Transcript Document

2015/16
www.gov.uk/studentfinance
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SESSION INTRODUCTION
The information and activities in these sessions will introduce you to the
main areas of student finance and what they mean to you:
Part 1 – Student Finance 2015/16
• Student Finance England
• What finance is available?
Part 2 – Applications & Beyond
• Student finance applications
• Student loan repayments
• Managing your money
2015/16
2015/16
www.gov.uk/studentfinance
?
HOW MUCH DO YOU KNOW?
Before going any further, answer these questions to see what you already
know about student finance:
Q1
Which of these are available from Student Finance England?
a) Sponsorship and scholarships
b) Loans and grants to help with tuition fees and living costs
c) A loaf of bread and a toaster
Q2
When should you apply for your student finance?
a) After you’ve started your course
b) Once you have a confirmed offer from a university or college
c) As soon as possible
2015/16
?
HOW MUCH DO YOU KNOW?
Mark your answers in your work book, then come back and see how you
did at the end of these sessions:
Q3
What will your student loan repayments be based on?
a) Your income
b) How much you have borrowed
c) Neither, you just pay a fixed amount regardless
Q4
How much do you need to earn before you start to repay?
a) £16,000 a year
b) £21,000 a year
c) Doesn’t matter, repayments will be taken whatever you earn
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SECTION 1
2015/16
STUDENT FINANCE ENGLAND
SECTION 1
STUDENT FINANCE ENGLAND
AN INTRODUCTION
Student Finance England provide financial support on behalf of the UK
Government to students from England entering higher education in the UK:
•
The two main costs full-time students will have while studying are
tuition fees and living costs.
•
Student finance is available to help you with both.
•
Depending on your circumstances, your course and where you study, you
may be able to get a range of financial help and support.
•
You could get grants and bursaries (which you don’t have to pay back)
and loans (which you do).
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SECTION 1
2015/16
WHAT FINANCE IS AVAILABLE?
Tuition Fee Loan
SECTION 3
Extra support
SECTION TITLE IN HERE
SUBHEADER IN HERE
Maintenance
support
2015/16
SECTION 1
TUITION FEES AND LOANS
AN OVERVIEW
•
Universities and colleges* can charge new full-time students up to
£9,000 per year in 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 a university
or college.**
•
A Tuition Fee Loan doesn’t depend on household income.
•
SFE pay your Tuition Fee Loan directly to your university or college.
•
The loan is repayable, but only when your income is over £21,000.
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*Publicly funded unis and colleges
**Up to £6,000 for approved courses at private providers
SECTION 1
TUITION FEES AND LOANS
PART-TIME & NHS COURSES
Part-time courses - If you are planning to study a part-time course,
the finance available to you is different.
Depending on your course intensity you can apply for a Tuition Fee
Loan of up to £6,750 (£4,500 at private providers) and DSAs only.
NHS and social work courses - If you study for a degree on a preregistration health professional training course such as nursing, midwifery,
dentistry, physiotherapy or medicine you may be entitled to get some
funding through an NHS Student Bursary.
Visit www.nhsbsa.nhs.uk/students for more information.
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Details of the tuition fees charged for specific courses can be
found on university/college websites or at websites like unistats
Tuition Fee Loan
SECTION 3
Extra support
SECTION TITLE IN HERE
SUBHEADER IN HERE
Maintenance
support
2015/16
SECTION 1
MAINTENANCE SUPPORT
AN OVERVIEW
•
Maintenance support is available to help with your living costs while
in higher education.
•
There are two main types of support, Maintenance Loan (repayable)
and Maintenance Grant (non-repayable).
•
All eligible students are entitled to receive some maintenance support.
•
The amount of Maintenance Loan you can get depends on where you
live and study.
•
Maintenance support is paid directly into your bank account each term.
