STUDENT FINANCE 2014/15 A PRACTITIONERS INTRODUCTION

STUDENT FINANCE 2014/15 A PRACTITIONERS INTRODUCTION

i SESSION CONTENTS • Section 1 – The Student Finance Package • Section 2 – Additional Support • Section 3 – Student Loan Repayment • Section 4 – Application Information • Section 5 – Resources

SECTION 1 THE STUDENT FINANCE PACKAGE 2014/15

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

SECTION 1 TUITION FEES & LOANS

1 TUITION FEES & LOANS OVERVIEW • 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 designated courses at private HEIs) • The Tuition Fee Loan doesn’t depend on household income • SLC pay any Tuition Fee Loan directly to a university or college • The loan is repayable, but only when the student’s income is • over £21,000 a year *Publicly funded institutions with an approved Offa Access Agreement - www.offa.org.uk/access-agreements

1 TUITION FEES & LOANS LIABILITY DATES Tuition Fees will be paid to a HEI at three points in the academic year *Two weeks after Term 1 start date for part-time courses Interest on the loan will be charged from the day payment is made to the university/college, not from the liability date

1 TUITION FEES & LOANS SANDWICH & PLACEMENT YEARS • Policy changes for students starting their courses on or after 1st September • 2012: • Students on sandwich placements will be charged 20% of the • maximum full-time tuition charge – Maximum charge of £1,800 • Students on Erasmus placements will be charged 15% of the • maximum full-time tuition charge – Maximum charge of £1,350 • Students on overseas placements will be charged 15% of the • maximum full time tuition charge – Maximum charge of £1,350

SECTION 1 PART-TIME STUDENTS

1 TUITION FEES & LOANS OVERVIEW • Publicly-funded universities or colleges can charge up to a maximum tuition fee level of £6,750 a year for part-time courses* • New, eligible part-time students can apply for a non means tested loan to cover the cost of their tuition at these institutions • The actual amount charged will depend on the intensity of a course • Course intensity is how long it takes to complete a part-time course • compared to the equivalent full-time course • Students starting designated P/T courses provided wholly by a private university or college can apply for up to £4,500 in Tuition Fee Loan *With an Offa approved Access Agreement

1 TUITION FEES COURSE INTENSITY • Course intensity is worked out by taking the number of part-time units studied in an academic year and dividing it by the number of units which would be completed in an academic year if studying the same course • on a full-time basis • The result is multiplied by 100 to give the intensity as a percentage • If a part-time course takes six years to complete and the full-time equivalent takes three, the course intensity will be 50% e.g. Course Intensity 50% Part-Time Course = 60 Units Full-Time Course = 120 Units ÷ = Students should ask a university or college if they’re unsure what their course intensity will be

1 OTHER SUPPORT FOR PART-TIME STUDENTS • Part-time students will not be entitled to a loan or grant towards living costs but can access Disabled Students’ Allowances (DSAs) • Bursaries or scholarships offered by universities and colleges may provide additional support based on factors such as income or academic achievement • Continuing students whose course began before September 2012 can still apply for a means-tested fee and course grant • Part-time study & benefits • Part-time students can usually still claim benefits that depend on • household income (means-tested benefits) such as; Universal Credit, Income-based Jobseekers Allowance or Housing Benefit if unemployed Students should contact their Jobcentre Plus or Department for Work and Pensions for an on-going benefit eligibility assessment

SECTION 1 MAINTENANCE SUPPORT

1 MAINTENANCE SUPPORT OVERVIEW • Maintenance support is available to help with living costs a student • will face 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 a student lives • and studies • Maintenance support is paid directly into the student’s bank account • each term

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

1 MAINTENANCE LOAN MEANS TESTING *Slightly lower rates of support apply to final year students

1 MAINTENANCE SUPPORT MAINTENANCE GRANT OVERVIEW • The Maintenance Grant doesn’t have to be repaid • How much grant a student can get depends on their 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

1 SPECIAL SUPPORT GRANT ELIGIBILITY CRITERIA • As with the Maintenance Grant the maximum Special Support Grant a • student could get is £3,387, students could be eligible for a SSG if they: • Are a lone (single) parent • Have a partner who is also a student and one or both of them are responsible for a child/young person under 20 who is in full-time • education below higher education level • Have a disability and qualify for the Disability Premium or Severe • Disability Premium • Are deaf and qualify for Disabled Students’ Allowances

