*Eligible English domiciled students studying at a publicly funded university or college Q *What’s the maximum tuition fee universities or colleges can charge new students in 2014/15? Q How much of this will you need to pay up front before you go to uni or college? A £9,000 A £0 HOW MUCH DO YOU KNOW? TUITION FEES ?
Q How much do you need to earn before you start paying back your student loans? Q After you graduate, your income is £25,000 a year, what would your monthly repayments be? A £21,000 A £30 HOW MUCH DO YOU KNOW? REPAYMENTS ?
Universities and colleges* can charge new full-time students up to £9,000 per year (£6,750 part-time) for tuition fees. Eligible students won’t 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 providers). Tuition Fee Loan doesn’t depend on household income. SFE pay any Tuition Fee Loan directly to your university or college. The loan is repayable, but only when your income is over £21,000. *Publicly funded TUITION FEES AND LOANS 1
Maintenance support is available to help with your living costs 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 you live and study. Maintenance support is paid directly into your bank account each term. MAINTENANCE SUPPORT 1
Where you Live & StudyMaximum 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 MAINTENANCE LOAN 2014/15 MAXIMUM RATES Additional loan is available for each extra week of study for students attending their course beyond 30 weeks. 1
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 MAINTENANCE LOAN MEANS TESTING *Slightly lower rates of support apply to final year students 1
The Maintenance Grant doesn’t have to be repaid. How much grant you can get depends on your household income (100% means tested). Household income thresholds for 2014/15: MAINTENANCE SUPPORT Household Income: Up to £25,000 Household Income: Up to £42,620 Full Grant of £3,387 Partial Grant MAINTENANCE GRANT 1
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 £50,000£0£4,836 £62,132 & over£0£3,610 COMBINED MAINTENANCE SUPPORT LIVING AWAY FROM HOME, OUTSIDE LONDON You can get a quick estimate of your student finance entitlement using the calculator on gov.uk/studentfinancegov.uk/studentfinance 1
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 BURSARIES & SCHOLARSHIPS 1 Check university websites and ask at open days for information on bursaries & scholarships
ADDITIONAL SUPPORT Have a child or an adult who depends on you 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 ADDITIONAL SUPPORT EXTRA SUPPORT MAY BE AVAILABLE IF YOU: For more information on eligibility and applications for NHS support go to www.nhsbsa.nhs.uk/studentswww.nhsbsa.nhs.uk/students 1
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 2
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 Interest will be applied to your loan at a maximum rate of RPI +3% More info can be found on www.studentloanrepayment.co.ukwww.studentloanrepayment.co.uk 2
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.....don’t let that be you! It will take at least six weeks* to process your application so apply early! Apply online now at gov.uk/studentfinance to make sure your student finance is in place for the start of your course. You don’t need a confirmed place at university or college to apply for student finance. Apply with your first choice, you can change details later if you need to. STUDENT FINANCE APPLICATIONS APPLY EARLY 3 *SFE handle over 1 million applications a year, most involve interactions with other government departments, eg HMRC
May The application deadline for new students is 30 May 2014 30 th Student finance applications can be made from 20 January 2014* 20 th Jan STUDENT FINANCE APPLICATIONS APPLICATION DATES - NEW STUDENTS *Returning students should wait to hear from SFE before re-applying for their finance 3
www.gov.uk/studentfinance GOV.UK FOR MORE INFORMATION & TO APPLY 3
Make a note of your 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 your application is supplied first time (yours and your parent/partners’). Submit your application even if there is a delay in getting income details from your parent/sponsor so some funding (Tuition and Maintenance Loan) will be available when you start your course. If SFE ask you to send any additional evidence or documents to support your application use recorded delivery! 3 STUDENT FINANCE APPLICATIONS GET IT RIGHT FIRST TIME
Before starting the application, you should have the following to hand: passport - SFE can check identity using valid UK passport details for most students university and course details – remember apply with your first choice initially so your application can be assessed as soon as possible bank account details National Insurance (NI) number parent’s or partner’s NI number and income details For most applications, SFE verify income from your parents/partners NI numbers with no need to send any documents, unless we ask for them STUDENT FINANCE APPLICATIONS INFORMATION YOU’LL NEED TO PROVIDE 3
www.thestudentroom.co.uk/studentfinance THE STUDENT ROOM FOR FURTHER INFORMATION & RESOURCES 3
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 your income, not what you 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 30 th May 2014!! Check all details are correct before submitting your application KEY MESSAGES POINTS TO BE CLEAR ON i Student Finance Matters... Apply Now!! And remember that....
www.gov.uk/studentfinance NEED MORE INFORMATION? i i For further Information on student finance and applications go to: www.gov.uk/studentfinance For a range of helpful tools and guidance, visit: www.thestudentroom.co.uk/studentfinance