1 / 33

St John Deane’s College 9 th June 2011 Lucy Marwood

St John Deane’s College 9 th June 2011 Lucy Marwood. 2012/13 information is taken from www.bis.gov.uk/studentfinance and is subject to parliamentary approval. Student Finance England…. Are part of the Student Loans Company

adonis
Download Presentation

St John Deane’s College 9 th June 2011 Lucy Marwood

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. St John Deane’s College 9th June 2011 Lucy Marwood 2012/13 information is taken from www.bis.gov.uk/studentfinance and is subject to parliamentary approval

  2. Student Finance England… • Are part of the Student Loans Company • Administer financial support for higher education students who normally live in England • Students apply to us for funding • We pay their university or college the fees, and pay them their support.

  3. Content • 2011/2012 update • What could students get in 2012? • How does Repayment work? • Application Process • Resources • Signposting

  4. 2011/2012 update • 1st deadline for new students has passed • Processed a total of 566,315 applications – national total • Forecast 1.14million apps, 512k new apps (10% increase from 10/11), 627k returners • Next deadline 30th June for returning students

  5. 2011/2012 improvements • Introduction of data share • UCAS • IPS • HMRC • ‘My Account’ facility • Online Change of circumstances • Improvements to IAG

  6. What could students get in 2012/13 2012/13 information is taken from www.bis.gov.uk/studentfinance and is subject to parliamentary approval

  7. Fact sheets and FAQs www.bis.gov.uk/studentfinance

  8. http://yourfuture.direct.gov.uk/

  9. 2012/13 Proposals • Any reforms will be introduced for those entering higher education in September 2012 • Students who defer entry from 11/12 to 12/13 - loans and grants set at the 12/13 rates • It will be for individual universities to decide what fee they charge to those applying for deferred entry in 2012 • Institutions will also decide eligibility criteria for the new National Scholarship programme. In line with Government guidance no one with income over £25k will be eligible • For those starting university in 2012, details on student support should be announced by Summer 2011

  10. What support could students get?

  11. Tuition Fee Loan • They don’t need to find the money for fees up-front, they can take a loan which does not depend on income • The amount they get depends on the cost of their fees – up to max £9,000 in 2012 • Before applying for a full-time course , they should check with their university or college how much their tuition is likely to cost • They pay us back once they have graduated, when they are earning. • We pay the university or college the fees,

  12. Living Cost SupportMaintenance Loan • Some of the amount students receive depends on their parental/household income, but not all of it – everyone can get some sort of loan support • A loan of up to £5,500 will be available for students who live away from home and study at a university outside of London • A larger loan of up to £7,675 will be available for students who live away from home and study at a university in London • A loan of up to £4,375 will be available for students who • stay living at home whilst at university

  13. Living Cost SupportMaintenance Grant • Extra help with living costs for some students • How much students could get depends on their household income • Maximum grant in 2012 will be £3,250 • Households with income below £25,000 will get it all; households with income up to £42,600 will get some

  14. Living Cost SupportMaintenance Loan & Grant – away from home outside London

  15. Additional Support • From 2012/13 there will be a new National Scholarship Programme to help students from lower income families. This is still to be finalised and is subject to the approval of Parliament. • Extra support is available if they have are disabled or have a learning difficulty • Extra support is available if they have adults or children who are dependent on you

  16. What about repayment? • Students are eligible for repayment the April after they graduate (likely to be April 2016 for all 2012 starters, even those who finish early) • Repayments are collected by HMRC • Students don’t start repaying anything until they earn over £21,000 pa (£1,750 per month) gross • They repay 9% of what they earn above £21,000 • Outstanding repayments written off after 30 years

  17. Loan RepaymentComparison

  18. Rates of Interest • Subject to Parliamentary approval, the proposals are: - • Retail Price Index (RPI) plus 3% while studying and up until the April after completing the course (for those finishing early likely to be RPI only between the April after finishing the course and April 2016) • Then a variable rate depending on graduate’s earnings: - • Earnings <£ 21,000 interest will be RPI • Earnings between £ 21,000 & £ 41,000 interest between RPI and RPI + 3% on a gradual scale based on earnings • Earnings above £ 41,000 interest will be RPI + 3% • Early repayment subject to Government consultation

  19. Additional Info (cont) • A student loan is very unlikely to affect a students ability to get a mortgage (The Council for Mortgage Lenders ) • Mortgage lenders are most interested in monthly income (‘ability to repay’) • Under the new system monthly repayments lower = greater monthly income

  20. How to apply • Online ! • It’s the quickest and easiest way to apply : www.direct.gov.uk/studentfinance • Register and provide personal and course information • In most cases students can just provide us with their UK passport number and parent’s/partner’s National Insurance Numbers – we can then automatically check their identity and household income

  21. Getting things right • They can estimate how much support they can get online: • www.direct.gov.uk/studentfinancecalculator • Start research early – students should know when to apply, how much they might get and what information they might need. • Do not wait until they have a confirmed place – students can always amend their finance application later on via ‘My Account’ • Send in any evidence we request straight away

  22. Support for Students www.direct.gov.uk/studentfinance twitter.com/sf_england facebook.com/SFEngland

  23. Customer InformationTo order

  24. Information for youTo order

  25. Practitioners Websitehttp://practitioners.studentfinanceengland.co.uk • Practitioners Website – home of all our Practitioner resources • Specialist Contact information here • Information on all our products and more here • Lesson plans and information fact sheets here • Screen video and mock application here

  26. Lesson Planshttp://practitioners.studentfinanceengland.co.uk • ‘Funding your University course’ • 2 lesson plans developed with school and college staff • Trialled and developed with year 13 students • Encourages learners to get an estimate of their finance • Full documentation linking to Ofsted IAG quality standards

  27. Application Walkthrough & Demo • Developed following multiple requests from Practitioners to Student Finance Consultants • Two resources: • (1) Series ofOnline Videos: walkthrough of different stages of application process • (2) Interactive Demonstration Account which can be downloaded and used offline

  28. Online support

  29. Telephone support

  30. Key Messages 2012/13: • BIS website hosting latest 2012/13 information at present • Practitioner website to be updated once regulations confirmed 2011/12: • Don’t wait until you know where you’re going before applying • Apply online • Send in your signature & any evidence promptly • Let us know straight away if anything changes • Make use of ‘My Account’

  31. Questions

  32. Contact Details  lucy_marwood@slc.co.uk  07979 938208  http://practitioners.studentfinanceengland.co.uk

More Related