www.gov.uk/studentfinance

2015/16

INTRODUCTION

TO FULL-TIME

STUDENT

FINANCE

INFORMATION FORPRACTITIONERS

2015/16

SESSION CONTENTSi• Section 1 – SFE, Eligibility & Student Finance 2015/16

• Section 2 – Applications & Information

• Section 3 – Student Loan Repayments

• Section 4 – SFE Resources

2015/16

SFE & GENERAL ELIGIBILITYSECTION 1

2015/16

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SFE – An Introduction

General Eligibility

The Student FinancePackage

Student

Finance

England

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2015/16

Student Finance England provide financial support on behalf of the UK Government to students from England entering higher education in the UK

• The two main costs full-time students will have while studying are tuition fees and living costs

• SFE make finance available to help students with both

• Depending on their circumstances, course and where they study, students may be able to get a range of financial help and support

• This includes grants and bursaries (which don’t have to be paid back) and loans (which do)

STUDENT FINANCE ENGLANDAN INTRODUCTION

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SFE - An Introduction

GeneralELIGIBILITY

The Student FinancePackage

Student

Finance

England

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Students need to meet certain residency criteria in order to be eligible forfinancial support from SFE

• Settled status – can live in the UK without any Home Office restriction

• Ordinarily resident in England on the first day of the first academic year of their course

• Been living in the UK for the three years immediately prior to this date

• Tuition fee support only, without meeting residency requirements for European Union students*

*Exceptions exist for certain groups of studentsi *EU students must have lived within the EEA for 3 years prior to the first day of the first academic year of the course

GENERAL ELIGIBILITYRESIDENCY

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• If the student, their spouse, civil partner, parent/step-parent are recognised by the government as a refugee and lived in England since this status was awarded

• If the student, their spouse, civil partner, parent/step-parent, have been granted Humanitarian Protection to stay in the UK by the Home Office, resulting from a failed asylum application and meet the standard residency requirements

• EEA /Swiss migrant workers and the children of Swiss nationals and Turkish workers may also qualify for tuition fee loans and additional support if they meet the set employment or residency requirements

i If there is any doubt surrounding residency status/eligibility forfunding, students should call the SFE helpline - 0300 100 0607

GENERAL ELIGIBILITYEXCEPTIONS

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Courses must be of a certain type and be leading to a recognised highereducation qualification including:

• First Degree (BSc, BA, BEd)• Foundation Degree (FdA, FdSc, FdEng)• Higher National Diploma or Higher National Certificate (HND/C)• Diploma of Higher Education (DipHE) • Postgraduate Certificate of Education (PGCE)

• The HE provider must be publicly funded (by UK Government) or privately funded but running individual courses receiving public funding as designated by HEFCE/BIS

i Further information on course designation and applications can be found at - www.hefce.ac.uk/whatwedo/reg/desig

GENERAL ELIGIBILITYCOURSE AND UNIVERSITY/COLLEGE ELIGIBILITY

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• General rule – Tuition Fee Loan available for full length of the student’s first undergraduate course, plus one additional year if needed

• Individual circumstances of the student (including any extenuating circumstances) can affect eligibility

• Students may still be eligible for Maintenance Loan support only if they already have an equivalent or higher level qualification and study an ‘exception course’ leading to a professional qualification*

Example based on standard 3 year F/T course

+

4 years support15/16 16/17 17/18ExtraYear

=

i *Doctor, Dentist, Veterinary Surgeon, Architect, Social Worker, ITT, Course attracting means tested Healthcare Bursary (NHS)

GENERAL ELIGIBILITYPREVIOUS STUDY

2015/16

THE STUDENT FINANCE PACKAGE*

SECTION 1

*All figures used in this section are subject to final approval of the 2015/16 student finance policy

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TUITION FEE Loan

MaintenanceSupport

Extra Support

Student

Finance

Package

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• Universities and colleges* can charge new full-time students up to £9,000 per year in 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 a university or college

• The loan is repayable, but only when a student’s income is over £21,000

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

TUITION FEES AND LOANSAN OVERVIEW

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Tuition Fees will be paid to a HEI at three points in the academic year

