journey starts here
Bursaries:
• May be eligible for National Scholarship Programme
• Linked to personal circumstances and often, income level
• Vary by institution
Scholarships:
• Can be linked to academic results
• Can be subject specific
• Limited in numbers
!
Check university websites and ask at open days for information on
bursaries & scholarships – what’s available and how to apply.
Your 13/14 student finance journey starts here
You may get extra money or support if you:
• have children or adults dependent on you
• have a disability, mental-health condition, long-term health condition or
specific learning difficulty
• are studying an NHS* or Social Work course
• *Includes: nursing, midwifery, physiotherapy, chiropody, dietetics,
speech & language therapy, dental hygiene, medicine, dentistry,
radiography and occupational therapy
!
For more information on NHS and Social Work eligibility and funding
students should visit: www.nhsbsa.nhs.uk/students
Your 13/14 student finance journey starts here
• Repayments don’t start until the student is earning at least £21,000 a
year (£1,750 a month) gross.
• Full-time students will begin to repay in the April after graduating from
or leaving their HE course. (after 2016)
• Part-time students can begin to repay in the April 4 years after
they’ve started their course. (if earning over £21,000 a year)
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• If income falls to £21,000 or below repayments will be suspended.
• Repayments will be 9% of income over £21,000 and will
be deducted from salary through the HMRC tax system for most
students.
Yearly income before tax
!
Income from which Approximate monthly
9% will be deducted
repayment
£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
Any outstanding loan balance will be written off 30 years after
entering repayment.
The interest charged will vary during study and depending on earnings
after graduation:
During study until
entering repayment
Earnings:
Below £21,000
!
Interest rate:
Retail Price Index (RPI) +3%
Interest rate:
Set at RPI Only
Earnings between:
£21,000 - £41,000
RPI plus some amount
between 0% and 3%
Earnings:
Above £41,000
Interest rate:
Retail Price Index (RPI) +3%
Students can make extra voluntary repayments at any time
without penalty.
Your 13/14 student finance journey starts here
• Students should apply as soon as possible to make sure they have
their money at the start of their course.
• Applying online through GOV.UK is the quickest and easiest way.
• No need to wait for a confirmed offer from a university, but we need
to know right away if anything changes. (uni, course or personal details)
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• Make sure any required evidence is sent straight away to support
applications.
• In most cases this will be details supplied during the application ,
with no need for original documents to be sent, including:
• Valid UK passport number (for student identity)
• National Insurance numbers (student & parents’ for income details)
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https://www.gov.uk/studentfinance
http://www.studentfinanceengland.co.uk/
• The process of applying for student finance can be made even easier
by allowing UCAS to share some of your application details with the
Student Loans Company.
• Request a reminder and UCAS will prompt you to log in to your
account and agree to share details with SLC when the student finance
online application launches.
• Your student finance application will be pre-populated with information
from your UCAS application, such as personal and course details.
• This makes applying for a student loan faster and saves entering the
same info on both forms.
www.facebook.com/SFEngland
www.twitter.com/sf_england
www.unistats.com
• Plan a budget – and stick to it! (dull, but practical)
• Ask questions and get advice from teachers, advisers current/former
students, parents/older brothers & sisters.
• Check out student bank accounts but try to avoid taking credit or
store cards.
• If you need financial support and advice once you’re at university,
staff there will be able to help.
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• Beware of phishing scams!!
• It’s important to make the right university and course choice, not letting
fee levels affect your decision. Future repayments are linked to what a
student earns, not what they borrow.
• Research all finance available – especially bursaries & scholarships.
• Apply online & on time – no need to wait for a confirmed place.
• Apply for DSAs or other additional support as soon as possible.
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• Ensure all details are correct before submitting an application,
and let us know of any changes as soon aspossible.
www.slc.co.uk/teacherspets
Your 13/14 student finance journey starts here
For further information on student finance
and applications call SFE on:
Customer helpline: 0845 300 5090
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There’s no silly questions when it comes
to student finance, so if you’re unsure, ask!
@sf_england
facebook.com/SFEngland