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STUDENT FINANCE 2013/14

STUDENT FINANCE 2013/14. SESSION CONTENT. Student Finance Package Repayment Applications & Information Questions & Comments. STUDENT FINANCE 2013/14. STUDENT FINANCE PACKAGE 13/14. Tuition Fee Loan. The Student Finance Package. Maintenance (living cost) Support.

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STUDENT FINANCE 2013/14

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  1. STUDENT FINANCE 2013/14

  2. SESSION CONTENT • Student Finance Package • Repayment • Applications & Information • Questions & Comments

  3. STUDENT FINANCE 2013/14

  4. STUDENT FINANCE PACKAGE 13/14 Tuition Fee Loan The Student Finance Package Maintenance (living cost) Support Scholarships & Bursaries Additional Support

  5. TUITION FEE LOAN – FULL-TIME STUDENTS • Universities and higher-education colleges can charge new students a tuition fee level of up to £9,000 per year. • Eligible students won’t have to pay any tuition fees up front. • A Tuition Fee Loan (not dependent on household income) is available • to cover the fee levels set by the university or college. • (Up to £6,000 for publicly-funded courses at private HEIs) • The Student Loans Company pay any Tuition Fee Loan to • the university/college directly in instalments across the academic year. • The loan is repayable, but linked to future earnings over £21,000 a year.

  6. TUITION FEE LOAN – PART-TIME STUDENTS • From September 2012 new part-time students can also apply for a Tuition Fee Loan. The amount they can get doesn’t depend on household income. • The maximum universities or colleges can charge for part-time courses is £6,750 a year. • Students starting designated part-time courses provided wholly by a private institution can apply for up to £4,500 in Tuition Fee Loan. • The amount charged will depend on the intensity of the course. (minimum 25% maximum 75%) • The loan is repayable, but linked to future earnings over £21,000 a year.

  7. MAINTENANCE SUPPORT

  8. MAINTENANCE LOAN • The majority of the repayable Maintenance Loan will be available to all eligible students. 65% of the total loan is non-means tested. • (Doesn’t depend on household income) • The amount of Maintenance Loan available will be linked to where • the student lives and studies while in higher education.

  9. MAINTENANCE LOAN – 13/14 RATES ! Additional means-tested loan is available for each extra week of study for students attending their course beyond 30 weeks.

  10. MAINTENANCE GRANT • The maximum non-repayablemaintenance grant level in 2013 is £3,354. • Unlike 100% of the tuition fee loan and up to 65% of the maintenance loan, the grant a student receives is solely dependent on household income levels. (100% means tested) • Household income thresholds: • Students from households with income of up to £25,000 will be entitled to the maximum grant of £3,354. • Students from households with incomes of up to £42,611 will be entitled to a partial grant.

  11. COMBINED MAINTENANCE SUPPORT Student living away from home, outside London 2013/14

  12. SCHOLARSHIPS & BURSARIES

  13. SCHOLARSHIPS & BURSARIES ! • Bursaries: • May be eligible for National Scholarship Programme • Linked to personal circumstances and often, income level • Vary by institution • Scholarships: • Can be linked to academic results • Can be subject specific • Limited in numbers Check university websites and ask at open days for information on bursaries & scholarships – what’s available and how to apply.

  14. ADDITIONAL SUPPORT

  15. ADDITIONAL SUPPORT • You may get extra money or support if you: • have children or adults dependent on you • have a disability, mental-health condition, long-term health condition or specific learning difficulty • are studying an NHS* or Social Work course For more information on NHS and Social Work eligibility and funding students should visit: www.nhsbsa.nhs.uk/students ! • *Includes: nursing, midwifery, physiotherapy, chiropody, dietetics, speech & language therapy, dental hygiene, medicine, dentistry, radiography and occupational therapy

  16. STUDENT LOAN REPAYMENT

  17. STUDENT LOAN REPAYMENT • Repayments don’t start until the student is earning at least £21,000 a year(£1,750 a month) gross. • Full-time students will begin to repay in the April after graduating from or leaving their HE course. (after 2016) • Part-time students can begin to repay in the April 4 years after • they’ve started their course. (if earning over £21,000 a year) • If income falls to £21,000 or below repayments will be suspended. • Repayments will be 9% of income over £21,000 and will • be deducted from salary through the HMRC tax system for most • students.

  18. STUDENT LOAN REPAYMENT – THE FIGURES Any outstanding loan balance will be written off 30 years after entering repayment. !

  19. STUDENT LOAN REPAYMENT – INTEREST RATES The interest charged will vary during study and depending on earnings after graduation: During study until entering repayment • Interest rate: • Retail Price Index (RPI) +3% Earnings: Below £21,000 • Interest rate: • Set at RPI Only ! Earnings between: £21,000 - £41,000 • RPI plus some amount • between 0% and 3% Earnings: Above £41,000 • Interest rate: • Retail Price Index (RPI) +3% Students can make extra voluntary repayments at any time without penalty.

  20. APPLICATIONS & INFORMATION

  21. APPLICATIONS • Students should apply as soon as possible to make sure they have • their money at the start of their course. • Applying online through GOV.UK is the quickest and easiest way. • No need to wait for a confirmed offer from a university, but we need • to know right away if anything changes. (uni, course or personal details) • Make sure any required evidence is sent straight away to support applications. • In most cases this will be details supplied during the application , • with no need for original documents to be sent, including: • Valid UK passport number (for student identity) • National Insurance numbers (student & parents’ for income details)

  22. FOR MORE INFORMATION AND TO APPLY https://www.gov.uk/studentfinance

  23. FOR A RANGE OF HELPFUL TOOLS AND GUIDANCE http://www.studentfinanceengland.co.uk/

  24. UCAS & STUDENT FINANCE • The process of applying for student finance can be made even easier • by allowing UCAS to share some of your application details with the • Student Loans Company. • Request a reminder and UCAS will prompt you to log in to your • account and agree to share details with SLC when the student finance • online application launches. • Your student finance application will be pre-populated with information • from your UCAS application, such as personal and course details. • This makes applying for a student loan faster and saves entering the • same info on both forms.

  25. SOCIAL MEDIA – FACEBOOK & TWITTER www.facebook.com/SFEngland www.twitter.com/sf_england

  26. UNISTATS – COMPARE UNI’S & COURSES www.unistats.com

  27. Plan a budget – and stick to it! (dull, but practical) Ask questions and get advice from teachers, advisers current/former students, parents/older brothers & sisters. Check out student bank accounts but try to avoid taking credit or store cards. Beware of phishing scams!! If you need financial support and advice once you’re at university, staff there will be able to help. MANAGING YOUR MONEY 12_13

  28. KEY MESSAGES TO REMEMBER • It’s important to make the right university and course choice, not letting fee levels affect your decision. Future repayments are linked to what a student earns, not what they borrow. • Research all finance available – especially bursaries & scholarships. • Apply online & on time – no need to wait for a confirmed place. • Apply for DSAs or other additional support as soon as possible. • Ensure all details are correct before submitting an application, and let us know of any changes as soon aspossible. www.slc.co.uk/teacherspets

  29. ? QUESTIONS & COMMENTS

  30. CONTACT US For further information on student finance and applications call SFE on: Customer helpline: 0845 300 5090 There’s no silly questions when it comes to student finance, so if you’re unsure, ask! @sf_england facebook.com/SFEngland

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