student finance 2016 entry luke french education outreach officer
Post on 20-Jan-2016
217 Views
Preview:
TRANSCRIPT
STUDENT FINANCE2016 ENTRY
Luke FrenchEducation Outreach Officer
Provided by the Student Loans Company aka. Student Finance England
WHAT IS STUDENT FINANCE?
The cost of going to university is split into two main costs:
Tuition fees Living costs – Maintenance
WHAT IS STUDENT FINANCE?
STUDENT FINANCE
TUITION FEE SUPPORT
MAINTENANCE SUPPORT
TUITION FEE LOAN
MAINTENANCE LOAN
SCHOLARSHIPSAND
BURSARIES
• Covers the cost of your course
• Don’t have to be paid upfront
• Up to £9,000 a year
TUITION FEES
Covers the full cost Paid directly to the
University There is nothing to pay
during the course You don’t have to use a
loan Everyone should be
entitled
TUITION FEE LOAN
Maintenance means living costs. At university this is things like food, rent, books – the essentials. Where you go and how you spend will affect your cost of living.
MAINTENANCE COSTS
Available to all UK students on a full-time, undergraduate course
Paid directly to the student in 3 instalments
The amount you get depends on 2 factors – Your household
income and; where you study
MAINTENANCE LOAN
MAINTENANCE LOAN
WHERE NON-INCOME ASSESSED
INCOME ASSESSED(MAXIMUM)
TOTAL
Outside London £3,821 £4,379 £8,200
London £5,330 £5,372 £10,702
Home £3,039 £3,865 £6,904
Applicants with a household income below £25,000 will receive the maximum available to them.
Household incomes over the amounts below will just receive the non-income assessed part of the loan.
MAINTENANCE LOAN
WHERE HOUSEHOLD INCOME LIMIT
Outside London £62,180
London £69,803
Home £58,201
Household incomes between £25,000 and the household income limit will receive a percentage of the income assessed part. The applicant will receive a Student Finance Entitlement Letter.
MAINTENANCE LOAN
Scholarships Bursaries Come directly from universities Every university is different so research
is needed Some are assessed automatically while
others need a separate application
SCHOLARSHIPS AND BURSARIES
• Repayments start the April after graduation
• Repay 9% of anything over £21,000
• Remainder cancelled after 30 years
• Repaid via the tax system
REPAYMENTS
SALARY – BEFORE TAX
MONTHLY SALARY
MONTHLY REPAYMENT
£20,000 £1,750 £0£22,000 £1,833 £7£25,000 £2,083 £30£30,000 £2,500 £67£35,000 £2,916 £105
REPAYMENTS
Interest accrues on your loan as soon as you start your course
Once you have graduated, the interest rate varies based on your earnings
INTEREST RATES
SALARY INTEREST RATE
WHILST STUDYING RPI, plus 3%
£21,000 OR LESS RPI
£21,000 to £41,000 RPI, plus a rate of up to 3%
£41,000 OR MORE RPI, plus 3%
Student loans do not factor into credit ratings
It is unlikely a student loan will affect your ability to get a mortgage
You will still repay your loan if you move overseas
OTHER INFORMATION
Repayments are based entirely on how much you earn, not how much you borrowed
It’s not always cheaper to live at home
You can repay early - but that doesn’t mean you should
OTHER INFORMATION
www.gov.uk/studentfinance
www.studentloanrepayment.co.uk
www.moneysavingexpert.com/family
www.essex.ac.uk/studentfinance
USEFUL LINKS
top related