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Student Financial Support for 2012 higher education entrants

Student Financial Support for 2012 higher education entrants. Finding out about funding your time at university. 2) You receive grant and loan payments…. Student finance: how much do YOU know ? (Quiz). 1) You apply for student finance…. Every term Only in your first year

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Student Financial Support for 2012 higher education entrants

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  1. Student Financial Support for2012 higher education entrants Finding out about funding your time at university

  2. 2) You receive grant and loan payments… Student finance: how much do YOU know? (Quiz) 1) You apply for student finance… • Every term • Only in your first year • For each year of your course • Every term • Only in your first year • For each year of your course • As a lump sum at the start of each year • In termly instalments • Every week • As a lump sum at the start of each year • In termly instalments • Every week 3) If you work part-time work during your course… • It will make no difference to your support • It will reduce what you’re entitled to • It will mean you can’t get any support • It will make no difference to your support • It will reduce what you’re entitled to • It will mean you can’t get any support

  3. Tuition Fee Loan; Maintenance Loan; Maintenance Grant; University or College Bursary / Scholarship; Extra support if you have special circumstances. What student finance is available?

  4. To help with the cost of tuition fees to a maximum of £9,000: Available to all eligible students; Not based on household income; Paid by Student Finance England direct to university or college in 3 chunks Repayable when you finish your course, and you must Apply every year. Tuition Fee Loan

  5. To help with living costs - entitlement depends on: Household income (65% not dependent on household income, 35% dependent on household income); Max £5500/£4375 Paid to student in 3 instalments Amount you get dependant on; Where you live while you are studying, Year of course, household income Repayable when you finish or leave your course Apply every year. Maintenance Loan

  6. To assist students from lower & middle income backgrounds: Non-repayable; Amount depends on your household income;(below £42,600) Will reduce the amount of Maintenance Loan you can get; Maximum £3,250; Apply every year. Paid to student in 3 instalments Maintenance Grant

  7. Paid instead of Maintenance Grant for some students Non-repayable Depends on household income Does not reduce amount of Maintenance Loan Does not count as income for Means tested benefits What is a Special Support Grant?

  8. How much Maintenance Loan can you get?

  9. Extra support is available for students in special Circumstances Students with a disability or with dependants Childcare grant (85% of costs) Adult dependants (£2,642) Parents’ Learning Allowance (!, 508) Disabled Students Allowance (£ and equipment) Social Work Bursary (£4,575) University Bursaries (Compact agreements) Access to learning funds. Extra support

  10. Dependant/Independent – Aged 24+, Able to show self sufficient for 3+ years Full time/Part time – Tuition fee loan up to £6, 750, not dependant on household income, Must be studying at least 25% of equivalent course. Your course must be eligible Your university or college must also be eligible. Do I qualify?

  11. Paid by the institution, not Student Finance England Bursaries and scholarships vary considerably National Scholarships available for students with household income below £25,000. Scholarships are different at each institution but can include Reduction in fees or fee waiver Cash award (up to £1,000) Other benefits, e.g. discounted accommodation Key part of your research: check university and college websites University or College Bursary / Scholarship

  12. Bursaries (excl. Social Work students)

  13. Other Support • Certain courses attract their own funding, for example NHS and Social Work courses. • Non Medical: Eg. Physiotherapy, Nursing & Midwifery - Eligible students will NOT be required to pay tuition fees • Eligible for a £1,000 grant, means tested bursary up to £4,395 and non means tested maintenance loan of up to £2,324 • Extra help for students in special circumstances, for example students with a disability or who have children; Tuition Fee Loans for part-time courses.

