1. STUDENT FINANCE 2015/16

2. SESSION CONTENTS Section 1 - The Student Finance Package Section 2 – Additional Support Section 3 – Student Loan Repayment Section 4 – Application Information Section 5 – Managing Your Money

3. HOW MUCH DO YOU KNOW?

4. t Q *What is the maximum tuition fee universities or colleges can charge new students in 2015/16? t Q How much of this will you need to pay upfront before you go to uni or college? £0 A £9,000 A *Eligible Welsh domiciled students studying at a publicly funded university or college

5. THE STUDENT FINANCE PACKAGE 2015/16

6. THE STUDENT FINANCE PACKAGE SUPPORT AVAILABLE TO STUDENTS INCLUDES: Bursaries & Scholarships Tuition Fee Support Maintenance (Living Cost) Support Additional Support The Student Finance Package

7. TUITION FEES OVERVIEW Currently capped at £9,000 per year. The tuition fee will be decided by the university or college including if it charges different amounts for different courses. The average tuition fee for new students in 2014 was about £8,647. Students at private universities or colleges offering designated courses will be able to borrow up to £6,000* towards tuition costs. You won’t be able to get a Fee Grant. *Students will have to self-fund any additional fee charged

8. TUITION FEES TUITION FEE SUPPORT A Tuition Fee Loan of up to £3,810 is available as well as a Tuition Fee Grant to cover the difference between the available Tuition Fee Loan and the tuition fee charged by your university. For courses with £9,000 tuition fees you would receive a maximum Tuition Fee Grant of £5,190. Tuition Fee Loans and Tuition Fee Grants are paid direct to your university or college. Tuition Fee Loans are repayable, but only when you’ve left university or college and your income is over £21,000 a year.

9. THE STUDENT FINANCE PACKAGE 2015/16 MAINTENANCE SUPPORT

10. 29p £118. 49 C C Faint mae’r bag hwn o basta yn costio? Angen ychwanegu blas?.....Mae’r jar hwn o saws yn costio? ?? 39p ? From £2.25 ? MANAGING YOUR MONEY HOW MUCH? What is the average weekly cost of student accommodation?* *Figures from NUS based on university-owned accommodation (Including privately owned student accommodation = £123.96) How much is this bag of pasta? Need some flavour?.....This jar of tasty sauce costs? And unless you want to eat it cold........one of these might be useful!

11. HOW MUCH? – ACCOMMODATION Q What’s the average weekly cost of student accommodation? A £118.49 per week* ? Lowest ? £39pw ? Highest ? £415pw *Approximate figures from The Guardian based on university-owned accommodation

12. OTHER COSTS?

13. SUPPORT FOR LIVING COSTS Support is available to help towards living costs you’ll have while at university or college and all eligible students can get some funding. Two types of support are available: Maintenance Loan and Welsh Government Learning Grant. The Maintenance Loan is repayable. The amount of loan available depends on where you live (eg with parents, etc) and study. Support for living costs are paid direct to your bank account each term.

14. MAINTENANCE SUPPORT MAINTENANCE LOAN 2015/16 MAXIMUM RATES (*) Slightly lower rates of support apply to final year students. ! Additional means tested loan is available for each extra week of study for students attending their course beyond 30 weeks. ! Full-Year Student (*) 75% Non Means Tested 25% Means Tested Maximum Loan Parental Home£3,121 £1,041£4,162 Elsewhere£4,032 £1,344£5,376 London£5,649 £1,883£7,532 Overseas£4,807£1,603£6,410

15. MAINTENANCE SUPPORT WELSH GOVERNMENT LEARNING GRANT Non-repayable grant for 2015/16 is up to £5,161 (max). 100% means tested. Students from households with an income of up to £18,370 will be entitled to the maximum £5,161. Students from households with an income of up to £50,020 will be entitled to a partial grant.

16. COMBINED SUPPORT Household Income £ Welsh Gov Learning Grant Maintenance LoanTotal £18,370 & under£5,161£2,796£7,957 £20,000£4,715£3,019£7,734 £25,000£3,347£3,703£7,050 £26,500£2,936£3,908£6,844 £30,000£2,099£4,327£6,426 £34,000£1,149£4,805£5,947 £40,000£734£5,009£5,743 £45,000£395£5,180£5,573 £50,020£50£5,351£5,401 £55,000£0£4,527 £57,475£0£4,032 If you’re studying outside London and living away from your parents

17. SCHOLARSHIPS AND BURSARIES ! You should check university websites and ask at open days and UCAS conventions for information on bursaries and scholarships: what is available and how/when to apply. Most universities offer additional support to students which could be worth thousands of pounds, so it’s important to research what’s available and when to apply. Bursaries: usually depend on personal circumstances and, often, your household income vary by university or college Scholarships: can be linked to academic results or an outstanding ability in sport, music etc… can be subject specific and are limited in numbers

18. ADDITIONAL SUPPORT

19. OVERVIEW Extra money or support may be available if you: have a disability, mental-health condition or specific learning difficulty have children or adults who depend on you are studying an NHS or Social Work course NHS courses include: nursing, midwifery, physiotherapy, chiropody, dietetics, radiography, occupational therapy, the later stages of medicine and dentistry.

