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STUDENT FINANCE MATTERS

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Student Finance England (SFE) provide financial support on behalf of the UK . Government to students from England entering higher education in the UK: – PowerPoint PPT presentation

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Title: STUDENT FINANCE MATTERS


1
STUDENT FINANCE MATTERS
2
i
SESSION CONTENTS
  • Student Finance England
  • Section 1 The Student Finance Package
  • Section 2 Student Loan Repayments
  • Section 3 Applications Information
  • Section 4 Money Management

3
!
COMMON CONCERNS
4
!
COMMON CONCERNS TUITION FEES
5
!
COMMON CONCERNS
COMMON CONCERNS REPAYMENTS
6
!
COMMON CONCERNS
COMMON CONCERNS GENERAL
7
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STUDENT FINANCE ENGLAND
8
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STUDENT FINANCE ENGLAND
  • Student Finance England (SFE) 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 dont
    have to be paid back)
  • and loans (which do).

9
SECTION 1
THE STUDENT FINANCE PACKAGE
10
1
THE STUDENT FINANCE PACKAGE SUPPORT AVAILABLE TO
STUDENTS INCLUDES
Tuition Fee Loan
The Student Finance Package
Maintenance (Living Cost) Support
Bursaries Scholarships
Additional Support
11
SECTION 1
TUITION FEES LOANS
12
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 wont have to pay any tuition
    fees up front.
  • A Tuition Fee Loan is available to cover the fee
    charged by the university
  • or college (up to 6,000 for approved courses at
    private HEIs).
  • Tuition Fee Loan doesnt depend on household
    income.
  • SLC pay any Tuition Fee Loan directly to a
    university or college.
  • The loan is repayable, but only when the
    students income is
  • over 21,000 a year.

Publicly funded
13
SECTION 1
MAINTENANCE SUPPORT
14
1
MAINTENANCE SUPPORT
  • Maintenance support is available to help with
    living costs a student
  • will face 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 get some funding.
  • The amount of loan available will depend on where
    a student lives
  • and studies.
  • Maintenance support is paid directly into the
    students bank account
  • each term.

15
1
MAINTENANCE LOAN 2014/15 MAXIMUM RATES
Where Students Live Study Maximum Loan Available
Parental Home Live at home 4,418
Elsewhere Live away from home and study outside of London 5,555
London Live away from home and study in London 7,751
Overseas Study overseas as part of a UK course 6,600
16
1
MAINTENANCE LOAN MEANS TESTING
Full-Year Student 65 Non Means Tested 35 Means Tested Maximum Loan
Parental Home 2,871 1,547 4,418
Elsewhere 3,610 1,945 5,555
London 5,038 2,713 7,751
Overseas 4,290 2,310 6,600
17
1
MAINTENANCE SUPPORT
MAINTENANCE GRANT
  • The Maintenance Grant doesnt have to be repaid.
  • How much grant a student can get depends on their
    household
  • income (100 means tested).
  • Household income thresholds for 2014/15

Household Income up to 25,000
Full Grant of 3,387
Household Income up to 42,620
Partial Grant
18
1
SUPPORTING AN APPLICATION HOUSEHOLD INCOME
  • If youll be supporting a students application
    for student finance that
  • depends on household income, SFE will need to see
    details of your
  • household (taxable earned and unearned) income
    and National Insurance
  • (NI) number(s).
  • 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
  • Unearned income includes
  • interest from savings (only the annual summary is
    required)
  • benefits and pensions
  • rent from property or a room

For most applications, SFE verify income from
your NI number with no need to send any
documents, unless we ask for them
19
1
SUPPORTING AN APPLICATION TAX YEAR USED FOR
ASSESSMENTS
  • Please give financial information for the tax
    year prior to when the student
  • will start in higher education.
  • For students starting in Sept 2014 please submit
    financial information
  • for the 2012/13 tax year.
  • Supporting an application drop in income
  • If your income has dropped by 15 or more in the
    current tax year SFE
  • can reassess an application so a student may get
    additional support.
  • Submitting a Current Year Income (CYI) form
  • support the student's application for finance as
    normal
  • complete the (CYI) form with estimates of this
    financial year's details
  • provide evidence to support estimates at the end
    of the current tax year

20
1
COMBINED MAINTENANCE SUPPORT LIVING AWAY FROM
HOME, OUTSIDE LONDON
Household Income Maintenance Grant Maintenance Loan Total
25,000 under 3,387 3,862 7,249
30,000 2,441 4,335 6,776
35,000 1,494 4,808 6,302
40,000 547 5,282 5,829
42,620 50 5,530 5,580
42,875 0 5,555 5,555
50,000 0 4,836 4,836
62,132 over 0 3,610 3,610
Students can get a quick estimate of their
student finance entitlement using the calculator
on gov.uk/studentfinance
21
SECTION 1
BURSARIES SCHOLARSHIPS
22
1
BURSARIES SCHOLARSHIPS
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 fee waivers or cash
  • Scholarships
  • can be linked to academic results or outstanding
    ability in an area
  • such as sport, music or art
  • can be subject specific and are limited in numbers

