Student Finance

Adam Croucher

Student Finance Assistant

STUDENT FINANCE

UK/EU UNDERGRADUATE STUDENTS

What does it cost?

• Tuition Fee £9,000

• Living Costs £6,500 *

Accommodation

Food

Travel

* Based on 2011/12 Academic Year

How do I pay for my studies?

• Self payer

• Grants not repayable

• Loans repayable

• RNCM Access Bursary * not repayable

• RNCM Scholarship not repayable

• Hardship Fund (ALF) not repayable

• Job

Grants and Loans

• Apply online (student & parents)

• www.direct.gov.uk/studentfinance

• Student & parents provide evidence

• Assessment approved

• Student receives assessment letter and returns declaration

• Student receives payment schedule

• HEI confirms attendance – payment made

Maintenance Grants

A grant of up to a maximum of £3,250 is available to students whose household income is under £42,600(£0 - £25,000 = maximum grant)

If you receive a Maintenance Grant your Maintenance Loan (Living Costs) may be reduced

Special Support Grants available to single parents, students with a partner also a student and students with certain disabilities

UK only NOT EU Students

Loans

• All students can apply for

• Tuition fee loan £9,000

• Maintenance loan up to £5,500

• The actual amount depends on household income and any maintenance grant awarded

RNCM Access Bursary

To be confirmed

Package of Support

Household Non-repayable Living cost loan Total Income Grant

£25,000 or less £3,250 £3,875 £7,125£30,000 £2,341 £4,330 £6,671£35,000 £1,432 £4,784 £6,216£40,000 £523 £5,239 £5,762£45,000 £0 £5,288 £5,288£50,000 £0 £4,788 £4,788£55,000 £0 £4,288 £4,288£60,000 £0 £3,788 £3,788Over £62,500 £0 £3,575 £3,575

Access to Learning Fund (ALF)

Emergency fund

• Limited funds available to UK students who have genuine hardship

Job

• To work or not?

• Realistically many students do need to work to supplement loans/grants

National Scholarship Programme

• New £150 million National Scholarship Programme to help students from lower income families. The College has a limited number of fee reduction bursaries to offer to undergraduate students resident in England only

• Eligible students must apply for assessment to Student Finance England and must have an assessed residual household income of less than £25,000.

• The College’s criteria for selection will be based on household income, though in the event of this being insufficient to differentiate, performance at audition will be taken into account.

• Further details about the selection process will be made available to applicants with confirmed places later in the year.

How can I work out whatI can get?

• Find out what you are entitled to by visiting the ‘Student Loan and Grant Calculator’ at the direct.gov website at

www.direct.gov.uk/studentfinance

• When you complete your application you will be notified by Student Finance England of the amount of support/loans you have been awarded

How is it paid?

• Tuition Fee Loans – paid direct to RNCM

• Maintenance Loans and Grants – paid to student’s bank account by SLC in three instalments

• RNCM Bursaries – paid to student’s bank account by SLC

• ALF (if applicable) – paid to student by Student Finance Office

• National Scholarship Programme

How do I pay loans back?

• Repayable April after graduation

• Loan repayments made automatically by tax system

• Pay percentage of income on earnings over £21,000 (Subject to approval of Parliament) From 2017 earnings can exceed £21,000 before you begin repaying back loan

• Earnings under £21,000 no repayment made

Loan Interest Rates

• Interest is charged on loan while you study. Until you start repayment, interest charged at the rate of inflation plus 3%

• You will be charged the following rates of interest once you begin repayment

• Under £21,000 –rate of inflation

• £21,000-£41,000 - rate of inflation plus up to 3%

• Over £41,000 - rate of inflation plus 3%

• SUBJECT TO PARLIMENTARY APPROVAL

Repayment Examples

Salary Amount of salary Monthlyfrom which 9% repaymentwill be deducted

£25,000 £4,000 £30.00£30,000 £9,000 £67.50£35,000 £14,000 £105.00£40,000 £19,000 £142.50£45,000 £24,000 £180.00£50,000 £29,000 £217.50£55,000 £34,000 £255.00£60,000 £39,000 £292.50

Information Update

You can get an update on information at

www.direct.gov.uk/studentfinance

Or follow Student Finance England on Facebook

and Twitter

Contact Details

studentfinance@rncm.ac.uk

Telephone number

0161 907 5223