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SECTION 1
MAINTENANCE LOAN
MAXIMUM LEVELS 2015/16
Parental home
Live at home while you study
Up to
£4,565
Elsewhere
Live away from home & study outside London
London
Live away from home & study in London
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Up to
£5,740
Up to
£8,009
If studying overseas as part of a UK course, Maintenance
Loan support is still available. Up to £6,820 for 2015/16.
SECTION 1
MAINTENANCE LOAN
MAXIMUM LEVELS 2015/16
Full-Year
Student*
65% Non Means
Tested
35% Means
Tested
Maximum Loan
Parental home
£2,967
£1,598
£4,565
Elsewhere
£3,731
£2,009
£5,740
London
£5,205
£2,804
£8,009
Overseas
£4,433
£2,387
£6,820
*Lower rates are available to final year students
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Additional loan may be available for any extra weeks of study
if your course goes beyond 30 weeks in an academic year
SECTION 1
MAINTENANCE GRANT
SUPPORT AND MEANS TESTING
•
The Maintenance Grant doesn’t have to be repaid.
•
How much grant you can get depends on your household income
(100% means tested).
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Household income:
Up to £25,000
Full Grant:
£3,387
Household income:
Up to £42,620
Partial Grant:
(Min £50)
Household income is the taxable earned and unearned income
of the parents/partner you live with most of the time.
SECTION 1
GET YOUR ESTIMATE
www.gov.uk/studentfinance
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Activity 1 – By using the calculator on gov.uk you can get an
estimate of the student finance which may be available to you
and make a note of the results in your work book.
SECTION 1
COMBINED MAINTENANCE SUPPORT
LIVING AWAY FROM HOME OUTSIDE LONDON
Household
Income
Maintenance
Grant
Maintenance
Loan
Total
£25,000 & under
£3,387
£4,047
£7,434
£30,000
£2,441
£4,520
£6,961
£35,000
£1,494
£4,993
£6,487
£40,000
£547
£5,467
£6,014
£42,620
£50
£5,715
£5,765
£42,875
£0
£5,740
£5,740
£50,000
£0
£4,998
£4,998
£62,143 & over
£0
£3,731
£3,731
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Tuition Fee Loan
SECTION 3
Extra support
SECTION TITLE IN HERE
SUBHEADER IN HERE
Maintenance
support
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SECTION 1
EXTRA SUPPORT
AN OVERVIEW
Extra money or support may be available if you:
• have children or an adult who depends on you financially.
•
have a disability, mental-health condition or specific learning difficulty.
Bursaries and scholarships
Many universities and colleges offer financial support to their students
through bursaries and scholarships.
These can be linked to things like your household income, your course,
academic achievement or if you play a musical instrument or a sport to
a high standard.
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SECTION 1
BURSARY & SCHOLARSHIP SEARCH
It’s important you spend some time looking into bursaries and scholarships
offered and find out what’s on offer and how/when to apply.
A lot of bursary applications can be started as part of your main student
finance application, but for many scholarships you may have to apply
direct to the university.
Where to find the information:
•
University and college websites – usually in the Fees & Funding sections.
•
Other sites such as www.scholarship-search.org.uk
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Activity 2 - Use university/college websites and scholarship
search to find examples of bursaries/scholarships offered by two
of your UCAS choices and record the details in your work book.
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www.gov.uk/studentfinance
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APPLICATIONS & BEYOND
SESSION INTRODUCTION
From the information and activities in Part 1 you should now have an
idea of the student finance available to you.
Part 2 – Applications & beyond
In this session you will get an overview of:
•
•
•
Student finance applications
Student loan repayments
Managing your money
When the session is over remember to go back and check the answers
you gave to the questions in Part 1, how did you do?
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SECTION 2
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2015/16
APPLICATIONS & INFORMATION
SECTION 2
STUDENT FINANCE APPLICATIONS
KEY MESSAGE – APPLY EARLY
•
Apply online at gov.uk/studentfinance as soon as possible to
make sure your student finance is in place for the start of your course.*
•
Make a note of your account log-in details (password etc) and your
Customer Reference Number.
