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Understanding Student Finance - Student Finance England
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www.practitioners.slc.co.uk
13/14UNDERSTANDING STUDENT
FINANCE
www.practitioners.slc.co.uk
13/14
Scholarships & Bursaries
STUDENT FINANCE PACKAGE
Tuition Fee Loan
Maintenance (Living Cost) Support
Additional Support
The
Student Finance
Package
! Figures used in this section are subject to 2014/2015 policy approvaland may change
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13/14 TUITION FEES & LOANS
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• Tuition Fees staying at maximum level of £9000 for publicly funded Universities for 2014/15.
• A non means tested tuition fee loan (not dependant on household income) is available to cover the fee levels set by the HEI.
• The Student Loans Company will lend the requested amount and pay the university/college directly in instalments across the academic year.
• Not compulsory: Students can also:
• Pay full fees themselves, or
• Pay part of the fees and take tuition fee loan for the rest
PAYING THE TUITION FEE
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13/14 MAINTENANCE SUPPORT
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13/14
• The majority of the repayable maintenance loan will be available to all eligible students. 65% of the total loan is Non Means Tested. (Not based on household income)
• The amount of maintenance loan available will be linked to where a student lives and studies while in higher education.
MAINTENANCE LOAN
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13/14
Full-Year Student (*)
65% Non Means Tested
35% Means Tested
Maximum Loan
Parental Home £2,871 £1,547 £4,418
Elsewhere £3,610 £1,945 £5,555
London £5,038 £2,713 £7,751
Overseas £4,290 £2,310 £6,600
MAINTENANCE LOAN
(*) Slightly lower rates of support apply to final year students!
Additional means tested loan is available for each extra week ofstudy for students attending their course beyond 30 weeks!
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13/14
• Non repayable Maintenance Grant for 2014/15 is £3,387 (max)
• 100% means tested
• Students from households with income of up to £25,000 will be entitled to the maximum £3,387
• Students from households with incomes of up to £42,620 will be entitled to a partial grant
MAINTENANCE GRANT
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13/14
Household Income £
Maintenance Grant
Maintenance Loan Total
£25,000 & under £3,387 £3,862 £7,249
£30,000 £2,441 £4,335 £6,776
£35,000 £1,494 £4,808 £6,302
£40,000 £547 £5,282 £5,829
£42,620 £50 £5,530 £5,580
£42,875 £0 £5,555 £5,555
£50,000 £0 £4,836 £4,836
£60,000 £0 £3,826 £3,826
£62,132 & over £0 £3,610 £3,610
Student living away from home, outside London 2014/15
COMBINED MAINTENANCE SUPPORT
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13/14 ADDITIONAL SUPPORT
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13/14
Disabled Students Allowances (DSAs)For students with disability, mental-health condition or specific
learningdifficulty. Not affected by household income, based on need.
Childcare Grant (CCG)Up to 85% of actual registered/approved childcare. Maximum of:
£150.23per week for one child, £257.55 per week for two or more
children.
Parents’ Learning Allowance (PLA)Help with course-related costs for students with dependent
children.Amount received a maximum of £1523
Adult Dependants’ Grant (ADG)For students with a partner or another adult who is financially
dependenton them (cannot be an adult child). Maximum grant is £2668.
Additional Support
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13/14 STUDENT LOAN REPAYMENT
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13/14
• Nothing to pay until earning at least £21,000 (£1,750 pm) gross.
• Full time students repay from April after graduating from/leaving their HE course. (After 2016, if earning over £21,000)
• Repayments are 9% of income over £21,000, deducted automatically by HMRC.
• Remaining loan balance cleared 30 years after entering repayment process
• No penalties will be placed on early student repayments
• A student loan is very unlikely to affect your ability to get a mortgage
(The Council for Mortgage Lenders).
STUDENT LOAN REPAYMENTS
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Income each year before tax
Income from which 9% will be
deducted
Approximate Monthly
Repayment
£21,000 £0 £0
£25,000 £4,000 £30
£30,000 £9,000 £67
£35,000 £14,000 £105
£40,000 £19,000 £142
£45,000 £24,000 £180
£50,000 £29,000 £217
£60,000 £39,000 £292
STUDENT LOAN REPAYMENT – THE FIGURES
! Any outstanding loan balance will be cleared 30 years afterentering repayment.
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There will be a variation in the interest rate attached to a students loan during study and when earning following graduation:
STUDENT LOAN REPAYMENT – INTEREST RATES
! No penalties will be placed on students making early repayments.
During study until
entering repaymentInterest rate is:
Retail Price Index (RPI) +3%
Earnings:
Below £21,000Interest rate is: Set at RPI Only
Earnings Between:
£21,000 - £41,000RPI plus some amount between 0% and 3%
Earnings:
Above £41,000Interest rate is:
Retail Price Index (RPI) +3%
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www.studentloanrepayment.co.uk
STUDENT LOAN REPAYMENT – DEDICATED WEBSITE
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GOV.UK - FOR MORE INFORMATION AND TO APPLY
www.gov.uk/studentfinance
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THE STUDENT ROOM - FOR FURTHER INFORMATION
www.thestudentroom.co.uk/studentfinance
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SOCIAL MEDIA – FOLLOW US FOR THE LATEST NEWS
www.facebook.com/SFEngland
www.twitter.com/sf_england
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For further Information on student finance and applications call us on:
Customer helpline: 0845 300 5090
There are no silly questions when it comes to student finance, so if you’re unsure, ask!
facebook.com/SFEngland
@sf_england
CONTACT US
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www.practitioners.slc.co.uk
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• Important they make the right university and course choice, not letting fee levels affect their decision.
• Research all finance available – especially bursaries &
scholarships.
• Apply on-line & on time – no need to wait for a confirmed
place.
• Apply for DSA or other additional support as soon as possible.
• Check and update account online where possible.
KEY MESSAGES
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