Liability Date% of Tuition Fee Loan

student will be liable for

First day of Term 1* 25%

First day of Term 2 25%

First day of Term 3 50%

*Two weeks after Term 1 start date for part-time courses

Interest on the loan will be charged from the day payment is made to the university/college, not from the liability datei

TUITION FEES AND LOANSLIABILITY DATES

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Policy for students starting their courses on or after 1st September 2012:

• Students on sandwich placements will be charged 20% of the maximum full-time tuition charge – Maximum charge of £1,800

• Students on Erasmus placements will be charged 15% of the maximum full-time tuition charge – Maximum charge of £1,350

• Students on overseas placements will be charged 15% of the maximum full time tuition charge – Maximum charge of £1,350

TUITION FEES AND LOANSSANDWICH AND PLACEMENT YEARS

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Tuition Fee Loans

MAINTENANCESupport

Extra Support

Student

Finance

Package

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2015/16

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

• There are two main types of support, Maintenance Loan (repayable) and Maintenance Grant (non-repayable)

• All eligible students are entitled to receive some Maintenance support

• The amount of Maintenance Loan a student gets depends on where they live and study

• Maintenance support is paid directly into a student’s bank account each term

MAINTENANCE SUPPORTAN OVERVIEW

i The maximum Maintenance Loan levels have been increased by 3.34% for 2015/16

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2015/16

Up to

£8,009

Up to

£5,740

Up to

£4,565

MAINTENANCE LOANMAXIMUM LEVELS 2015/16

If studying overseas as part of a UK course, Maintenance Loan support is still available. Up to £6,820 for 2015/16i

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Full-Year Student*

65% Non Means Tested

35% Means Tested

Maximum Loan

Parental Home £2,967 £1,598 £4,565

Elsewhere £3,731 £2,009 £5,740

London £5,205 £2,804 £8,009

Overseas £4,433 £2,387 £6,820

i Additional loan may be available for any extra weeks of study if a course goes beyond 30 weeks in an academic year

*Lower rates are available to final year students

MAINTENANCE LOANMAXIMUM LEVELS 2015/16

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• The Maintenance Grant doesn’t have to be repaid

• How much grant a student gets depends on their household income (100% means tested)

Full Grant:£3,387

Partial Grant:(Min £50)

Household Income: Up to £25,000

Household Income: Up to £42,620

MAINTENANCE GRANTSUPPORT AND MEANS TESTING

Household income is the taxable earned and unearned incomeof the parents/partner a student lives with most of the time i

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Students are considered independent if they: (Amongst other criteria)

• Have care of a person under the age of 18

• Are 25 or over on the first day of the academic year

• Are permanently estranged from their parents

• Are leaving the care of the local authority

If over 25, have care of a young person, are married* or have supportedthemselves financially for 3 years before starting their HE course, parentalincome won’t be taken into account when assessing students entitlement

MAINTENANCE SUPPORTINDEPENDENT STUDENT STATUS

*If married or in a civil partnership, SFE will take into account the income of the student’s husband, wife or civil partneri

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If supporting an application for means tested student finance, SFE will need details of a student’s parents, partner or other sponsors household(taxable) income and National Insurance numbers

Taxable earned income includes*:• Wages, salaries, tips, and other taxable employee pay• Long-term disability benefits received prior to minimum retirement age• Net earnings from self-employment

Taxable unearned income includes*:• Interest from savings (only the annual summary is required)• Benefits and Pensions• Rent from property or a room

i *More details/information can be found on the HMRC website: http://www.hmrc.gov.uk/incometax/taxable-income.htm

SUPPORTING AN APPLICATIONHOUSEHOLD INCOME

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Household Income

Maintenance Grant

Maintenance Loan

Total

£25,000 & under £3,387 £4,047 £7,434

£30,000 £2,441 £4,520 £6,961

£35,000 £1,494 £4,993 £6,487

£40,000 £547 £5,467 £6,014

£42,620 £50 £5,715 £5,765

£42,875 £0 £5,740 £5,740

£50,000 £0 £4,998 £4,998

£62,143 & over £0 £3,731 £3,731

COMBINED MAINTENANCE SUPPORTLIVING AWAY FROM HOME OUTSIDE LONDON

The calculator found on gov.uk/studentfinance can provide students with an estimate of their student finance entitlementi

