Transcript Finance Pkg No Gra - Student Loans Company

STUDENT FINANCE 2014/15
A PRACTITIONERS INTRODUCTION
www.practitioners.slc.co.uk
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SESSION CONTENTS
• Section 1 – The Student Finance Package
• Section 2 – Additional Support
• Section 3 – Student Loan Repayment
• Section 4 – Application Information
• Section 5 – Resources
SECTION 1
THE STUDENT FINANCE
PACKAGE 2014/15
1
THE STUDENT FINANCE PACKAGE
SUPPORT AVAILABLE TO STUDENTS INCLUDES:
Tuition Fee Loan
Maintenance (Living Cost) Support
Bursaries & Scholarships
Additional Support
Figures used in this section may change, subject to 2014/15
policy approval
SECTION 1
TUITION FEES & LOANS
1
TUITION FEES & LOANS
OVERVIEW
•
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 designated courses at private HEI’s)
•
The Tuition Fee Loan doesn’t depend on household income
•
SLC pay any Tuition Fee Loan directly to a university or college
•
The loan is repayable, but only when the student’s income is
over £21,000 a year
*Publicly funded institutions with an approved Offa Access
Agreement - www.offa.org.uk/access-agreements
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TUITION FEES & LOANS
LIABILITY DATES
Tuition Fees will be paid to a HEI at three points in the academic year
Liability Date
% of Tuition Fee Loan
student will be liable for
First day of Term 1*
First day of Term 2
First day of Term 3
25%
25%
50%
*Two weeks after Term 1 start date for part-time courses
Interest on the loan will be charged from the day payment is
made to the university/college, not from the liability date
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TUITION FEES & LOANS
SANDWICH & PLACEMENT YEARS
Policy changes for students starting their courses on or after 1st September
2012:
•
Students on sandwich placements will be charged 20% of the
maximum full-time tuition charge – Maximum charge of £1,800
•
Students on Erasmus placements will be charged 15% of the
maximum full-time tuition charge – Maximum charge of £1,350
•
Students on overseas placements will be charged 15% of the
maximum full time tuition charge – Maximum charge of £1,350
SECTION 1
PART-TIME STUDENTS
1
TUITION FEES & LOANS
OVERVIEW
•
Publicly-funded universities or colleges can charge up to a maximum
tuition fee level of £6,750 a year for part-time courses*
•
New, eligible part-time students can apply for a non means tested loan
to cover the cost of their tuition at these institutions
•
The actual amount charged will depend on the intensity of a course
•
Course intensity is how long it takes to complete a part-time course
compared to the equivalent full-time course
•
Students starting designated P/T courses provided wholly by a private
university or college can apply for up to £4,500 in Tuition Fee Loan
*With an Offa approved Access Agreement
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TUITION FEES
COURSE INTENSITY
•
Course intensity is worked out by taking the number of part-time units
studied in an academic year and dividing it by the number of units which
would be completed in an academic year if studying same the course
on a full-time basis
•
The result is multiplied by 100 to give the intensity as a percentage
•
If a part-time course takes six years to complete and the full-time
equivalent takes three, the course intensity will be 50% e.g.
