Download presentation
Presentation is loading. Please wait.
Published byZoe Ferguson Modified over 4 years ago
1
£ 12_13 Student Finance
2
12_13 Content How it all works Applying Repaying Resources
3
12_13 A word about fees Up to £9,000 per year… …but tripling fees tripling costs: the real cost is in repayment Nothing has to be paid upfront Most students wont repay the full amount borrowed
4
12_13 Summary of changes for 2013 Full and part-time fees remain £9,000 max Living cost loans remain fixed at 2012 rates Household income thresholds remain fixed at 2012 rates
5
12_13 What support could I get?
6
12_13 Tuition Fee Loan Loan for cost of fees ( up to £9,000 per year in 2013) Available for full-time and part-time study Repay only once graduated and once earning £21k
7
12_13 What support could I get?
8
12_13 Living Cost Support Money for living costs – bills, food, rent Amount depends on income May receive a grant (non-repayable) – earnings under £42,600 Repay loans only once graduated and once earning £21,000
9
12_13 Household Income Maintenance Grant Maintenance Loan Total £25,000 & under £3,354£3,823£7,177 £30,000 £2,416£4,292£6,708 £35,000 £1,478£4,761£6,239 £40,000 £540£5,230£5,770 £45,000 £0£5,288 £50,000 £0£4,788 £55,000 £0£4,288 £60,000 £0£3,788 £62,125 & over £0£3,575 Student living away from home outside London 2013 Combined Support for Living Costs
10
12_13 What support could I get?
11
12_13 Bursaries: May link to National Scholarship Programme Depend on circumstances Vary by institution Scholarships: Academic, sport or music Subject specific or generic Vary by institution Scholarships & Bursaries
12
12_13 May receive extra money or support if you: Have children or adults dependent on you Have a disability or learning difficulty Are a student parent Additional Support
13
£ 12_13 Applying
14
12_13 www.direct.gov.uk/studentfinance
15
12_13 https://www.gov.uk
16
12_13 Applications Apply early, apply online Consent to share: helps with scholarship/bursary provision Only supply evidence if you are asked for it. Check online account before calling to save time
17
12_13 Applications cont. No need to wait for a confirmed place If unsure of fee amount, select maximum Process in place for students with incorrect fee loan
18
£ 12_13 Resources
19
12_13 www.facebook.com/SFEngland www.twitter.com/SF_England Daily surgeries Announcements on key dates, turnaround times etc. Links to information and guidance materials
20
12_13 www.thestudentroom.co.uk/studentfinance
21
12_13 www.thestudentroom.co.uk/studentfinance Sifter widget
22
12_13
26
£ Explaining Repayment www.studentloanrepayment.co.uk
27
12_13 Student Loan Repayment You are eligible for repayment: April after you leave/graduate if full-time, or April 4 years after starting if part-time No repayments until earning over £21,000 pa gross Repayments via HMRC @ 9% of earnings above £21,000 No early repayment charge Any outstanding debt written off after 30 years
28
12_13 Student Loan Repayment Income each year before taxApproximate monthly repayment Old systemNew system £15,000£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
29
12_13 Interest Rates Earnings below £21,000 pa Interest is set at Retail Price Index (RPI) Earnings between £21,000 - approx £41,000 Real rate of interest will start to be charged, reaching a maximum of RPI plus 3% Earnings above £41,000 Interest at the full rate of RPI plus 3%
30
Interest Rates ICR Historical Interest Rates *2.56 is the median – the interest rate was adjusted down four times in 2008/09
31
12_13 Additional Info A student loan is unlikely to affect your ability to get a mortgage (The Council for Mortgage Lenders ) Mortgage lenders are most interested in your monthly income (ability to repay) Under the new system monthly repayments lower = greater monthly income Students may find they are better off…
32
12_13 Better off with higher fees? Example 1 (old system): Old system student borrows £21,000 at end of studies (£3,000 per year fees loan x 3 + £4,000 living cost loan per year x 3) Plus interest owes approx £23,000 after studies Starting salary of £24,000 Total repayments = £35,500 (repaying full balance in approx 24.5 years) Assumptions: 2% salary growth, 3% average inflation/interest
33
12_13 Better off with higher fees? Example 2 (new system): New system student owes £40,000 at end of studies (£9,000 per year fees loan x 3 + £4,300 per year living cost loan x 3) Plus interest owes approx £45,000 after studies Starting salary of £24,000 Total repayments = £22,000 (balance written off after 30 years) Assumptions: 2% salary growth, 3% average inflation/interest
34
12_13 Student Loan Repayment Income each year before taxApproximate monthly repayment Old systemNew system £15,000£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
35
12_13 Order here
36
12_13 0845 300 5090 www.direct.gov.uk/studentfinance www.thestudentroom.co.uk facebook.com/SFEngland @sf_england
Similar presentations
© 2018 SlidePlayer.com Inc.
All rights reserved.
Ppt on revolt of 1857 in india Ppt on differential used in automobiles Best ppt on earth day for kids Body systems for kids ppt on batteries Ppt on image compression using dct transform Ppt on bluetooth applications pdf Download ppt on classification of animals Cns anatomy and physiology ppt on cells Ppt on as 14 amalgamation meaning Ppt on great indian mathematicians