Transcript Finance Pkg No Gra - Student Loans Company

STUDENT FINANCE 2014/15
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
?
HOW MUCH?
?
?
HOW MUCH?
BOOKS & RESOURCES
How much does this
textbook cost?
£35.95 New
£16.00 Used
(Amazon)
?
?
HOW MUCH?
FOOD
How much are these ‘delicious’
noodles?
11p
?
?
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.
?
?
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
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.
•
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.
*Publicly funded
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 get 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.
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).
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 a child or an adult who depends on you financially
•
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
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.
•
Any outstanding loan balance will be written off 30 years after entering
repayment.
2
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
3
STUDENT FINANCE APPLICATIONS
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!
•
Apply online now at gov.uk/studentfinance to make sure your student
finance is in place for the start of your course.
•
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.
*SFE handle over 1 million applications a year, most involve
interactions with other government departments, eg HMRC
3
STUDENT FINANCE APPLICATIONS
APPLICATION DATES - NEW STUDENTS
Jan
20th
May
30th
Student finance applications can be made
from
20 January 2014*
The application deadline for new students
is
30 May 2014
*Returning students should wait to hear from SFE before
re-applying for their finance
3
GOV.UK
FOR MORE INFORMATION & TO APPLY
www.gov.uk/studentfinance
3
STUDENT FINANCE APPLICATIONS
GET IT RIGHT FIRST TIME
•
Make a note of your account log-in details and keep them safe.
•
Agree to share information from your application, this helps apply
for many bursaries and some scholarships.
•
Make sure any evidence and information needed to support your
application is supplied first time (yours and your parent/partners’).
•
Submit your application even if there is a delay in getting income
details from your parent/sponsor so some funding (Tuition and
Maintenance Loan) will be available when you start your course.
•
If SFE ask you to send any additional evidence or documents
to support your application use recorded delivery!
3
STUDENT FINANCE APPLICATIONS
INFORMATION YOU’LL NEED TO PROVIDE
Before starting the application, you should have the following to hand:
•
passport - SFE can check identity using valid UK passport details
for most students
•
university and course details – remember apply with your first choice
initially so your application can be assessed as soon as possible
•
bank account details
•
National Insurance (NI) number
•
parent’s or partner’s NI number and income details
For most applications, SFE verify income from your
parents/partners NI numbers with no need to send any documents,
unless we ask for them
3
THE STUDENT ROOM
FOR FURTHER INFORMATION & RESOURCES
www.thestudentroom.co.uk/studentfinance
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!
•
Ask questions and get any advice you need.
•
Check out student bank accounts and NUS Extra cards.
•
Try to avoid taking credit cards, store cards or pay day loans!!
•
If you need financial support and advice once you’re at university
or college, staff there will be able to help.
i
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
•
Application deadline for new students 30th May 2014!!
•
Check all details are correct before submitting your application
And remember that....
?
QUESTIONS & COMMENTS
i
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