Part-Time
Course
= 60 Units
÷
Full-Time
Course
= 120 Units
=
Course
Intensity
50%
Students should ask a university or college if they’re unsure
what their course intensity will be
1
OTHER SUPPORT
FOR PART-TIME STUDENTS
•
Part-time students will not be entitled to a loan or grant towards living
costs but can access Disabled Students’ Allowances (DSAs)
•
Bursaries or scholarships offered by universities and colleges may
provide additional support based on factors such as income or academic
achievement
•
Continuing students whose course began before September 2012 can
still apply for a means-tested fee and course grant
•
Part-time study & benefits
Part-time students can usually still claim benefits that depend on
household income (means-tested benefits) such as; Universal Credit,
Income-based Jobseekers Allowance or Housing Benefit if unemployed
Students should contact their Jobcentre Plus or Department for
Work and Pensions for an on-going benefit eligibility assessment
SECTION 1
MAINTENANCE SUPPORT
1
MAINTENANCE SUPPORT
OVERVIEW
•
Maintenance support is available to help with living costs a student
will face 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 a student lives
and studies
•
Maintenance support is paid directly into the student’s bank account
each term
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MAINTENANCE LOAN
2014/15 MAXIMUM RATES
Where Students 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
MAINTENANCE LOAN
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MEANS TESTING
Full-Year
Student*
65% Non Means
Tested
35% Means
Tested
Maximum Loan
Parental Home
£2,871
£1,547
£4,418
Elsewhere
£3,610
£1,945
£5,555
London
£5,038
£2,713
£7,751
Overseas
£4,290
£2,310
£6,600
*Slightly lower rates of support apply to final year students
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MAINTENANCE GRANT
OVERVIEW
•
The Maintenance Grant doesn’t have to be repaid
•
How much grant a student can get depends on their 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
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SPECIAL SUPPORT GRANT
ELIGIBILITY CRITERIA
As with the Maintenance Grant the maximum Special Support Grant a
student could get is £3,387, students could be eligible for a SSG if they:
•
Are a lone (single) parent
•
Have a partner who is also a student and one or both of them are
responsible for a child/young person under 20 who is in full-time
education below higher education level
•
Have a disability and qualify for the Disability Premium or Severe
Disability Premium
•
Are deaf and qualify for Disabled Students’ Allowances
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SPECIAL SUPPORT GRANT
ELIGIBILITY CRITERIA
•
Have been treated as incapable of work for at least 28 weeks
•
Have a disability and qualify for income-related Employment and
Support Allowance
•
Are waiting to go back to a course having taken agreed time out from
that course due to an illness or caring responsibility that has now ended
•
Are aged 60 or older
•
Entitled to Personal Independence Payment, Armed Forces
Independence Payment and Disability Living Allowance
•
Eligible for the housing element of Universal Credit
Students receiving the Special Support Grant will not see a
reduction in their Maintenance Loan entitlement
COMBINED MAINTENANCE SUPPORT
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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
Students can get a quick estimate of their student finance
entitlement using the calculator on gov.uk/studentfinance
SECTION 1
BURSARIES & SCHOLARSHIPS
1
BURSARIES & SCHOLARSHIPS
OVERVIEW
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
Students should check university websites early and ask at open
days for information on support available and how to apply
SECTION 2
ADDITIONAL SUPPORT
2
ADDITIONAL SUPPORT
OVERVIEW
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
•
Are 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
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ADDITIONAL SUPPORT
DISABLED STUDENTS’ ALLOWANCES
Disabled Students’ Allowances provide help towards the additional costs
that a student may face as result of their disability, long-term health
condition, mental-health condition or specific learning difficulty:
DSAs Support:
• Is available in addition to the standard student finance package,
•
Does not have to be repaid,
•
Is not affected by household income,
•
Looks at the specific needs of the individual in relation to their
circumstances and studies
Students need to be aware the DSA application process can take
up to 14 weeks!