•
You don’t need a confirmed place at university or college to apply for
student finance.
•
You can change your details online before starting your course.
•
Agree to share information from your application, this helps apply for
many bursaries/scholarships.
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*Register on UCAS and check the SFE websites for updates on
when to apply for student finance
SECTION 2
GOV.UK
FOR MORE INFORMATION AND TO APPLY
www.gov.uk/studentfinance
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SECTION 2
SFE ONLINE
FOR MORE INFORMATION AND RESOURCES
www.thestudentroom.co.uk/studentfinance
www.facebook.com/SFEngland
www.twitter.com/SF_England
www.youtube.com/SFEFILM
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SECTION 2
STUDENT FINANCE APPLICATIONS
KEY MESSAGE – COMPLETING AN APPLICATION
Before starting an application, 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
The easiest way for your parents, partner or other sponsor to support your
application is online through GOV.UK, providing information including:
•
•
•
National Insurance number(s)
household income information (based on prior tax year*)
details of other child dependants
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*If your household income drops by 15% or more in the current
tax year, SFE can reassess your application.
SECTION 3
2015/16
STUDENT LOAN REPAYMENTS
SECTION 3
STUDENT LOAN REPAYMENTS
AN OVERVIEW
•
You won’t make repayments until your income is over £21,000 a year
gross (before tax).
•
If you study a full-time course, you will be due to start repaying in the
April after graduating from/leaving higher education.
•
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.
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*If you move/work overseas you will repay 9% of your earnings
over the repayment threshold for the country you are living in
SECTION 3
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
£?
£?
£35,000
£14,000
£105
£40,000
£19,000
£142
£45,000
£24,000
£180
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Activity 3 - If your income is £30,000 a year, the amount used to
work out your student loan repayment would be: ?£......................
Giving a monthly repayment of:
?£......................
SECTION 3
STUDENT LOAN REPAYMENTS
THE INTEREST
Interest on your loan:
• Interest is charged from the day your first payment is made until your
loan is paid off in full or written off.
•
The interest charged is linked to the Retail Price Index (RPI) and will vary.
•
While you are studying until entering repayment, interest will be added
at RPI +3%.
•
On entering repayment interest will be linked to how much you earn,
from RPI only if earning under £21,000 to RPI +3% if earning over
£41,000 .
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For more information on student loan repayments and interest
rates, go to www.studentloanrepayment.co.uk
SECTION 4
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MANAGING YOUR MONEY
SECTION 4
MANAGING YOUR MONEY
CONSIDER THE COSTS
Before starting in higher education, it’s important to think about the costs
you are likely to face and how to manage your money, particularly if you
will be moving away from home, some hints and tips include:
•
Plan a budget – dull, but practical.
•
Check out student bank accounts and NUS Extra cards, but try to
avoid taking credit cards, store cards or payday loans!
•
You may be able to manage a part-time job alongside your studies.
•
If you need financial support and advice once you are at university or
college, staff there will be able to help.
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SECTION 4
MANAGING YOUR MONEY
YOUR BUDGET PLAN
Some of your living costs will include things you have thought of, such as
accommodation and food, through to things you may not have considered
yet such as a TV licence or insurance.
Some costs to think about include:
•
rent, bills, books and study materials
•
clothes, shoes, toiletries, make-up, haircuts
•
leisure, sports and social activities
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Activity 4 - Using university websites, unistats, push.co.uk and
your own initiative, see how much information you can find on
the costs of accommodation etc at your university of choice.
Enter these in your budget sheets and compare with your
expected income.
2015/16
www.gov.uk/studentfinance
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NEED MORE INFORMATION?
REMEMBER SFE IS ONLINE
For further information on student finance and
applications go to:
www.gov.uk/studentfinance
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For a range of helpful tools and guidance,
visit:
www.thestudentroom.co.uk/studentfinance
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Keep track of the progress of your student finance application
using the checklist in your work book.