Transcript CULTURE CHANGE PROJECT - St John Payne Catholic

Sixth Sense
Blair Campbell
Student Finance IAG Team
13 May 2013
Objectives
• Changes this year, full-time and part-time
• A strong grasp of repayment
• Where to get further information
• Discussion common areas of uncertainty and difficult questions
But first...
Q: How much does
this textbook
cost?
A: £46.99
(Pearson education)
Q: How much do these noodles
cost?
A: 11p
Q: How much does a 16-25
railcard cost?
A: £28 for 1 year,
£65 for 3 years
Q: What is the average cost of
one of these?
A: £3.21
(£3.03 for Ale)
(Source: CAMRA)
Q: What is the approx average
cost of accommodation?
A: £117.67
per week
(NUS 2012)
Why is this important?
“We did a YouGov poll of 1,000 school-age students in Clearing and
44% thought they had to pay their fees upfront. That is terrifying”
Student Finance in 2014/15
Key Points for 2014/15
• Tuition Fees remain at £9,000 max
• Small (1%) increase in maintenance support – e.g. grant up from £3,354 to
£3,387 max
• Continued transition to Gov.uk
www.practitioners.slc.co.uk
• Apply as soon as possible – deadline is 31 May
• Don’t need a confirmed offer, apply with first choice university/college
• Apply online through GOV.UK
• Only supply additional finance/ID evidence if we ask for it
• Details can be changed online if necessary (Change of course etc)
12_13
• If unsure of tuition fee amount needed, select maximum
www.practitioners.slc.co.uk
www.gov.uk/studentfinance
www.practitioners.slc.co.uk
www.thestudentroom.co.uk/studentfinance
www.practitioners.slc.co.uk
Tuition Fee Loan
Maintenance (Living Cost) Support
Scholarships & Bursaries
Additional Support
!
*Figures used in this section are subject to final 2014/15 policy
approval and may change
www.practitioners.slc.co.uk
www.practitioners.slc.co.uk
• Up to £9,000 per year (£6,750 part time)
• Maximum loan depends on fee charged
• Optional - take all, part or none of fee loan
• Average fee in 2012 was around £8,500
• Higher fees ≠ higher cost
www.practitioners.slc.co.uk
www.practitioners.slc.co.uk
Where Students Live & Study
Maximum Loan Available
Parental Home
£4,418
Live at home
Elsewhere
Live away from home and study outside of
London
London
Live away from home and study in London
Overseas
Study overseas as part of a UK course
!
£5,555
£7,751
£6,600
Additional loan is available for each extra week of study for students
attending their course beyond 30 weeks
www.practitioners.slc.co.uk
• The Maintenance Grant doesn’t have to be repaid
• How much you get depends on household income (100% means tested)
Household income thresholds for 2014/2015:
• Up to £25,000 can - maximum grant of £3,387*
• Up to £42,611 - partial grant
*Pending final policy approval
www.practitioners.slc.co.uk
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
www.practitioners.slc.co.uk
www.practitioners.slc.co.uk
Bursaries:
• Could be available through National Scholarship Programme
• Linked to personal circumstance and often, household income
• Vary by university or college
Scholarships:
• Can be linked to academic results or ability in sport, music etc..
• Subject specific or generic
• Limited in numbers
!
Students should check university websites and ask at open days
for information on bursaries and scholarships – what is available
and how/when to apply
www.practitioners.slc.co.uk
Over
Up to 550
504
374Awards
Awards
Year
£9,000
over
Fee three
£3,500£7,000
Year 11 -Only
–Waiver
Feeyears
Waiver
Accommodation
£3,000
can be £1,000
taken
Bursary
cash,
£1,000
Example
- £2,000 fee
waiver &
Cash Bursary
& £1,000
on ‘university
account’
Year
£1,000
2+cash
- Income
or accommodation
related
university
discount
bursary
perupyear
to
£2,000
for use
on
other
costs
(accommodation,
books
etc..)
