University of South Wales Teacher amp Adviser Conference 29062017 Jon Legg Funding Information Partners Account Manager jonleggslccouk 0777 162 4163 i SECTION CONTENTS Student finance 201718 ID: 643736
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STUDENT FINANCE UPDATE 2017/18University of South Wales Teacher & Adviser Conference29.06.2017
Jon Legg
Funding Information Partners Account Manager
jon_legg@slc.co.uk
0777 162 4163Slide2
iSECTION CONTENTSStudent finance 2017/18Changes to funding for NHS degree courses in 2017/18Repayment and Interest RatesPostgraduate Loans 2017/18IAG Resources, WebsitesSlide3
STUDENT FINANCE 2017/18POLICY OVERVIEW – TUITION FEES & LOANS
SECTION 1Slide4
STUDENT FINANCE 2017/18POLICY OVERVIEW*www.bbc.co.uk/news/education-39736310*http://services.parliament.uk/bills/201617/highereducationandresearch.htmli
Higher Education providers with an OFFA Access Agreement achieving a
Teaching Excellence Framework (TEF) rating of Meets Expectations in year
one will be able to charge up to
£9,250
in tuition fees for a full-time course:
Students at publicly funded HEP’s in England will be able to apply for a
non means-tested Tuition Fee Loan
of up to
£9,250
to meet the full costs of their course
(fee cap for 2017/18 is
£9,000
at
Welsh HEPs)
Further TEF linked Tuition Fee increases for English HEP’s will now not happen until 2020/21 following the passing of the HE and Research Act*
Until this point, providers who had opted in to the TEF principles will be able to raise tuition fee levels in-line with inflation each year Slide5
SECTION 1
MAINTENANCE SUPPORT
2016 COHORT FULL-TIME STUDENTS
(NOT ELIGIBLE FOR BENEFITS, OR AGED OVER 60)
Information in this section subject to final policy approval! Slide6
Full Year Student*Maximum Loan(100%)Non-Income Assessed
(% of Max Loan)
Parental Home
£7,097
£3,124
Elsewhere
£8,430
£3,928
London
£11,002
£5,479
Overseas
£9,654
£4,667
*Lower amounts available for final year students
2016 cohort F/T students, not eligible for benefits or aged over 60
MAINTENANCE SUPPORT
FULL YEAR MAINTENANCE LOAN RATESSlide7
Household Income HomeElsewhereLondon
£25,000 & under
£7,097
£8,430
£11,002
£30,000
£6,499
£7,825
£10,387
£35,000
£5,901
£7,220
£9,771
£40,000
£5,303
£6,615
£9,155
£45,000
£4,705
£6,009
£8,539
£50,000£4,107£5,404£7,924£55,000£3,509£4,799£7,308£60,000£3,124£4,193£6,692
2016 cohort F/T students, not eligible for benefits or aged over 60
MAINTENANCE SUPPORT
MAINTENANCE LOAN ENTITLEMENTSlide8
SUPPLEMENTARY SUPPORTDISABLED STUDENTS’ ALLOWANCESCHILDCARE GRANTPARENTS’ LEARNING ALLOWANCEADULT DEPENDANTS’ GRANTUNIVERSITY/COLLEGE BURSARIES
SECTION 1Slide9
SUPPLEMENTARY SUPPORTOVERVIEW OF WHAT’S AVAILABLEExtra money or support may be available to students from SFE if they:have children or adults dependent on themhave a disability, including a mental-health condition or specific learning difficulty
Extra help for many students is also available from
universities/colleges
Each institution has its own scheme – students need to research these
Students are more likely to get help if...
