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STUDENT FINANCE 2013/14. GENERAL RESIDENCY REQUIREMENTS. Settled status – can live in the UK without any Home Office restriction Ordinarily resident in England on the first day of the first academic year of their course
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GENERAL RESIDENCY REQUIREMENTS • Settled status – can live in the UK without any Home Office • restriction • Ordinarily resident in England on the first day of the first academic year of their course • Been living in the UK for the three years immediately prior to this date • Tuition fee support only, without meeting residency requirementsfor European Union students • Exceptions exist for certain groups of students
GENERAL RESIDENCY – SOME EXCEPTIONS ! • If the student, their spouse, civil partner, parent/stepparent are • recognised by the Government as a refugee and lived in England • since this status was awarded • If the student, their spouse, civil partner, parent/stepparent, have • been granted Humanitarian Protection to stay in the UK by the • Home Office, resulting from a failed asylum application and meet the standard ‘ordinary’ and 3 year residence requirements • EEA /Swiss migrant workers and the children of Swiss and Turkish workers may also qualify for tuition fee loans and additional support if they meet the set employment or residency requirements If there is any doubt surrounding their residency status or eligibility for funding students should call the SFE help line - 0845 300 5090
COURSE & UNIVERSITY/COLLEGE ELIGIBILITY Course Eligibility • Courses must be of a certain type and be leading to a recognised higher education qualification Including: • First degree (BSc, BA, BEd) • Foundation degree (FdA, FdSc, FdEng) • Higher National Diploma or Higher National Certificate (HND/C) • Diploma of Higher Education (DipHE) • Postgraduate Certificate of Education (PGCE) • University or College Eligibility • The HEI must be publicly funded (by UK Government) or privately • funded but running individual courses receiving public funding as designated by the government
PREVIOUS STUDY RULES ! • General rule – Tuition fee loan available for full length of the student’s first undergraduate course, plus one additional year if needed • If a student has previously studied in the UK, any full or part years of previous study are taken into account. They may still be eligible for maintenance loan support only if they do not have an equivalent or higher level qualification or are studying an ‘exception course’ leading to a professional qualification.* • Individual circumstances of the student (including any “compelling personal reasons”) can affect eligibility *Medical Doctor, Dentist, Veterinary Surgeon, Architect, Social Worker, Course attracting means tested Healthcare Bursary (NHS) 15/16 14/15 + ADD 13/14 = 4 years support Example for a Standard 3 year F/T Course
INDEPENDENT STUDENT STATUS • What does being an independent student mean? • Student Finance England will not take any parental income into account when assessing student entitlement for support • If married or in a civil partnership, SFE will take into account the income of the student’s husband, wife or civil partner What is an independent student? A student is considered independent if: • They have care of a person under the age of 18 on the first day of the academic year for which they are applying for support • They are 25 or over on the first day of the academic year for which they are applying for support
INDEPENDENT STUDENT STATUS • What is an independent student? – Continued • They have been married or formed a civil partnership before the start of the academic year even if that marriage or civil partnership has ended • • They have no living parents • • They have supported themselves for at least three years before the start of their course • • Their parents cannot be traced or it is not practical or possible to contact them
STUDENT FINANCE PACKAGE 13/14 Tuition Fee Loan The Student Finance Package Maintenance (Living Cost) Support Scholarships & Bursaries Additional Support
TUITION FEES – FULL TIME • Universities/Colleges of HE can charge a fee level of up to £9,000 per year but need to demonstrate increased efforts in widening participation and justification for any fee levels over £6,000* • The levels set will be decided by the university including if it charges at different levels for different courses • The average fee level for 2012 was around £8,657 up from the initial £7,500 expected government average level • (Independent & Times Higher Education) *Presented in OFFA approved Access Agreement
TUITION FEES – FULL TIME • Students on Sandwich years/study years abroad will be subject to lower fee limits • Current levels, up to a basic amount of £3,000 or up to a • £4,500 higher amount for students at institutions with an accepted access agreement • Students at private institutions not receiving funding from HEFCE but offering courses designated by BIS will be entitled to borrow up to £6,000 to cover their tuition costs • If the private institution is charging more, the student will need to self-fund the remainder
PAYING THE TUITION FEE • Eligible students will not have to pay up front for their tuition • The non means tested tuition fee loan (not dependent on household income) is available to cover the fee levels set by the HEI (or the maximum of £6,000 for full-time courses at private institutions) • The Student Loans Company will lend the requested amount and pay the university/college directly in instalments across the academic year • Not compulsory. Students can also: • Pay full fees themselves, or • Pay part of the fees and take tuition fee loan for the rest