20. STUDENT LOAN REPAYMENT

21. REPAYMENT - HOW MUCH DO YOU KNOW? t Q How much do you need to earn before you start paying back your student loan? A Over £16,000 B Over £21,000 C Over £19,000 B Over £21,000

22. STUDENT LOAN REPAYMENT OVERVIEW You won’t make repayments until your income is over £21,000 a year. Full-time students will be due to start repaying in the April after graduating from/leaving their course. You’ll repay 9% of your income over £21,000 and if you’re employed your employer will make deductions from your pay through the HMRC tax system. Students may get a partial cancellation of their Maintenance Loan of up to £1,500. If your income falls to £21,000 or below your repayments will stop.

23. STUDENT LOAN REPAYMENT THE FIGURES Income each year before tax Income from which 9% will be deducted Approximate Monthly Repayment £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 ! Any outstanding loan balance will be cleared 30 years after entering repayment. Income each year before tax £20,000,000 (approx) Income from which 9% will be deducted £19,979,000 Approximate monthly Repayment £149,842

24. STUDENT LOAN REPAYMENT TRUE or FALSE – You do not need to repay your loan... Bankruptcy? Earn under 21K? Made redundant? Work/live abroad? Pregnancy?You die? Become a teacher? After 30 years? True – 30 years after you enter repayment any remaining loan will be written off. True – the debt dies with you, and no one inherits it. False. False – you are still eligible to make repayments if working abroad and earning above the threshold. False – but you stop making repayments at anytime you earn under the threshold. False becoming bankrupt does not write off your student loan. False – but payments will stop being collected, if unemployed/claiming Jobseeker’s Allowance. False – but you stop making repayments if earnings dip below the threshold.

25. STUDENT LOAN REPAYMENTS THE INTEREST Income: Under £21,000 Income: Over £41,000 Interest Rate: RPI +3% Interest Rate: RPI + up to 3% Interest Rate: RPI Only Interest Rate: Retail Price Index +3% Income: £21,000 to £41,000 During study until entering repayment Interest on your loan will depend on your income and circumstances:

26. APPLICATION INFORMATION

27. APPLICATION - HOW MUCH DO YOU KNOW? t Q How should you apply for student finance? C Online – studentfinancewales.co.uk B Online – Gov.uk A Through your Local Authority C Online – studentfinancewales.co.uk

28. HOW DO I APPLY? KEY MESSAGES Apply online through www.studentfinancewales.co.uk You don’t need a confirmed place at university or college to apply. You can change your details online before starting your course. If you share information from your application, this helps with scholarships and bursaries.

29. APPLICATION INFORMATION COMPLETING AN APPLICATION Before starting an application, you should have the following to hand: passport - SFW can check identity using valid UK passport details university and course details bank account details and National Insurance number your parents’ or partner’s email address

30. APPLICATION INFORMATION STUDENTFINANCEWALES.CO.UK

31. SOCIAL MEDIA FOR THE LATEST SFW NEWS www.facebook.com/SFWales www.twitter.com/sf_wales

32. UNISTATS COMPARE UNIVERSITIES AND COURSES

33. MANAGING YOUR MONEY

34. CONSIDER THE COSTS Before starting in higher education, it’s important to think about the costs you are likely to face and how to manage your money. Remember, you’ll receive your maintenance support payments each term and you will need to budget for things like: books and other study materials accommodation, food and drink sports, leisure and social activities There will also be other costs you may not have thought of yet such as insurance or a TV licence.

35. MANAGING YOUR MONEY HINTS AND TIPS TO CONSIDER Plan a budget – and (try to) stick to it! Ask questions and get any advice you need. Check out student bank accounts and NUS Extra cards. Try to avoid taking credit cards, store cards or pay day loans!! Be aware of phishing scams – protect your information!! If you need financial support and advice once you’re at university or college, staff there will be able to help.

36. WHAT NEXT? Research - studentfinancewales.co.uk - student finance calculator - guides and quick guides Apply - online - on time Payment - loans and grants paid into bank account shortly after commencing course - fees paid directly to your university Repayment - start paying back your loans when you have left university and earn over £21,000

37. CONTACT STUDENT FINANCE WALES For further Information on student finance and applications call us on: Customer helpline: 0300 200 4050 There are no silly questions when it comes to student finance, so if you’re unsure, ask!

38. QUESTIONS?