Presentation on theme: "Student Financial Support for 2011 higher education entrants Student finance is available so you can make the most of your time at university or college."— Presentation transcript:
Student Financial Support for 2011 higher education entrants Student finance is available so you can make the most of your time at university or college without having to worry about money.
Aims and Objectives ► To identify the different types of Higher Education financial support available ► Know how and when to apply to Student Finance England ► Know what information you need to have ready to apply
Do I qualify? There are three main conditions you have to meet: ► You must be personally eligible ► Your course must be eligible ► Your university or college must also be eligible
► Tuition fees ► Living costs Working in pairs spend 5 minutes to jot down: What your living costs at University might be ie the types of things you will need to spend your money on to live whilst at university Two main costs
► Tuition Fee Loan ► Maintenance Loan ► Maintenance Grant ► Extra support if you have special circumstances ► University or College Bursary What can I get?
Tuition Fee Loan To help with the cost of tuition fees to a maximum of £3,375: ► Available to all eligible students ► Not based on household income (ie not means-tested) ► Paid by Student Finance England direct to university or college ► Repayable only when you finish your course ► You must apply every year.
To help with living costs – most commonly used to pay for accommodation Entitlement depends on: ► Household income ► Everyone will get the first 72% ie £2763 ► The remaining 28% is dependent on household income ► Where you live while you are studying ► Year of course ► Start paying back when you finish or leave your course ► You must apply every year Maintenance Loan
Amount not depending on h/hold income Non means-tested Amount that depends on h/hold income Means-tested Total Loan Living in parents home £2,763£1,075£3,838 Living elsewhere or in own home (eg flat, halls of residence shared house etc) outside London £3,564 (£118 per week) £1,386£4,950 London£4,988£1,940£6,928 Overseas£4,244£1,651£5,895
Maintenance Grant To assist students from lower & middle income backgrounds: ► Non-repayable – FREE! ► Amount depends on your household income ► Will reduce the amount of Maintenance Loan you can get ► Maximum £2,906 ► It is intended to help with living costs
Maintenance Grant & Loan H/hold income Maintenance Grant Maintenance Loan Total support £25,000£2,906£3,497£6,403 £30,000£1,906£3,997£5,903 £34,000£1,106£4,397£5,503 £40,000£711£4,595£5,306 £50,020£50£4,925£4,975 £55,000£0£4,106 £60,000£0£3,564 Amounts available to students living away from parental home, outside London
► Support for part-time courses ► Disabled Students Grant (DSA) ► Childcare Grant ► Parents’ Learning Allowance ► Access to Learning Allowance ► Certain courses attract their own funding, for example NHS and Social Work courses Other Support
► Social Work: Can apply for - Tuition Fee Loan, Maintenance Loan, Maintenance Grant You will get a non means-tested bursary of £4,500 pa. ► Nhs degree: - Tuition fees paid for by the Nhs – no loan needed - Apply for Maintenance Loan - Apply for an income-assessed (means-tested) bursary (eg if household income is less than £24, 279 you could receive £2346 living at home or £2810 living away from home) Social Work and Nhs Bursaries
Bursaries ► You must be paying the full tuition fee ► Each university pays different amounts and has different eligibility criteria ► No need to apply for these separately – they are assessed automatically by Student Finance England ► When applying to Student Finance England DO NOT tick the box to ‘opt out of sharing information’ ► Use the Student Finance Calculator or check individual University websites
► Fee grant up to £1230 – depends on household income and intensity of the study eg 75% ► Additional Fee Support Scheme ► Course Grant – up to £265 depends on household income ► Disabled Students Allowance Part-time Study
How and when do I apply? ► Use the student finance calculator ► Apply online - www.direct.gov.uk/studentfinancewww.direct.gov.uk/studentfinance ► Apply from 16 th March 2011 – you don’t have to have a confirmed place. Deadline is 31 May 2011 ► When applying you will need to know the University code, course fees, your NINO and proof of ID eg passport number ► You will need proof of household income ► Student Finance England assesses your application and let you know what you can get ► To track your application online - log onto ‘my account
If your circumstances change ► Student Finance is calculated on household earnings from April 2009 to March 2010. ► Apply for a ‘Current Year Reassessment’ if household income for this year is 15% less than last year’s ► Update your account online ► Or fill in the form available on the website
How do I get paid? ► Register at your university or college - in the first week of your course ► Your university or college tells Student Finance England when you have registered ► Student Finance England pay your maintenance Loan and grants into your bank account in three instalments – at the start of each term ► Tuition Fee Loans will be paid direct to your university or college ► Your university or college will let you know when they will pay any bursary or scholarship you are entitled to
Repayment facts ► Interest is charged from day one of starting university until they are repaid in full ► Repayment begins the April after you finish or leave your course (as long as earnings are above £1,250 a month or £15,000 a year) ► Automatically repaid through tax system ► Any outstanding balance written off by government after 25 years ► Can pay off more - each month or in lump sums
Loan Repayment Income each year (before tax) Monthly salary (before tax) Approximate monthly repayment up to £15,000Below £1,2500 £16,000£1,333£7 £18,000£1,500£22 £21,000£1,750£45 £24,000£2,000£67 £27,000£2,250£90 £30,000£2,500£112
For more information on student finance please visit www.direct.gov.uk/studentfinance You can follow Student Finance England on facebook.com/SFEngland and twitter.com/SF_England To speak to an Adviser call 0845 300 5090 8.00am – 8.00pm Monday-Friday 9.00 am – 5.30pm Saturday and Sunday For more information