Teacher and Adviser Conference 2016 Student Finance England News and Updates AY 2016/17 Kevin McMullan IAG Partner Account Manager www.gov.uk/studentfinance
CONTENTS WHAT WE WILL LOOK AT What is available for students in 2016/17? The Application Process Get it Right First Time Repayment the end to end process Teacher and Adviser Resources
STUDENT FINANCE ENGLAND SUPPORT AT A GLANCE IN 2016 TUITION FEE LOAN : Non means tested loan to cover the cost of tuition fees. Paid directly to institution on behalf of student. MAINTENANCE LOAN : Paid in 3 instalments directly to the student on the first day of each term
MAINTENANCE SUPPORT FULL YEAR MAINTENANCE LOAN RATES Full Year Student Non-Means Tested minimum everyone gets Income Assessed dependant on parents income Maximum Loan (100%) Parental Home 3,039 3,865 6,904 Elsewhere 3,821 4,379 8,200 London 5,330 5,372 10,702 Overseas 4,540 4,851 9,391 i Different loan amounts are available for students that are entitled to benefits, and to students that are aged 60+. Ask for details
MAINTENANCE SUPPORT MAINTENANCE LOAN ENTITLEMENT Household Income Home with parents Elsewhere (inc. Halls of Residence) London 25,000 & under 6,904 8,200 10,702 30,000 6,322 7,612 10,103 35,000 5,740 7,023 9,503 40,000 5,158 6,434 8,904 45,000 4,576 5,845 8,304 50,000 3,994 5,265 7,705 55,000 3,412 4,667 7,105 60,000 3,039 4,078 6,506 i The BIS student finance calculator is available for accurate forecasts of The money available based on actual income at www.gov.uk/studentfinance
STUDENT FINANCE ENGLAND SUPPORT AT A GLANCE IN 2016 TUITION FEE LOAN : Non means tested loan to cover the cost of tuition fees. Paid directly to institution on behalf of student. MAINTENANCE LOAN : Paid in 3 instalments directly to the student on the first day of each term ADDITIONAL SUPPORT : for students with caring responsibilities i.e. have children or an adult dependent on them DISABLED STUDENT SUPPORT : students with a disability, including a mental-health condition or specific learning difficulty OTHER SUPPORT : May be available under certain circumstances e.g. Travel Grant, Long Courses, NHS Courses, Care Leavers
SECTION 2 THE APPLICATION PROCESS GET IT RIGHT FIRST TIME
SECTION 2 GOV.UK WHERE TO APPLY www.gov.uk/studentfinance
SECTION 2 GET IT RIGHT FIRST TIME HAVE TO HAND 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 or other sponsors to support a students application is online through GOV.UK, providing information including: National Insurance number(s) Household income information (Based on correct tax year) Details of other child dependants i Remember, an Application Demo is available here. This does allows you to see the screens and questions before applying
SECTION 3 REPAYMENT HOW IT ALL WORKS
ASSESS, PAY AND REPAY REPAY You won t make repayments until your income is over 21,000 a year. If you study a full-time course, you will be due to start repaying in the April after graduating or leaving higher education. 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. - For more information please see www.studentloanrepayment.co.uk
ASSESS, PAY AND REPAY REPAY 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 9% Deducted 4,000 from? Monthly Repayment? 30 i Interest is applied to your loan at a maximum rate of RPI +3% More info can be found on: www.studentloanrepayment.co.uk
STUDENT LOAN REPAYMENTS THE INTEREST FULL-TIME Interest levels will depend on a students income and circumstances: During study until entering repayment % Interest Rate: Retail Price Index +3% Income: Under 21,000 % Interest rate is: Set at RPI Only Interest Rate: RPI Only Income: 21,000 to 41,000 % Interest Rate: RPI + up to 3% Income: Over 41,000 % Interest Rate: RPI +3% i The interest rate is updated once a year using the RPI figure from March which is carried forward and applied in September
SECTION 4 ADVISER RESOURCES WHERE TO LOOK FOR MORE HELP
SECTION 4 SFE RESOURCES NEW REPAYMENT RESOURCES www.practitioners.slc.co.uk
SECTION 1 SFE RESOURCES THE PRACTITIONER WEBSITE A range of student finance resources are now available for academic year 2016/17 including: Quick Start Guides PowerPoint Presentation Exchange, the Practitioners E-Mag Interactive App for iphone/tablet Main Guides SFE Factsheets SFE on YouTube SLC Social Media
www.gov.uk/studentfinance 2016/17
Support from the University 2017 Richard Brailey Financial Support Team University of Sheffield 21/06/2016 The University of Sheffield
Sheffield Bursary Scheme Household income Household income Bursary per year 0 25,000 1,500 25,001 30,000 1,000 30,001 40,000 500 21/06/2016 The University of Sheffield
Sheffield Bursary Scheme Students with a household income below 25,000 who live in one of the country s most deprived areas get an extra 500 Students who live in a low participation area in Sheffield and the surrounding region and achieve A,B,B or higher at A-Level regardless of household income get an extra 500 Students can get either of these awards but not both 21/06/2016 The University of Sheffield
Enhanced bursaries All care leavers, student carers & students estranged from their families automatically receive an enhanced bursary of 4,500 21/06/2016 The University of Sheffield
Scholarships Masters Scholars Global Scholars Lloyds Scholars Alumni Scholarships HSBC Scholarship Sports Scholarships Must achieve A*, A, A (or higher) or equivalent Household incomes below 25,000 High achieving students in financial need For care leavers For students who have competed in their sport at national level 21/06/2016 The University of Sheffield
How much will you get? www.sheffield.ac.uk/funding 21/06/2016 The University of Sheffield
Budgeting www.shef.ac.uk/moneytools 21/06/2016 The University of Sheffield
Now it s your turn. Use the Student Funding Calculator to work out a student s income: www.sheffield.ac.uk/funding Then use the Money Planner to figure out their budget: www.sheffield.ac.uk/moneyplanner 21/06/2016 The University of Sheffield
The budgets. How can students improve their budget? Part-time work Departmental awards Scholarships Full-time work during vacation and summer before uni Additional funding opportunities Decrease outgoings Charities and trusts Family contributions 21/06/2016 The University of Sheffield
Resources page www.sheffield.ac.uk/ssd/finance/resources 21/06/2016 The University of Sheffield
Thank you for listening Questions? 21/06/2016 The University of Sheffield