www.gov.uk/studentfinance 2015/16 student finance matters

www.gov.uk/studentfinance

2015/16

STUDENT FINANCE MATTERS

2015/16

SESSION CONTENTSi• Section 1 – The Student Finance Package

• Section 2 – Student Loan Repayments

• Section 3 – Applications & Information

• Section 4 - Managing Your Money

• Questions & Comments

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HOW MUCH DO YOU KNOW??

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*Eligible English domiciled students 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?

2015/16

a) Sponsorship and scholarshipsb) Loans and grants to help with tuition fees and living costsc) Bus tickets and a box of chocolates

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

Q When should you apply for your student finance?

Q Which of these are available from Student Finance England?

HOW MUCH DO YOU KNOW?STUDENT FINANCE?

A b) Loans and grants to help with tuition fees and living costs

A c) As soon as possible

2015/16

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?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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THE STUDENT FINANCE PACKAGE

SECTION 1

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BURSARIES & SCHOLARSHIPS

MAINTENANCE SUPPORT

TUITION FEE LOAN

ADDITIONAL SUPPORT

THE STUDENT FINANCE PACKAGESUPPORT AVAILABLE TO STUDENTS INCLUDES:

Figures used in this section are 2014/15 examples and may change upon announcement of 2015/16 student finance policy

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SECTION 1 TUITION FEES & LOANS

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• Universities and colleges* can charge new full-time students up to £9,000 per year (£6,750 part-time) for 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 any Tuition Fee Loan directly to your university or college

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

*Publicly funded institutions **Up to £6,000 available for approved courses at private providers

TUITION FEES & LOANS1

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SECTION 1 MAINTENANCE SUPPORT

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

• Two main types of support are available, Maintenance Loan and Maintenance Grant

• The Maintenance Loan is repayable and all eligible students are entitled to receive some funding

• The amount of loan available will depend on where you live and study

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

MAINTENANCE SUPPORT1

2015/16

Up to

£4,418

MAINTENANCE LOANEXAMPLE 2014/15 MAXIMUM RATES1

Up to

£5,555

Up to

£6,600

Up to

£7,751

2015/16

• The Maintenance Grant doesn’t have to be repaid

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

Current household income thresholds 2014/15:

MAINTENANCE SUPPORT

Household Income:Up to £25,000

Household Income:Up to £42,620

Full Grant of £3,387

Partial Grant

MAINTENANCE GRANT1

You can get a quick estimate of your student finance entitlement using the calculator on gov.uk/studentfinance

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BURSARIES & SCHOLARSHIPSSECTION 1

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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 limited in numbers

BURSARIES & SCHOLARSHIPSBURSARIES & SCHOLARSHIPS1

Check university websites and ask at open days for informationon bursaries, scholarships and how and when to apply!

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ADDITIONAL SUPPORTSECTION 1

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ADDITIONAL SUPPORT

• Have children or adults dependent on you

• Have a disability, long-term health condition, mental-health condition or specific learning difficulty

• 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

ADDITIONAL SUPPORTEXTRA SUPPORT MAY BE AVAILABLE IF YOU:

For more information on eligibility and applications for NHSsupport go to: www.nhsbsa.nhs.uk/students

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STUDENT LOAN REPAYMENTSSECTION 2

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

• Full-time students will be due to start repaying in the April after graduating from/leaving their higher-education course

• 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 REPAYMENTSTUDENT LOAN REPAYMENTSAN OVERVIEW2

2015/16

£30Monthly

Repayment?£4,0009%

Deducted from?

Income each year before tax

Income from which 9% is deducted

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

STUDENT LOAN REPAYMENTSTHE FIGURES

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

2

Income£25,000 ££

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APPLICATIONS & INFORMATIONSECTION 3

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Each year thousands of students apply late for their finance andhave no way to pay for their course or halls, some even have to

drop out.....don’t let that be you!

• It will take at least six weeks to process your application so apply early to make sure your student finance is ready for the start of your course

• Apply online at gov.uk/studentfinance*

• You don’t need a confirmed place at university or college to apply for student finance

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

STUDENT FINANCE APPLICATIONS KEY MESSAGES – APPLY EARLY3

*When setting up your student finance account, be sure to keepa note of your password and other log-in information!

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www.gov.uk/studentfinance

GOV.UKFOR MORE INFORMATION & TO APPLY3

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www.thestudentroom.co.uk/studentfinance

www.youtube.com/SFEFILM

www.twitter.com/sf_england

www.facebook.com/SFEngland

SFE ONLINEFOR FURTHER INFORMATION & RESOURCES3

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UNISTATSCOMPARE UNIS, COURSES AND FEES3

www.unistats.direct.gov.uk

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MANAGING YOUR MONEYSECTION 4

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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 COSTS4

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£35.95 New

£16.00 Used(Amazon)

£12 for 1yr

£32 for

3yrs

Q How much does this textbookcost?

Q How much is an NUS Extra card?

MANAGING YOUR MONEYHOW MUCH??

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Q What is the average weekly cost of student accommodation?

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

Q How much are these ‘delicious’ beans?

MANAGING YOUR MONEYHOW MUCH??

24

p

16

p

Or for a bit of variety...this tasty spaghetti?

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

• Tuition Fee Loans are available to all eligible students and futurerepayments are linked to your income, not what you owe

• Research all finance available – especially bursaries & scholarships

• Apply on-line & on time – no need to wait for a confirmed place

• Check all details are correct before submitting your application

• And remember that.....

Student

Finance

Matters!

KEY MESSAGESKEY MESSAGESPOINTS TO BE CLEAR ONi

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QUESTIONS & COMMENTS?

www.gov.uk/studentfinance

NEED MORE INFORMATION?iiFor 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

2015/16