Government to students from England entering higher education in the UK The two main costs fulltime students will have while studying are tuition fees and living costs Student finance is available to help with both ID: 660967
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Slide1Slide2
STUDENT FINANCE
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 with both.
Depending on household circumstances, course and place of study, there may be 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).Slide3
TUITION FEE LOAN
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 the Tuition Fee Loan directly to the university or college.
The loan is repayable, but only when income is over £21,000.Slide4
PART-TIME AND 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 pre-registration 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.Slide5
MAINTENANCE LOAN
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.Slide6
London
Live
away from
home &
study in
London
Up to
£8,009
£
Elsewhere
Live
away from home
& study outside London
Up to
£5,740
£
Parental
home
Live
at
home while you study
Up to
£4,565
£
MAINTENANCE LOAN
MAXIMUM LEVELS
2016/17
If studying
overseas as part of
a UK course, Maintenance Loan support is still available. Up to £6,820 for 2015/16.
iSlide7
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
i
Additional loan
may be
available for
any extra weeks
of study
if your course goes beyond
30
weeks in an academic year
*Lower rates are available to final year students
MAINTENANCE LOAN
MAXIMUM LEVELS 2015/16Slide8
The Maintenance Grant doesn’t have to be
repaid.
How much grant you can get depends on your household income
(100% means tested
).
Full
Grant:
£3,387
Partial Grant:
(Min £50)
Household
i
ncome
:
Up
to £25,000
Household
i
ncome
:
Up
to
£42,620
MAINTENANCE GRANT
SUPPORT AND MEANS TESTING
Household income is the taxable earned and unearned income
of the parents/partner you live with most of the time.
iSlide9
www.gov.uk/studentfinance
GET YOUR ESTIMATESlide10
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
COMBINED MAINTENANCE SUPPORT
LIVING AWAY FROM HOME OUTSIDE LONDONSlide11
Extra money or support may be available if you:
h
ave
children or
an adult
who
depends
on you
financially.
h
ave
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.
EXTRA
SUPPORT
AN OVERVIEWSlide12
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
BURSARY & SCHOLARSHIP SEARCH Slide13
STUDENT FINANCE APPLICATIONS
KEY MESSAGE – APPLY EARLY
Apply online
at
gov.uk/studentfinance
as soon as possible
when the application process opens to make
sure your student finance is in place for the start of your
course. It will normally open end of February beginning of March. The school will let students know.
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.Slide14
www.gov.uk/studentfinance
GOV.UK
FOR MORE INFORMATION AND TO APPLYSlide15Slide16
www.thestudentroom.co.uk/studentfinance
www.youtube.com/SFEFILM
www.twitter.com/sf_england
www.facebook.com/SFEngland
SFE ONLINE
FOR MORE INFORMATION AND RESOURCESSlide17
Before starting an application,
have
the following to hand:
•
passport
- SFE can check identity using valid UK passport
details
•
university
and course details
b
ank
account details and National Insurance number
The easiest way
for parents, partner
or other
sponsor can support an
application is
online through GOV.UK, providing information including:
• National Insurance number(s)
h
ousehold income information (based on prior tax
year*)details
of other child dependants
STUDENT FINANCE APPLICATIONS
KEY MESSAGE – COMPLETING AN APPLICATION
*
If your household income drops by 15% or more in the current
tax year, SFE can reassess your application.
iSlide18
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.
STUDENT LOAN REPAYMENTS
AN OVERVIEW
*If you move/work overseas you will repay
9% of your earnings
over the repayment threshold for the country you are living in
iSlide19
Income each year before tax
Monthly Repayment (Approx)
£21,000
£0
£25,000
£30
£30,000
£67
£35,000
£105
£40,000
£142
£45,000
£180
STUDENT LOAN REPAYMENTS
THE FIGURES
To get an estimate of how much student load you could owe and how long you might repay for go to:
www.studentfinance.direct.gov.uk/scheme/dgv/pws/repayment-calculator.htmlSlide20
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
.
i
For more information on student loan repayments and interest
rates,
go
to
www.studentloanrepayment.co.uk
STUDENT LOAN REPAYMENTS
THE INTEREST