Important to check university websites early and
ask at open days for information on available
bursaries and scholarships.
23
SECTION 1
ADDITIONAL SUPPORT
24
1
ADDITIONAL SUPPORT
ADDITIONAL SUPPORT
  • Extra support may be available to students who
  • have a child or an adult who depends on them
    financially
  • 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
www.nhsbsa.nhs.uk/students
25
SECTION 2
STUDENT LOAN REPAYMENTS
26
2
STUDENT LOAN REPAYMENT
STUDENT LOAN REPAYMENTS AN OVERVIEW
  • Students wont make repayments until their 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
    course.
  • Repayments will be 9 of income over 21,000 and
    when employed deductions will be made from their
    pay through the HMRC tax system.
  • If their income falls to 21,000 or below,
    repayments will stop.
  • Early repayments can be made at any time, but any
    outstanding
  • loan balance will be written off 30 years after
    entering repayment.

27
2
STUDENT LOAN REPAYMENTS THE INTEREST
Interest added will vary, depending on a
students circumstances
The interest rate applied is updated once a year
in September, using the rate of RPI from that
March which is carried forward.
28
2
STUDENT LOAN REPAYMENTS THE FIGURES
Income each year before tax Income from which 9 is deducted Monthly Repayment (Approx)
21,000 0 0
25,000 4,000 30
30,000 9,000 67
35,000 14,000 105
40,000 19,000 142
45,000 24,000 180
50,000 29,000 217
60,000 39,000 292
More information on loan repayments and interest
rates can be found at www.studentloanrepayment.co.
uk
29
SECTION 3
APPLICATIONS INFORMATION
30
3
STUDENT FINANCE APPLICATIONS KEY MESSAGES FOR
STUDENTS 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..
  • ...dont let that be your son or daughter!
  • It'll take at least six weeks to process an
    application so apply early!
  • Apply online now at gov.uk/studentfinance to make
    sure that student finance is in place for the
    start of their course
  • Students dont need a confirmed place at
    university or college to apply
  • for student finance.
  • Apply with their first choice, they can change
    details later if they need to.

31
3
STUDENT FINANCE APPLICATIONS APPLICATION DATES -
NEW STUDENTS
32
3
GOV.UK FOR MORE INFORMATION TO APPLY
www.gov.uk/studentfinance
33
3
STUDENT FINANCE APPLICATIONS GET IT RIGHT FIRST
TIME
  • Make a note of their account log-in details and
    keep them safe.
  • Agree to share information from your application,
    this helps apply
  • for many bursaries and some scholarships.
  • Make sure any evidence and information needed to
    support an
  • application is supplied first time (students and
    parent/partners).
  • Submit an application even if theres a delay in
    getting income details from parent/sponsors so
    some funding (Tuition and Maintenance Loan) will
    be available when they start their course.
  • If SFE request any additional evidence or
    documents to support the application use recorded
    delivery!

34
3
STUDENT FINANCE APPLICATIONS RIGHT FIRST TIME -
COMPLETING AN APPLICATION
Before starting the application, students should
have the following to hand passport - SFE can
check identity using valid UK passport details
for most students university and course
details bank account details and National
Insurance number If you will be supporting a
students application you will need to set up
your own account on GOV.UK and provide
information including National Insurance
number(s), household income (from prior tax
year) and details of other child dependents
35
3
THE STUDENT ROOM FOR FURTHER INFORMATION
RESOURCES
www.thestudentroom.co.uk/studentfinance
36
SECTION 4
MONEY MANAGEMENT
37
4
MONEY MANAGEMENT CONSIDER THE COSTS
  • Before starting in higher education, its
    important students think about
  • the costs they are likely to face and how to
    manage their money.
  • A student will receive their maintenance support
    in termly payments
  • and will need to budget for things like
  • books and other study materials
  • accommodation, food and drink
  • sports, leisure and social activities
  • There will also be other costs they may not have
    thought of yet such
  • as insurance or a TV Licence.

38
?
HOW MUCH?
MONEY MANAGEMENT HOW MUCH?
Studying in London? An 18 Student Oyster card
can save you 30 on Bus, Tram Travelcard
prices.
39
?
HOW MUCH?
MONEY MANAGEMENT HOW MUCH?
Approximate figures from NUS The Guardian,
based on university owned accommodation
40
4
MONEY MANAGEMENT HINTS TIPS TO CONSIDER
  • Plan a budget and (try to) stick to it!
  • Ask questions and get any advice they need from
    teachers or advisers, current students,
    university or college staff.
  • Check out student bank accounts and NUS Extra
    cards.
  • Try to avoid taking credit cards, store cards or
    pay day loans!!
  • Be aware of phishing scams protect their
    information!!
  • If they should need financial support and advice
    once at university
  • or college, staff there will be able to help.

41
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KEY MESSAGES
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 a students income, not
    what they owe
  • Research all finance available especially
    bursaries scholarships
  • Apply on-line on time no need to wait for a
    confirmed place
  • Application deadline for new students 30th May
    2014!!
  • Check all details are correct before submitting
    an application

42
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QUESTIONS COMMENTS
43
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NEED MORE INFORMATION?
For further Information on student finance and
applications go to www.gov.uk/studentfinance Fo
r a range of helpful tools and guidance,
visit www.thestudentroom.co.uk/studentfinance
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