their family has a low income
they are the first person in their family to enter higher education
they study a particular subject (depending on institution)
they get good grades at school/college
they study locally
Slide10
STUDENT FINANCE 2017/18NHS STUDENT FUNDING REFORM
SECTION 1
Information in this section is a high level notification of
policy intent and is subject to change and clarification! Slide11
As part of the NHS bursary reforms; from 1 August 2017, new nursing,midwifery and allied health students studying in England will no longerreceive the current package NHS grants and bursaries: Instead, they will have access to the same student finance system* as other undergraduate studentsThis means that Nursing, Midwifery and AHP students will be funded by BIS in exactly the same way as students on other eligible HE coursesBIS intend that students studying nursing, midwifery and allied health subjects as a second degree in England will also be eligible to apply for the full package of support administered by SFENHS STUDENT FUNDING REFORM
POLICY INTENT
*
All full-time and part-time support products - Tuition Fee Loan,
Maintenance Loan, Targeted Grants and DSA at the same rates
iSlide12
Courses within scope of the funding policy change:NHS STUDENT FUNDING REFORMCOURSES AFFECTEDNursingAllied Health Professions *
Degrees
(Including courses to convert from second to first level registration)
Chiropody
Dietetics and Nutrition
Occupational Therapy
Operating Department Practice (Diploma and Degree)
Orthoptics
Physiotherapy
Podiatry
Prosthetics and Orthotics
Radiography
Radiotherapy
Speech and Language Therapy
Midwifery
Degrees
Funding models for undergraduate Medicine and Dentistry courses
( As 1st or 2nd degree and graduate entry) will not be changedi*Dental Hygiene & Dental Therapy were initially in scope, but this changed following the Summer 2016 consultationSlide13
The intention of this new policy is allow more nurses, midwives and alliedhealth professionals into the NHS by removing restrictions on the number ofavailable places, while reducing the reliance on expensive agency staff: Projected impact on student numbers and support:This policy change will enable universities to provide up to 10,000 additional student places to 2020 Under the loans system administered by SLC, students on nursing, midwifery and allied health courses will receive around a 25% increase` in the financial support available to them for living costs* NHS STUDENT FUNDING REFORMPOLICY INTENT
*
Compared to the combined NHS bursary and student loan system
iSlide14
Maximum Total Support (By Student Location)NHS Bursary SchemeSFE Loan System
Difference (£)
London
£8,750
£12,058
£3,308
Outside London
£6,975
£9,256
£2,281
Living
At Home
£5,623
£7,588
£1,965
CONSULTATION DOCUMENTS: EXCERPT
COMPARISON OF STUDENT SUPPORT RATES
From - https://consultations.dh.gov.uk/workforce/healthcare-education-funding/supporting_documents/NHS%20bursary%20consultation%20April%202016.pdf
i
Based on 2016/17 Academic Year, 42 Week Course:Slide15
The Department of Health launched a 12 week public consultation on the planned changes which ran until 30 June with 1,743 responses receivedThere were recurring themes and evidence of the need for supplementary funding for healthcare students: the Department agrees that this funding is needed, to prevent a fall in the number and diversity of these studentsThe supplementary funding will be known as the Learning Support Fund (LSF) and administered by NHS BSAThe LSF will provide three types of support:Travel & Dual Accommodation Expenses (TDAE) – placement costsChild Dependants Allowance (CDA) – annual £1000 grantExceptional Support Fund (ESF) – a hardship fund
NHS STUDENT FUNDING REFORM
PUBLIC CONSULTATION & GOVERNMENT RESPONSE
https://www.gov.uk/government/consultations/changing-how
healthcare-education-is-funded
iSlide16
NHS STUDENT FUNDING REFORMNHSBSA STUDENT INFORMATIONThe NHSBSA website www.nhsbsa.nhs.uk/Students is updated with thelatest news and information for students on the funding reforms:Content Includes;Summary of the funding changesOverview of the Learning Support FundInformation on applications
Links to Q&A documentsSlide17
NHS STUDENT FUNDING REFORMNHSBSA ADDITIONAL INFORMATIONIn addition to the main student page, additional information on the specificsof the funding reform can be found at www.nhsbsa.nhs.uk/Students/5926:Content Includes;Key facts on funding reformsPresentation slides from NHSBSA stakeholder events
Links to policy papers, documents
and associated websitesSlide18
Welsh government has confirmed that for those individuals who elect to study an eligible health related programme in Wales commencing in September 2017 the current NHS Bursary will be availableThis will apply to all students (Wales and rUK domiciled) Based upon individuals committing in advance to take up the opportunity to work in Wales post qualification for a period of two yearsOtherwise, English domiciled students will have access to the standard student support package available from Student Finance England (the Learning Support Fund support provided by NHS BSA would not be available if studying in Wales however)NHS COURSESENGLISH DOMICILED STUDENTS STUDYING IN WALESSlide19
STUDENT LOAN REPAYMENTSOVERVIEWSECTION 2Slide20
Students won’t make repayments until their future income is over £21,000 a year gross, i.e. £404 a week or £1750 a month (before tax)If they study a full-time course, they will be due to start repaying in the April after graduating from/leaving higher education
They’ll
repay 9% of
any
income over £21,000 and if
employed,
deductions will be made from
their
pay through the HMRC tax
system*
If
their
income falls to £21,000 or below
their
repayments will stop
Any outstanding loan balance will be written off 30 years after entering repayment
*
If students move or work overseas, repayments will be 9% of any earnings over the threshold for the country they are living iniSTUDENT LOAN REPAYMENTSAN OVERVIEWSlide21
Income each year before taxIncome 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
The income repayment threshold has been frozen at £21,000 until 2021, when it will be reviewed.
