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Www.gov.uk/studentfinance STUDENT FINANCE ENGLAND HELOA Teacher and Adviser Conference Thursday 15 th May 2014 Chris Snowdon (Student Finance Adviser,

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Presentation on theme: "Www.gov.uk/studentfinance STUDENT FINANCE ENGLAND HELOA Teacher and Adviser Conference Thursday 15 th May 2014 Chris Snowdon (Student Finance Adviser,"— Presentation transcript:

1 STUDENT FINANCE ENGLAND HELOA Teacher and Adviser Conference Thursday 15 th May 2014 Chris Snowdon (Student Finance Adviser, East of England)

2 SESSION CONTENTS i The Student Finance Information Team (SFIT) The Student Finance Package Looking Ahead to 2015/16 News and Updates Applications & Information : Get it right first time How Repayment Works? Practitioner Resources

3 REGIONAL SUPPORT THE STUDENT FINANCE INFORMATION TEAM i Provide training, updates CPD opportunities for staff and practitioners Assist in providing student finance updates at appropriate events (parents) Signposting to a range of free resources Student finance mailing list (East of England specific) Statement of Service

4 THE STUDENT FINANCE PACKAGE

5 TUITION FEE LOAN Non-Means Tested for whatever your being charged (up to £9000 max) MAINTENANCE LOAN Parents (max of £4418), Elsewhere (max of £5555), London (max of £7751 ) 65% non means tested, 35% means tested MAINTENANCE GRANT Means Tested (non-repayable) grant of up to £3387 ADDITIONAL SUPPORT Student with children / Student with disabilities...and don’t forget about bursaries and scholarships /15 AT A GLANCE WHAT IS AVAILABLE?

6 TUITION FEE LOAN Maintained at the same level as 2014/15 (max of £9000) MAINTENANCE LOAN Increase in maximum rate of Maintenance Loan in line with inflation (+3.34%) MAINTENANCE GRANT Maintained at the same level as 2014/15 (max of £3387) ADDITIONAL SUPPORT Increase in maximum rates line with inflation (+3.34%) *All rates subject to final Parliamentary Approval LOOKING AHEAD TO 2015/16* WHAT IS AVAILABLE?

7 NEWS AND UPDATES Application data... New free phone telephone number for students New end to end Welsh Service Part Time Application Cycle 2014/15 ready to launch Proposal for new Sharia Compliant Loan System New contact for Practitioners:- -referral via Regional Adviser New Online Application Platform (and Application Demo)

8 APPLICATIONS & INFORMATION SECTION 3

9 STUDENT LOAN APPLICATIONS STUDENT FINANCE APPLICATIONS RIGHT FIRST TIME - KEY MESSAGES 3 Apply online at gov.uk/studentfinance as soon as possible to make sure their student finance is in place for the start of their course The application cycle for 2014/15 is OPEN NOW Students do not need a confirmed place at university or college to apply for student finance Make a note of their account log-in details & keep them safe They can change most details online before starting their course Agree to share information from their application, this helps apply for many bursaries and some scholarships

10 STUDENT FINANCE APPLICATIONS RIGHT FIRST TIME - COMPLETING AN APPLICATION 3 Before starting the application, students should have the following to hand: Passport - SLC 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, details of other child dependent’s If you can’t submit your income details online, send a photocopy of evidence including: P60, Pay slips, Tax return, or Pensions

11 APPLICATION INFORMATION COMPLETING AN APPLICATION 3

12 3 NEW LOOK ‘MY ACCOUNT’ MAKING IT EASIER TO NAVIGATE & UNDERSTAND

13 3 NEW LOOK ‘MY ACCOUNT’ MAKING IT EASIER TO NAVIGATE & UNDERSTAND

14 3 NEW LOOK ‘MY ACCOUNT’ MAKING IT EASIER TO NAVIGATE & UNDERSTAND

15 SECTION 4 STUDENT LOAN REPAYMENTS

16 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 STUDENT LOAN REPAYMENT STUDENT LOAN REPAYMENTS AN OVERVIEW 4

17 Income each year before tax Income from which 9% is deducted Monthly Repayment (Approx) £21,000£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 STUDENT LOAN REPAYMENTS THE FIGURES Early repayments can be made at any time, but any outstanding loan balance will be written off 30 years after entering repayment 4

18 Interest added will vary, depending on a student’s circumstances: During study until entering repayment Interest rate is: Retail Price Index (RPI) +3% Income: Below £21,000 Interest rate is: Set at RPI Only Income: £21,000 to £41,000 Interest rate is: RPI plus up to 3% Income: Above £41,000 Interest rate is: Retail Price Index (RPI) +3% The interest rate applied is updated once a year in September, using the rate of RPI from that March which is carried forward STUDENT LOAN REPAYMENTS THE INTEREST 4

19 Example 1 Old System Student 3 year course, £3,000 a year fees £4,000 a year maintenance loan 25 year write off period Owes £23,000 at end of studies, including interest Starting Salary of £24,000 Total Repayments = £35,500 Repay full balance in 24.5 years ! Assumptions: 2% salary growth, 3% average inflation. Based on a report by HEPI on the Government White Paper, available here.here Example 2 New System Student 3 year course, £9,000 a year fees £4,300 a year maintenance loan 30 year write off period Owes £45,000 at end of studies, including interest Starting Salary of £24,000 Total Repayments = £22,000 Balance written off after 30 years 4 STUDENT LOAN REPAYMENTS A COMPARISON…

20 4 STUDENT LOAN REPAYMENTS DEDICATED WEBSITE

21 PRACTITIONER RESOURCES SECTION 5

22 5 PRACTITIONER RESOURCES DEDICATED WEBSITE

23 PRACTITIONER RESOURCES Money Matter e-mag Suite of Factsheets Series of Full and Quick Guides PowerPoint Presentations Videos and Marketing Materials Policy Documents and SFE Updates Application Demo 2014/15 Links to interactive features, including SFE ‘A Minute For’ ‘A Minute For’ videos 5

24 Student Finance Advisers: Our team of dedicated regional advisers work closely with key partners across England to deliver a range of services including: Staff development through bespoke training, Advice and support with SFE resources, policy and processes If we can support you and your colleagues with any area of student finance IAG delivery, please do get in touch: PRACTITIONER RESOURCES SUPPORT FOR PRACTITIONERS Practitioner Helpline: For detailed/complex regulatory advice and particularly complex assessment enquiries


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