Presentation is loading. Please wait.

Presentation is loading. Please wait.

The ‘F’ Word: Student Finance 2010 Ian Summers-Noble Senior Student Adviser Student Services.

Similar presentations


Presentation on theme: "The ‘F’ Word: Student Finance 2010 Ian Summers-Noble Senior Student Adviser Student Services."— Presentation transcript:

1 The ‘F’ Word: Student Finance 2010 Ian Summers-Noble Senior Student Adviser Student Services

2 Agenda Overview of Student Support funding for undergraduate students – Full-time - Tuition Fees, Grants, Loans, Bursaries... – Part-time – Fees Grant and Course Grant Issues for Student Finance Advice – Independent Status, Residency, ELQs, previous study, hardship

3 Full Time Undergraduate

4 Funding available Tuition Fees – £3,290 in 2010/11 – Tuition Fee Loan available (non income assessed) Maintenance Grant / Special Support Grant – Max £2,906 if ‘household income’ is £25k pa or less (partial grant up to income of £50,020 pa) – Non repayable – Special Support Grant – paid ‘on top’ of Loan and not taken as income for means tested benefits Maintenance Loan – Max £4,950 (elsewhere) or £3838 (parental home) – 28% income assessed

5 Household Income 25k30k35k40k45k50k55k60k65k70k Student Funding 2010 £1,000 £2,000 £3,000 £4,000 £5,000 £6,000 £7,000 All students should have access to at least £4,950 Living away from home outside London

6 Household Income 25k30k35k40k45k50k55k60k65k70k Student Funding 2010 £1,000 £2,000 £3,000 £4,000 £5,000 £6,000 £7,000 Living away from home outside London Maintenance Loan Maintenance Grant c£34K

7 Household Income 25k30k35k40k45k50k55k60k65k70k Student Funding 2010 £1,000 £2,000 £3,000 £4,000 £5,000 £6,000 £7,000 Living away from home outside London c£51K

8 Household Income 25k30k35k40k45k50k55k60k65k70k Student Funding 2010 £1,000 £2,000 £3,000 £4,000 £5,000 £6,000 £7,000 Living away from home outside London Parental Contribution Max £1,386

9 Household Income 25k30k35k40k45k50k55k60k65k70k Student Funding 2010 £1,000 £2,000 £3,000 £4,000 £5,000 £6,000 £7,000 Living away from home outside London University Funding

10 Teesside University Bursaries £750 per year paid every year that student is liable for the full tuition fees If they receive EMA whilst at college, or If their household income is £31,000 or less at the time of assessment

11 Teesside University Care Leavers Bursary Care leavers bursary of £1,000 per year for those students who come to us from a care background Contact: Katie Sykes (Student Adviser) or

12 Scholarship for Excellence 40 Scholarships of £4,000 per year Linked to outstanding academic achievement prior to University Further detail will be publicised on University website

13 Additional Government Funding Students with children or adult dependants –Childcare Grant Up to 85% of actual cost Registered or Approved Childcare Means tested –Adult Dependants Grant Financially dependant spouse/partner Means Tested Max £2,642 –Parents Learning Allowance Parents with dependant children Means tested Max £1,508

14 Additional Government Funding Disabled Students Allowance (DSA) –Specialist equipment allowance (up to £5161 for the course) –Non-medical helpers allowance (up to £20,520 per year) –General disabled students’ allowance (up to £1724 per year) –Extra travel costs –Not income assessed Contact Disability Services – or

15 Application Process Apply as soon as possible Deadline 25 th June for new students! Apply to Student Finance England – based in Darlington Link from UCAS, or Online calculator Apply online or download PN1 form

16 Student Loan Repayments Debt is generally ‘unhealthy’ but a Student Loan has many different characteristics to high street loans Interest rates are linked to Retail Price Index –0% in 2009/10 (awaiting announcement of 2010/11 rate) –What you pay back is worth what you borrowed –Pay back is more like a tax than loan – it is based on income rather how much has been borrowed –Amount outstanding 25 years after repayments expected to begin is written off