  14. http://www.direct.gov.uk/studentfinance Click on link Student finance for 2012/13

  15. http://www.direct.gov.uk/studentfinance Click on links for full details about what is available

  16. http://www.direct.gov.uk/studentfinance Now click on link to Bursaries, scholarships and awards

  17. http://www.direct.gov.uk/studentfinance Scroll down for section on National Scholarship Programme (NSP) Click List of universities and colleges offering NSP

  18. Link takes you to list of links toindividual university and college student finance pages

  19. Student finance: tasks Visit www.direct.gov.uk/studentfinance Read the section on Student finance for 2012/13 Then, for each of your UCAS choices, find the university or college webpage(s) giving information about finance, bursaries & scholarships Find out the following for all your UCAS choices: - tuition fees charged for the course - details about scholarships and bursaries

  20. More on www.direct.gov.uk/studentfinance Repayment How to Apply How to Get Paid Timescales

  21. Student finance: tasks related to this session Visit www.direct.gov.uk/studentfinance Read the section on Student finance for 2012/13 Then, for each of your UCAS choices, find the university or college webpage(s) giving information about finance, bursaries & scholarships For the next session find out the following for all your UCAS choices: - tuition fees charged for the course - details about scholarships and bursaries

  22. Student finance: tasks for this session Do you have any questions about the student finance package? How did you find the www.direct.gov.uk site? How did you find the university and college sites? How much support do you expect to receive? What financial differences were there between courses? Will these affect your choice of course? What about repayment?

  23. 1) Are repayments based on Repayments: how much do YOU know? (Quiz) • The size of your debt ? • How much you earn in your job ? • Your credit rating ? • The size of your debt ? • How much you earn in your job ? • Your credit rating ? 2) Is interest added to student loans • From the day you take them out ? • From the day you graduate ? • From the day you start work once you’ve got a job ? • From the day you take them out ? • From the day you graduate ? • From the day you start work once you’ve got a job ? 3) How much do you have to earn before you start repaying? • £15,000 • £18,000 • £21,000 • £15,000 • £18,000 • £21,000

  24. Interest is charged from when loans are taken out until they are repaid in full; Repayment begins the April after you finish or leave your course (as long as earnings are above £1,750 a month or £21,000 a year); Repaid through tax system; Any outstanding balance written off by government after 30 years. Repayment facts

  25. Loan Repayment

  26. http://www.direct.gov.uk/studentfinance Click on linkPaying back your student loan 2012/13

  27. http://www.direct.gov.uk/studentfinance

  28. Apply as early as possible – you don’t have to have a confirmed place; It’s quickest and easiest to apply online; you can also track your application and change details like course, bank account number etc. online; Before submitting an application, check all information and evidence thoroughly to avoid subsequent delays. Applying for Student Finance: Top Tips

  29. Gross household income 10/11 - £1200 per dependant in FT education = Residual income Re Assessment if household income has dropped by 15% Evidence from Tax year 10/11 Valid UK passport /Original Birth Certificate with signed declaration form Original overseas Passport with signed declaration How do I apply?

  30. How to apply & get paid... Part One [IN 2012] Go to SFE website, select “Register and apply for student finance” then complete application Complete declaration form Submit all info and evidence requested SFE assesses application; Requests any missing info or evidence

  31. How to apply & get paid... Part Two [IN 2012] SFE approves application; Sends Notification letter to student Take Notification letter to university when you register on your course SFE makes first grant and loan payments to student & university

  32. Student finance timescales for Year 13s in 2011/12 Autumn Term Use www.direct.gov.uk and university & college sites to research financial support & repayment Spring Term Apply for student finance – Now; you should receive notification letter within 6 to 8 weeks Summer Term Application deadline – 31st May 2012 Higher Education – Term 1 Register at university, receive student finance

  33. Use the direct.gov website and university & college websites to help you make informed choices Apply as early as possible – well before 31st May deadline Apply online & use online functions post-application Check your application and evidence really carefully Take your Notification letter when you register Student finance – Key Messages

  34. www.wiltshire.ac.uk/support_services

  35. Money pages

  36. My Career Online

  37. Money pages

  38. Customer Support line 0845 300 5090

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