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Your 13/14 student finance journey starts here
STUDENT FINANCE 2013/14
Your student finance journey starts here
SESSION CONTENT
• Student Finance Package
• Repayment
• Applications & Information
• Questions & Comments
Your 13/14 student finance journey starts here
STUDENT FINANCE 2013/14
Your student finance journey starts here
Scholarships & Bursaries
STUDENT FINANCE PACKAGE 13/14
Tuition Fee Loan
Maintenance (living cost) Support
Additional Support
The
Student Finance
Package
Your student finance journey starts here
• Universities and higher-education colleges can charge new students a tuition fee level of up to £9,000 per year.
• Eligible students won’t have to pay any tuition fees up front.
• A Tuition Fee Loan (not dependent on household income) is available to cover the fee levels set by the university or college.(Up to £6,000 for publicly-funded courses at private HEIs)
• The Student Loans Company pay any Tuition Fee Loan tothe university/college directly in instalments across the academic year.
• The loan is repayable, but linked to future earnings over £21,000 a year.
TUITION FEE LOAN – FULL-TIME STUDENTS
Your student finance journey starts here
• From September 2012 new part-time students can also apply for a Tuition Fee Loan. The amount they can get doesn’t depend on household income.
• The maximum universities or colleges can charge for part-time courses is £6,750 a year.
• Students starting designated part-time courses provided wholly by a private institution can apply for up to £4,500 in Tuition Fee Loan.
• The amount charged will depend on the intensity of the course. (minimum 25% maximum 75%)
• The loan is repayable, but linked to future earnings over £21,000 a year.
TUITION FEE LOAN – PART-TIME STUDENTS
Your 13/14 student finance journey starts here
MAINTENANCE SUPPORT
Your student finance journey starts here
• The majority of the repayable Maintenance Loan will be available to all eligible students. 65% of the total loan is non-means tested. (Doesn’t depend on household income)
• The amount of Maintenance Loan available will be linked to where the student lives and studies while in higher education.
MAINTENANCE LOAN
Full-year student
65% non means tested
35% means tested
Maximum loan
Parental home £2,843 £1,532 £4,375
Elsewhere £3,575 £1,925 £5,500
London £4,988 £2,687 £7,675
Overseas £4,247 £2,288 £6,535
MAINTENANCE LOAN – 13/14 RATES
Additional means-tested loan is available for each extra week ofstudy for students attending their course beyond 30 weeks.!
Your student finance journey starts here
• The maximum non-repayable maintenance grant level in 2013 is £3,354.
• Unlike 100% of the tuition fee loan and up to 65% of the maintenance loan, the grant a student receives is solely dependent on household income levels. (100% means tested)
Household income thresholds:
• Students from households with income of up to £25,000 will be entitled to the maximum grant of £3,354.
• Students from households with incomes of up to £42,611 will be entitled to a partial grant.
MAINTENANCE GRANT
Household income
Maintenance Grant
Maintenance Loan
Total
£25,000 & under
£3,354 £3,823 £7,177
£30,000 £2,416 £4,292 £6,708
£35,000 £1,478 £4,761 £6,239
£40,000 £540 £5,230 £5,770
£42,611 £50 £5,475 £5,525
£42,875 £0 £5,500 £5,500
£50,000 £0 £4,788 £4,788
£60,000 £0 £3,788 £3,788
£62,125 & over
£0 £3,575 £3,575
Student living away from home, outside London 2013/14
COMBINED MAINTENANCE SUPPORT
Your 13/14 student finance journey starts here
SCHOLARSHIPS & BURSARIES
Your student finance journey starts here
Bursaries:• May be eligible for National Scholarship Programme• Linked to personal circumstances and often, income level• Vary by institution
Scholarships:• Can be linked to academic results• Can be subject specific • Limited in numbers
SCHOLARSHIPS & BURSARIES
! Check university websites and ask at open days for information onbursaries & scholarships – what’s available and how to apply.