PAYING THE TUITION FEE ! Tuition Fees will be paid to a HEI at three points in the academic year: Interest on the loan will be charged from day payment is made to the university/college, not from the liability date *Two weeks after Term 1 start date for part-time courses
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 • (Not based on household income) • The amount of maintenance loan available will be linked to where a student lives and studies while in higher education
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 (*) Slightly lower rates of support apply to final year students
MAINTENANCE GRANT • The maximum non repayablemaintenance grant level in 2013/14 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) • Students from households with income of up to £25,000 • will be entitled to the maximum £3,354 • Students from households with incomes of up to £42,611 • will be entitled to a partial grant
COMBINED MAINTENANCE SUPPORT Student living away from home, outside London 2013/14
SCHOLARSHIPS & BURSARIES ! • Bursaries: • May link to National Scholarship Programme • Linked to personal circumstance and often, income level • Vary by institution • Scholarships: • Linked to academic results or ability in sport, music etc. • Subject specific or generic • Limited in numbers Students should check university websites and ask at open days for information on bursaries and scholarships – what is available and how/when to apply
DISABLED STUDENTS’ ALLOWANCES • Help towards the additional costs that a student may face as a result of their disability, mental-health condition or specific learning difficulty • In addition to the standard student finance package • Does not have to be repaid • Is not affected by the household income • Looks at the specific needs of the individual in relation to their circumstances and studies. Students need to be aware the DSA application process can take up to 14 weeks! !
DISABLED STUDENTS’ ALLOWANCES For both full-time and part-time postgraduate students there is a single allowance of up to £10,260 a year DSA Allowance rates 2013/14 !
DEPENDANTS’ GRANTS • Childcare Grant • Based on 85% of actual registered/approved childcare costs up to • maximum of: £148.75 per week for one child £255 per week for two or more children • Parents’ Learning Allowance • Help with course-related costs for students with dependent children: - • amount received will be between £50 and £1,508 • Adult Dependants’ Grant • Normally for the student’s partner. Can be for another adult who is • financially dependent on the student where the adult’s net income is • not more than £3796 p.a.Maximum grant is £2,642 Dependants’ grants are income related. Universities may offer additional support to students with childcare/caring responsibilities !
STUDENT LOAN REPAYMENTS • Graduates will not make repayment contributions until they are • earning at least £21,000(£1,750 pm) gross (After entering repayment, this threshold will rise annually in line with earnings) • Full time students will begin to repay in the April after graduating from/leaving their HE course (From 2016) • Part time students can begin to repay in the April 4 years after • they have started their course (If earning over £21,000) • Repayments will be a basic 9% of income over £21,000 (through the HMRC tax system for most students) • If income falls to £21,000 or below repayments will be suspended • Any outstanding debt written off after 30 years
STUDENT LOAN REPAYMENT – THE FIGURES Any outstanding loan balance will be cleared 30 years after entering repayment !
STUDENT LOAN REPAYMENT – INTEREST RATES There will be a variation in the interest rate attached to a student’s loan during study and when earning following graduation: During study until entering repayment • Interest rate is: • Retail Price Index (RPI) +3% Earnings: Below £21,000 • Interest rate is: • Set at RPI Only No penalties will be placed on students making early repayments ! Earnings Between: £21,000 - £41,000 • RPI plus some amount • between 0% and 3% Earnings: Above £41,000 • Interest rate is: • Retail Price Index (RPI) +3%
STUDENT LOAN REPAYMENT – COMPARISON The first earnings linked rise in repayment thresholds for existing Students occurred in 2012. Up from £15,000 to £15,795 !
STUDENT LOAN REPAYMENT – DEDICATED WEBSITE www.studentloanrepayment.co.uk
KEY MESSAGES FOR STUDENTS • Important they make the right university and course choice, based on the full range of factors linked to the course, not fear of debt • Research all finance available – especially bursaries & scholarships • Apply on-line & on time – no need to wait for a confirmed place • Apply for DSA or other additional support as soon as possible • Ensure all details are correct before submitting an application, and let us know of any changes • Check and update account online where possible
THE HOME FOR STUDENT FINANCE INFORMATION www.gov.uk
THE NEW HOME FOR STUDENT FINANCE INFORMATION For more information and to apply, visit www.gov.uk/studentfinance
THE NEW HOME FOR STUDENT FINANCE INFORMATION For a range of helpful tools and guidance, visit www.studentfinanceengland.co.uk
STUDENT FINANCE REINSTATED ON THE STUDENT ROOM For a range of helpful tools and guidance, visit www.thestudentroom.co.uk
STUDENT FINANCE ENGLAND – KEY CONTACTS www.practitioners.slc.co.uk
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