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Tuition Fee Loans

MaintenanceSupport

EXTRA Support

Student

Finance

Package

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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 usually limited in numbers

EXTRA SUPPORTBURSARIES AND SCHOLARSHIPS

Students should check university/college websites and ask at open days to see what they offer and how/when applyi

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ADDITIONAL SUPPORT

• Have children or adult dependent on them

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

• Study overseas as part of their UK based course

• 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

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

EXTRA SUPPORTEXTRA HELP MAY ALSO BE AVAILABLE IF STUDENTS….

i

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Disabled Students’ Allowances provide help towards the additional coststhat a student may face as result of their disability, long-term healthcondition, mental-health condition or specific learning difficulty:

DSAs Support:• Is available in addition to the standard student finance package,

• Does not have to be repaid,

• Is not affected by household income,

• Looks at the specific needs of the individual in relation to their circumstances and studies

EXTRA SUPPORTDISABLED STUDENTS’ ALLOWANCES

i Students should apply for their DSAs’ as soon as possible, theprocess can be triggered from the main online application form

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2015/16

AllowancePart-Time Maximum Support

Full-Time Maximum Support

Non-medical personal helper

£15,543 £20,725Per academic

year

Specialist equipment £5,212 £5,212Duration of

Course

Other disability-related expenditure

£1,305 £1,741Per academic

year

Disability related travelNo Limit – Reasonable spending can

be claimed

EXTRA SUPPORTDISABLED STUDENTS’ ALLOWANCES

i For both full-time and part-time postgraduate students there is a single allowance of up to £10,362 a year

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Childcare Grant:Based on 85% of actual registered/approved childcare costs up tomaximum of: £155.24 per week for one child

£266.15 per week for two or more children

Parents’ Learning Allowance:Help with course-related costs for students with dependent childrenAmount received will be between £50 and £1,573

Adult Dependants’ Grant:Normally for the student’s partner. Can be for another adult who is financially dependent on the student where the adult’s net income is not more than £3,796 p.a. Maximum grant available: £2,757

EXTRA SUPPORTSTUDENTS WITH DEPENDANTS’

i The maximum Dependants Grant levels have been increased by 3.34% for 2015/16

2015/16

2015/16

APPLICATIONS & INFORMATIONSECTION 2

2015/16

2015/16

Apply

Online

Students APPLY on time

We ASSESS theirapplication

They get PAID!

2015/16

SECTION 2

Each year thousands of students apply late for their finance and have noway to pay for their course or accommodation, some even have to drop out!

Please encourage the students you work with to apply on time!

• It will take at least six weeks to process an application so apply early

• The easiest way to apply is online at gov.uk/studentfinance*

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

• Apply with their first choice, they can change details later if necessary

STUDENT FINANCE APPLICATIONSKEY MESSAGE – APPLY EARLY

i *Students wishing to study at alternative providers may need to wait until HEFCE approve the course designation before applying

2015/16

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www.gov.uk/studentfinancesteps

GOV.UKNEW LOOK 2015/16 CAMPAIGN PAGE

2015/16

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• Make a note of their account log-in details and keep them safe

• Agree to share information from their application, this helps apply for many bursaries and some scholarships

• Make sure any evidence and information needed to support theirapplication is supplied first time (students and parent/partners)

• Submit an application even if there’s a delay in getting sponsor income details so some funding* will be available when they start their course

• Sign and return their online declaration form as soon as possible so as not to delay payments

STUDENT FINANCE APPLICATIONSGET IT RIGHT FIRST TIME – STUDENTS SHOULD…

i *Tuition Fee Loan and 65% of the maximum Maintenance Loan which are non means tested

2015/16

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Before starting an application students should have the following to hand:

• Passport - SFE can check identity using valid UK passport details • University and course details• Bank account details and National Insurance number

The easiest way for parents, partners or other sponsor to support anapplication is online through GOV.UK, providing information including:

