student finance practitioner presentation 2012
DESCRIPTION
Student Finance Practitioner Presentation 2012TRANSCRIPT
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StudentFinance
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Student Finance England…
• Are part of the Student Loans Company
• Administer financial support for higher education students who normally live in England
• Students apply to us for funding
• We pay their university or college the fees, and pay them their support
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Student Finance Package
Tuition FeeLoan
Maintenance
Support
Scholarships
& Bursaries
AdditionalSupport
Student FinancePackage
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TuitionFee Loan
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Tuition fees
• HE institutions can charge up to £9,000 per year
• The fee levels set will be decided by the university
• The average for 2012 is thought to be around £8,657
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Paying the tuition fee
• No upfront payments
• The non means tested tuition fee loan (not dependent on household income) is available to cover tuition fees
• Tuition fee loan is not compulsory
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Maintenance Support
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Maintenance Loan
All eligible students are entitled to a Maintenance Loan, with 65% of the total loan amount being Non Means Tested (not based on household income)
The amount of Maintenance Loan available will be linked to where a student lives and studies
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Maintenance Grant
• 100% means-tested and non-repayable
• Students from households with income of up to £25,000 will be entitled to the maximum £3,354
• Students from households with incomes of up to £42,600 will be entitled to a partial grant
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Combined supportStudent living away from home, outside London
Household Income
Maintenance Grant
Maintenance Loan Total
£25,000 & under £3,354 £3,875 £7,229
£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 £3,788
£62,500 & over £0 £3,575 £3,575
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Scholarships and Bursaries
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Scholarships and bursaries
HEI Bursaries:• Depend on circumstances• Vary by institution
HEI Scholarships:• Academic, sport or music• Vary by institution
National Scholarship Programme:• Fee waiver or discount• Discounted accommodation or other service• Scholarship/bursary – capped as a cash award
at £1,000.
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Additionalsupport
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Disabled Students Allowance
• Help towards the additional costs that a student may face as a result of their impairment, health condition or specific learning difficulty
• In addition to the standard student finance package.
• Does not have to be repaid
• Is not affected by the household income
• Looks at the specific needs of the individual in relation to their studies.
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Disabled Students Allowance
AllowancePart-time maximum support
Full-time maximum Support
Frequency of Payment
Non-medical personal helper
£15,390 £20,520 Annual
Specialist equipment £5,161 £5,161Duration of
course
Other disability-related expenditure
£1,293 £1,724 Annual
Disability-related travel No Limit – reasonable spending can be claimed
DSA Allowance rates
Full and part-time disabled postgraduate students can receive up to £10,260 a year
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Dependants Grants (means tested)
Adult Dependants’ Grant (application on-line through directgov)For students with a partner or another adult who is financially dependent on them (cannot be an adult child). Maximum grant £2,642.
Students with children:Childcare Grant (application by completing form)Based on 85% of actual childcare costs up to maximum of: £148.75 per week for one child£255 per week for two or more childrenStudents apply by completing form
Parents’ Learning Allowance (application on-line through directgov)Help with course-related costs for students with dependent children. Amount received will be between £50 and £1,508.
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StudentLoan Repayment
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Student Loan Repayment
• You are eligible for repayment:
– the April after you leave/graduate if full-time– the April 4 years after starting if part-time
• No repayments until earning over £21,000 pa (£1,750 per month) gross
• Repayments collected by HMRC, at a rate of 9% of what you earn above £21,000
• Any outstanding debt written off after 30 years
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Student Loan Repayment
Income each year before tax
Approximate monthly repayment
Current Students Future Students
£15,000 £0 £0
£16,000 £8 £0
£18,000 £23 £0
£21,000 £45 £0
£24,000 £68 £23
£27,000 £90 £45
£30,000 £113 £68
£33,000 £135 £90
£36,000 £158 £113
£40,000 £188 £143
Income each year before tax
Approximate monthly repayment
Current Students Future Students
£15,000 £0 £0
£16,000 £8 £0
£18,000 £23 £0
£21,000 £45 £0
£24,000 £68 £23
£27,000 £90 £45
£30,000 £113 £68
£33,000 £135 £90
£36,000 £158 £113
£40,000 £188 £143
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Student Loan interest rates
While at university if taking out Maintenance / Tuition Fee Loan(interest starts accruing as soon as loans are taken out)
Retail Price Index + 3%
Once in repayment system: not working or earning below £21,000
Retail Price Index
Once in repayment system: earning £21,000 - £41,000
Retail Price Index + up to 3% (sliding scale)
Once in repayment system: earning more than £41,000
Retail Price Index + 3%
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Resources for
students & parents
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Clearly Worded Checklists for Students
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www.facebook.com/SFEngland
www.twitter.com/SF_England
• Announcements on key dates, turnaround times etc.• Links to information and guidance materials
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Customer Helpline (for students & sponsors)
Help with applications
Info on student finance
But check website first!
8am to 8pm Monday to Friday9am to 5:30pm Saturday & Sunday
0845 300 5090
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Resources for you
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Resources for you to use with students
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Resources for use with parents
Developed following partner survey & consultation
Suite of resources including myth buster, FAQ & video
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Lesson Plans linked to IAG Quality Standards
Two fully scripted 45 minute lesson plans
Developed & trialled with IAG partners, updated for 12/13
Interactive & encourage research
Fully mapped to IAG Quality Standards
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Resources to help with applications
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Resources to use in your prospectus
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Practitioner Team Helpline
Regulations
Complex Queries
Designated Courses
Expert Advice
10am to 4pm Monday to Friday
0845 602 0583 or [email protected]