2012/13 information is taken from bis.uk/studentfinance

1. 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 • What could students get in 2012? • How does Repayment work? • Application Process

4. What support could students get?

5. 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,

6. 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 • Loans have to be repaid!

7. Living Cost SupportMaintenance Grant • Extra help with living costs for some students • How much students could get depends totally on their parental/household income • Maximum grant in 2012 will be £3,250 • Households with income below £25k will get it all, households with income up to £42½k will get some • Grants don’t have to be paid back!

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

9. 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 are disabled or have a learning difficulty • Extra support is available if they have adults or children who are dependent on you • Trusts, funds, charities or employer sponsorship, Mum, Dad, other family!

10. What about repayment?www.studentloanrepayment.co.uk • They are eligible for repayment the April after they leave/graduate • Repayments are collected by HMRC • They 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

11. Loan RepaymentComparison

12. 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

13. 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

14. 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

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