2015/16 BURSARIES & SCHOLARSHIPS MAINTENANCE SUPPORT TUITION FEE LOAN ADDITIONAL SUPPORT THE STUDENT FINANCE PACKAGE SUPPORT AVAILABLE TO STUDENTS INCLUDES: Figures used in this section are 2014/15 examples and may change upon announcement of 2015/16 student finance policy 1
2015/16 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 a university or college** A 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 institutions **Up to £6,000 available for approved courses at private providers TUITION FEES & LOANS 1
2015/16 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 receive 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
2015/16 Elsewhere - Live away from home and study outside of London London - Live away from home and study in London Overseas - Study overseas as part of a UK course Parental Home - Live at home Up to £4,418 MAINTENANCE LOAN EXAMPLE 2014/15 MAXIMUM RATES 1 Up to £5,555 Up to £6,600 Up to £7,751 65% of these total amounts is not means tested so is not affected by household income
2015/16 The Maintenance Grant doesn’t have to be repaid How much grant you can get depends on your household income (100% means tested) Current household income thresholds 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 You can get a quick estimate of your student finance entitlement using the calculator on gov.uk/studentfinancegov.uk/studentfinance
2015/16 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 £60,000£0£3,826 £62,132 & over£0£3,610 Student living away from home outside London: 2014/15 ILLUSTRATION 1
2015/16 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 discounted tuition fees, accommodation or cash Scholarships: Linked to academic results or ability in an area such as sport or music 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 and how and when to apply!
2015/16 ADDITIONAL SUPPORT Have children or adults dependent on you 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
2015/16 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 2
2015/16 £30 Monthly Repayment? £4,000 9% Deducted from? Income each year before tax Income from which 9% is deducted Monthly Repayment (Approx) £21,000£0 £30,000£9,000£67 £40,000£19,000£142 £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 Income £25,000 £ £
2015/16 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 6 weeks to process your application so apply early to make sure your student finance is ready for the start of your course Apply online at gov.uk/studentfinance* 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 KEY MESSAGES – APPLY EARLY 3 *When setting up your student finance account, be sure to keep a note of your password and other log-in information!
2015/16 www.gov.uk/studentfinance GOV.UK FOR MORE INFORMATION & TO APPLY 3
2015/16 www.thestudentroom.co.uk/studentfinance www.youtube.com/SFEFILM www.twitter.com/sf_england www.facebook.com/SFEngland SFE ONLINE FOR FURTHER INFORMATION & RESOURCES 3
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 2015/16