17 10k 15k 18k 20k 30k How much you earn Less than £15,000 Percentage of Income 0% Monthly Repayments £0 Weekly Repayments £0 STUDENT LOAN REPAYMENTS

18 10k 15k 18k 20k 30k How much you earn £16,000 9% of £1,000 Payback 9% of earnings above £15,000 Percentage of Income £90 (0.6%) Monthly Repayments £7.50 Weekly Repayments £1.73 STUDENT LOAN REPAYMENTS

19 10k 15k 18k 20k 30k How much you earn £22,000 9% of £7,000 Percentage of Income £630 (2%) Monthly Repayments £52.50 Weekly Repayments £12.11 STUDENT LOAN REPAYMENTS

20 Part Time Undergraduate

21 Basic Eligibility Definition of Part Time study – University/college classes course as “part time” (even if the course is 120 credits per year) Student must be able to complete the course in no more than 2x the length of a full-time equivalent course Funding not available if student already holds a degree qualification or equivalent level qualification Students are financially independent of parents no matter what their age

22 Intensity of Study Determines the rate of Fee Grant Based on how many credits students are studying compared to the full time equivalent course (fte) EG 60 credits = 50% Part time course can be 100% of FTE – 120 credits a year

23 Funding Available Depends on student’s and spouse/partner’s taxable income Fees grant of up to…. £820 if course is % fte £985 if course is 60% - 74% fte £1,230 if course is 75% + fte Study grant of up to £265

24 Income Assessment Income threshold £16,845 (single student with no dependants) Income threshold increases…. – £2,000 for partner – £2,000 for 1 st Child – £1,000 for each other child E.G. threshold for student with partner and one child – £16,845 + £2,000 + £2,000 = £20,845

25 Income Assessment Cont’d.. Full fees and study grant if income is below relevant threshold Income above threshold reduces fees grant and then study grant For a single student with no children, a partial fees grant is payable up to an income of £25,420 No fees or course grant if income exceeds £28,065 for single student

26 Fee Grant Payable at 50 – 59% fte £100 £200 £300 £400 £500 £600 £700 £800 £17K£18K £19K £25,420pa = Fee Grant of £50 £16,845pa = Fee Grant of £20,000pa = Fee Grant of £505

27 Application Process PTG1 form Should be available from mid August University/College must complete Section 6 at the beginning of academic year to confirm…. Course is designated Student is enrolled on the course Course is at least 1 years duration Course can be completed in less than twice the length of the full time equivalent The amount of the fees Intensity of study (%fte)

28 Part-time Teacher Training Courses Until 2010 students on p/t PGCE/CertEd/DTLLS courses applied for f/t loans and grants via the PN1 form From September 2010 they apply for the p/t grants via the PTG1 form This means that a student’s own earnings (as well as partner’s) are taken into account

29 Issues for Student Finance Advice

30 ‘Independent Status’ Age 25+ at 1 September Have been married or in civil partnership Have responsibility for child(ren) Have been financially self-supporting for at least 3 years before start of course (£7,500 per year income according to SFE) ‘Irreconcilably estranged’ from parents

31 Eligibility – Residence issues Main residence criteria: ‘Settled status’ in the UK ‘Ordinarily’ resident in the UK for at least 3 years before the start of the course (1 September) Actually ordinarily resident on 1 September Ordinarily resident in the UK other than “wholly or mainly for the purpose of receiving full-time education”

32 Eligibility – Residence issues Main exceptions to the main rule: Refugees or family members Those (and family members) not given refugee status but given “leave to enter or remain” following an asylum application EEA Migrant Workers (currently controversial!) EEA self-employed person Swiss workers/self-employed

33 Eligibility – Residence issues EC nationals (and family members) who have been ordinarily resident in the EEA for 3 years before the start of the course are eligible for Tuition Fee Loan only (and Teesside Bursary) EC nationals who have been ordinarily resident in the UK for 3 years before the start of the course (“Bidar Rule”)

34 ELQs Prior to 2009/10, no funding (except ‘targeted support’) if student already held honours degree From 2009/10, no funding (except ‘targeted support’) if students are on a second F/T or P/T course that is equivalent to, or lower than, their first HE qualification Whether that 1 st qualification was gained in the UK or overseas

35 ELQs exceptions Initial Teacher Training courses – PGCE (fee and maintenance support) 2 nd degrees in Medicine, Dentistry, Veterinary Science, Architecture and Social Work (maintenance loan and targeted support only) 2 nd degrees in Allied Health Professions (reduced rate maintenance loan) Funding is available for ‘top up’ from Foundation to Bachelors Degrees.

