How much do you know The student finance package Student loan repayment Application information Managing your money HOW MUCH DO YOU KNOW HOW MUCH DO YOU KNOW t Q What is the maximum tuition fee universities or colleges can charge new students in ID: 657298
Download Presentation The PPT/PDF document "STUDENT FINANCE 2017/18 SESSION CONTENTS" is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.
Slide1
STUDENT FINANCE 2017/18Slide2
SESSION CONTENTS
•
How much do you know?
•
The student finance package
Student loan repayment
Application information
Managing your moneySlide3
HOW MUCH DO YOU KNOW?Slide4
HOW MUCH DO YOU KNOW?
t
Q
*What is the maximum tuition fee universities or colleges can charge new students in
2017/18?
t
Q
How much of this will you need to pay
upfront before you go to uni or college?
£0
A
£
9,250
A
*Eligible
Welsh
domiciled students studying at a
publicly-funded
university or collegeSlide5
THE STUDENT FINANCE PACKAGE 2017/18Slide6
THE STUDENT FINANCE PACKAGE
SUPPORT AVAILABLE TO STUDENTS INCLUDES:
Figures in this section may change, subject to 2017/18 policy approval
Bursaries &
scholarships
Tuition
fee support
Maintenance
(living cost
)
support
Additional
support
The
Student Finance
PackageSlide7
THE STUDENT FINANCE PACKAGE 2017/18
TUITION FEESSlide8
TUITION FEES
OVERVIEW
Currently capped at
£
9,000
per
year for universities and colleges in Wales.
Universities and colleges in England who meet certain conditions can charge up to £9,250.
The tuition fee will be decided by the university or college including if it charges different amounts for different courses.The average tuition fee for new students in
2015 was about £8,703.
Students at private universities or colleges offering courses designed by the Welsh Government will be able to borrow up to £
6,165* towards tuition costs.*Students will have to self-fund any additional fee chargedSlide9
TUITION FEES
TUITION FEE SUPPORT
A
Tuition
Fee Loan of up to
£4,046 if your university is in Wales(or up to £4,296 if your university is in England and charging £9,250)
is available as well as a Tuition Fee Grant to cover the difference between the available Tuition Fee Loan and the
tuition f
ee charged by your university or college.
You would receive a maximum Tuition Fee Grant of £4,954.
Tuition Fee Loans and Tuition Fee Grants are paid directly to
your university or college.
Tuition Fee Loans are repayable, but only when you’ve left university or college and your income is over £21,000 a year.Slide10
THE STUDENT FINANCE PACKAGE 2017/18
MAINTENANCE SUPPORTSlide11
SUPPORT FOR LIVING COSTS
Support is available to help towards living costs you’ll have while at university or college and all eligible students can get some
funding.
Two types of support are
available:
Maintenance Loan
and
Welsh Government Learning
Grant.
The Maintenance Loan is repayable.The amount of loan available depends on where you live (
e.g. with parents, etc) and study.
Support for living costs are paid directly to your bank account each
term.Slide12
MAINTENANCE SUPPORT
MAINTENANCE LOAN
2017/18
MAXIMUM RATES
(*) Slightly lower rates of support apply to final year
students.
!
Additional means tested loan is available for each extra week of
study for students attending their course beyond 30
weeks.
!
Full-year student (*)
75% non means tested
25% means tested
Maximum loan
Parental home
£4,019
£1,339
£5,358
Elsewhere
£5,191
£1,731
£6,922
London
£7,273
£2,424
£9,697
Overseas
£6,190
£2,063
£8,253Slide13
MAINTENANCE SUPPORT
WELSH GOVERNMENT LEARNING GRANT
Non-repayable grant for
2017/18
is up to
£5,161
(max
).
100% means
tested.
Students from households with an income of up to £18,370 will be entitled to the maximum £5,161.