i
STUDENT LOAN REPAYMENTS
UNDERGRADUATE FULL-TIME ICR TYPE 2 LOANSSlide22
Interest levels will depend on a students income and circumstances:Interest rate is: Set at RPI Only During study until entering repayment
£
Income:
Under £21,000
£
Income:
£21,000 to £41,000
£
Income:
Over £41,000
£
Interest Rate:
Retail Price Index +3%
%
Interest Rate: RPI Only% Interest Rate: RPI + up to 3%%
Interest Rate:
RPI +3%
%
The interest rate is updated once a year using the RPI figure from March which is carried forward and applied in SeptemberiSTUDENT LOAN REPAYMENTSTHE INTEREST (FOR FULL-TIME UNDERGRADUATES)Slide23
RPI RATE APPLIED2017/18TBC2016/17
2015/16
2014/15
STUDENT LOAN REPAYMENTS
THE INTEREST – UNDERSTANDING THE RATES
6.1%
3.1%
3.9%
0.9%
4.6%
1.6%
5.5%
2.5%
Income
Contingent Student Loans for post 2012
students:
MAX INTEREST RATESlide24
www.studentloanrepayment.co.ukSTUDENT LOAN REPAYMENTSDEDICATED WEBSITESlide25
POSTGRADUATE LOANPOSTGRADUATE LOANS POLICY AY 2017/18
SECTION 3Slide26
Loan support of up to £10,280 (NMT) for English-domiciled / EU students starting a full-time, part-time or full-time distance learning Postgraduate Masters course (taught, research or professional) from 1st August 2017:Paid to student in instalments for courses of up to 4 years in length (any subject area)Contribution to course costs, not specifically for fees or maintenanceApplicants must be under 60 on the first day of the first AY of the course2017/18 applications are now live at
www.gov.uk/postgraduate-loan
Repayments:
6%
of income above £21,000 from April after finishing course (automated repayment system goes live April 2019). Concurrent with repayment of any undergraduate student loans.
POSTGRADUATE LOANS
2017/18 OVERVIEW (Year 2 of programme)
i
Postgraduate Doctoral Loans are due to be available from 2018/19:
https://www.gov.uk/government/consultations/postgraduate-doctoral-loansSlide27
SFE RESOURCESFOR PRACTITIONERS AND STUDENTS
SECTION 4Slide28
SFE RESOURCESWWW.PRACTITIONERS.SLC.CO.UK – A NEW LOOK!! Slide29
Our factsheets are designed to help practitionersprovide students and sponsors the most accurate, up-to date information about student finance:Popular factsheet content includes;
Funding for new and continuing students
Eligibility, evidence and applications
DSA’s & Dependants Grants
SFE RESOURCES
2017/18 PRACTITIONER FACTSHEETSSlide30
Key information about student finance is available in an online platform that allows students and their families to find out about what is available, how to apply, and how loan repayments work:Features of the online Quick Guide:Can be embedded on your website for easy student accessLinks to SFE content on GOV.UK and The Student Room Printer friendly content
SFE RESOURCES
ONLINE QUICK GUIDESlide31
www.twitter.com/sf_englandwww.facebook.com/SFEnglandwww.youtube.com/SFEFILM
www.thestudentroom.co.uk/studentfinance
INFORMATION FOR STUDENTSSlide32
IF YOU ARE UNSUREPLEASE ASK!
QUESTIONS
OR
COMMENTS?