STUDENT FINANCE MATTERS

Transcription

1 STUDENT FINANCE MATTERS

2 i SESSION CONTENTS Section 1 The Student Finance Package Section 2 Student Loan Repayments Section 3 Applications & Information Section 4 - Managing Your Money Questions & Comments

3 ? HOW MUCH DO YOU KNOW?

4 ? Q HOW MUCH DO YOU KNOW? TUITION FEES *What s the maximum tuition fee universities or colleges can charge new students in 2014/15? A 9,000 Q How much of this will you need to pay up front before you go to uni or college? A 0 *Eligible English domiciled students studying at a publicly funded university or college

5 ? HOW MUCH DO YOU KNOW? STUDENT FINANCE Q A Q A Which of these are available from Student Finance England? a) Sponsorship and scholarships b) Loans and grants to help with tuition fees b) Loans and grants to help with tuition fees and living costs c) Bus and tickets living and costs a box of chocolates When should you apply for your student finance? a) After you have started your course b) When c) As you soon have as a possible confirmed offer from a university or college c) As soon as possible

6 ? HOW MUCH DO YOU KNOW? REPAYMENTS Q A Q A What will your student loan repayments be based on? a) Your future income b) How a) Your much future you have income borrowed c) Neither, you just pay a fixed amount regardless How much do you need to earn before you start to repay? a) 16,000 a year b) 21,000 b) 21,000 a yeara year c) Doesn t matter, repayments will be taken whatever you earn

7 SECTION 1 THE STUDENT FINANCE PACKAGE

8 1 THE STUDENT FINANCE PACKAGE SUPPORT AVAILABLE TO STUDENTS INCLUDES: TUITION FEE LOAN MAINTENANCE SUPPORT BURSARIES & SCHOLARSHIPS ADDITIONAL SUPPORT

9 SECTION 1 TUITION FEES & LOANS

10 1 TUITION FEES & LOANS 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

11 SECTION 1 MAINTENANCE SUPPORT

12 1 MAINTENANCE SUPPORT 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

13 1 MAINTENANCE LOAN EXAMPLE 2014/15 MAXIMUM RATES Parental Home - Live at home Up to 4,418 Elsewhere - Live away from home and study outside of London Up to 5,555 London - Live away from home and study in London Up to 7,751 Overseas - Study overseas as part of a UK course Up to 6,600

14 1 MAINTENANCE GRANT 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: Household Income: Up to 25,000 Household Income: Up to 42,620 Full Grant of 3,387 Partial Grant You can get a quick estimate of your student finance entitlement using the calculator on gov.uk/studentfinance

15 SECTION 1 BURSARIES & SCHOLARSHIPS

16 1 BURSARIES & SCHOLARSHIPS Many universities and colleges offer financial support to their students through 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 Check university websites and ask at open days for information on bursaries, scholarships and how and when to apply!

17 SECTION 1 ADDITIONAL SUPPORT

18 1 ADDITIONAL SUPPORT EXTRA SUPPORT MAY BE AVAILABLE IF YOU: 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 For more information on eligibility and applications for NHS support go to:

19 SECTION 2 STUDENT LOAN REPAYMENTS

20 2 STUDENT LOAN REPAYMENTS AN OVERVIEW 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

21 2 STUDENT LOAN REPAYMENTS THE FIGURES Income each year before tax Income from which 9% is deducted Income 9% Deducted 25,000 4,000 from? Monthly Repayment (Approx) 21, ,000 9, ,000 19, ,000 29, ,000 39, Monthly 30 Repayment? Interest will be applied to your loan at a maximum rate of RPI +3% More info can be found on:

22 SECTION 3 APPLICATIONS & INFORMATION

23 3 STUDENT FINANCE APPLICATIONS KEY MESSAGES APPLY EARLY Each year thousands of students apply late for their finance and have 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 *When setting up your student finance account, be sure to keep a note of your password and other log-in information!

24 3 GOV.UK FOR MORE INFORMATION & TO APPLY

25 3 SFE ONLINE FOR FURTHER INFORMATION & RESOURCES

26 3 UNISTATS COMPARE UNIS, COURSES AND FEES

27 SECTION 4 MANAGING YOUR MONEY

28 4 MANAGING YOUR MONEY CONSIDER THE COSTS Before starting in higher education, it s important to think about the costs you are likely to face and how to manage your money. Remember, you ll get your maintenance support payments in each term and 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 as insurance or a TV Licence...so think about planning a budget.

29 ? MANAGING YOUR MONEY HOW MUCH? Q How much does this textbook cost? New Used (Amazon) Q How much is an NUS Extra card? 12 for 1yr 32 for 3yrs

30 ? MANAGING YOUR MONEY HOW MUCH? Q What is the average weekly cost of student accommodation? 117 per week* Q Or How for much a bit of are variety...this these delicious tasty spaghetti? beans? 24p 16p *Approximate figures from NUS & The Guardian, based on university-owned accommodation

31 i KEY MESSAGES POINTS TO BE CLEAR ON Important to make the right university/college and course choice!! Tuition Fee Loans are available to all eligible students and future repayments 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

32 ? QUESTIONS & COMMENTS

33 i NEED MORE INFORMATION? For further Information on student finance and applications go to: For a range of helpful tools and guidance, visit: