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 DO YOU KNOW?

4. ? HOW MUCH DO YOU KNOW? TUITION FEES Q Q A A *What’s the maximum tuition fee universities or colleges can charge new students in 2014/15? £0 £9,000 How much of this will you need to pay up front before you go to uni or college? *Eligible English domiciled students studying at a publicly funded university or college

5. ? HOW MUCH DO YOU KNOW? REPAYMENTS Q A A Q £30 £21,000 After you graduate, your income is £25,000 a year, what would your monthly repayments be? How much do you need to earn before you start paying back your student loans?

6. SECTION 1 THE STUDENT FINANCE PACKAGE

7. 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

8. SECTION 1 TUITION FEES & LOANS

9. 1 TUITION FEES AND 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. • SFE 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

10. SECTION 1 MAINTENANCE SUPPORT

11. 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 get 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.

12. 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.

13. 1 MAINTENANCE LOAN MEANS TESTING *Slightly lower rates of support apply to final year students

14. 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 2014/15: Household Income: Up to £25,000 Full Grant of £3,387 Household Income: Up to £42,620 Partial Grant

15. 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

16. SECTION 1 BURSARIES & SCHOLARSHIPS

17. 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

18. SECTION 1 ADDITIONAL SUPPORT

19. 1 ADDITIONAL SUPPORT ADDITIONAL SUPPORT EXTRA SUPPORT MAY BE AVAILABLE IF YOU: • Have a child or an adult who depends on you financially • 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

20. SECTION 2 STUDENT LOAN REPAYMENTS

21. 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.

22. 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

23. SECTION 3 APPLICATIONS & INFORMATION

24. 3 STUDENT FINANCE APPLICATIONS APPLY EARLY • Each year thousands of students apply late for their finance and • have no way to pay for their course or halls, some even have to drop out.. • ...don’t let that be you! • It will take at least six weeks* to process your application so apply early! • Apply online now at gov.uk/studentfinance to make sure your student finance is in place for the start of your course. • You don’t need a confirmed place at university or college to apply • for student finance. • Apply with your first choice, you can change details later if you need to. *SFE handle over 1 million applications a year, most involve interactions with other government departments, eg HMRC

25. 3 STUDENT FINANCE APPLICATIONS APPLICATION DATES - NEW STUDENTS Jan Student finance applications can be made from 20 January 2014* 20th May The application deadline for new students is 30 May 2014 30th *Returning students should wait to hear from SFE before re-applying for their finance

26. 3 GOV.UK FOR MORE INFORMATION & TO APPLY www.gov.uk/studentfinance

27. 3 STUDENT FINANCE APPLICATIONS GET IT RIGHT FIRST TIME • Make a note of your account log-in details and keep them safe. • Agree to share information from your application, this helps apply • for many bursaries and some scholarships. • Make sure any evidence and information needed to support your • application is supplied first time (yours and your parent/partners’). • Submit your application even if there is a delay in getting income details from your parent/sponsor so some funding (Tuition and Maintenance Loan) will be available when you start your course. • If SFE ask you to send any additional evidence or documents • to support your application use recorded delivery!

28. 3 STUDENT FINANCE APPLICATIONS INFORMATION YOU’LL NEED TO PROVIDE Before starting the application, you should have the following to hand: • passport - SFE can check identity using valid UK passport details for most students • university and course details – remember apply with your first choice initially so your application can be assessed as soon as possible • bank account details • National Insurance (NI) number • parent’s or partner’s NI number and income details For most applications, SFE verify income from your parents/partners NI numbers with no need to send any documents, unless we ask for them

29. 3 THE STUDENT ROOM FOR FURTHER INFORMATION & RESOURCES www.thestudentroom.co.uk/studentfinance

30. SECTION 4 MANAGING YOUR MONEY

31. 4 MANAGING YOUR MONEY CONSIDER THE COSTS • Before starting in higher education, it’s important to think about the costs • you are likely to face and how to manage your money. • Remember, you’ll receive your maintenance support in termly payments • and you will need to budget for things like: • books and other study materials • accommodation, food and drink • sports, leisure and social activities • There will also be other costs you may not have thought of yet such as • insurance or a TV Licence.

32. ? MANAGING YOUR MONEY HOW MUCH? How much does this textbook cost? Q Q £35.95 New £16.00 Used How much is a 16-25 Railcard? (Amazon) £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.

33. ? MANAGING YOUR MONEY HOW MUCH? What is the average weekly cost of student accommodation? £117 per week* Q Q How much are these ‘delicious’ noodles? 11p *Approximate figures from NUS & The Guardian, based on university owned accommodation

34. 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!! Be aware of phishing scams – protect your information!! If you need financial support and advice once you’re at university or college, staff there will be able to help. 4 MANAGING YOUR MONEY HINTS & TIPS TO CONSIDER

35. 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 • Application deadline for new students 30th May 2014!! • Check all details are correct before submitting your application Student Finance Matters... Apply Now!! And remember that....

36. ? QUESTIONS & COMMENTS

37. 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