•• On
full-time
undergraduate
course
with £9,000
fee
Household
income
under £25k
- assessed
by SLC
SLC
assessed
household
income
under
£25k
•• Ordinary
resident
in
household
Ordinary
resident
in England,
England
Have
made
university
firm choice
throughincome
UCASunder £42k
•• Household
lowuniversities
participation
identified by
HEFCE
Applied
forofin
means
tested maintenance
support
Meet one
the
setregion
underas
represented
criteria
•• Eligibility
checked
via UCAS
and
student
finance
automatic
via
information
supplied
to application
SLC
Application
to
be made
direct
to university
www.practitioners.slc.co.uk
www.practitioners.slc.co.uk
Extra money or support may be available to students if they;
• Have children or adults dependent on them
• Have a disability, long-term health condition, mental-health condition or
specific learning difficulty
• Studying an NHS or Social Work course
• NHS courses include;
Nursing, midwifery, physiotherapy, chiropody, dietetics, radiography,
occupational therapy, the later stages of medicine and dentistry
!
For further information and applications students should visit:
www.nhsbsa.nhs.uk/students
www.practitioners.slc.co.uk
www.practitioners.slc.co.uk
• Nothing to pay until income is over £21,000 a year (£1,750 pm) gross threshold will rise annually in line with average earnings increase
• Full time students will repay from April after graduating from/leaving their HE
course (from April 2016 at the earliest)
• Part time students will repay from April 4 years after they started their
course, or April after they leave their course
(from April 2016 at the earliest, if income is over £21,000)
• Repayments are 9% of income earned over £21,000
12_13
• If income falls to £21,000 or below repayments will stop
www.practitioners.slc.co.uk
• Any remaining balance cleared 30 years after entering repayment process
• No penalties for early repayments
• ‘A student loan is very unlikely to affect your ability to get a mortgage’
(The Council for Mortgage Lenders)
12_13
• Mortgage lenders are more interested in your spare monthly income (‘ability to
repay’)
www.practitioners.slc.co.uk
Income each year before tax
Income from which 9%
will be deducted
Approximate Monthly
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 cleared 30 years after
entering repayment.
www.practitioners.slc.co.uk
Example 1
Old System Student
• 3 year course, £3,000 a year fees
• £4,000 a year maintenance loan
• 25 year write off period
Example 2
New System Student
• 3 year course, £9,000 a year fees
• £4,300 a year maintenance loan
• 30 year write off period
Owes £23,000 at end of studies,
including interest
Owes £45,000 at end of studies,
including interest
Starting Salary of £24,000
Starting Salary of £24,000
Total Repayments = £35,500
Total Repayments = £22,000
Repay full balance in 24.5 years
Balance written off after 30 years
!
Assumptions: 2% salary growth, 3% average inflation. Based on a
report by HEPI on the Government White Paper, available here.
www.practitioners.slc.co.uk
!
Gross Income
Old System
Monthly Repayment
New System
Monthly Repayment
£16,000
£1
£0
£18,000
£16
£0
£21,000
£39
£0
£24,000
£61
£23
£27,000
£84
£45
£30,000
£106
£68
£33,000
£129
£90
£36,000
£151
£113
This year will see the first earnings linked rise in repayment
thresholds for existing students. Up from £15,000 to £15,795.
www.practitioners.slc.co.uk
www.studentloanrepayment.co.uk
www.practitioners.slc.co.uk
www.practitioners.slc.co.uk
12_13
www.practitioners.slc.co.uk
www.practitioners.slc.co.uk
www.practitioners.slc.co.uk
Comprehensive suite of factsheets covering key areas of
student finance, including:
• Full-Time and Part-Time Support
• Eligibility, Applications and Repayments
• Disabled Students’ Allowances
• Care Leavers, Study Abroad and Other Support
• Students with Dependants
• Information for Parents of Students
www.practitioners.slc.co.uk
• How and when to apply
• Disabled Students’ Allowances (DSAs) Key Steps
• Dependants Grants
• What, how and when to repay
• Student finance explained: For parents of students
www.practitioners.slc.co.uk
Blair Campbell
[email protected]
www.practitioners.slc.co.uk