36 Number of years funding available “Everyone is entitled to 4 years’ worth of student loans” – not exactly “Ordinary Duration” of the course plus one extra year if needed In most cases =4 Full funding can therefore be available for first repeat years If second repeat year needed, no Maintenance Grant/Special Support Grant nor Tuition Fee Loan “Part time attendance on a full-time course” = full-time funding (fees depend on number of credits) If repeat year is due to “compelling personal reasons” can be funded without using up the +1

37 Previous Study Attendance on a F/T course for which the student received funding or was at a publicly funded institution (UK or abroad) Part year (even 1 day) = 1 year previous study OD+1-PC= number of years funding on current course “Compelling Personal Reasons” (repeat years on previous course or withdrawal from previous course due to CPR) If student gained qualification through P/T study, the number of years on this P/T course are counted as previous study Years of attendance on P/T courses on which student did not achieve a qualification are ignored.

38 Suspension of Studies Student funding available for up to 60 days sickness absence Continuation of funding depends on the reason for suspension – area of ‘discretion’ within the Regs Needs to be evidenced Still classed as student for Council Tax and Benefits purposes during periods of suspension JSA/HB from date student recovers from illness or caring duties cease until earliest date can resume studies Eligible for Access to Learning Fund

39 Overpayments If a student withdraws/suspends any grant received will be reassessed on a daily basis and ‘overpayments’ will be recovered. Students are obliged to notify SFE/SLC/LA when they withdraw/suspend – “backdating” suspension has been problematic. Child Care Grant – initially assessed on ‘guestimate’ of childcare costs and then reassessed when evidence of actual costs is submitted.

40 “Vulnerable Groups” Special Support Grant and eligibility for some welfare benefits (principally Housing Benefit) Single Parents Student Couples with children Students eligible for the ‘disability premium’ in Income Support or Housing Benefit (passporting benefits eg Disability Living Allowance)

41 Example - Lone Parent Lone parent; child aged 5; Rent = £80 pw; 1 st year in 2010/11: Maintenance Loan£4950 Special Support Grant£2906* University Bursary£ 750* Parents Learning Allowance£1508* Child Benefit (£20.30pw)£1056* Child Tax Credit (c£54.56pw)£2845 Housing Benefit (c£76.42pw)£3974 Total£17989 Plus Council Tax exemption, Income Support and maximum Housing Benefit in July/August, free school meals, help from Access to Learning Fund (at least ‘winter fuel’ and school uniform grant) *Ignored in calculation of Income Support/Housing Benefit

42 Hardship and Debt Hardship = Debt? Debt = inevitable part of student life? Good Debt vs Bad Debt: Money Management/Financial Literacy: Debt:

43 Access to Learning Fund A Hardship Fund from HEFCE Grant for Living Costs = complex means-testing including some ‘assumed’ costs and income Some grants linked to GLC eg ‘winter fuel’, school uniform grant Special Requests – 20 years experience of developing criteria for assistance with particular costs and hardship situation Can assist p/t students with study costs

44 Student Services Contacts Chris Turner – External Relations Officer Ian Summers-Noble – Senior Student Adviser Student Finance Advisers: Michael McTeague Katie Sykes Errol Theunissen Student Funding Officer (ALF): Claire Waterhouse Tel: (01642)

45 Student Finance England Student/general information and applications: Specialist information for Advisers: Student Support Information Notes (SSINs) Guidance Chapters Practitioners Support: Regional Finance Consultant: Steve Brown

46 (M)Any Questions?


Download ppt "The ‘F’ Word: Student Finance 2010 Ian Summers-Noble Senior Student Adviser Student Services."

Similar presentations


Ads by Google