STUDENT FINANCE 2016/17

SESSION CONTENTS

• How much do you know?

• The student finance package

• Student loan repayment

• Application information

• Managing your money

HOW MUCH DO YOU KNOW?

HOW MUCH DO YOU KNOW?

tQ*What is the maximum tuition fee universities or colleges can charge new students in 2016/17?

tQHow much of this will you need to pay upfront before you go to uni or college?

£0A

£9,000A

*Eligible Welsh domiciled students studying at a publicly-funded university or college

THE STUDENT FINANCE PACKAGE 2016/17

THE STUDENT FINANCE PACKAGESUPPORT AVAILABLE TO STUDENTS INCLUDES:

Figures in this section may change, subject to 2016/17 policy approval

Bursaries & scholarships

Tuition fee support

Maintenance (living cost) support

Additional support

The

Student Finance

Package

THE STUDENT FINANCE PACKAGE 2016/17TUITION FEES

TUITION FEESOVERVIEW

• Currently capped at £9,000 per year.

• The tuition fee will be decided by the university or college including if it charges different amounts for different courses.

• The average tuition fee for new students in 2015 was about £8,703.

• Students at private universities or colleges offering designated courses will be able to borrow up to £6,000* towards tuition costs.

*Students will have to self-fund any additional fee charged

TUITION FEESTUITION FEE SUPPORT

• A Tuition Fee Loan of up to £3,900 is available as well as a Tuition Fee Grant to cover the difference between the available Tuition Fee Loan and the tuition fee charged by your university or college.

• For courses with £9,000 tuition fees you would receive a maximum Tuition Fee Grant of £5,100.

• Tuition Fee Loans and Tuition Fee Grants are paid directly to your university or college.

• Tuition Fee Loans are repayable, but only when you’ve left university or college and your income is over £21,000 a year.

THE STUDENT FINANCE PACKAGE 2016/17MAINTENANCE SUPPORT

SUPPORT FOR LIVING COSTS

• Support is available to help towards living costs you’ll have while at university or college and all eligible students can get some funding.

• Two types of support are available: Maintenance Loan and Welsh Government Learning Grant.

• The Maintenance Loan is repayable.

• The amount of loan available depends on where you live (e.g. with parents, etc) and study.

• Support for living costs are paid directly to your bank account each term.

MAINTENANCE SUPPORTMAINTENANCE LOAN 2016/17 MAXIMUM RATES

(*) 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.!

Full-year student (*) 75% non means tested

25% means tested

Maximum loan

Parental home £3,590 £1,196 £4,786

Elsewhere £4,637 £1,546 £6,183

London £6,497 £2,165 £8,662

Overseas £5,529 £1,843 £7,372

MAINTENANCE SUPPORTWELSH GOVERNMENT LEARNING GRANT

• Non-repayable grant for 2016/17 is up to £5,161 (max).

• 100% means tested.

• Students from households with an income of up to £18,370 will be entitled to the maximum £5,161.

• Students from households with an income of up to £50,020 will be entitled to a partial grant.

MAINTENANCE SUPPORTCOMBINED SUPPORT:

Household income £ Welsh Gov Learning Grant Maintenance Loan Total

£18,370 & under £5,161 £3,603 £8,764

£20,000 £4,715 £3,826 £8,541

£25,000 £3,347 £4,510 £7,857

£26,500 £2,936 £4,715 £7,651

£30,000 £2,099 £5,134 £7,233

£34,000 £1,142 £5,612 £6,754

£40,000 £734 £5,816 £6,550

£45,000 £393 £5,987 £6,380

£50,020 £50 £6,158 £6,208

£50,753 £0 £6,183 £6,183

£58,484 (+) £0 £4,637 (+) £4,637

Students living away from home, outside London 2016/17

SCHOLARSHIPS AND BURSARIES

!You should check university websites and ask at open days and UCASconventions for information on bursaries and scholarships: what isavailable and how/when to apply.

Most universities offer additional support to students which could be worththousands of pounds, so it’s important to research what’s available and when to apply.

Bursaries:• usually depend on personal circumstances and, often, your household income• vary by university or college

Scholarships:• can be linked to academic results or an outstanding ability in sport, music etc… • can be subject specific and are limited in numbers

ADDITIONAL SUPPORT

ADDITIONAL SUPPORTOVERVIEW

Extra money or support may be available if you:

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

• have children or adults who depend on you

NHS FUNDING

OTHER COURSESNHS COURSES

NHS support

• Students training for eligible courses may be able to get a bursary from the NHS. A bursary is a yearly payment to help with living costs and tuition

fees. It’s paid each month and doesn’t have to be paid back.

• More detailed information is available at http://www.nwsspstudentfinance.wales.nhs.uk/home

• Full-time students on NHS degrees can also apply for a fixed grant of £1,000 per year.

