2015/16 Kevin McMullan IAG Partner Account Manager Student Finance England News and Updates AY 2016/17

2015/16 UNDERGRADUATE FUNDING 2016/17 What do we know already?-Millionaire!Millionaire! SFE 2016/17 – Addressing the Common Concerns SFE News and Updates The Application Process – Get it Right First Time Assess, Pay, Repay – the overall process Teacher and Adviser Resources Revisit the Common Concerns CONTENTS WHAT WE WILL LOOK AT

2015/16 Funding available for all Money from SFE and HEP Repayment based on earnings, ot amount owed Increased career earnings Earners peak higher, sooner More than academic : personal development, travel, independent living University is not for everyone Talk to careers advisers, take advice on what path is right for you Apprenticeship, Vocational Course, FE, HE… Online application for most students HMPO link HMRC link Track your status online yourself View UNISTATS View Student Satisfaction Surveys Research is key Many institutions offer additional bursary support for first generation applicants SFE Funding is an option Be aware of how repayments works ICR Loans different to other forms of debt Think of value of HE rather than cost of HE Loans written off under certain conditions Range of accommodation Reduction available? Early budgeting discussions THE CHALLENGE FOR THE ADVISERS… HOW WOULD YOU RESPOND…

SECTION /16 TUITION FEE LOAN : Maximum amount of £9000 charge maintained MAINTENANCE LOAN : Maintenance Grant and Special Support Grant replaced by additional Maintenance Loan. The maximum level of Maintenance Loan has been increased by up to 10.3% for those previously entitled to Maintenance GrantMAINTENANCE LOAN ADDITIONAL SUPPORT : for students with caring responsibilities i.e. have children or an adult dependent on themADDITIONAL SUPPORT DISABLED STUDENT SUPPORT : students with a disability, including a mental-health condition or specific learning difficultyDISABLED STUDENT SUPPORT For more information on packages of support from SFE, SFW andSFESFW SFNI SFNI please click on these hyperlinks i STUDENT FINANCE ENGLAND AT A GLANCE…

SECTION /16 ADDITIONAL SUPPORT Other considerations that may have an effect on what support is available to students include Migrant Worker – funding released on a per term basis in SFE EU Students, entitled to tuition fee support (and maintenance support if they can demonstrate 5 years residency in the UK)5 years residency in the UK Part Time students entitled to tuition fee support only (proposal to introduce maintenance loans for part time students by AY 18/19) Relaxation of ELQ ruling for students studying second degree (part time) in STEM subject from 2017/18 Students studying NHS Courses in 2016/17 – grant, bursary, fees paidNHS Courses in 2016/17 Students studying NHS Courses in 2017/18 – consultation live until 30 th JuneNHS Courses in 2017/18 Students that can demonstrate new long residency eligibility criteria and are : under 18 years of age, lived in the UK for at least 7 years OR aged 18 years and above, and spent either (a) half their life or (b) 20 years in the UK. Full Government Response herehere SFE NEWS AND UPDATES FUNDING EFFECTS?

2015/16 SECTION 2 GOV.UK WHERE TO APPLY

2015/16 SECTION 2 Before starting an application, students should have the following to hand: Passport - SFE can check identity using valid UK passport details University and course details Bank account details and National Insurance number The easiest way for parents or other sponsors to support a students application is online through GOV.UK, providing information including: National Insurance number(s) Household income information (Based on correct tax year) Details of other child dependants Remember, an Application Demo is available here. This doeshere allows you to see the screens / questions your students will see i GET IT RIGHT FIRST TIME HAVE TO HAND

2015/16 SECTION 2 Financial information is needed for the tax year prior to when the student will start in higher education For students starting in Sept 2016 sponsors should submit financial information for the 2014/15 tax year Supporting an application – Drop in income: If household income drops by 15% or more in the current tax year, SFE can reassess an application so a student may receive additional support Submitting a Current Year Income form: Support the student's application for finance as normal Complete the (CYI) form with estimates of this financial year's details Provide evidence to support estimates at the end of the current tax year FINANCIAL INFORMATION KEEPING IT FAIR…

2015/16 SECTION 2 Tactical Processing : If an application is ‘standard’ and has straight forward information supplied online, our systems can tactically process the application through to approval without any need for assessor intervention Forced Non Means Tested Assessment : Applications that have outstanding financial evidence will be force-non means tested as course start date approaches, meaning students will start with some funding SOME TECHNICAL TERMS WHAT DOES IT MEAN?

2015/16 SECTION 2 Ticking the NHS Bursary box when not studying an NHS relatedNHS Bursary Course – this drastically reduces the amount of support available Putting unnecessary qualifications in the Previous Study box.Previous Study box We only require previous HE study, not GCSEs, A-Levels etc Course end date Course end date – some students incorrectly put their course end Date as the year end date – this reduces support available Leaving the LRF blank. Leaving the LRF blank. We are not allowed to award loans If they have not been specifically requested in the application Forgetting to sign the Online Declaration – 30,000 per AY. Please encourage students to sign and return their declarationreturn their declaration COMMON HOLD UPS AVOID THE HOT-SPOTS

2015/16 ASSESS, PAY, REPAY THE OTHER PARTS OF THE PROCESS SECTION 3

2015/16 -Tuition Fees to university and Maintenance Loan to students upon enrolment / registration at university -Payments released termly (3 payments at September, January, April) -Payments in – termly / Payment out – (likely) monthly -Encourage early discussions around basic budgeting and consider the costs that students will meet at university -Information is available in advance from SFE, HEPs...research is king! -Monitor and make any changes yourself to your online account ASSESS, PAY AND REPAY PAY

SECTION /16 You won’t make repayments until your income is over £21,000 a year. If you study a full-time course, you will be due to start repaying in the April after graduating or leaving higher education. 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. - For more information please see ASSESS, PAY AND REPAY REPAY

SECTION /16 £30 Monthly Repayment? £4,000 9% Deducted from? Income each year before tax 9% will be deducted from 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 Income £25,000 Interest is applied to your loan at a maximum rate of RPI +3% More info can be found on: i ASSESS, PAY AND REPAY REPAY

SECTION /16 SFE RESOURCES NEW REPAYMENT RESOURCES

SECTION /16 A range of student finance resources are now available for academic year 2016/17 including: Quick Start Guides PowerPoint Presentation Exchange, the Practitioners E-Mag Interactive App for iphone/tablet Main Guides SFE Factsheets SFE on YouTube SLC Social Media SFE RESOURCES THE PRACTITIONER WEBSITE

SECTION /16 Funding available for all Money from SFE and HEP Repayment based on earnings, ot amount owed Increased career earnings Earners peak higher, sooner More than academic : personal development, travel, independent living University is not for everyone Talk to careers advisers, take advice on what path is right for you Apprenticeship, Vocational Course, FE, HE… Online application for most students HMPO link HMRC link Track your status online yourself View UNISTATS View Student Satisfaction Surveys Research is key Many institutions offer additional bursary support for first generation applicants SFE Funding is an option Be aware of how repayments works ICR Loans different to other forms of debt Think of value of HE rather than cost of HE Loans written off under certain conditions Range of accommodation Reduction available? Early budgeting discussions THE CHALLENGE FOR THE ADVISERS… HOW WOULD YOU RESPOND…

2016/17 IF YOU ARE UNSURE PLEASE ASK! QUESTIONS OR COMMENTS?