Your 13/14 student finance journey starts here
ADDITIONAL SUPPORT
Your student finance journey starts here
ADDITIONAL SUPPORT
You may get extra money or support if you:
• have children or adults dependent on you
• have a disability, mental-health condition, long-term health condition or specific learning difficulty
• are studying an NHS* or Social Work course
• *Includes: nursing, midwifery, physiotherapy, chiropody, dietetics, speech & language therapy, dental hygiene, medicine, dentistry, radiography and occupational therapy
! For more information on NHS and Social Work eligibility and funding students should visit: www.nhsbsa.nhs.uk/students
Your 13/14 student finance journey starts here
STUDENT LOAN REPAYMENT
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Your student finance journey starts here
• Repayments don’t start until the student is earning at least £21,000 a year (£1,750 a month) gross.
• Full-time students will begin to repay in the April after graduating from or leaving their HE course. (after 2016)
• Part-time students can begin to repay in the April 4 years after they’ve started their course. (if earning over £21,000 a year)
• If income falls to £21,000 or below repayments will be suspended.
• Repayments will be 9% of income over £21,000 and will be deducted from salary through the HMRC tax system for most students.
STUDENT LOAN REPAYMENT
Yearly income 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 written off 30 years afterentering repayment.
The interest charged will vary during study and depending on earnings after graduation:
STUDENT LOAN REPAYMENT – INTEREST RATES
During study until
entering repayment
Interest rate: Retail Price Index (RPI) +3%
Earnings:
Below £21,000Interest rate:
Set at RPI Only
Earnings between:
£21,000 - £41,000RPI plus some amount between 0% and 3%
Earnings:
Above £41,000
Interest rate: Retail Price Index (RPI) +3%
! Students can make extra voluntary repayments at any time without penalty.
Your 13/14 student finance journey starts here
APPLICATIONS & INFORMATION
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Your student finance journey starts here
• Students should apply as soon as possible to make sure they havetheir money at the start of their course.
• Applying online through GOV.UK is the quickest and easiest way.
• No need to wait for a confirmed offer from a university, but we need to know right away if anything changes. (uni, course or personal details)
• Make sure any required evidence is sent straight away to support applications.
• In most cases this will be details supplied during the application , with no need for original documents to be sent, including:
• Valid UK passport number (for student identity)• National Insurance numbers (student & parents’ for income
details)
APPLICATIONS
FOR MORE INFORMATION AND TO APPLY
https://www.gov.uk/studentfinance
FOR A RANGE OF HELPFUL TOOLS AND GUIDANCE
http://www.studentfinanceengland.co.uk/
UCAS & STUDENT FINANCE
• The process of applying for student finance can be made even easier by allowing UCAS to share some of your application details with the Student Loans Company.
• Request a reminder and UCAS will prompt you to log in to your account and agree to share details with SLC when the student finance online application launches.
• Your student finance application will be pre-populated with information from your UCAS application, such as personal and course details.
• This makes applying for a student loan faster and saves entering the same info on both forms.
SOCIAL MEDIA – FACEBOOK & TWITTER
www.facebook.com/SFEngland
www.twitter.com/sf_england
UNISTATS – COMPARE UNI’S & COURSES
www.unistats.com
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• Plan a budget – and stick to it! (dull, but practical)
• Ask questions and get advice from teachers, advisers current/former students, parents/older brothers & sisters.
• Check out student bank accounts but try to avoid taking credit or store cards.
• Beware of phishing scams!!
• If you need financial support and advice once you’re at university, staff there will be able to help.
MANAGING YOUR MONEY
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Your student finance journey starts here
• It’s important to make the right university and course choice, not letting fee levels affect your decision. Future repayments are linked to what a student earns, not what they borrow.
• Research all finance available – especially bursaries &
scholarships.
• Apply online & on time – no need to wait for a confirmed
place.
• Apply for DSAs or other additional support as soon as possible.
• Ensure all details are correct before submitting an application, and let us know of any changes as soon aspossible.
KEY MESSAGES TO REMEMBER
www.slc.co.uk/teacherspets
Your 13/14 student finance journey starts here
? QUESTIONS & COMMENTS
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Your student finance journey starts here
For further information on student finance and applications call SFE on:
Customer helpline: 0845 300 5090
There’s no silly questions when it comes to student finance, so if you’re unsure, ask!
facebook.com/SFEngland
@sf_england
CONTACT US