www.gov.uk/studentfinance

2015/16

INTRODUCTION

TO

STUDENT

FINANCE

INFORMATION FORSTUDENTS

2015/16

SESSION CONTENTSi• Section 1 – The student finance package

• Section 2 – Applications & information

• Section 3 – Student loan repayments

• Section 4 - Managing your money

• Questions or Comments

2015/16

THE STUDENT FINANCE PACKAGE

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TUITION FEE Loan

Maintenancesupport

Extra support

Student

Finance

Package

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*Eligible students living in England and studying at a publicly funded university or college.

Q What’s the maximum tuition fee universities or colleges can charge new students in 2015/16?*

Q How much of this will you need to pay up front before you go to uni or college?*

A £9,000

A £0

HOW MUCH DO YOU KNOW?TUITION FEES

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• Universities and colleges* can charge new full-time students up to £9,000 per year in 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 a university or college.**

• A Tuition Fee Loan doesn’t depend on household income.

• SFE pay your Tuition Fee Loan directly to your university or college.

• The loan is repayable, but only when your income is over £21,000 a year.

*Publicly funded universities or colleges**Up to £6,000 for approved courses at private providers

TUITION FEES AND LOANSAN OVERVIEW

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Tuition Fee Loan

MAINTENANCEsupport

Extra support

Student

Finance

Package

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• Maintenance support is available to help with your living costs while in higher education.

• There are two main types of support: Maintenance Loan (repayable) and Maintenance Grant (non-repayable).

• All eligible students are entitled to get some maintenance support.

• The amount of Maintenance Loan you can get depends on where you live and study.

• Maintenance support is paid directly into your bank account each term.

MAINTENANCE SUPPORTAN OVERVIEW

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London Live away from home & study in London

Up to

£8,009£

Elsewhere Live away from home & study outside London

Up to

£5,740£

Parental home Live at home while you study

Up to

£4,565£

MAINTENANCE LOANMAXIMUM LEVELS 2015/16

If studying overseas as part of a UK course, Maintenance Loan support is still available, up to £6,820 for 2015/16.i

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Full-year Student*

65% Non Means Tested

35% Means Tested

Maximum Loan

Parental Home £2,967 £1,598 £4,565

Elsewhere £3,731 £2,009 £5,740

London £5,205 £2,804 £8,009

Overseas £4,433 £2,387 £6,820

i Additional loan may be available for any extra weeks of study if your course goes beyond 30 weeks in an academic year.

*Lower rates are available to final year students

MAINTENANCE LOANMAXIMUM LEVELS 2015/16

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• The Maintenance Grant doesn’t have to be repaid.

• How much grant you can get depends on your household income (100% means tested).

Full Grant:£3,387

Partial Grant:(Min £50)

Household income: up to £25,000

Household income: up to £42,620

MAINTENANCE GRANTSUPPORT AND MEANS TESTING

Household income is the taxable earned and unearned incomeof the parents/partner you live with most of the time. i

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Household income

Maintenance Grant

Maintenance Loan Total

£25,000 & under £3,387 £4,047 £7,434

£30,000 £2,441 £4,520 £6,961

£35,000 £1,494 £4,993 £6,487

£40,000 £547 £5,467 £6,014

£42,620 £50 £5,715 £5,765

£42,875 £0 £5,740 £5,740

£50,000 £0 £4,998 £4,998

£62,143 & over £0 £3,731 £3,731

COMBINED MAINTENANCE SUPPORTLIVING AWAY FROM HOME OUTSIDE LONDON

You can get an estimate of your student finance entitlement using the calculator on gov.uk/studentfinancei

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Tuition Fee Loan

Maintenancesupport

EXTRA support

Student

Finance

Package

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Many universities and colleges offer financial support to their studentsthrough bursaries and scholarships:

Bursaries:• linked to personal circumstances and often, household income• awards can include discounted tuition fees, accommodation or cash

Scholarships:• linked to academic results or ability in an area such as sport or music• can be subject specific and are usually limited in numbers

Check university/college websites and ask at open days to see what they offer and how/when to apply....don’t miss out!!

EXTRA SUPPORTBURSARIES AND SCHOLARSHIPS

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ADDITIONAL SUPPORT

• have children or an adult dependent on you

• have a disability, including a mental-health condition or specific learning difficulty

• study overseas as part of your UK based course

• 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 NHSsupport go to: www.nhsbsa.nhs.uk/students

EXTRA SUPPORTOTHER FINANCIAL HELP MAY BE AVAILABLE IF YOU…

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APPLICATIONS & INFORMATIONSECTION 2

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Apply

NOW!

You APPLY on time

We ASSESS your application

You get PAID!

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a) Call SFE and ask for an application form to be sent to youb) Online @ www.gov.uk/studentfinancec) Apply? I just thought the money would appear when I need it!

a) After you have started your courseb) When you have a confirmed offer from a university or collegec) As soon as possible

A b) Online @ www.gov.uk/studentfinance

Q When should you apply for your student finance?

Q What is the easiest way to apply for your student finance?

A c) As soon as possible

HOW MUCH DO YOU KNOW?STUDENT FINANCE APPLICATIONS

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Each year thousands of students apply late for their finance and have noway to pay for their course or accommodation, some even have to drop out...don’t let that be you!

