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STUDENT FINANCE 2014/15

STUDENT FINANCE 2014/15. i. SESSION CONTENTS. Section 1 – The Student Finance Package Section 2 – Student Loan Repayments Section 3 – Applications & Information Section 4 - Managing Your Money Questions & Comments. ?. HOW MUCH?. ?. HOW MUCH? BOOKS & RESOURCES.

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STUDENT FINANCE 2014/15

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  1. STUDENT FINANCE 2014/15

  2. i SESSION CONTENTS • Section 1 – The Student Finance Package • Section 2 – Student Loan Repayments • Section 3 – Applications & Information • Section 4 - Managing Your Money • Questions & Comments

  3. ? HOW MUCH?

  4. ? HOW MUCH? BOOKS & RESOURCES How much does this textbook cost? ? £35.95 New £16.00 Used (Amazon)

  5. ? HOW MUCH? FOOD How much are these ‘delicious’ noodles? ? 11p

  6. ? HOW MUCH? TRAVEL ? How much is a 16-25 Railcard? £30 for 1 yr £70 for 3 yrs Studying in London? An 18+ Student Oyster card can save you 30% on Bus, Tram & Travelcard prices.

  7. ? HOW MUCH? ACCOMMODATION ? What is the average weekly cost of student accommodation? £117 per week* Highest? £46pw £415pw Lowest? *Approximate figures from NUS & The Guardian, based on university owned accommodation

  8. SECTION 1 THE STUDENT FINANCE PACKAGE

  9. 1 THE STUDENT FINANCE PACKAGE SUPPORT AVAILABLE TO STUDENTS INCLUDES: Tuition Fee Loan The Student Finance Package Maintenance (Living Cost) Support Bursaries & Scholarships Additional Support

  10. SECTION 1 TUITION FEES & LOANS

  11. 1 TUITION FEES & LOANS • 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 approved courses at private providers). • Tuition Fee Loan doesn’t depend on household income. • SFE pay any Tuition Fee Loan directly to your university or college. • The loan is repayable, but only when your income is over £21,000. *Publicly funded

  12. SECTION 1 MAINTENANCE SUPPORT

  13. 1 MAINTENANCE SUPPORT • Maintenance support is available to help with your living costs 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 get some funding. • The amount of loan available will depend on where you live and study. • Maintenance support is paid directly into your bank account each term.

  14. 1 MAINTENANCE LOAN 2014/15 MAXIMUM RATES Additional loan is available for each extra week of study for students attending their course beyond 30 weeks.

  15. 1 MAINTENANCE SUPPORT MAINTENANCE GRANT • The Maintenance Grant doesn’t have to be repaid. • How much grant you can get depends on your 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

  16. 1 COMBINED MAINTENANCE SUPPORT LIVING AWAY FROM HOME, OUTSIDE LONDON You can get a quick estimate of your student finance entitlement using the calculator on gov.uk/studentfinance

  17. SECTION 1 BURSARIES & SCHOLARSHIPS

  18. 1 BURSARIES & SCHOLARSHIPS BURSARIES & SCHOLARSHIPS • 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 Check university websites and ask at open days for information on bursaries & scholarships.

  19. SECTION 1 ADDITIONAL SUPPORT

  20. 1 ADDITIONAL SUPPORT ADDITIONAL SUPPORT EXTRA SUPPORT MAY BE AVAILABLE IF YOU: • have a child or an adult who depends on you financially • have a disability, long-term health condition, mental-health condition • or specific learning difficulty • study an NHS or Social Work course • NHS courses include: • nursing, midwifery, physiotherapy, speech and language therapy, • dietetics, radiography, the later stages of medicine and dentistry For more information on eligibility and applications for NHS support go to www.nhsbsa.nhs.uk/students

  21. SECTION 2 STUDENT LOAN REPAYMENTS

  22. 2 STUDENT LOAN REPAYMENT STUDENT LOAN REPAYMENTS AN OVERVIEW • You won’t make repayments until your income is over £21,000 a year gross (before tax). • Full-time studentswill be due to start repaying in the April after graduating from/leaving their higher education course. • 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.

  23. 2 STUDENT LOAN REPAYMENTS THE FIGURES Interest will be applied to your loan at a maximum rate of RPI +3% More info can be found on www.studentloanrepayment.co.uk

  24. SECTION 3 APPLICATIONS & INFORMATION

  25. 3 STUDENT FINANCE APPLICATIONS APPLY EARLY • Each year thousands of students apply late for their finance and • have no way to pay for their course or halls, some even have to drop out.. • ...don’t let that be you! • It will take at least six weeks* to process your application so apply early! • Apply online now at gov.uk/studentfinance to make sure your student finance is in place for the start of your course. • You don’t need a confirmed place at university or college to apply • for student finance. • Apply with your first choice, you can change details later if you need to. *SFE handle over 1 million applications a year, most involve interactions with other government departments, eg HMRC

  26. 3 STUDENT FINANCE APPLICATIONS APPLICATION DATES - NEW STUDENTS Jan Student finance applications can be made from 20 January 2014* 20th May The application deadline for new students is 30 May 2014 30th *Returning students should wait to hear from SFE before re-applying for their finance

  27. 3 GOV.UK FOR MORE INFORMATION & TO APPLY www.gov.uk/studentfinance

  28. 3 STUDENT FINANCE APPLICATIONS GET IT RIGHT FIRST TIME • Make a note of your account log-in details and keep them safe. • Agree to share information from your application, this helps apply • for many bursaries and some scholarships. • Make sure any evidence and information needed to support your • application is supplied first time (yours and your parent/partners’). • Submit your application even if there is a delay in getting income details from your parent/sponsor so some funding (Tuition and Maintenance Loan) will be available when you start your course. • If SFE ask you to send any additional evidence or documents • to support your application use recorded delivery!

  29. 3 STUDENT FINANCE APPLICATIONS INFORMATION YOU’LL NEED TO PROVIDE Before starting the application, you should have the following to hand: • passport - SFE can check identity using valid UK passport details for most students • university and course details – remember apply with your first choice initially so your application can be assessed as soon as possible • bank account details • National Insurance (NI) number • parent’s or partner’s NI number and income details For most applications, SFE verify income from your parents/partners NI numbers with no need to send any documents, unless we ask for them

  30. 3 THE STUDENT ROOM FOR FURTHER INFORMATION & RESOURCES www.thestudentroom.co.uk/studentfinance

  31. SECTION 4 MANAGING YOUR MONEY

  32. 4 MANAGING YOUR MONEY HINTS & TIPS TO CONSIDER • Before starting in higher education, think about the costs you are likely • to face and how to manage your money: • Plan a budget – and (try to) stick to it! • Ask questions and get any advice you need. • Check out student bank accounts and NUS Extra cards. • Try to avoid taking credit cards, store cards or pay day loans!! • If you need financial support and advice once you’re at university • or college, staff there will be able to help.

  33. i KEY MESSAGES KEY MESSAGES POINTS TO BE CLEAR ON • Important to make the right university/college and course choice!! • Tuition Fee Loans are available to all eligible students and future • repayments are linked to your income, not what you owe • Research all finance available – especially bursaries & scholarships • Apply on-line & on time – no need to wait for a confirmed place • Application deadline for new students 30th May 2014!! • Check all details are correct before submitting your application Student Finance Matters... Apply Now!! And remember that....

  34. ? QUESTIONS & COMMENTS

  35. i i NEED MORE INFORMATION? For further Information on student finance and applications go to: www.gov.uk/studentfinance For a range of helpful tools and guidance, visit: www.thestudentroom.co.uk/studentfinance

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