Students from households with
an income of up to £50,020 will be entitled to a partial grant.Slide14
MAINTENANCE SUPPORT
COMBINED SUPPORT:
Household income £
Welsh Gov Learning Grant
Maintenance
Loan
Total
£18,370 & under
£5,161
£4,342
£9,503
£20,000
£4,715
£4,565
£9,280
£25,000
£3,347
£5,249
£8,596
£26,500
£2,936
£5,454
£8,390
£30,000
£2,099
£5,873
£7,972
£34,000
£1,142
£6,351
£7,493
£40,000
£734
£6,555
£7,289
£45,000
£393
£6,726
£7,119
£50,020
£50
£6,897
£6,947
£50,753
£0
£6,922
£6,922
£59,408
(+)
£0
£5,191 (+)
£5,191
Students
living away from home, outside London
2017/18Slide15
SCHOLARSHIPS AND BURSARIES
!
You
should check university websites and ask at open
days and UCAS
conventions
for information on bursaries and scholarships: what
is
available
and how/when to apply.
Most universities offer additional support to students which could be worth
thousands of pounds, so it’s important to research what’s available
and when to
apply.
Bursaries:
u
sually
depend on personal circumstances
and,
often, your household income
v
ary
by university or college
Scholarships:
c
an
be linked to academic results or an outstanding ability in sport, music etc…
c
an
be subject specific and are limited in numbersSlide16
ADDITIONAL SUPPORTSlide17
ADDITIONAL SUPPORT
OVERVIEW
Extra money or support may be available
if you:
h
ave
a
disability, including a long-term health condition, mental-health
condition
or specific learning
difficulty
have children or adults who depend on you
Slide18
NHS FUNDING Slide19
NHS COURSES
FUNDING
Eligible courses
Students must be accepted for an NHS-funded place on a full or part-time course which leads to professional registration as a:
doctor or dentist (they will be eligible for an NHS bursary after the fourth year of their course)
chiropodist (including podiatrist), dietitian, occupational therapist, physiotherapist, radiographer, healthcare scientist, paramedic, speech and language therapist
dental hygienist or dental therapist
nurse or midwifeSlide20
OTHER COURSES
NHS COURSES
NHS
support
Students
studying on
eligible courses may be able to get a bursary from the NHS. A bursary is a yearly payment to help with living costs and tuition fees. It’s paid each month and doesn’t have to be paid back.
More detailed information is available at
http://www.nwsspstudentfinance.wales.nhs.uk/home Full-time students on NHS degrees can also apply for a fixed grant of £1,000 per year.SFW support
Full-time NHS students can also apply to Student Finance Wales for a reduced rate Maintenance Loan which does not depend on income. Slide21
OTHER SUPPORT
NHS COURSES
Non means-tested grant
Means tested bursary
Non means-tested loan
Elsewhere
£1,000
£2, 643
£3,392
With Parents
£1,000
£2,207
£2,544
Non means-tested grant
Means tested Bursary
Non means-tested Loan
Elsewhere
£1,000
£4,395
£3,392
With Parents
£1,000
£3,351
£2,544
NHS Degrees up to 45 weeks
(
16/17
figures)
NHS degrees up to 30 weeks (
16/17
figures) Slide22
OTHER COURSES
NHS
COURSES AT UNIVERSITIES IN ENGLAND
If you are studying medicine, dentistry or any other allied health profession course at a university or college in England from 2017/18 you won’t be able to apply for funding from the NHS.
You will be able to apply to Student Finance Wales for help with your living costs and tuition fees in the same way as students on other courses.Slide23
STUDENT LOAN REPAYMENTSlide24
REPAYMENT - HOW MUCH DO YOU KNOW?
t
Q
How much does your income need to be before you start paying back your student loan?
A
Over £16,000
B
Over £21,000
C
Over £19,000
B
Over £21,000Slide25
STUDENT LOAN REPAYMENT
THE FIGURES
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.Slide26
STUDENT LOAN REPAYMENT
OVERVIEW
You won’t make repayments until your income is over
£21,000 a
year,
before tax.
Full-time students will be due to start repaying in the April after
graduating/leaving your course.
You’ll repay 9% of your income over £21,000 and if you’re employed your employer will make deductions from your pay through the HMRC tax
system.You may
get a partial cancellation of your Maintenance Loan of up to £1,500.
If your income falls to £21,000 or below your repayments will stop.Slide27
Bankruptcy?
