STUDENT FINANCE 2014/15

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 Figures used in this section may change, subject to 2014/15 policy approval

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 • SLC 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 institutions

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 receive 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 children or adults dependent on you • 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 LOAN APPLICATIONS STUDENT FINANCE APPLICATIONS KEY MESSAGES –GET IT RIGHT FIRST TIME • Apply online at gov.uk/studentfinance as soon as possible to make • sure your student finance is in place for the start of your course • Register on UCAS and we can let you know when it’s time to apply • You don’t need a confirmed place at university or college to apply • for student finance • Make a note of your account log-in details & keep them safe • You can change your details online before starting your course • Agree to share information from your application, this helps apply • for many bursaries and some scholarships

26. 3 STUDENT FINANCE APPLICATIONS INFORMATION YOU WILL NEED TO PROVIDE Before starting the application, you should have the following to hand: • Passport - SLC can check identity using valid UK passport details for most students • University and course details – You can share this information online, directly from you UCAS application • Bank account details • National Insurance number • Parent’s or partner’s National Insurance number and income details For most applications, SLC verify income from these NI numbers with no need to send any documents, unless we ask for them

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

28. 3 THE STUDENT ROOM FOR FURTHER INFORMATION & RESOURCES www.thestudentroom.co.uk/studentfinance

29. 3 SOCIAL MEDIA FOLLOW SFE FOR THE LATEST NEWS www.facebook.com/SFEngland www.twitter.com/sf_england

30. 3 UNISTATS COMPARE UNI’S COURSES AND FEES www.unistats.direct.gov.uk

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 are 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 • Check all details are correct before submitting your application • And remember that….... Student Finance Matters

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