• National Insurance number(s)• Household income information (based on prior tax year*)• Details of other child dependants

STUDENT FINANCE APPLICATIONSCOMPLETING AN APPLICATION

*If the household income drops by 15% or more in the current tax year, SFE can reassess an applicationi

2015/16

SECTION 2

www.thestudentroom.co.uk/studentfinance

www.youtube.com/SFEFILM

www.twitter.com/sf_england

www.facebook.com/SFEngland

SFE ONLINEFOR MORE INFORMATION AND RESOURCES

2015/16

2015/16

STUDENT LOAN REPAYMENTSSECTION 3

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The FACTS

The FIGURES

The INTEREST

Student

Loan

Repayments

2015/16

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

• If they study a full-time course, they will be due to start repaying in the April after graduating from/leaving higher education

• They’ll repay 9% of their income over £21,000 and if employed, deductions will be made from their pay through the HMRC tax system*

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

• Any outstanding loan balance will be written off 30 years after entering repayment

STUDENT LOAN REPAYMENTSAN OVERVIEW

*If they move/work overseas, repayments will be 9% of any earnings over the threshold for the country they are living ini

2015/16

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£30£4,0009% Deducted from?

Income each year before tax

9% will be deducted from

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

Income £25,000

STUDENT LOAN REPAYMENTSTHE FIGURES

Early repayments can be made at any time (with no penalty) ifa student wants to reduce their loan balance earlyi

2015/16

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Interest levels will depend on a students income and circumstances:

Interest rate is: Set at RPI Only Interest Rate:

RPI Only

During study until entering repayment

Income: Under £21,000

Interest Rate: Retail Price Index +3%

i The interest rate is updated once a year using the RPI figure from March which is carried forward and applied in September

Income: £21,000 to £41,000

Income: Over £41,000

Interest Rate: RPI + up to 3%

Interest Rate: RPI +3%

STUDENT LOAN REPAYMENTSTHE INTEREST

2015/16

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www.studentloanrepayment.co.uk

STUDENT LOAN REPAYMENTSDEDICATED WEBSITE

2015/16

SFE RESOURCESSECTION 4

2015/16

SECTION 3

Practitioners WEBSITE

IAG MATERIALS

Student Finance ADVISERS

SFE

Resources

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2015/16

www.practitioners.slc.co.uk

PRACTITIONER RESOURCESDEDICATED WEBSITE

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2015/16

Access and download our wide range of IAG resources including:

• Suite of Factsheets

• Series of Quick Guides

• PowerPoint Presentations

• Videos and Marketing Materials

All sorted by audience type tomake it easy to find what you need

i New resources will be added during the year, as the informationstudents need changes. Register/check back for updates

PRACTITIONER RESOURCESIAG MATERIALS

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2015/16

Our quick guides highlight key informationstudents and parents need to know

Currently available:

• Student Finance Explained

• Dependants’ Grants

• Student Finance Explained for Parents

The quick guides are available to downloador order from the practitioner website

PRACTITIONER RESOURCESQUICK GUIDES

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Our factsheets are designed to help youexplain student finance, covering keysubjects including:

• Student finance and eligibility

• Students with dependants

• Repayments

• Myths, facts and FAQ’s for parents

PRACTITIONER RESOURCESFACTSHEETS

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2015/16

Training tool for practitioners, allowing you to view all the screensstudents and sponsors see in an online application :

PRACTITIONER RESOURCESAPPLICATION DEMO

• Applications for new and returningstudents

• Parent/partner applications

• Change of circumstances

• Regular updates and explanation of ‘Hot Topics’

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Student Finance Advisers:Our team of dedicated regional advisers work closely with key partners across England to deliver a range of Matrix accredited services including:

• Staff development through bespoke training, • Advice and support with SFE resources, policy and processes

If we can support you and your colleagues with any area of student finance IAG delivery, please do get in touch:

Contact details for your regional adviser can be found at:

www.practitioners.slc.co.uk/regional-support

i Practitioner Helpline: For detailed/complex regulatory advice and particularly complex assessment enquiries – 0300 100 0618

PRACTITIONER RESOURCESDEDICATED REGIONAL SUPPORT