Earn under 21K?
Made redundant?
Work/live abroad?
Pregnancy?
You die?
Become a teacher?
After 30 years?
True –
30 years after you enter repayment any remaining loan will be written off.
True – the debt dies with you, and no one inherits it.
False.
False – but you stop making repayments if your income is under the threshold.
False becoming bankrupt does not write off your student loan.
STUDENT LOAN REPAYMENT
TRUE or FALSE
– You do not need to repay your loan...
False – but payments will stop being collected, if unemployed/claiming
Jobseeker’s Allowance.
False – but you stop making repayments if income is below the threshold.Slide28
STUDENT LOAN
REPAYMENTS
THE INTEREST
Income:
Under £21,000
Income:
Over £41,000
Interest Rate:
RPI plus3%
Interest Rate:
RPI plus
up to
3%
Interest Rate:
RPI Only
Interest Rate:
Retail Price Index plus 3%
Income:
£21,000 to £41,000
During study until
entering repayment
Interest on your loan will depend on your income and circumstances
:Slide29
APPLICATION INFORMATIONSlide30
APPLICATION - HOW MUCH DO YOU KNOW?
t
Q
How should you apply for student finance?
C
Online – studentfinancewales.co.uk
B
Online – Gov.uk
A
Through your
l
ocal authority
C
Online – studentfinancewales.co.ukSlide31
HOW DO I APPLY?
KEY MESSAGES
When the time comes, apply online at
www.studentfinancewales.co.uk
You don’t need a confirmed place at university or college to apply.
You can change your details online before starting your course.
If you share information from your application, this helps with scholarships
and bursaries.Slide32
APPLICATION
INFORMATION
COMPLETING AN APPLICATION
Before starting an application, you should have the following to hand:
•
passport
- SFW can check identity using valid UK passport details
•
university and course details
bank account details and National Insurance numberyour parents’ or partner’s
email addressOnce you’ve submitted your online application:
print, sign and send us your online declaration formsent any evidence you’ve been asked forSlide33
APPLICATION INFORMATION
STUDENTFINANCEWALES.CO.UKSlide34
SOCIAL MEDIA
FOR THE LATEST SFW NEWS
www.facebook.com/SFWales
www.twitter.com/sf_walesSlide35
UNISTATS
COMPARE UNIVERSITIES AND COURSESSlide36
MANAGING YOUR MONEYSlide37
Need some flavour?.....This jar of tasty sauce costs?
QUESTIONS?
29p
£118.
49
C
C
Faint mae’r bag hwn o basta yn costio?
Angen ychwanegu blas?.....Mae’r jar hwn o saws yn costio?
?
?
39p
?
From
£2.25
?
MANAGING YOUR MONEY
HOW MUCH?
What is the average weekly cost of student
accommodation?*
*Figures from NUS based on university-owned accommodation
(Including privately owned student accommodation = £123.96)
How much is this bag of pasta?
Need some flavour?.....This jar of tasty sauce costs?
And unless you want to eat it cold.....
...one of these might be useful!Slide38
HOW MUCH? – ACCOMMODATION
Q
What’s the average weekly cost of student accommodation?
A
£
118.49
per week*
?
Lowest
?
£45
pw
?
Highest
?
£415pw
*Approximate
figures from The Guardian
based on
university-owned
accommodationSlide39
OTHER COSTS?Slide40
MANAGING YOUR MONEY
CONSIDER THE COSTS
Before
starting in higher education, it’s important to think about the
costs you’re
likely to
face and how to manage your money.
Remember, you’ll receive your maintenance support
payments each term
and you will need to budget for things like:books and other study materials
accommodation, food and drinksports
, leisure and social activitiesThere will also be other costs you may not have thought of yet such asinsurance or a TV
licence.Slide41
WHAT NEXT?
Research
- studentfinancewales.co.uk
- guides and quick guides
Apply
- online
- on time
Payment
- loans and grants paid into bank account shortly after starting course
- fees paid directly to your university
Repayment
- start paying back your loans when you have left university and income is over £21,000Slide42
QUESTIONS?