1 SPECIAL SUPPORT GRANT ELIGIBILITY CRITERIA • Have been treated as incapable of work for at least 28 weeks • Have a disability and qualify for income-related Employment and • Support Allowance • Are waiting to go back to a course having taken agreed time out from • that course due to an illness or caring responsibility that has now ended • Are aged 60 or older • Entitled to Personal Independence Payment, Armed Forces • Independence Payment and Disability Living Allowance • Eligible for the housing element of Universal Credit Students receiving the Special Support Grant will not see a reduction in their Maintenance Loan entitlement

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

SECTION 1 BURSARIES & SCHOLARSHIPS

1 BURSARIES & SCHOLARSHIPS BURSARIES & SCHOLARSHIPS OVERVIEW • 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 Students should check university websites early and ask at open days for information on support available and how to apply

SECTION 2 ADDITIONAL SUPPORT

2 ADDITIONAL SUPPORT OVERVIEW • Extra money or support may be available to students if they: • Have children or adults dependent on them • Have a disability, long-term health condition, mental-health condition • or specific learning difficulty • Are studying an NHS or Social Work course • NHS courses include: • Nursing, midwifery, physiotherapy, chiropody, dietetics, radiography, occupational therapy, the later stages of medicine and dentistry For further information and applications students should visit: www.nhsbsa.nhs.uk/students

2 ADDITIONAL SUPPORT DISABLED STUDENTS’ ALLOWANCES • Disabled Students’ Allowances provide help towards the additional costs • that a student may face as result of their disability, long-term health • condition, mental-health condition or specific learning difficulty: • DSAs Support: • Is available in addition to the standard student finance package, • Does not have to be repaid, • Is not affected by 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!

2 ADDITIONAL SUPPORT DISABLED STUDENTS’ ALLOWANCES DSA Rates 2014/15: For both full-time and part-time postgraduate students there is a single allowance of up to £10,362 a year

2 ADDITIONAL SUPPORT STUDENTS WITH DEPENDANTS’ • Childcare Grant: • Based on 85% of actual registered/approved childcare costs up to • maximum of: £150.23 per week for one child £257.55 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 £1,523 • 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 £3,796 p.a.Maximum grant available: £2,668 Dependants grants are income related. Universities may offer extra support to students with childcare/caring responsibilities

SECTION 3 STUDENT LOAN REPAYMENTS

3 STUDENT LOAN REPAYMENTS AN OVERVIEW • Students won’t make repayment contributions until their income is • over £21,000 a year (£1,750 pm) gross • On entering repayment, this threshold will rise annually in line with average earnings increase • Full-time studentswill begin to repay in the April after graduating from/leaving their HE course (from April 2016 at the earliest) • Part-time students enter repayment in the April 4 years after they started their course, or the April after they leave their course, whichever comes first • Repayments will be a basic 9% of income earned over £21,000, • but if income falls to £21,000 or below, repayments will stop

3 STUDENT LOAN REPAYMENTS THE FIGURES Early repayments can be made at any time, but any outstanding loan balance will be written off 30 years after entering repayment

3 STUDENT LOAN REPAYMENTS THE INTEREST Interest added will vary, depending on a students circumstances: • Interest rate is: • Retail Price Index (RPI) +3% • Interest rate is: • Retail Price Index (RPI) +3% • Interest rate is: • RPI plus up to 3% Income: Below £21,000 During study until entering repayment Income: £21,000 to £41,000 Income: Above £41,000 • Interest rate is: • Set at RPI Only The interest rate applied is updated once a year in September, using the rate of RPI from that March which is carried forward

3 PART-TIME LOAN REPAYMENTS INTEREST ON A LOAN WILL VARY • While studying and until whichever • comes first of: • April after graduating or leaving a course • April 4 years after the start of a course Interest Rate Retail Price Index (RPI) +3% Interest added will then be linked to a students income (From April 2016) Retail Price Index (RPI) Only Income: Under £21,000 Retail Price Index (RPI) + Up to 3% Income: £21,000 up to £41,000 Income: Over £41,000 Retail Price Index (RPI) +3% Students who finish or leave a course before April 2016; RPI plus 3% until the April after leaving the course, then RPI only until April 2016