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ADDITIONAL SUPPORT
DISABLED STUDENTS’ ALLOWANCES
DSA Rates 2014/15:
Allowance
Part-Time
Maximum
Support
Full-Time
Maximum
Support
Frequency
of
Payment
Non-medical personal
helper
£15,543
£20,725
Annual
Specialist equipment
£5,212
£5,212
Duration of
Course
Other disability-related
expenditure
£1,305
£1,741
Annual
Disability related travel
No Limit – Reasonable spending can be
claimed
For both full-time and part-time postgraduate students there is a
single allowance of up to £10,362 a year
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ADDITIONAL SUPPORT
STUDENTS WITH DEPENDANTS’
Childcare Grant:
Based on 85% of actual registered/approved childcare costs up to
maximum of: £150.23 per week for one child
£257.55 per week for two or more children
Parents’ Learning Allowance:
Help with course-related costs for students with dependent children
Amount received will be between £50 and £1,523
Adult Dependants’ Grant:
Normally for the student’s partner. Can be for another adult who is
financially dependent on the student where the adult’s net income is not
more than £3,796 p.a. Maximum grant available: £2,668
Dependants grants are income related. Universities may offer
extra support to students with childcare/caring responsibilities
SECTION 3
STUDENT LOAN REPAYMENTS
3
STUDENT LOAN REPAYMENTS
AN OVERVIEW
•
Students won’t make repayment contributions until their income is
over £21,000 a year (£1,750 pm) gross
•
On entering repayment, this threshold will rise annually in line with
average earnings increase
•
Full-time students will begin to repay in the April after graduating
from/leaving their HE course (from April 2016 at the earliest)
•
Part-time students enter repayment in the April 4 years after they
started their course, or the April after they leave their course,
whichever comes first
•
Repayments will be a basic 9% of income earned over £21,000,
but if income falls to £21,000 or below, repayments will stop
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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
Early repayments can be made at any time, but any outstanding
loan balance will be written off 30 years after entering repayment
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STUDENT LOAN REPAYMENTS
THE INTEREST
Interest added will vary, depending on a students circumstances:
During study until
entering repayment
Interest rate is:
Retail Price Index (RPI) +3%
Income:
Below £21,000
Interest rate is:
Set at RPI Only
Income:
£21,000 to £41,000
Interest rate is:
RPI plus up to 3%
Income:
Above £41,000
Interest rate is:
Retail Price Index (RPI) +3%
The interest rate applied is updated once a year in September,
using the rate of RPI from that March which is carried forward
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PART-TIME LOAN REPAYMENTS
INTEREST ON A LOAN WILL VARY
While studying and until whichever
comes first of:
• April after graduating or leaving a course
• April 4 years after the start of a course
Interest Rate
Retail Price Index
(RPI) +3%
Interest added will then be linked to a students income (From April 2016)
Income: Under £21,000
Retail Price Index (RPI) Only
Income: £21,000 up to £41,000
Retail Price Index (RPI) + Up to 3%
Income: Over £41,000
Retail Price Index (RPI) +3%
Students who finish or leave a course before April 2016; RPI plus
3% until the April after leaving the course, then RPI only until April 2016
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STUDENT LOAN REPAYMENTS
DEDICATED WEBSITE
www.studentloanrepayment.co.uk
SECTION 4
APPLICATION INFORMATION
4
APPLICATION INFORMATION
KEY MESSAGES
•
Apply online at gov.uk/studentfinance as soon as possible to make
sure student finance is in place for the start of their course
•
Register on UCAS and we can let students know when it’s time to apply
•
They do not need a confirmed place at university or college to apply
•
Make a note of their account log-in details and keep them safe
•
Agree to share information from their application, this helps apply
for many bursaries and some scholarships
•
Students will be assessed for non means tested support if there are
any delays in receiving household income information
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APPLICATION INFORMATION
COMPLETING AN APPLICATION
Before starting an application, students should have the following to hand:
•
•
•
Passport - SFE can check identity using valid UK passport details
University and course details
Bank account details and National Insurance number
If parents or other sponsors will be supporting a students application, they
will need their own account on GOV.UK and provide information including:
•
•
•
National Insurance number(s)
Household income information
Details of other child dependants
If sponsors can’t submit income details online, they should send a
photocopy of evidence including: P60s, Pay slips or Tax returns
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GOV.UK
FOR MORE INFORMATION & TO APPLY
www.gov.uk/studentfinance
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NEW LOOK ‘MY ACCOUNT’
MAKING IT EASIER TO NAVIGATE & UNDERSTAND
SECTION 4
APPLICATION INFORMATION
EVIDENCE & HOUSEHOLD INCOME
4
STUDENT FINANCE APPLICATIONS
IDENTITY EVIDENCE
