Student Loan amounts are increasing Grant amounts are increasing New bursaries are being designed and implemented..by each institution The whole of the Student Finance System is changing Top Up Fees mean that all Universities and Higher Education Colleges can charge up to £3000 per year BUT
Top Up Fees mean that all institutions can charge up to £3000 a year Most of the local institutions are charging the full £3000 Northbrook is only charging £2500 for 06/07 Fee Loans All students can take out a Fee Loan The Fee Loan is non means tested The maximum Fee Loan available to each student is the fee charged by the institution Students can choose to take only a partial Fee Loan Don’t Worry! These fees don’t have to be paid up front
To provide support for students’ living costs Maximum loan available to students studying locally is..£4405 This amount is slightly lower for students who will be..living at the parental address - £3415 75% of the maximum loan is available to all students The other 25% is means tested & earnings must be below..£50,000
No loan repayments will begin until the student has finished his or her studies Repayments are set at a rate of 9% of a student’s earnings above £15000 For example, for a student earning £18000, the monthly repayment would be £22.50 If a student’s earnings are below £15000, no payments are taken Students won’t have to remember to make payments – the correct amount will automatically be deducted from their pay with their tax and NI Students who become self-employed will have their payments collected through the self-assessment system Students can make higher payments if they wish to After 25 years, any loan balances remaining will be written off
The maintenance grants are non repayable. There are 2 types of grants. Both grants are up to £2700 per year and are available to students whose family income is below £35,000. Maintenance Grant You must not be in receipt of means tested benefits. The first £1200 of this grant substitutes £1200 of the student loan. For example, if you are assessed to receive: A loan of £4405 & a maintenance grant of £2700. You will actually receive A loan of £3205 & a maintenance grant of £2700 Special Support Grant You must be in receipt of means tested benefits Or You must fall into one of the government’s categories This grant is disregarded as income by the Benefits Office. Whatever you are allocated will be in addition to your student loan.
£500 Reward Students will receive £500 cash at the end of the academic year should they complete successfully. Up to £5000 Bursary Students who fall into 1 of 4 categories may be eligible for a grant of up to £5000: Low income backgrounds Assessed as dependent – but are independent Aged 25+ and changing career Are progressing from a Further Education course at..Northbrook
Application forms for the new academic years become available in March. For the Maintenance Loan and Grant and the Fee Loan students need to apply through their Local Education Authority. This is based on the county in which they live. Applications for Northbrook bursaries are available through the Student Financial Support Office – 01903 606 014 All local contact details are in the Guide To Top Up Fees and Bursaries in 2006/07 ANY QUESTIONS?
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