SFW support

• Full-time NHS students can also apply to Student Finance Wales for a reduced rate Maintenance Loan which does not depend on income.

STUDENT LOAN REPAYMENT

REPAYMENT - HOW MUCH DO YOU KNOW?

tQHow much does your income need to be before you start paying back your student loan?

A Over £16,000

B Over £21,000

C Over £19,000

B Over £21,000

STUDENT LOAN REPAYMENTTHE FIGURES

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

! Any outstanding loan balance will be cleared 30 years afterentering repayment.

STUDENT LOAN REPAYMENTOVERVIEW

• You won’t make repayments until your income is over £21,000 a year.

• Full-time students will be due to start repaying in the April after graduating/leaving your course.

• You’ll repay 9% of your income over £21,000 and if you’re employed your employer will make deductions from your pay through the HMRC tax system.

• You may get a partial cancellation of your Maintenance Loan of up to £1,500.

• If your income falls to £21,000 or below your repayments will stop.

Bankruptcy?

Earn under 21K?

Made redundant?

Work/live abroad?

Pregnancy? You die?

Become a teacher?

After 30 years?

True – 30 years after you enter repayment any remaining loan will be written off.

True – the debt dies with you, and no one inherits it.

False.

False – but you stop making repayments if your income is under the threshold.

False becoming bankrupt does not write off your student loan.

STUDENT LOAN REPAYMENT

TRUE or FALSE – You do not need to repay your loan...

False – but payments will stop being collected, if unemployed/claiming Jobseeker’s Allowance.

False – but you stop making repayments if income is below the threshold.

STUDENT LOAN REPAYMENTSTHE INTEREST

Income: Under £21,000

Income: Over £41,000

Interest Rate: RPI plus3%

Interest Rate: RPI plus up to 3%

Interest Rate: RPI Only

Interest Rate: Retail Price Index plus 3%

Income: £21,000 to £41,000

During study until entering repayment

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

APPLICATION INFORMATION

APPLICATION - HOW MUCH DO YOU KNOW?

tQ How should you apply for student finance?

C Online – studentfinancewales.co.uk

B Online – Gov.uk

A Through your local authority

C Online – studentfinancewales.co.uk

HOW DO I APPLY?KEY MESSAGES

• When the time comes, apply online at www.studentfinancewales.co.uk

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

• You can change your details online before starting your course.

• If you share information from your application, this helps with scholarships and bursaries.

APPLICATION INFORMATIONCOMPLETING AN APPLICATION

Before starting an application, you should have the following to hand:

• passport - SFW can check identity using valid UK passport details

• university and course details

• bank account details and National Insurance number

• your parents’ or partner’s email address

APPLICATION INFORMATIONSTUDENTFINANCEWALES.CO.UK

SOCIAL MEDIAFOR THE LATEST SFW NEWS

www.facebook.com/SFWales

www.twitter.com/sf_wales

UNISTATSCOMPARE UNIVERSITIES AND COURSES

MANAGING YOUR MONEY

Need some flavour?.....This jar of tasty sauce costs?

QUESTIONS?

29p

£118.49

C

C Faint mae’r bag hwn o basta yn costio?Angen ychwanegu blas?.....Mae’r jar hwn o saws yn costio? ?

?

39p?From

£2.25?

MANAGING YOUR MONEYHOW MUCH?

What is the average weekly cost of student accommodation?*

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

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!

HOW MUCH? – ACCOMMODATION

QWhat’s the average weekly cost of student accommodation?

A £118.49 per week*

? Lowest ? £45 pw

? Highest ? £415pw

*Approximate figures from The Guardian based on university-owned accommodation

OTHER COSTS?

MANAGING YOUR MONEYCONSIDER THE COSTS

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

Remember, you’ll receive your maintenance support payments each termand you will need to budget 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.

MANAGING YOUR MONEYHINTS AND TIPS TO CONSIDER

• Plan a budget – and (try to) stick to it!

• Ask questions and get any advice you need.

• Check out student bank accounts and NUS Extra cards.

• Try to avoid taking credit cards, store cards or pay day loans!!

• Be aware of phishing scams – protect your information!!

• If you need financial support and advice once you’re at university or college, staff there will be able to help.

WHAT NEXT?

• Research- studentfinancewales.co.uk- student finance calculator- guides and quick guides

• Apply- online- on time

• Payment- loans and grants paid into bank account shortly after starting course- fees paid directly to your university

• Repayment- start paying back your loans when you have left university and income is over £21,000

WHAT NEXT?

• Research- studentfinancewales.co.uk- student finance calculator- guides and quick guides

• Apply- online- on time

• Payment- loans and grants paid into bank account shortly after starting course- fees paid directly to your university

• Repayment- start paying back your loans when you have left university and income is over £21,000

QUESTIONS?