• Apply online now at gov.uk/studentfinance*

• The deadline for applications is 29 May so apply early to make sure your student finance is ready for the start of your course.

• You don’t need a confirmed place at university or college to apply.

• Apply with your preferred choice, you can change details later if you need to.

STUDENT FINANCE APPLICATIONSKEY MESSAGE – APPLY NOW

*Most students can apply online, some students (EU) will need to apply on paper (from 23 Feb)

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www.gov.uk/studentfinancesteps

GOV.UKFOR THE INFORMATION YOU NEED

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• Make a note of your account login 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 yourapplication is supplied first time (students and parent/partners).

• Submit an application even if there’s a delay in getting income details from your parents/sponsors.

• Sign and return your online declaration form as soon as possible so as not to delay payments.

STUDENT FINANCE APPLICATIONSKEY MESSAGE – GET IT RIGHT FIRST TIME

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Before starting an application, have the following to hand:

• passport - SFE can check identity using valid UK passport details • university and course details• bank account details and National Insurance number

The easiest way for your parents, partner or other sponsor to support yourapplication is online through GOV.UK, providing information including:

• National Insurance number(s)• household income information (based on prior tax year*)• details of other child dependants

STUDENT FINANCE APPLICATIONSKEY MESSAGE – COMPLETING AN APPLICATION

*If your household income drops by 15% or more in the current tax year, SFE can reassess your applicationi

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SECTION 2

www.thestudentroom.co.uk/studentfinance

www.youtube.com/SFEFILM

www.twitter.com/sf_england

www.facebook.com/SFEngland

SFE ONLINEFOR MORE INFORMATION AND RESOURCES

2015/16

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STUDENT LOAN REPAYMENTSSECTION 3

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The FACTS

The FIGURES

The INTEREST

Student

loan

repayments

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a) Your future incomeb) How much you have borrowedc) Neither, you just pay a fixed amount regardless

a) £16,000 a yearb) £21,000 a yearc) Doesn’t matter, repayments will be taken whatever you earn

HOW MUCH DO YOU KNOW?STUDENT LOAN REPAYMENTS

Q What will your student loan repayments be based on?

Q How much do you need to earn before you start to repay?

A a) Your future income

A b) £21,000 a year

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• You won’t make repayments until your income is over £21,000 a year gross (before tax).

• If you study a full-time course, you will be due to start repaying in the April after graduating/leaving higher education.

• 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.

STUDENT LOAN REPAYMENTSAN OVERVIEW

*If you move/work overseas you will repay 9% of your earnings over the repayment threshold for the country you are living in.i

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£30 Monthly

Repayment?£4,0009% Deducted from?

Income each year before tax

9% will be deducted from

Monthly repayment (approx)

£21,000 £0 £0

£30,000 £9,000 £67

£40,000 £19,000 £142

£50,000 £29,000 £217

£60,000 £39,000 £292

Income £25,000

STUDENT LOAN REPAYMENTSTHE FIGURES

Interest is applied to your loan at a maximum rate of RPI +3% More info can be found on: www.studentloanrepayment.co.uki

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Interest on your loan will depend on your income and circumstances:

Interest rate is: Set at RPI Only Interest Rate:

RPI Only

During study until entering repayment

Income: Under £21,000

Interest Rate: Retail Price Index +3%

i The interest rate is updated once a year using the RPI figure from March which is carried forward and applied in September.

Income: £21,000 to £41,000

Income: Over £41,000

Interest Rate: RPI + up to 3%

Interest Rate: RPI +3%

STUDENT LOAN REPAYMENTSTHE INTEREST

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MANAGING YOUR MONEYSECTION 4

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Consider the COSTS

Plan a BUDGET

Points to REMEMBER

Managing

your

money

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2015/16

Before starting in higher education, it’s important to think about the costsyou are likely to face and how to manage your money.

Remember, you’ll get your maintenance support payments in each termand you’ll need to pay 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 asinsurance or a TV Licence...so think about planning a budget!

MANAGING YOUR MONEYCONSIDER THE COSTS

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Q How much does this textbook cost?

Q How much is an NUS Extra card?

New£26.99

Used£15.76

1 Year

£12

3 Year£32

?

?

?

?

MANAGING YOUR MONEYHOW MUCH?

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Q What is the average weekly cost of student accommodation?

*Figures from NUS based on university-owned accommodation (Including privately owned student accommodation = £123.96)

Q How much is this bag of pasta?Need some flavour?.....This jar of tasty sauce costs?And unless you want to eat it cold..... ...one of these might be useful!

£118.49?

29p?39p?From

£2.25?

MANAGING YOUR MONEYHOW MUCH?

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• Important to make the right university/college and course choice!

• Tuition Fee Loans are available to all eligible students.

• Future repayments are linked to your income, not what you owe.

• Research all finance available – especially bursaries & scholarships.

• Apply online now! – No need to wait for a confirmed place.

• And please..... check all details are correct before submitting your application!

KEY MESSAGESNOW IT’S YOUR TURN!!POINTS TO REMEMBER

www.gov.uk/studentfinance

2015/16

IF YOU ARE UNSUREPLEASE ASK!

QUESTIONS

OR

COMMENTS?

2015/16

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

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NEED MORE INFORMATION?REMEMBER SFE IS ONLINE