SFE require all students to provide identity evidence in order for their
application to progress. The following list details acceptable identification
evidence (ID):
UK Students - Identity Evidence
Students confirm identity by providing valid passport details in their
online application
If they haven't included passport details with online application they will
need to send one of the following:
•
•
A completed UK Passport Details Form (If holding valid passport)
Original UK birth or adoption certificate along with a countersigned
Birth/Adoption Certificate Form (ADIF)
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STUDENT FINANCE APPLICATIONS
IDENTITY EVIDENCE – NON UK STUDENTS
SFE require one of the following documents to be sent as proof of identity:
•
•
•
EU National Identity Card (Must be in date)
Original Non-UK Passport (Must be in date)
Biometric Residence Permit cards
Non-UK Students may also need to submit the following evidence:
•
•
•
Original Home Office documents - To prove refugee status or leave to
enter or remain status
Photocopies of P60, Contract of Employment, Tax Returns or a P45 - To
prove European Economic Area (EEA) or UK work details
A letter confirming addresses for the last 3 years prior to the start of
course - To confirm residency details
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SUPPORTING AN APPLICATION
HOUSEHOLD INCOME
If supporting an application for means tested student finance, SFE will
need to see details of parent(s) partners or other sponsors household
(taxable earned and unearned) income and National Insurance number(s)
Earned income includes:
• Wages, salaries, tips, and other taxable employee pay
• Long-term disability benefits received prior to minimum retirement age
• Net earnings from self-employment
Unearned income includes:
• Interest from savings (only the annual summary is required)
• Benefits and Pensions
• Rent from property or a room
For most applications, SLC verify income from these NI numbers
with no need to send any documents, unless we ask for them
SECTION 5
RESOURCES
FOR STUDENTS & PRACTITIONERS
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STUDENT GUIDES
NOW AVAILABLE FOR 2014/15
Series of informative guides, introducing the main
areas of student finance to students and their parents,
including:
•
Financial Support for Students
•
Disabled Students’ Allowances
•
How Students are Assessed and Paid
•
Student Loan Terms and Conditions
Download now from our practitioners website and
the SFE finance page on The Student Room
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STUDENT GUIDES
QUICK GUIDE SERIES 2014/15
Helpful fold-out guides highlighting essential student
finance information:
•
How and When to Apply
•
Student Loan Repayments
•
DSA’s and Dependants Grants
•
Student Finance Explained for Parents
of Students
Download or order through practitioners website and
download only from The Student Room SFE page
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THE STUDENT ROOM
FOR FURTHER INFORMATION & RESOURCES
www.thestudentroom.co.uk/studentfinance
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MONEY MATTERS eMAG
1st EDITION AVAILABLE NOW
•
New resource giving students information on
student finance - What’s available and how to
get it, budgeting, applications and repayment
•
Content includes interviews with students at
different stages of their university and college
lives
•
Links to interactive features, including SFE
‘A Minute For’ videos
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YOU TUBE
SFE VIDEO CHANNEL
www.youtube.com/SFEFILM
5
SOCIAL MEDIA
FOLLOW SFE FOR THE LATEST NEWS
www.facebook.com/SFEngland
www.twitter.com/sf_england
5
UNISTATS
COMPARE UNI’S COURSES AND FEES
www.unistats.direct.gov.uk
SECTION 5
PRACTITIONER RESOURCES
5
PRACTITIONER RESOURCES
DEDICATED WEBSITE
www.practitioners.slc.co.uk
5
PRACTITIONER RESOURCES
DEDICATED WEBSITE
Access and download our wide range of
IAG resources, including:
•
Suite of Factsheets
•
Series of Full and Quick Guides
•
PowerPoint Presentations
•
Videos and Marketing Materials
•
Policy Documents and SFE Updates
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PRACTITIONER RESOURCES
FACTSHEETS
Our suite of factsheets provide information on the
main aspects of student finance and repayments,
along with more specialised subjects, including:
•
Applications, eligibility and evidence
•
Finance for students at private universities
or colleges
•
Independent student status and students
leaving care
•
Changing circumstances and withdrawals
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PRACTITIONER RESOURCES
SUPPORT FOR PRACTITIONERS
Student Finance Advisers:
Our team of dedicated regional advisers work closely with key partners
across England to deliver a range of services including:
•
•
Staff development through bespoke training,
Advice and support with SFE resources, policy and processes
If we can support you and your colleagues with any area of student finance
IAG delivery, please do get in touch:
www.practitioners.slc.co.uk/regional-support
Practitioner Helpline: For detailed/complex regulatory advice
and particularly complex assessment enquiries - 0845 602 0583
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QUESTIONS & COMMENTS