3 STUDENT LOAN REPAYMENTS DEDICATED WEBSITE www.studentloanrepayment.co.uk

SECTION 4 APPLICATION INFORMATION

4 APPLICATION INFORMATION KEY MESSAGES • Apply online at gov.uk/studentfinance as soon as possible to make • sure student finance is in place for the start of their course • Register on UCAS and we can let students know when it’s time to apply • They do not need a confirmed place at university or college to apply • Make a note of their account log-in details and keep them safe • Agree to share information from their application, this helps apply • for many bursaries and some scholarships • Students will be assessed for non means tested support if there are • any delays in receiving household income information

4 APPLICATION INFORMATION COMPLETING AN APPLICATION • Before starting an application, students should have the following to hand: • • Passport - SFE can check identity using valid UK passport details • • University and course details • Bank account details and National Insurance number • If parents or other sponsors will be supporting a students application, they • will need their own account on GOV.UK and provide information including: • • National Insurance number(s) • Household income information • Details of other child dependants If sponsors can’t submit income details online, they should send a photocopy of evidence including: P60s, Pay slips or Tax returns

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

4 NEW LOOK ‘MY ACCOUNT’ MAKING IT EASIER TO NAVIGATE & UNDERSTAND

SECTION 4 APPLICATION INFORMATION EVIDENCE & HOUSEHOLD INCOME

4 STUDENT FINANCE APPLICATIONS IDENTITY EVIDENCE • SFE require all students to provide identity evidence in order for their • application to progress. The following list details acceptable identification • evidence (ID): • UK Students - Identity Evidence • Students confirm identity by providing valid passport details in their • online application • If they haven't included passport details with online application they will • need to send one of the following: • A completed UK Passport Details Form (If holding valid passport) • Original UK birth or adoption certificate along with a countersigned • Birth/Adoption Certificate Form (ADIF)

4 STUDENT FINANCE APPLICATIONS IDENTITY EVIDENCE – NON UK STUDENTS • SFE require one of the following documents to be sent as proof of identity: • EU National Identity Card (Must be in date) • Original Non-UK Passport (Must be in date) • Biometric Residence Permit cards • Non-UK Students may also need to submit the following evidence: • Original Home Office documents - To prove refugee status or leave to enter or remain status • Photocopies of P60, Contract of Employment, Tax Returns or a P45 - To prove European Economic Area (EEA) or UK work details • A letter confirming addresses for the last 3 years prior to the start of course - To confirm residency details

4 SUPPORTING AN APPLICATION HOUSEHOLD INCOME • If supporting an application for means tested student finance, SFE will • need to see details of parent(s) partners or other sponsors household • (taxable earned and unearned) income and National Insurance number(s) • Earned income includes: • Wages, salaries, tips, and other taxable employee pay • Long-term disability benefits received prior to minimum retirement age • Net earnings from self-employment • Unearned income includes: • Interest from savings (only the annual summary is required) • Benefits and Pensions • Rent from property or a room For most applications, SLC verify income from these NI numbers with no need to send any documents, unless we ask for them

SECTION 5 RESOURCES FOR STUDENTS & PRACTITIONERS

5 SFE FULL & QUICK-START GUIDES STUDENT GUIDES NOW AVAILABLE FOR 2014/15 • Series of informative guides, introducing the main • areas of student finance to students and their parents, • including: • Financial Support for Students • Disabled Students’ Allowances • How Students are Assessed and Paid • Student Loan Terms and Conditions • Download now from our practitioners websiteand • the SFE finance page on The Student Room

5 STUDENT GUIDES QUICK GUIDE SERIES 2014/15 • Helpful fold-out guides highlighting essential student • finance information: • How and When to Apply • Student Loan Repayments • DSA’s and Dependants Grants • Student Finance Explained for Parents • of Students • Download or order through practitioners website and • download only from The Student Room SFE page

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

5 MONEY MATTERS eMAG 1st EDITION AVAILABLE NOW • New resource giving students information on • student finance - What’s available and how to • get it, budgeting, applications and repayment • Content includes interviews with students at • different stages of their university and college • lives • Links to interactive features, including SFE • ‘A Minute For’ videos

5 YOU TUBE SFE VIDEO CHANNEL www.youtube.com/SFEFILM

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

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

STUDENT FINANCE 2014/15 A PRACTITIONERS INTRODUCTION