part time funding 2013 14
TRANSCRIPT
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Part-time Funding 2013-14Chris Turner
Student Services
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Agenda
• Tuition fees • Eligibility• How to apply • Student loan repayments• Useful websites/contacts
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Tuition fees• Universities can charge Part time tuition fees of up to
£6,750pa• Part time fees for ‘Designated courses’ at Teesside range
between £3,900pa - £5,400pa• Students can take out a tuition fee loan each year so
everyone can afford to study• The amount of loan a student can apply for cannot
exceed the fee charged by the university• Can apply up to 9 months after the start of your course
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Eligibility • Eligibility for Part time funding is dependent on:
- your course- your personal circumstances
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Course eligibility • In order to qualify for Government Funding a HE course
(both full and part-time) must be ‘designated’:- A first degree course- A course for the Diploma of Higher Education- A Foundation Degree- A course for the Higher National Diploma or Higher National- Certificate of—
• the Business & Technician Education Council; or• the Scottish Qualifications Authority
- A course for the Certificate of Higher Education- A course for the initial training of teachers
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Course eligibility• You must be enrolled on a course which is at least the
equivalent of 25% (normally a minimum of at least 30 Credits) of a full-time course
e.g. Fours years P/T instead of 1 year F/T• Your course must last for at least one year
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Your eligibility • You must have ‘settled status’ in the UK i.e. a UK citizen or
have been granted ‘indefinite leave to remain’ by the Home Office.
• You must also have lived in the country for at least three years prior to the beginning of your course. This does not apply to people granted refugee status.
• You are not entitled to the part-time tuition fee loan if you already have a qualification that is equal to or higher than the qualification you wish to study.
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How to apply
Complete form and return SFECheck with Finance Department for correct
course fees
Online or paper using PTL1 formAvailable August 2013
Apply to Student Finance Englandwww.slc.co.uk/england
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How to apply
SLC pay tuition fee to your university
Start courseAfter 2 weeks, university confirms attendance to SLC
Receive confirmation letter from SFEStates amount of loan available
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Additional Government Funding
• Disabled Students Allowance (DSA’s)– Specialist equipment allowance
– Non-medical helpers allowance
– General disabled students’ allowance– Extra travel costs
• Contact Disability Services– 01642 342277 or [email protected]
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Additional funding • Disabled Students Allowance
• Specialist equipment allowance• Non-medical helpers allowance• General disabled students’ allowance• Extra travel costs
Contact Disability Services• 01642 342277 or [email protected]
• Access to Learning Fund
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Loan repayments • Student loans are very different to commercial credit• Interest rate linked to inflation plus up to 3%• How much you pay depends on how much you earn, not
on how much you owe• Repayments will only start if you are earning over
£21,000 in the April, 4 years after the start of your course
• Low monthly repayments• Outstanding debt written-off after 30 years
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Student loan repayments
10k
15k
18k
20k
30kIf you earn less than £21,000
Percentage of income
0%
Monthly repayments
£0
Weekly repayments
£0
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10k
15k
18k
20k
30k
£22,000pa
9% of £1,000
Payback 9% of earnings above £21,000
Percentage of Income
£90 (0.41%)
Monthly Repayments
£7.50
Weekly Repayments
£1.73
STUDENT LOAN REPAYMENTS
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Student loan repayments
10k
15k
18k
20k
30k
£28,000pa
9% of £7,000
Percentage of income
£630 (2.2%)
Monthly repayments
£52.50
Weekly repayments
£12.11
Payback 9% of earnings above £21,000
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Loan repayment example• Graduate earning £30,000pa gross
– Monthly gross income £2,500– Pension (6%) £150– Tax £345– National insurance £195– Net income £1,810– Student loan repayment £67.50 – INCOME £1,743.50
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Useful websites• Student Loans Company
www.slc.co.uk/england • Teesside University
www.tees.ac.uk• Student Services
Tel: 01642 342277 Email: [email protected]
• Student loan repaymentswww.studentloanrepayment.co.uk
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Any questions?